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    Jobs Report Gives Kamala Harris Another Boost

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    Vice President Kamala Harris probably could not have hoped for a better run of pre-election economic data than what the United States has enjoyed over the last month.In recent weeks, key inflation indicators have fallen close to the Federal Reserve’s 2 percent target rate, after years of running hot under Ms. Harris and President Biden. Federal Reserve officials cut interest rates by a half percentage point, immediately bringing mortgage rates to their lowest level in two years. The Commerce Department confirmed that the economy has grown at a robust 3 percent clip over the last year, after adjusting for rising prices. The Census Bureau reported that the typical household’s inflation-adjusted income jumped in 2023.Those numbers had encouraged Democrats, including policymakers in the White House and close to Ms. Harris’s campaign team. Recent polls have shown Ms. Harris closing the gap, or pulling even, with former President Donald J. Trump on the question of who can best handle the economy and inflation.But it was Friday’s employment report — 254,000 jobs gained, with wages growing faster than prices — that appeared to give Harris boosters a particularly large dose of confidence. The report came less than a day after striking dockworkers agreed to return to work through the end of the year, avoiding what could have been a major economic disruption with a month to go before the election.“The combination of this great job market and easing inflation is generating solid real wage and income gains,” said Jared Bernstein, the chairman of the White House Council of Economic Advisers. “While those continue to power this expansion forward, we’re also seeing record investment in key sectors, an entrepreneurial boom and gains in worker bargaining power to help ensure that workers get their fair share of all this growth.”Even Mr. Biden, who has attempted to strike a balance between cheering the economy’s performance and acknowledging the struggles created by years of fast-rising prices, sounded more upbeat than normal on Friday. He made a surprise appearance in the White House briefing room to celebrate the jobs report and the end of the port strike, which the president and his aides helped broker.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 163 Shares169 Views

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    A Strong Jobs Report Suggests the Economy Is More Resilient Than We Thought

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    For months, the economy has been like a jigsaw with one mismatched piece: Consumer spending has been holding up and overall growth has been solid, but the job market has looked treacherously wobbly.As of Friday, the last piece of that puzzle is finally clicking into place.Fresh employment data for September showed that hiring picked up strongly, the unemployment rate dipped and wage growth came in strong — adding to a string of recent data pointing to economic resilience.And the incoming evidence points to a clear conclusion: The economy is robust.Data revisions released last week showed that growth has been stronger and incomes have been more solid than previously understood. Retail sales data are holding up. And now, employers appear to be meeting resilient consumer demand by continuing to expand their work forces.In fact, the report reinforced that by many measures, the job market is as healthy as it has ever been.The fresh data is good news for the Federal Reserve, for the White House and for Kamala Harris’s campaign as the vice president and Democratic nominee tries to make an economic case to voters ahead of the presidential election in November.It supports the idea that the economy either is headed for or has possibly already achieved a soft landing, in which inflation comes down without spurring economic pain in the process.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    The Pandemic Small Business Boom Is Still Helping to Fuel the Economy

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    Hector Xu was on track for a career in academia when the pandemic upended his plans.Tired of endless Zoom meetings and feeling cooped up in his Boston apartment, Mr. Xu decamped for New Hampshire, where he began taking lessons to fly helicopters. That led to a business idea, converting traditional helicopters into remotely piloted drones.Mr. Xu’s company, Rotor Technologies, now has nearly 40 employees — including his former flying instructor — and about $1 million in revenue this year, a figure it expects to increase twentyfold next year. Gov. Chris Sununu was present for the first test flight of one of its drones.“Covid hit, and it really changed my perspective,” Mr. Xu said. “You ended up spending most of your time in front of your computer rather than in the lab, rather than interacting with people, going to conferences. And I think it made me really yearn to do something that was more impactful in the real world.”Mr. Xu, 30, is part of what may be one of the pandemic’s most unexpected economic legacies: an entrepreneurial boom. Stuck at home with time — and, in many cases, cash — to burn, Americans started businesses at the fastest rate in decades.Piloting a test flight of a Rotor drone.Ian MacLellan for The New York TimesThe company now has nearly 40 employees.Ian MacLellan for The New York TimesWhat happened next might be even less expected: Those businesses thrived, overcoming supply chain disruptions, labor shortages, rapid inflation and the highest interest rates in decades.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 125 Shares199 Views

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    Harold Daggett, Port Strike Leader, Seeks Big Raises for Dockworkers

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    Harold J. Daggett is seeking big raises for longshoremen on the East and Gulf Coasts who have fallen behind workers on the West Coast.Nearly two decades ago, Harold J. Daggett was accused of being part of the mob’s efforts to control a powerful union, the International Longshoremen’s Association.He was a midlevel official of the union. After a high-profile trial, a jury acquitted him of fraud and extortion conspiracy, and he joined reveling supporters outside the Brooklyn federal courthouse. Motioning toward the building, he asked onlookers, “What doorway do I have to go through to get my reputation back?”Now, after 13 years as the union’s president, Mr. Daggett is seeking a different type of victory.He is leading a strike that began on Tuesday, shutting down most trade at a dozen big ports on the East and Gulf Coasts. The union, whose members move containers and other cargo on and off ships, is demanding much higher wages, improved benefits and limits on labor-saving technology.Mr. Daggett has cast the strike as a battle against large multinational corporations that earned outsize profits during the pandemic-related supply chain chaos. He has asserted that his 47,000 members have the upper hand because their work is essential to the automakers, retailers and other businesses that depend on the ports.“We’re going to win this thing,” Mr. Daggett, 78, said on Tuesday, along with an expletive, as members picketed outside a port terminal in New Jersey. “They can’t survive too long.”Some labor experts say Mr. Daggett is well positioned to get a good deal. “If they stop working, the goods stop moving,” said William Brucher, an assistant professor at the Rutgers School of Management and Labor Relations. “They have real economic power and leverage.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Trump and Harris Want to Revive Manufacturing, but How Much Could They Actually Do?

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    The policy focus on the industry has changed from job quantity to job quality. And while federal incentives matter, local factors are more important.In recent weeks, the presidential candidates have been tussling over a familiar campaign issue in postindustrial America: how to reinvigorate manufacturing.Former President Donald J. Trump has proposed stiff tariffs on nearly all imports as a way of forcing foreign companies to make their goods in the United States, an escalation of a strategy that did not work during his term. “We’re going to take their factories,” Mr. Trump declared recently.Building on the Biden administration’s approach, Vice President Kamala Harris has promised tax credits and more apprenticeships to strengthen factory towns and invest in advanced technologies, ensuring they “are not just invented in America but built here.”In truth, no president can single-handedly control the growth of specific industries. Larger economic forces like recessions and exchange rates tend to play a much more powerful role. But some policies can help or hinder their progress.Over the last four years, policy and macroeconomic factors have combined to begin reshaping the manufacturing industry. While job growth has been flat for the past two years — as interest rates have clamped down on expansion and a strong dollar has dulled exports — shifts in the composition and location of it are underway beneath the surface.But first, a more fundamental question: Why do politicians care so much about manufacturing, anyway?Which manufacturing sectors have been growing fastest?Domestic output of semiconductors and other electrical components has expanded by 30 percent since the beginning of 2020. Other products, not as much.

    Notes: The semiconductor category includes other components. Source: Federal ReserveBy The New York TimesWhere manufacturing jobs have shifted since the pandemicBetween January 2020 and March 2024, the West Coast and Northeast have lost factory employment while many states in the Southeast have gained.

    Source: Quarterly Census of Employment and Wages, Labor DepartmentBy The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 138 Shares119 Views

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    Biden Scrambles to Contain Economic and Political Fallout of Port Strike

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    The labor dispute has forced President Biden and Vice President Kamala Harris into a complicated position just weeks before the election.President Biden urged the alliance representing port employers to present a fair offer to striking longshoremen on Tuesday as the White House scrambled to contain the economic and political fallout of the work stoppage at U.S. ports.“Collective bargaining is the best way for workers to get the pay and benefits they deserve,” Mr. Biden said in a statement. “Executive compensation has grown in line with those profits, and profits have been returned to shareholders at record rates. It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well.”The labor dispute between the roughly 45,000 workers and the port operators has forced Mr. Biden and Vice President Kamala Harris into a complicated position. A prolonged strike could send chills across the U.S. economy, creating shortages, layoffs and even higher prices for consumers just weeks before the presidential election.The strike began after a monthslong impasse between the longshoremen and the port operators. The workers had pushed for wage increases that exceeded what the group representing the operators had offered. The union is also fighting automation at its ports.Mr. Biden has said he would not use a federal labor law to force the workers back to work, despite pressure from Republicans to contain the potential economic pain.Invoking the almost 80-year-old law, known as the Taft-Hartley Act, could alienate unions and diminish crucial support among labor groups in battleground states like Pennsylvania, Wisconsin and Michigan just before the presidential election.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Port Strike Begins on East and Gulf Coasts

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    Members of the International Longshoremen’s Association walked out for the first time since 1977 in a standoff over wages, benefits and job security.For the first time in nearly 50 years, longshoremen on the East and Gulf Coasts went on strike Tuesday, a move that will cut off most trade through some of the busiest U.S. ports and could send a chill through the economy.Members of the International Longshoremen’s Association union, which represents roughly 45,000 workers, started setting up pickets after 11th-hour talks failed to avert a work stoppage.“Nothing’s going to move without us — nothing,” said Harold J. Daggett, the president of the union, addressing picketers outside a port terminal in Elizabeth, N.J., in a video posted early Tuesday to a union Facebook account.The United States Maritime Alliance, which represents port employers, declined to comment early Tuesday. The two sides were not able to agree on wage increases, and the use of new technology in the ports was a sticking point for the union.“We think they’re lowballing intentionally,” Leonard Riley, a longshoreman at the Port of Charleston in South Carolina, said on Tuesday. “We are going to be out until we have something to chew on.”Businesses now face a period of uncertainty. Trade experts say that a short strike would cause little lasting damage but that a weekslong stoppage could lead to shortages, higher prices and even layoffs.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    A New Fine-Dining Restaurant in London, Staffed by Ex-Homeless People

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    In London’s upmarket Primrose Hill, a Michelin-starred chef is employing people on the edge of homelessness as chefs, wait staff and cocktail makers.It’s been three weeks since the restaurant, Home Kitchen, opened its doors and Mimi Mohamed is pretty sure she knows the lemon tart recipe by heart. But just in case, a small notebook where she has carefully written out the ingredients is propped up at the back of the steel counter: 18 lemons; 420 grams of butter; 900 grams of sugar; 24 eggs.The recipe is from Adam Simmonds, a celebrated Michelin star-winning chef. Novices like Ms. Mohamed are not usually found in his kitchens, but this new, upscale dining venture is not usual. Almost every member of the 19-person team has been homeless.“The crew downstairs in the kitchen, they make so many mistakes, but that’s OK,” Mr. Simmonds said with a laugh. “We accept that and we learn from it.”He is sitting upstairs in the front dining room. A large window overlooks the main commercial street in Primrose Hill, a neighborhood in north London that oozes British charm.The idea was hatched four years ago by Alex Brown, director of Soup Kitchen London, where Mr. Simmonds took a turn cooking at the start of the pandemic. The most common question from those who lined up for food was “Do you know of any jobs?”Home Kitchen is aimed at breaking the cycle of homelessness and joblessness by training people for a career in the restaurant industry.Andrew Testa for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More