Economics impacts our lives every day. Below are some of the top storylines from this past week related to economics.
"There is one rule for the industrialist and that is: make the best quality goods possible at the lowest cost possible, paying the highest wages possible." -- Henry Ford, Founder of Ford Motor Company.
The announcement came after days of vote counting in several battleground states, including in Pennsylvania where the Associated Press formally called the state for Biden late Saturday morning. President Donald Trump, meanwhile, has yet to concede the election, amid false claims of voter fraud and numerous lawsuits. World leaders reacted to the news with an outpouring of support for President-elect Biden, and how they are looking forward to creating stronger ties with the United States, fight the coronavirus pandemic and re-build the world economy. [TIME]
Industries and businesses prepare for new policies under a Biden Administration. The article explores how the next administration could shape key industries and the scrutiny they might face. [The Wall Street Journal]
Supermarkets are changing their habits and investing more in technology to fill their customer’s needs. However, the digital technology is less profitable for grocers than in-person shopping because of the costs to fill and deliver orders. Some grocers have laid out plans to expand pickup stations and building more self-checkout kiosks in order to help lower the costs. [The Wall Street Journal]
The vote opens a path that could re-shape labor laws throughout the country. It rejected the 2018 California State Supreme Court ruling and subsequent 2019 state law that stated that drivers who performed a company’s regular tasks should be treated as employees. [The New York Times]
Hiring increased in retail, including online. However, companies added more than 100,000 temporary workers, showing signs of uncertainty. The jobs report indicates that the economic recovery from the coronavirus-induced recession remains positive and society is adapting to living with the pandemic. [Associated Press]
Experts warn that it may take two and a half years before the economy recovers all of the jobs that were lost. What steps should a person unemployed take? Bankrate provides 13 recommendations. [Bankrate]
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