Connect with us

Published

on

More than 2 million Americans who retired during the coronavirus pandemic and were expected to return to the labor force have declined to do so, leaving companies scrambling to lure back “excess retirees,” according to economic analysts.

A study by the Federal Reserve Bank of St. Louis found that there were 1.98 million excess retirees as of September, according to Bloomberg News.

Late last year, there were 2.8 million excess retirees.

The number has recently bounced higher after dipping to 1.7 million in June, according to government data.

In the pre-pandemic period, the labor force participation rate of those over the age of 65 reached nearly 21%.

By the summer of 2021, however, as the nation was in the thick of COVID-induced lockdowns, the participation rate dipped to just over 18%.

As of late October, the number still hadn’t fully recovered, with just 19.3% of those in the labor force over the age of 65.

In the first 18 months of the pandemic, there were around 2.4 million additional Americans who retired unexpectedly — a majority of the 4.2 million who left the work force between March 2020 and July 2021, according to the St. Louis Fed.

Since then, around 1.5 million retirees re-entered the workforce.

A survey by personal investment firm T. Rowe Price found that the need for mental stimulation as well as financial reasons motivated the “unretirement” trend .

The exodus of retirement-age Americans has created a shortage in the labor market — prompting companies to scramble to fill their payrolls.

Firms are offering retirees incentives such as part-time or remote work in hopes of filling key roles.

Blue-chip companies like H&R Block, Microsoft, and Bank of America are among more than 2,500 businesses who signed an AARP pledge to facilitate an age-inclusive workforce.

Michigan, which is suffering through a severe teacher shortage, recently tweaked a law that aims to make it easier for teachers to come out of retirement and head back to the classrooms without risking their pensions.

Employers posted 9.6 million job openings in September, up from 9.5 million in August and a sign that the US job market remains strong even as the Federal Reserve attempts to cool the economy.

The September openings are down from a record 12 million in March 2022 but remain high by historical standards.

Before 2021 — when the American economy began to surge from the COVID-19 pandemic — monthly job openings had never topped 8 million.

Unemployment was 3.8% in September, just a couple of ticks above a half century low.

Continue Reading

Sports

Ram plans return in 2026 with Truck Series entry

Published

on

By

Ram plans return in 2026 with Truck Series entry

Ram will return to NASCAR next year in the Truck Series, a comeback the Stellantis-owned brand believes is the first step toward launching a stock car program in the top Cup Series.

Ram, which left NASCAR after the 2012 season, will race in the third-tier Truck Series alongside rivals Ford, Chevrolet, and Toyota. Ram becomes the first new manufacturer to enter NASCAR at the national level since 2007.

Ram CEO Tim Kuniskis made the NASCAR announcement Sunday before the Cup race at Michigan International Speedway. Kuniskis has bold goals and ideas — he’s vowed to make 25 product announcements over 18 months — and he said Ram will enter its trucks aggressively with the intention to be disruptive.

“The way we’re going to do it is unlike anyone else,” Kuniskis said. “The reason that we’ve been out of NASCAR for 12 years is a very tough [return on investment]; it is a very tough business decision to make. But when we say we’re back, when we say nothing stops Ram, when we bring the Hemi [engine] back, when we bring some of the other stuff that we haven’t shown you, it makes perfect sense to be back in the space and back up.”

Kuniskis said Ram will tap into NASCAR’s estimated fan base of 20 million “and turn it into 80 or 100 million.”

“We have a plan. We know how we’re going to do it. We think we have a path to get to that. We think people are going to like the way we’re doing it because it’s going to be fun,” he said. “Not ready to share all the details with you yet, but I told you that the experiential piece was going to be just a little bit of how we’re doing it. It’s going to get crazier from there.”

Ram raced out of the starting gate by using the Cup race at Michigan, which is just 90 minutes away from automotive capital Detroit, to announce its return. Ram staged a demonstration of its truck on the frontstretch before the start of Sunday’s race.

Kuniskis anticipates having four to six trucks at Daytona for the opener next February.

John Probst, NASCAR senior vice president and chief racing development officer, indicated Ram may not be the first announcement of a new manufacturer, with talks continuing with other brands. NASCAR last welcomed a manufacturer into the Truck Series in 2004 with Toyota.

“We’re excited that they [Ram] have interest in the Cup Series,” Probst said of Stellantis. “I don’t want to jinx ourselves, but I would say we are very close with one other [manufacturer]. Even with that, there’s one or two others that we’re a little bit earlier in the discussions.

“We all know that a [manufacturer] deciding to come into NASCAR, it’s a big commitment for them. It’s not something that they take lightly. It requires a lot of research and approval at the highest levels. We’re confident right now. We like the position we’re in and think that we’re a pretty good investment for a [manufacturer].”

Stellantis features 14 automotive brands, including Dodge and Chrysler. Dodge raced in NASCAR through the 2012 season and left the same month it celebrated the Cup title with Brad Keselowski and Penske Racing.

“We have cars in our company,” Kuniskis said.

Continue Reading

UK

The winners and losers in Rachel Reeves’s spending review

Published

on

By

The winners and losers in Rachel Reeves's spending review

“It’s a big deal for this government,” says Simon Case.

“It’s the clearest indication yet of what they plan to do between now and the general election, a translation of their manifesto.

“This is where you should expect the chancellor to say, on behalf of the government: ‘This is what we’re about’.”

As the former cabinet secretary, Mr Case was the man in charge of the civil service during the last spending review, in 2021.

On Wednesday, Rachel Reeves will unveil the Labour government’s priorities for the next three years. But it’s unclear whether it will provide all that much of an answer about what it’s really about.

Unlike the Autumn budget, when the chancellor announced her plans on where to tax and borrow to fund overall levels of spending, the spending review will set out exactly how that money is divided up between the different government departments.

Since the start of the process in December those departments have been bidding for their share of the cash – setting out their proposed budgets in a negotiation which looks set to continue right up to the wire.

This review is being conducted in an usual level of detail, with every single line of spending assessed, according to the chancellor, on whether it represents value for money and meets the government’s priorities. Budget proposals have been scrutinised by so called “challenge panels” of independent experts.

It’s clear that health and defence will be winners in this process given pre-existing commitments to prioritise the NHS – with a boost of up to £30bn expected – and to increase defence spending.

On Sunday morning, the government press release trumpeted an impressive-sounding “£86bn boost” to research and development (R&D), with the Science and Technology Secretary Peter Kyle sent out on the morning media round to celebrate as record levels of investment.

Please use Chrome browser for a more accessible video player

What will be in spending review?

We’re told this increased spending on the life sciences, advanced manufacturing and defence will lead to jobs and growth across the country, with every £1 in investment set to lead to a £7 economic return.

But the headline figure is misleading. It’s not £86bn in new funding. That £86bn has been calculated by adding together all R&D investment across government for the next three years, which will reach an annual figure of £22.5bn by 2029-30. The figure for this year was already set to be £20.4bn; so while it’s a definite uplift, much of that money was already allocated.

Read More:
Reeves turning around UK finances ‘like Steve Jobs did for Apple’

Government struggles to slash foreign aid spent on asylum hotels

Peter Kyle also highlighted plans for “the most we’ve ever spent per pupil in our school system”.

I understand the schools budget is to be boosted by £4.5bn. Again, this is clearly an uplift – but over a three-year period, that equates to just £1.5bn a year (compared with an existing budget of £63.7bn). It also has to cover the cost of extending free school meals, and the promised uplift in teachers’ pay.

In any process of prioritisation there are losers as well as winners.

We already know about planned cuts to the Department of Work and Pensions – but other unprotected departments like the Home Office and the Department of Communities and Local Government are braced for a real spending squeeze.

We’ve heard dire warnings about austerity 2.0, and the impact that would have on the government’s crime and policing priorities, its promises around housing and immigration, and on the budgets for cash-strapped local councils.

The chancellor wants to make it clear to the markets she’s sticking to her fiscal rules on balancing the books for day-to-day spending.

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

But the decision to loosen the rules around borrowing to fund capital investment have given her greater room to manoeuvre in funding long-term infrastructure projects.

That’s why we’ve seen her travelling around the country this week to promote the £15.6bn she’s spending on regional transport projects.

The Treasury team clearly wants to focus on promoting the generosity of these kind of investments, and we’ll hear more in the coming days.

But there’s a real risk the story of this spending review will be about the departments which have lost out – and the promises which could slip as a result.

Continue Reading

UK

Water cremation and human composting could be offered instead of traditional funerals

Published

on

By

Water cremation and human composting could be offered instead of traditional funerals

Water cremation and human composting could soon be offered as an alternative to traditional funerals.

A Law Commission consultation is proposing legal approval of new methods beyond burial, cremation, and the rarely used burial at sea.

The paper published earlier this week highlights two methods used in other countries – alkaline hydrolysis and human composting.

Alkaline hydrolysis – also known as water cremation or resomation – involves placing a person’s body into woollen shroud or other organic pouch, using water, alkaline chemicals, heat and pressure to break down the tissue.

Bones leftover from water cremations can be powered to be scattered like ashes. Pic: Kindly Earth
Image:
Bones left from water cremations can be ground to be scattered like ashes. Pic: Kindly Earth

The resulting liquid is checked and treated if necessary to enter the wastewater system, while remaining pieces of bone and teeth are dried and can be ground to a powder and scattered like ashes.

Water cremation, which mimics the process of natural decomposition when someone is buried, takes between four and 14 hours.

The method, which has been suggested as a greener alternative to traditional cremation, was used for the bodies of five dead people in 2019, as part of a study facilitated by Middlesex and Sheffield universities.

Anti-apartheid campaigner Archbishop Desmond Tutu, who died in 2021, chose resomation for his own funeral in South Africa.

Read more: What is water cremation?

Co-op Funeralcare said it hoped to offer the service in the UK in 2023 but backed out because of the current regulations.

The firm welcomed the Law Commission review, which will run until spring next year, ending in a final report and draft Bill.

New funerary methods are not currently regulated, other than by more general legislation such as environmental and planning laws.

Provisional proposals suggest a legal framework to enable new methods to be regulated in the future.

A Co-op Funeralcare spokesperson said: “At Co-op Funeralcare, we are committed to serving the needs of our member-owners and clients and offering the most sustainable and affordable services.

“In 2023, we announced our ambition to pilot resomation in the UK, and we subsequently worked closely with government to explore the regulatory requirements to introduce this service across the nation.

“However, we did not proceed with this as, at the time, we were unable to find a path through the current regulatory framework.

“We welcome the Law Commission’s review and encourage exploration into alternative methods that provide consumers with greater choice and deliver environmental benefits.”

The consultation paper also highlights human composting, where a body is placed into a sealed chamber, or vessel, with carbon-rich organic matter, such as straw and wood chips, to enable quicker decomposition.

The process takes around two to three months and resulting soil can be returned to bereaved loved ones.

Other methods involving the freezing of human remains have also been suggested, although none have them are yet viable, according to the paper.

Continue Reading

Trending