Record number of migrants arrested at southern border - August 16, 2022

Executive Leadership Briefing

More than 150 Amazon employees participated in a walkout mid-shift over low wages and concerns regarding heat safety at the company’s air hub in San Bernardino, Calif., on Monday. The independently organized workers demanded a $5 an hour pay increase in addition to improved health and safety standards, marking the first coordinated labor action in Amazon’s growing air freight division. In the UK, Amazon workers report working in “sweatshop” conditions amid safety concerns and worries about the cost of living crisis, and staff at the Swindon depot staged another walkout in a protest over a 3% pay rise. The walkouts come as Union interest is on the upswing, with 70% of nonunion “skilled and hourly workers” in the U.S. reporting they would consider joining a union if given the opportunity.

Apple Inc. laid off roughly 100 contract-based recruiters over the past week in an effort to reduce the tech giant’s spending, underscoring a slowdown at the company. Apple joins a host of other Big Tech companies looking to cut costs amid an economic slowdown, with Peloton, Calm and LinkedIn recently adding to the layoffs. Roughly 70 HBO Max staff members were also laid off Monday as part of a wider reorganization at the cable channel’s parent company, Warner Bros. Discovery. Economists have warned that what is happening in one sector is not representative of the entire economy because many tech companies overhired during the pandemic and now need to cut staff and save money during a tougher economic cycle.

A record number of migrants are being arrested at the southwestern border as the U.S. Customs and Border Protection reported a surge from Latin Americans seeking asylum or work. Apprehensions were down in July, but Border Patrol agents recorded 1.82 million arrests in the first 10 months of the government’s fiscal year, exceeding last year's total. A Gallup poll found more and more Americans want a decrease in the level of immigration into the U.S. Texas is currently sending buses of migrants from the southern border to Washington, D.C., and New York City, as Texas Lt. Gov. Dan Patrick warned "big blue city" mayors that they will "keep coming" until the mainstream media and White House address the crisis.

U.S. freight rates increased 28% year over year, but declined by nearly 2% month over month in July, signaling that the U.S. has likely reached peak rates. The Cass Freight report also signaled a potential slowdown in inflation. The New York Fed's Global Supply Chain Pressure Index indicated that supply chain bottlenecks are beginning to clear up as consumer spending returns to a more normal level. Some firms are renegotiating the shipping agreements inked during the early days of the pandemic as carrier capacity eases. However, Russia’s war in Ukraine paired with fewer available ships globally pushed oil tanker freight rates from the U.S. to Europe toward a two-year high.

Britain became the first country to approve a vaccine booster designed to target two different forms of COVID in an effort to curb both the original virus and the newer Omicron variant. Moderna’s “bivalent” vaccine generated a good immune response to both variants as well as the BA.4 and BA.5 subvariants during clinical trials. The decision comes as the U.S. continues to report roughly 100,000 COVID infections and between 300 and 400 deaths on average each day, largely driven by the BA.5 omicron variant. Despite these numbers, the CDC loosened its guidance on quarantining and social distancing last week, putting more emphasis on personal choices to make informed decisions to protect oneself.

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