US labor force shrinks by 500,000 due to COVID-related illness - September 12, 2022

Executive Leadership Briefing

Ukraine began to see success in its anticipated counteroffensive against Russia as the country marked the 200th day of the war Sunday. Officials claimed Ukraine’s military has pushed Russia’s troops back to the eastern border and reclaimed several more villages on Monday. Ukrainian forces have also retaken about 500 square kilometers of southern territory in the past two weeks. Russia struck power plants and caused blackouts in the northeast as the country vowed to regain its recent losses.

The U.S. labor force shrank by 500,000 people due to COVID-19-related illnesses, according to a new study. The economic impact will likely persist if workers continue to get sick at current rates. Consumer sentiment on the economy inched up in recent weeks as inflation appears to be easing, though just over half of Americans last month said price increases have caused financial hardship for their households. The Federal Reserve will look to inflation data, expected to decrease slightly from last month, ahead of a potential third interest rate hike in the coming weeks.

President Joe Biden will sign an executive order on biotechnologies Monday to bolster his administration’s efforts to cure cancer. Biden will also name the director of a new agency focused on biomedical innovation. Administration officials highlighted a need to keep the U.S. from losing dominance in biotech manufacturing against China, which has a robust biotech development program. The urgency for a consistent strategy in biotech manufacturing emerged amid the pandemic as healthcare rapidly delivered vaccines, though the U.S. will also aim to advance biomanufacturing in agriculture, energy and other industries.

Visa announced it will implement a new merchant category code for U.S. gun retailers after approval from the International Organization for Standardization. The move follows pressure from gun-control activists who say the code will help track suspicious weapons purchases. The decision is expected to spark a political firestorm around the country and debate among banks and companies about how and when to follow the new standard.

Wildfires forced 14,000 people under evacuation orders over the weekend as the western United States continues to see intense heat. The Double Creek and Cedar Creek fires in Oregon have burned more than 200,000 acres combined while both are less than 15% contained. Despite rain offering some relief in Washington state, Seattle was shrouded in smoke and ash from the Bolt Creek fire burning roughly 40 miles away. Southern California also saw some relief from last week’s heat wave as a tropical storm moved in from the coast.

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