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Majority of US Employees Support Employer Vaccine Mandates

Source: Morning Consult

Fifty-eight percent of American employees support employer vaccine mandates. A June survey shows that baby boomers, millennials and men express the most support in companies requiring vaccines.   

Over 40% of respondents say they already have an in-person workplace structure, but 12% of workers say they would prefer to never physically return to the office. Women and Generation X were the largest groups to express a lack of interest in an in-person workplace. Many women have had to reprioritize their time since early 2020 to care for children or help guide them through remote education, ultimately setting them back in the job market.

Although employee uncertainty around returning to work appears to be declining, Morning Consult found that most employees want to have a say in the outcome. Forty-six percent expressed that if they are unhappy or feel unsafe about their company’s plan, they would consider quitting. A hybrid workplace is the favorable option for most — 75% plan to continue working remotely one to four days per week.

Black American Unemployment Rate Is Double That of White Americans

For over 40 years, Black Americans have had an unemployment rate twice as high as white Americans, reports the Economic Policy Institute. As of May 2022, the unemployment gap remains unchanged: Black Americans had an unemployment rate of 6.2%, compared to white Americans at 3.2%.

The usual factors cited to explain this gap—differences in education, experience, or skills—fall short of explaining the racial inequality in the labor market without factoring in discrimination. The 2:1 ratio between Black and white workers remains the same, despite gains in educational and skill attainment by Black Americans over the past four decades.

This disparity also extends to wages. In 2019, the average Black worker earned 24% less per hour than the average white worker. Controlling for differences in education, experience, and geography still left Black workers earning 14% less than white workers. This racial wage gap has grown larger over time; in 1979, Black workers earned 8% less than white colleagues. 

Rice Prices Are Rising Amid Global Food Crisis

The price of rice continues to rise for the fifth consecutive month as global food prices soar to record highs, reports the Food and Agriculture Organization (FAO). Rice, a staple food throughout much of the world, has been more resilient against the price increases affecting other food commodities because of abundant harvests. But international rice prices have been rising since the beginning of the year and are now 11% higher than they were at the end of 2021.

Food prices have been rising precipitously around the world, as a result of Russia’s invasion of Ukraine, higher energy and fertilizer costs, and other factors like food export bans. Wheat, another global food staple, has been particularly affected by the Ukraine crisis, with prices rising 55% since last year. Steep wheat prices could lead to an increased demand for rice, potentially pushing rice prices higher as the conflict continues.

The FAO warns that countries are expected to spend a record $1.8 trillion importing food this year, placing low-income countries at high risk for a food crisis.

American Businesses Have More Work to Do on Racial Equity

In the wake of George Floyd’s murder by police, businesses across the U.S. committed to increasing racial diversity and equity. But in the two years since, how many have followed through? 

The greatest progress has been made in disclosing diversity data and pay ratios, according to JUST Capital’s 2022 Corporate Racial Equity Tracker. Of the 85 largest employers in the U.S., the majority disclose racial diversity data — 91% of companies now share their data on workforce diversity data, and 95% share board diversity data. 

Fewer companies share salary data, though the increases were significant over the past two years: Racial pay equity analysis increased from 34% to 45%, and disclosure of pay ratios by race increased from 14% to 24%.

But corporate America continues to lag behind on issues like reporting hiring and promotion rates by ethnicity, disclosing local supplier or small business spending, providing anti-harassment training, and sharing re-entry or second chance policies. 

These issues remain important to consumers and investors: A recent JUST Capital survey found that 92% of Americans believe it is important for companies to promote racial diversity and equity in the workplace. And 68% of Americans, and 87% of Black Americans, believe companies have more work to do.

Are We in a Crypto Winter?

Digital currencies took a nosedive last month, with the price of Bitcoin dropping 20% across just five days in May. In the first five months of the year, its price dropped 60%, to $26K. Coinbase’s stock price was down 82% compared to April 2021. And Ether lost more than 30% of its value, according to The New York Times.

The combination of rising interest rates, inflation, and economic instability related to the Russia-Ukraine conflict contributed to this value plunge — but so did TerraUSD. TerraUSD is a “stablecoin” — supposedly backed by stable assets. In reality, it was linked algorithmically to another digital currency, Luna, which lost nearly all of its value and implicated TerraUSD’s value.  

Though slow, the market is showing signs of recovery. In a piece for Forbes, Alkesh Shah, head of digital assets strategy for Bank of America, says that although “the media is writing as if it’s the end of the sector,” as of early June, “the market has corrected about 40% to 45%.” Similarly, the NYT notes that “Any panic might be overblown” as “the average Bitcoin owner on Coinbase would not lose money until the digital currency’s price sank below $21,000.”

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