Good morning and have a nice mothers day. (Hi mom!) Here’s the news you need to know for the week in business and tech. – Charlotte Cowles
What’s happening? (May 2nd to 8th)
Economists expected the April job report to be full of great news – lower unemployment, resilient attitudes, confetti! And most of the measures disappointed them. The pace of employment actually slowed and the unemployment rate rose slightly for the first time in a year to 6.1 percent. What’s happening? It’s complicated. Some lawmakers say the government’s extra unemployment benefits are preventing people from re-entering the workforce, especially in low-paid positions. Others point to the millions of Americans who cannot work because they manage childcare because many schools are not yet back to normal. In any case, the country’s economic recovery will not be easy.
Is he in or out?
It’s been five months since Facebook indefinitely banned former President Donald J. Trump for his role in inciting the January 6 riot at the Capitol. The question of when he should be left behind was referred by the platform to the independent oversight body, a group of around 20 academics, human rights leaders and political figures from around the world. Last Wednesday, the group confirmed Facebook’s ban, but decided the company needed to set a clearer policy on it. Facebook now has six months to make a long-term decision about Mr. Trump’s account and establish community standards to justify it.
After 27 years of marriage and billions in donations, Bill and Melinda Gates divorce. Your foundation of the same name has foundation assets of around 50 billion US dollars and spent over 1 billion US dollars on combating the coronavirus pandemic in the past year alone. The organization released a statement that the couple intend to remain co-chairs and trustees and that no changes are expected. However, the divorce will affect their joint assets, much of which has been pledged but not yet donated to the foundation. Mr. Gates, 65, was a co-founder of Microsoft and one of the richest people in the world.
What’s next? (May 9-15)
let’s get together
President Joseph R. Biden will meet for the first time since taking office with the four senior representatives of the House and Senate from both sides of the aisle. House Speaker Nancy Pelosi, Senate Majority Chairman Chuck Schumer, and her Republican counterparts, Kevin McCarthy and Mitch McConnell, are expected to address Mr. Biden’s $ 4 trillion economic agenda and his plans to finance it through taxation Discuss rich. Republican lawmakers have opposed the proposals from day one. Sounds like a fun conversation.
May 8, 2021, 5:12 p.m. ET
The inflation debate
Warren Buffett, the executive director of Berkshire Hathaway, says inflation is rising. The price of building materials and other consumer goods increases with increasing demand and increasing production costs. But the Federal Reserve has repeatedly encouraged investors not to fret. With interest rates this low, will the economy overheat? Probably a little. Slightly higher prices for a temporary period, however, are in line with the Fed’s overall goal of averaging 2 percent inflation over time to offset exceptionally weak gains in recent years.
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The Biden government has advocated a temporary suspension of intellectual property rights for coronavirus vaccines that would allow third-party manufacturers around the world to manufacture and distribute them to nations that need them. However, the US pharmaceutical industry is not happy about this, especially those with patents on these vaccines. (Pfizer alone had sales of $ 3.5 billion for its Covid-19 vaccine in the first three months of this year.) Company officials argue that the suspension of these patents will hinder future innovation and possibly safety standards in manufacturing and will decrease vaccine effectiveness. White House support does not guarantee that there will be a waiver, but it does add momentum.