Latest News

Lack of US Workers Is ‘Bigger Threat’ Than Inflation, Labor Secretary Walsh Says

0

Lack of US Workers Is ‘Bigger Threat’ Than Inflation, Labor Secretary Walsh Says By Bloomberg

Breaking News

‘;

Economy 15 minutes ago (Sep 06, 2022 16:18)

© Reuters.

(Bloomberg) — Labor Secretary Marty Walsh said the US will eventually need to overhaul the nation’s immigration system, calling the lack of available workers to fill jobs a “bigger threat” to the economy than inflation.

“We don’t have enough workers in the United States of America to fill all the job openings that are out there,” Walsh said Tuesday in an interview with MSNBC. “It’s a bigger threat to our economy than inflation is at this point, than a recession, because we need to fill these jobs.” 

Walsh pointed to immigration reform as a long-term solution to the issue. Lawmakers need to develop additional legal pathways for immigrants to apply for visas, and focus on how to use immigration “in a positive manner,” he said.

“If we had pathways where people could apply for visas and come into this country for three months, six months, nine months, maybe five years, then we wouldn’t have the challenges to the magnitude that we do at our borders in our country,” Walsh added.

Read more: US Employers Add 315,000 Jobs as More Workers Join Labor Force

Nonfarm payrolls increased 315,000 in August, a Labor Department report showed Friday. The unemployment rate rose to a six-month high of 3.7%, the first increase since January, as the participation rate climbed. The still-low unemployment rate means the Federal Reserve will continue to consider raising interest rates as it seeks to lower inflation.

Polls show the economy is the primary concern for voters ahead of the November midterm elections that will determine control of Congress. 

©2022 Bloomberg L.P.

Lack of US Workers Is ‘Bigger Threat’ Than Inflation, Labor Secretary Walsh Says

Dollar gains, euro slips further from parityBy Reuters – Sep 06, 2022

By Herbert Lash and Alun John NEW YORK/LONDON (Reuters) – The dollar marched higher on Tuesday after a report on the U.S. services industry in August reinforced the view that the…

US Lays Out $50 Billion Chips Plan and Will Issue Funds Guide in 2023By Bloomberg – Sep 06, 2022

(Bloomberg) — The Biden administration published its strategy for subsidizing US output of semiconductors, saying it will give guidance on how companies can apply for funds from…

Factbox-Europe’s travel disruption set to continue as summer endsBy Reuters – Sep 06, 2022

(Reuters) – Strikes and staff shortages have forced airlines to cancel thousands of flights to avoid hours-long queues at major airports, dashing hopes for a sizzling first summer…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

© 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Dollar gains, euro slips further from parity

Previous article

The Sharp Slowdown in Year-over-year House Price Growth

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News