On The Money — Long COVID hits the labor market

We’ll delve into how long COVID intersects with worker shortages. We’ll also see President Biden’s semiconductor plan, school teacher strikes, and the Labor Day uptick in air travel.

But first, see why annual boosters could be on the way.

Welcome to On The Money, your overnight guide to everything that affects your bills, your bank account and your bottom line. For The Hill, we are Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. subscribe here.

How Long is COVID Affecting the US Labor Shortage?

Lingering symptoms of COVID-19 could be keeping millions of Americans out of the workforce.

Economists and policymakers have struggled to discover why a much lower percentage of working-age adults are in the workforce than before the pandemic.

  • The number of Americans employed or looking for work eclipsed its pre-pandemic level in August, according to Labor Department data released Friday.
  • But the labor force participation rate remains 1 percentage point below its February 2020 level, a gap equivalent to roughly 1.6 million people.

A smaller workforce hasn’t stopped the US from adding jobs at a rapid pace since mid-2020. Still, thousands, if not millions, of Americans could be on the sidelines of a quick recovery because they’re still too sick from the prolonged symptoms of COVID-19 to work.

“We don’t know very well what proportion of people have very debilitating symptoms,” said Julia Raifman, an assistant professor at the Boston University School of Public Health.

“But we know it’s happening to some people and we know that every infection seems to increase the chance of it happening,” he continued.

Wild have more here.

CHIPS ON THE TABLE

Biden Administration Unveils Plan to Boost Semiconductor Production

The Biden administration on Monday unveiled its plan to boost domestic chip production in the US by using the $50 billion in funding from the CHIPS and Science Act passed this summer.

  • The administration will use the bulk of the funds, about $28 billion, to establish domestic production of cutting-edge memory and logic chips through grants, subsidized loans or loan guarantees, the Commerce Department said in an announcement. .
  • The administration will use about $10 billion to ramp up production of current-generation semiconductors and chips. An additional $11 billion will be invested in research and development.

rebecca klar hill has the latest.

SCHOOL EXIT

Seattle teachers union authorizes strike, which could delay start of school year

Unionized educators at Seattle Public Schools (SPS) voted Tuesday to authorize a strike, which threatens to delay the start of the school year on Wednesday if a contract agreement is not reached.

The Seattle Education Association (SEA) announced Tuesday afternoon that 95 percent of voters authorized the strike, with three-quarters of its roughly 6,000 members participating.

Union leaders said they continue to negotiate with the school district throughout the day, but may begin picketing Wednesday morning if no agreement is reached.

Zach Schonfeld of the Hill breaks it

FLIGHT FRENZY

Labor Day marked the first holiday weekend to surpass pre-pandemic air travel levels, TSA says

Nearly 9 million people passed through the nation’s airports over Labor Day weekend, the first holiday weekend to exceed pre-pandemic air travel levels, according to data from the Transportation Security Administration (TSA). ).

The agency announced Tuesday that it screened 8.76 million passengers between Friday and Monday, accounting for 102 percent of Labor Day weekend passenger volume in 2019.

“TSA’s highly trained and dedicated workforce facilitated safe travel for millions of passengers during the busy summer travel season with very few interruptions at the checkpoint,” TSA Acting Administrator David Pekoske said in a statement. a statement.

“We were also able to continue to roll out new technologies that facilitate stronger identity verification procedures and enhanced security checks for carry-on baggage.”

there’s more here from Zach.

Good to know

Now that the term “quietly quit” has made the rounds on the Internet, a new phrase, “quietly quit,” is shift focus around workplace culture about how employers treat their staff.

It’s not an unusual tactic, with more than 80 percent of respondents saying they’ve seen or experienced quiet layoffs, according to a recent LinkedIn News poll.

Is all for today. Thanks for reading and check out The Hill’s finance page for the latest news and coverage. See you tomorrow.

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