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Unemployment hit a pandemic-era low point in the latest jobs report, but progress is slow as Americans make the transition back to the work force. |
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Unemployment reaches pandemic-era low in slow recovery The US economy is banking on the strategy that slow and steady wins the race as the recovery from the devastating coronavirus pandemic continues in increasingly smaller increments. That was the case for the gradual pace of Americans going back to the work force. The glass-half-full spin is that jobless benefits claims were down to 360,000, the lowest point since the onset of the pandemic. The glass-half-empty take shows the figures are down only slightly from 364,000 the previous two-week cycle, an obtuse recovery at best. SEE WHAT THE NEW NUMBERS SAY ABOUT THE RECOVERY
Yellen weighs in with strong words on global tax, inflation No one is going to accuse Treasury Secretary Janet Yellen of painting a rosy picture about the state of the US and global economies. She is a realist about some key issues on the subject. Despite leading the charge for a 15% global minimum tax, Yellen submarined her argument by saying she is "not certain" if Amazon and its trillion-dollar market capitalization would have to pay a dime. And responding to this week's suspect news on inflation, Yellen admitted that Americans should get used to it for a few more months. FIND OUT WHY AMAZON MIGHT AVOID PAYING A GLOBAL TAX
IRS plans to crack down on cryptocurrency draft dodgers The old adage about death and taxes apparently also applies to virtual money too as the Internal Revenue Service is cracking down on US citizens using cryptocurrency to avoid paying taxes. The Biden administration is asking for $80 billion to help the IRS track down tax dodgers in the hopes of retrieving trillions in lost revenue. The high price tag is a result of the gray area surrounding the taxation of crypto, and the obstacle course of international tax laws that are often involved in unraveling the invisible paper trail. It just goes to show that the IRS can and will go to extremes to get paid. SEE HOW THE IRS PLANS TO TRACE UNTRACEABLE CRYPTO
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Markets
| DJIA | 34,987.02 | 0.15% |
| S&P 500 | 4,360.03 | -0.33% |
| Nasdaq Composite | 14,543.13 | -0.70% |
| Japan: Nikkei 225 | 27,974.72 | -1.08% |
| UK: FTSE 100 | 7,012.02 | -1.12% |
| Crude Oil Futures | 71.62 | -0.04% |
| Gold Futures | 1,827.50 | -0.08% |
| Yen | 109.98 | 0.13% |
| Euro | 1.18 | -0.03% | | * As of market close |
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Taliban taking over as US forces withdraw
As America's longest war winds to a close, the country is once again confronted with the hard truth that some conflicts are easier to get into than they are to get out of. It took the nation 20 years to learn this one. Following the 9/11 terrorist attacks, Americans were at a fevered pitch to invade Afghanistan. US coalition forces chased the Taliban into the mountains, captured and killed Osama bin Laden, and made some footholds in democracy and women's rights. But it's all about to be undone as the final troops pull out and the Taliban rapidly returns to fill the void. SEE WHAT THE US IS DOING TO HELP TRANSLATORS ESCAPE
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Passport delays threaten US travel abroad
If you are thinking about celebrating the loosening pandemic restrictions by taking a trip out of the country, you'd better think fast. After many Americans have allowed their passports to expire or are leaving their homeland for the first time, US Customs is backlogged with requests. The average passport application is taking up to 18 weeks to process so it will be late fall to winter before new applicants get the proper credentials to travel abroad. And with the uncertainty of COVID shutdowns and travel restrictions in the distant future, many will be vacationing closer to home. WHAT'S TAKING SO LONG FOR AMERICANS TO GET PASSPORTS?
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Taco occupation
Everyday will be Taco Tuesday for one lucky applicant who is chosen to serve as McCormick's director of taco relations. The spice-maker is looking for the right candidate to handle "all things taco" for four months. The job involves everything from working with R&D on street taco spice ingredients, engaging with taco-lovers around the world via social media, and traveling to spread the good word about the almighty taco. And if that sounds like the kind of thing you would happily do for free, it gets even better -- the gig pays $25,000 a month. Now that will buy a lot of tacos. FIND OUT HOW TO APPLY FOR A TACO-LOVERS DREAM JOB
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Crunch time
Tacos are an internationally iconic food item in modern cuisine but it comes from humble roots. What's the literal translation of the word "taco"? Thursday's answer: Coca-Cola creator John Pemberton was a pharmacist who used small amounts of cocaine in the original formula. The ingredient remained in the recipe until 1929, which explains the Great Depression. SEND YOUR ANSWER HERE TO SHOW OFF YOUR KNOWLEDGE
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Pass it on
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