Biden’s Next Economic Challenge: Getting Manufacturing Jobs Back
“Joe Biden began his presidency much as his predecessor did, promising to restore hope to a blue-collar middle class battered by decades of relentless job losses from automation and foreign competition. But the realities of trying to stoke U.S. manufacturing employment in the wake of an economic crisis are quickly endangering his plans. After a period of recovery last year, U.S. factory payrolls stagnated in recent months, then went into reverse in January. The country is on course to repeat a pattern seen in every recession since manufacturing jobs peaked in June 1979: a structural step-down in employment even amid a sustained expansion in output.”
U.K.’s Lowest-Paid Struggle Most to Find New Work in Crisis
“Lower-paid workers who have lost their jobs in the pandemic are finding it disproportionally hard to find new ones, underscoring the risks of long-term economic scarring as a result of the crisis. Research by the Joseph Rowntree Foundation, shared exclusively with Bloomberg, showed workers near the poverty line are more likely to have become unemployed during the crisis, while U.K. job vacancies are skewed toward higher-paid jobs.”
Covid Keeps Workers in Factories, Distorting China Spending
“For the first time in her life, Zhang Sufang won’t be going home for the Lunar New Year. Instead the 37-year-old production supervisor is exchanging gifts with her parents and 16-year-old son by post as fears of reigniting the pandemic in China disrupt the nation’s biggest holiday. “When I received boxes from home, I burst into tears,” said Zhang, who works at Fujian Strait Textile Technology Co., a yarn-maker in eastern China.”
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