Long recovery ahead after weak jobs report -U.S. commerce sec
Video Credit: Reuters - Politics - Duration: 01:56s - Published
Long recovery ahead after weak jobs report -U.S. commerce sec
Many Americans are still struggling to return to work after the coronavirus pandemic and last week's lower-than-expected jobs numbers were a reflection of that, Commerce Secretary Gina Raimondo said on Sunday.
After last week's disappointing jobs report, U.S. Commerce Secretary Gina Raimondo said on CBS' "Face the Nation" Sunday that the economy has a long way to go before it fully recovers from a more than yearlong global health crisis.
RAIMONDO: "I think we have a long way to go to recover from the pandemic.
There are so many Americans still struggling, 8 million fewer jobs than there were pre-pandemic.
So, you know, we are working very hard.
In fact, we had a meeting with the president on Friday and that was his direction to us, which is: we are making bold moves but there's a long way to go and we have to be there to help Americans find jobs." U.S. job growth unexpectedly slowed last month, likely restrained by shortages of workers and raw materials.
Non-farm payrolls increased by only 266,000 jobs, well below the nearly 1 million jobs economists expected and a sharp contrast to steady increases in growth from January to March.
Raimondo said women have been particularly hard-hit, noting that many work in industries impacted the most, including lower-skilled service jobs, and said a lack of affordable child care and school closures have made matters worse.
The U.S. commerce secretary rejected some Republicans' contention that people are reluctant to return to work because they are receiving unemployment insurance, saying nothing in the data supported that argument.
RAIMONDO: "The number one reason now that people aren't going back to work is what you said: fear.
Or if they can't find childcare or schools are still closed.
So we'll monitor it as necessary but, right now, we don't think that's the reason people aren't able to go back to work." The Biden administration has said the $1.9 trillion pandemic relief package is helping to bring the economy back, and the president is now pushing for another $4 trillion in new investments.
Biden Administration to Invest $8.5 Billion , in Intel’s Computer Chip Plants.
Biden Administration to Invest $8.5 Billion , in Intel’s Computer Chip Plants.
In addition to $8.5 billion in direct funding, $11 billion will be provided in loans.
The money will come from
the CHIPS and Science Act.
The funds will go toward "computer chip
plants in Arizona, Ohio, New Mexico
and Oregon," CBS News reports. .
According to Intel, the new funding and other investments will create a total of 30,000 jobs in manufacturing and construction.
According to Intel, the new funding and other investments will create a total of 30,000 jobs in manufacturing and construction.
The deal will help the U.S. to produce 20%
of the most advanced computer chips
in the world by 2030, according to
Commerce Secretary Gina Raimondo.
Failure is not an option — leading-edge
chips are the core of our innovation
system, especially when it comes
to advances in artificial intelligence
and our military systems, Commerce Secretary Gina Raimondo, on a call with reporters.
We can't just design chips.
We have to make them in America, Commerce Secretary Gina Raimondo, on a call with reporters.
Biden's funding announcement comes
amid a heated presidential campaign.
Administration officials want to get chip technology funding
"out the door as quickly as possible so that the Biden campaign can point to concrete progress on one of the
White House's signature programs," analysts say.
Intel CEO Pat Gelsinger called the
CHIPS Act "the most critical industrial
policy legislation since World War II.".
We think of this as a defining
moment for the United States, the
semiconductor industry and for Intel, Intel CEO Pat Gelsinger, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Biden Is Giving $6 Billion , to Micron Technology , for Semiconductor Production.
On April 25, President Biden will travel to Syracuse, NY, to announce over $6 billion in federal grants that his administration is awarding to Micron Technology, NPR reports. .
Senate Majority Leader Chuck Schumer, who was heavily involved in enacting the CHIPS and Science Act, issued a statement about the investment. .
This is the federal government taking back the reins, putting money where its mouth is when we say we want the future of tech to be stamped: 'Made in America.', Senate Majority Leader Chuck Schumer, via statement.
Micron will invest $100 billion of the funds to construct a manufacturing facility in Syracuse.
Schumer referred to the plan as "quite a
great return" on the government's investment.
A factory will also be built in
Boise, Idaho, NPR reports. .
That facility is expected to be ready for production by 2026, while two New York factories will likely be ready by 2028 and 2029.
The White House estimates that
the projects could create 20,000 jobs
in construction and manufacturing.
in addition to "tens of thousands of
indirect jobs in the regions," NPR reports. .
The CHIPS and Science Act has also provided funding for Intel, TSMC and Samsung
Credit: Wibbitz Top Stories Duration: 01:30Published
President Biden signs historic legislation securing billions in US aid for Ukraine and Israel, reaffirming America's commitment to global security. Despite criticisms over human rights abuses in Gaza, Biden emphasizes the 'ironclad' nature of US support for Israel's defense. Stay informed with the latest developments on international affairs.
#JoeBiden #Israel #Gaza #IsraelHamasWar #IsraelPalestine #IsraelPalestineWar #USPresident #USNews #USAidBill #RussiaUkraineWar #Oneindia
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