A new White House vaccination goal, the Treasury Secretary’s remarks on inflation, the end of a Trump-era gig worker rule, improved job satisfaction, and Cabinet secretaries’ visit to southeastern Connecticut are among the top business news items this morning.
National
President Joe Biden has set a new COVID-19 vaccination goal of having 70 percent of eligible adults in the United States at least partially vaccinated by July 4. The administration is also planning to update its COVID-19 vaccine allocation strategy to redistribute doses that go unused in one state to be used in another.
Treasury Secretary Janet Yellen says that modest rate hikes may be necessary to prevent the economy from overheating, but later walked back the remarks to say she is not predicting or recommending rate increases. Yellen also said she does not expect that inflation will pose a problem for the U.S. economy.
Effective Thursday, the White House is terminating a rule established during the Trump administration that made it easier for companies to classify workers as independent contractors. The Biden administration says the move aims to prevent employers from misclassifying employees, and a multi-factor test to determine employee status will be restored.
Business trends
The Conference Board’s Job Satisfaction Survey for November 2020 found that employees were happy in their work despite the stresses brought on by the COVID-19 pandemic. The report suggests that this satisfaction is driven largely by employers dedicating more attention to employees’ well-being, including improved health and leave benefits and greater flexibility.
Connecticut
Labor Secretary Marty Walsh and Commerce Secretary Gina Raimondo visited General Dynamics Electric Boat in Groton in a tour that included promotion of the Biden administration’s push for greater registered apprenticeship opportunities. The secretaries praised EB’s relationship with labor, saying apprenticeships have been vital for building worker skills and connecting them with jobs at the submarine manufacturer.
