Federal Reserve Holds Interest Rates Steady, But Warns About Economic Outlook
Federal Reserve officials held interest rates steady and emphasized growing risks of higher inflation and rising unemployment. The benchmark rate remains in a range of 4.25% to 4.5%. Bloomberg's Michael McKee reports. (Source: Bloomberg)
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CNN
21 minutes ago
- CNN
Most US workers say they have unpredictable, inflexible schedules, new survey finds
FacebookTweetLink Follow After seven years as a retail associate at a big-box store in Virginia, Alicia Costello still did not have a consistent schedule week to week, and requesting paid time off was a hassle. For a while, Costello got by — until she became pregnant with her first child. Doctors' appointments had to be noted at least a month in advance, and approval wasn't guaranteed, she said. 'It's frustrating to be limited on the time that you've accrued and worked so hard for, not knowing when you can and cannot use that time,' Costello said. 'There's only so much that we can take on physically and mentally.' Needing a job that would allow her to spend more time with her family, Costello quit in April, and her experience is shared by a majority of the US workforce. Almost two-thirds of US workers struggle with volatile, inflexible work schedules, according to a new national Gallup survey, called the State of American Jobs Study, published Tuesday. Meanwhile, workers with predictable schedules enjoy more financial security, better work-life balance and more overall satisfaction with their jobs, according to the survey of 18,000 employees. 'I think one of the biggest questions on people's minds right now is, even though unemployment is fairly low, why are millions of workers still feeling so disillusioned and disengaged and struggling to get by?' said Rachel Korberg, executive director and cofounder of the Family and Workers Fund, which partnered to create the survey. 'We need to shift from a conversation that's just about job quantity to a conversation also about job quality.' Most notably, about 41% of those surveyed said they had little to no control over how many hours they work, what days they work or when they can take time off. Additionally, more than one quarter of workers said they don't know their schedule two weeks or more in advance. 'I think the important thing to underscore here is not just that everyone wants a 9-to-5 with the exact same hours all the time Monday through Friday,' Korberg said. 'It's actually about the worker having a say in their schedule.' Unpredictable schedules often involve frequent schedule changes and shift cancellations, making it difficult to plan for life events or maintain a second form of employment, according to the survey. For this reason, about 38% of those with low-quality schedules reported facing financial hardship. Many employers may cut hours in the week to be just below 40 hours so that overtime pay won't be necessary — a small adjustment that can have a big impact for low-wage workers, Korberg said. In Costello's case, she had to work 39-hour weeks. 'There was never any approval for overtime,' Costello recalled. 'That was difficult because, especially in preparation for the holidays, it would be nice to save up money and get overtime here and there.' Schedule volatility was found to be especially common among part-time workers and those without a college degree, even when controlled for age, gender, education and industry, according to the survey. 'There's an (attitude) that these employees are potentially more replaceable and may have less say in their workplace,' said Guy David, the Alan B. Miller Professor and Chair of Health Care Management at the Wharton School and professor of medical ethics and health policy at the Perelman School of Medicine at the University of Pennsylvania. He was not involved in the survey. From his own research into the working conditions of health care employees, David found those with unreliable schedules were more likely to quit. However, many employers may be unaware of just how important work-life balance has become for workers, he added. 'I think this (survey) confirms our findings and is a wake-up call for companies wishing to increase or improve retention without potentially increasing payroll,' David said. 'Newer generations especially want to have very clear boundaries.' The Covid-19 pandemic was likely a big driver in this attitude change as well, suggested Maria Flynn, CEO and president of Jobs for the Future, which also partnered to create the survey. As more companies shifted to at-home work, the labor force became more accustomed to greater flexibility. Though automated scheduling systems are widely used across industries already, in the future more companies may adopt artificial intelligence-driven systems capable of studying the needs of workers and balancing them with the demands of the company, David said. While Flynn and Korberg suggested workers communicate openly about schedule preferences with their managers, they also acknowledged the change will largely have to take place among employers. 'A good schedule helps businesses engage and retain workers, and that contributes to the bottom line,' Korberg said. 'I'm hoping companies will take note of the study and look at (whether) there (are) changes, they could make to their scheduling practices.'
CNN
23 minutes ago
- CNN
Most US workers say they have unpredictable, inflexible schedules, new survey finds
After seven years as a retail associate at a big-box store in Virginia, Alicia Costello still did not have a consistent schedule week to week, and requesting paid time off was a hassle. For a while, Costello got by — until she became pregnant with her first child. Doctors' appointments had to be noted at least a month in advance, and approval wasn't guaranteed, she said. 'It's frustrating to be limited on the time that you've accrued and worked so hard for, not knowing when you can and cannot use that time,' Costello said. 'There's only so much that we can take on physically and mentally.' Needing a job that would allow her to spend more time with her family, Costello quit in April, and her experience is shared by a majority of the US workforce. Almost two-thirds of US workers struggle with volatile, inflexible work schedules, according to a new national Gallup survey, called the State of American Jobs Study, published Tuesday. Meanwhile, workers with predictable schedules enjoy more financial security, better work-life balance and more overall satisfaction with their jobs, according to the survey of 18,000 employees. 'I think one of the biggest questions on people's minds right now is, even though unemployment is fairly low, why are millions of workers still feeling so disillusioned and disengaged and struggling to get by?' said Rachel Korberg, executive director and cofounder of the Family and Workers Fund, which partnered to create the survey. 'We need to shift from a conversation that's just about job quantity to a conversation also about job quality.' Most notably, about 41% of those surveyed said they had little to no control over how many hours they work, what days they work or when they can take time off. Additionally, more than one quarter of workers said they don't know their schedule two weeks or more in advance. 'I think the important thing to underscore here is not just that everyone wants a 9-to-5 with the exact same hours all the time Monday through Friday,' Korberg said. 'It's actually about the worker having a say in their schedule.' Unpredictable schedules often involve frequent schedule changes and shift cancellations, making it difficult to plan for life events or maintain a second form of employment, according to the survey. For this reason, about 38% of those with low-quality schedules reported facing financial hardship. Many employers may cut hours in the week to be just below 40 hours so that overtime pay won't be necessary — a small adjustment that can have a big impact for low-wage workers, Korberg said. In Costello's case, she had to work 39-hour weeks. 'There was never any approval for overtime,' Costello recalled. 'That was difficult because, especially in preparation for the holidays, it would be nice to save up money and get overtime here and there.' Schedule volatility was found to be especially common among part-time workers and those without a college degree, even when controlled for age, gender, education and industry, according to the survey. 'There's an (attitude) that these employees are potentially more replaceable and may have less say in their workplace,' said Guy David, the Alan B. Miller Professor and Chair of Health Care Management at the Wharton School and professor of medical ethics and health policy at the Perelman School of Medicine at the University of Pennsylvania. He was not involved in the survey. From his own research into the working conditions of health care employees, David found those with unreliable schedules were more likely to quit. However, many employers may be unaware of just how important work-life balance has become for workers, he added. 'I think this (survey) confirms our findings and is a wake-up call for companies wishing to increase or improve retention without potentially increasing payroll,' David said. 'Newer generations especially want to have very clear boundaries.' The Covid-19 pandemic was likely a big driver in this attitude change as well, suggested Maria Flynn, CEO and president of Jobs for the Future, which also partnered to create the survey. As more companies shifted to at-home work, the labor force became more accustomed to greater flexibility. Though automated scheduling systems are widely used across industries already, in the future more companies may adopt artificial intelligence-driven systems capable of studying the needs of workers and balancing them with the demands of the company, David said. While Flynn and Korberg suggested workers communicate openly about schedule preferences with their managers, they also acknowledged the change will largely have to take place among employers. 'A good schedule helps businesses engage and retain workers, and that contributes to the bottom line,' Korberg said. 'I'm hoping companies will take note of the study and look at (whether) there (are) changes, they could make to their scheduling practices.'
Business Insider
27 minutes ago
- Business Insider
Zambia courts carmakers for EV parts manufacturing near copper sites
Zambia has engaged in discussions with automakers to attract electric vehicle (EV) component manufacturers to set up plants close to its copper mining sites. Zambia aims to attract EV component manufacturers near its copper mines. Copper is crucial for EV engines, boosting Zambia's role in the supply chain. Finance Minister Musokotwane encourages investments during international discussions. Zambia has engaged in discussions with automakers to attract electric vehicle (EV) component manufacturers to set up plants close to its copper mining sites. The southern African country is Africa's second-largest copper producer, and copper is a vital material used in electric vehicle (EV) engines, according to Bloomberg. 'We have been talking, even last week when I was in Germany, telling these companies to please consider the manufacture of some of your electric-vehicle components in Zambia, ' Finance Minister Situmbeko Musokotwane said. 'Those components can then be shipped to your factories in South Africa which now exports to the rest of the world. That is a powerful way of value addition.' Rising investor confidence The country has already made progress in attracting EV companies. Last year, Build Your Dreams (BYD), World's largest electric manufacturer, expanded into Zambia through a partnership with Pilatus Electric Mobility Zambia Limited (PEM). The move signals growing investor interest in Zambia's role in the global EV supply chain. Zambia's government intends to maintain prudent fiscal policies even after its current International Monetary Fund (IMF) program ends in October, according to Finance Minister Situmbeko Musokotwane. He noted that the cabinet has not decided whether to pursue a new loan. Speaking at Bloomberg's annual Africa Business Media Innovators conference, Musokotwane also criticized the sudden withdrawal of some U.S. aid programs to Zambia and the broader African continent. However, he acknowledged that such support was always expected to decline gradually.
