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

Oilers’ 5th comeback win in row sets NHL record

Published

on

By

Oilers' 5th comeback win in row sets NHL record

LAS VEGAS — Zach Hyman scored from just above the right circle with 3:02 left to put his team ahead for good, and the Edmonton Oilers rallied yet again this postseason to defeat the Vegas Golden Knights 4-2 on Tuesday night in Game 1 of the second-round series.

The Oilers, the defending Western Conference champions who came back from 2-0 down, set an NHL record with their fifth consecutive playoff comeback victory.

“We’re a patient group, we’re a veteran team. The guys here have been playing a lot of playoffs throughout the years,” Edmonton defenseman John Klingberg said. “They know what it takes. Just stick to our game, and take it game by game.”

Vegas, which had just seven shots on goal over the final two periods, lost a playoff game in regulation after leading by at least two goals for the first time. The Golden Knights are 47-4 overall in the postseason with that kind of lead.

Leon Draisaitl had a goal and an assist for the Oilers, and Corey Perry and Connor Brown scored the other goals. Evan Bouchard and Connor McDavid each had two assists. McDavid now has four consecutive postseasons with at least 10 assists for fourth best in league history. Calvin Pickard was barely tested after the first period and finished with 15 shots.

“It gives you a great opportunity,” Hyman said of winning the opener on the road. “You steal one in their rink, and now, you have a chance to take both. We haven’t been in that spot a lot. It’s nice to get the first one out of the way early.”

Mark Stone scored both goals for the Golden Knights to tie Jonathan Marchessault‘s franchise record with 36 for his Vegas career. It also extended his goal-scoring streak to three games. Adin Hill made 24 saves.

Both star-studded top lines delivered in the first period, with Stone scoring twice, the first on a double-minor power play. Edmonton’s top unit cut the deficit in half with 3:34 left when Perry deked Hill for an open net with McDavid and Draisaitl getting assists on the play.

Neither team scored in the second period even though the Oilers outshot Vegas 12-1. The Golden Knights had never been held to fewer than two shots on goal in a regulation playoff period.

Edmonton didn’t waste a chance early in the third, tying the score 57 seconds in when Draisaitl backhanded a shot off the boards and off Hill.

Hyman, who earlier in the shift took a stick to the face from Kaedan Korczak, broke the tie in the closing minutes, and Brown sealed the win 1:16 later.

“We were kind of all over the place in the first 10 minutes,” Perry said in speaking with Sportsnet after the win. “But we found our footing, found our game. We started moving the puck, and making plays. And then, we played well defensively, and kept the puck out of our net.”

Golden Knights defenseman Alex Pietrangelo did not play because of an illness, allowing Korczak to make his first career postseason start. Vegas also was without Pavel Dorofeyev, who led the team with 35 goals this season, for the second game in a row because of an undisclosed injury. Coach Bruce Cassidy has described him as day to day.

Game 2 is Thursday night in Las Vegas.

The Associated Press contributed to this report.

Continue Reading

Sports

Canes’ dominant 33-shot effort ‘paid off’ in OT

Published

on

By

Canes' dominant 33-shot effort 'paid off' in OT

WASHINGTON — Jaccob Slavin scored in overtime, Frederik Andersen made 13 saves in his return from injury and the Carolina Hurricanes outlasted the Washington Capitals 2-1 in Game 1 of their second-round playoff series on Tuesday night.

Logan Stankoven started the comeback with his goal midway through the third period off a turnover, beating Logan Thompson after Aliaksei Protas‘ errant pass off Washington teammate Alex Alexeyev‘s right skate put the puck on Jesperi Kotkaniemi‘s stick. After failing to score on a power play late in regulation, Slavin scored 3:06 into OT from just inside the blue line to give Carolina the series lead.

The result capped a dominant effort by the road team, despite the fact that it trailed for most of the game. Carolina finished with 33 shots on net, compared with just 14 for Washington. All told, six Hurricanes had at least three shots on net, including Slavin, who finished with five.

“We were all over it, and we knew we had to just throw everything at the net,” Slavin said. “That mentality paid off there at the end.”

Andersen, who wasn’t tested much, allowed only an early second-period goal to Protas in improving to 4-1 this postseason. Andersen was back after getting knocked out of Game 4 and missing Game 5 of the first round against the New Jersey Devils with an apparent head injury.

“Just trying to take what comes my way and be in that moment all the time and just stay with it,” Andersen said. “You don’t know when that next big save’s going to happen.”

Just a week ago, Andersen had to sit and watch as his teammates defeated the Devils in double overtime of Game 5 to secure the series. A week later, he was back, delivering the kind of quality goaltending Carolina has gotten from him whenever he has been healthy.

“Just really been looking forward to this for a while,” Andersen said. “Happy we could start off on the right foot.”

Carolina remained the only team perfect on the penalty kill this postseason, keeping Washington’s power play off the board twice to improve to 17-of-17. That, along with Kotkaniemi and Stankoven taking advantage of Protas’ mistake and Slavin scoring with Seth Jarvis screening Thompson, was the difference.

“I thought our guys played hard every shift. Right from the start of the game, I liked how we were playing,” Carolina coach Rod Brind’Amour said. “Obviously, we were down, but yeah, there’s a certain game plan. And I thought we were on it tonight.”

Game 2 is Thursday night in Washington.

The Associated Press contributed to this report.

Continue Reading

Politics

Democrats aim at Trump’s crypto profits with a 3-prong pincer move

Published

on

By

Democrats aim at Trump’s crypto profits with a 3-prong pincer move

Democrats aim at Trump’s crypto profits with a 3-prong pincer move

US Democrat lawmakers have launched a multi-angle attack on President Donald Trump’s crypto ventures with two bills and a subcommittee inquiry aimed at cutting his ability to profit from the initiatives.   

The Modern Emoluments and Malfeasance Enforcement Act, or the MEME Act, aims to prevent federal officials from using their position to profit from memecoins, Democrat Senator Chris Murphy said in a May 6 statement. 

If passed, the MEME Act prohibits the president, vice president, members of Congress, senior executive branch officials, their spouses and children from issuing, sponsoring, or promoting a security, future, commodity, or digital asset, according to the bill’s description. 

Violators could face civil penalties of up to $250,000 and be required to fork over any profits to the US Treasury. Criminal penalties could also apply, including fines and up to five years behind bars. 

US Representative Sam Liccardo, another Democrat, introduced companion legislation in the House of Representatives. However, Trump’s party, the Republicans, controls both chambers, and the legislation will need Republican support. 

Meanwhile, Democratic Senator Richard Blumenthal, a ranking member of the Permanent Subcommittee on Investigations (PSI), said in a May 6 statement that the committee is opening a preliminary inquiry into the Official Trump (TRUMP) token, Trump-backed platform World Liberty Financial (WLFI), and other associated business ventures. 

As part of the inquiry, the PSI sent letters to the company behind the Trump coin, Fight Fight Fight, and WLFI, asking for records and communications between the companies and the Trump organization. 

At the same time, Blumenthal says the subcommittee is asking for answers about what steps the firms have taken to address possible conflicts of interest.

Main points of interest flagged by the PSI include fees the president is making on the TRUMP token and the nearly 50% spike in value from $9.40 to $13.65 after the TRUMP coin website announced on April 23 that the top 220 holders of the token would be invited to a gala dinner at the White House. 

Soon after launch on Jan. 18, the Trump coin hit its all-time high of $73.43, according to CoinGecko. However, it has since lost 85% of its value and is trading for $11.13. 

More than half of TRUMP holders in profit

Roughly two million wallets have bought TRUMP, with an extra 54,000 adding the token to their stash after the dinner announcement, according to data shared with Cointelegraph from blockchain analysis firm Chainalysis. 

Around 764,000 of these, most with small holdings, lost money on the coin, while the 58 investors in the token have made profits of over $10 million each, totaling an estimated $1.1 billion. 

At the same time, Chainalysis says the memecoin creator has made $320 million so far, with an extra $1.3 million coming in since the White House dinner announcement. 

Related: Dem lawmakers object to hearing, citing ‘Trump’s crypto corruption’

Meanwhile, a trucking logistics firm announced plans on April 30 to build a TRUMP coin treasury through a $20 million convertible note issuance. 

Javier Selgas, CEO of Freight Technologies, said the tokens are an “excellent way to diversify our crypto treasury and also an effective way to advocate for fair, balanced, and free trade between Mexico and the US.”

The firm also acquired $5.2 million of the Fetch.ai network’s utility token FET on April 1. 

Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express

Continue Reading

Trending