WHAT YOU NEED TO KNOW
- The House of Representatives approved a short-term extension of the debt ceiling by $480 billion on Tuesday, temporarily avoiding a fiscal crisis and putting off the risk of a first-ever default until December. The bill now travels to President Joe Biden’s desk for approval, allowing the Treasury Department to pay the nation’s bills until early December.
- Sen. McConnell warns Biden the GOP won’t help with debt ceiling again – MSNBC
- What a U.S. debt ceiling extension means for bond markets – Reuters
- @RepDLamborn : This city has a spending problem. Instead of raising the debt ceiling, we should immediately work to reduce our ballooning federal deficit.
- Workers quit their jobs at a record-setting pace in August, with employment vacancies falling to 10.4 million during the month, a drop of 659,000 from July numbers. The Labor Department’s report showed quits, which are measured against total employment, hit a new series high dating back to December 2000. The quit rate is evidence of the considerable leverage workers have in today’s economy.
- More Americans are quitting their jobs. Here is how to do it – Reuters
- ‘The great reimagination of work’: Why 50% of workers want to make a career change – CNBC
- Americans are quitting jobs at record rates, while job openings tick down – CBS News
- @byHeatherLong : Serious Q: When did manufacturing jobs become so unwanted? Is it covid exposure? Vaccine mandates? Lack of flexibility? In 2021, Americans are quitting manufacturing jobs at the highest rate we’ve ever seen. 306,000 workers quit manufacturing in August. 300,000 quit in July.
- U.S. stock futures remained mostly flat Wednesday as investors awaited the start of earnings season and a new inflation reading. A key measure of inflation expectations showed continued U.S. inflation growth in September as pandemic-related shortages of labor and materials raised prices.
- The Biden administration’s scramble to tame inflation – CNN
- Social Security Payments Could Increase the Most in 40 Years – The Wall Street Journal
- Cargo traffic jams are hitting glass bottles too. Your pantry staples could cost more – NPR
- @LizAnnSonders : Inflation surprises continue to look much worse than economic surprises … spread between @Citi Inflation Surprise and Economic Surprise Indexes has bounced off recent lows but still deeply negative
- The White House is expected to announce a pledge from the Port of Los Angeles, one of the country’s busiest ports, to operate around the clock Wednesday. By operating 24/7, the Port of Los Angeles will join the neighboring Port of Long Beach, California, and major Asian and European ports that operate continually. The White House is also set to announce that Walmart, FedEx and UPS will expand their hours of operation in an effort to address supply chain shortages.
- The global supply chain nightmare is about to get worse – CNN
- Apple may cut iPhone 13 production by millions as US warns of Christmas shortages – The Guardian
- Container ships stuck at sea as supply chain backlog hits U.S. ports – CBS News
- @joncoopertweets : “As the global economic recovery continues to gather steam, what is increasingly apparent is how it will be stymied by supply-chain disruptions that are now showing up at every corner,” Moody’s wrote in a Monday report.
- The U.S. announced it will lift restrictions at its land borders with Canada and Mexico for fully vaccinated foreign travelers in November, relaxing bans that have been in place for more than 18 months. The first phase, starting in early November, will allow fully vaccinated visitors traveling for nonessential reasons to cross land borders. The second phase, starting in early January, will apply the vaccination requirement to all inbound foreign travelers.
- As International Travel Returns, Confusion Over Vaccines Reigns – The New York Times
- @RepDelBene : This announcement is long overdue. After many months of hardship, reopening the northern border to our Canadian neighbors will begin to allow our border communities, especially Point Roberts, to build back better from this crisis. More details to come.
“U.S. Job Openings Post First Drop of Year, With Quits at Record” – Bloomberg / Source: Bureau of Labor Statistics
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