| | | | | | | | | | | Axios Markets | | By Emily Peck and Matt Phillips · Sep 02, 2022 | | 👷♂️👩💼👩🔬🧑🏽💻 Jobs day. We're about to get the latest on the state of the labor market when BLS releases its monthly report. Then, tomorrow, Markets weekend is going deep on the state of labor market. I would tell you more, but I'm told no spoilers allowed. Programming note: We're off Monday for Labor Day — and hope you are, too. We apologize for the delay this morning due to technical issues. Today's newsletter, edited by Kate Marino, is 1,122 words, 4 minutes. | | | | | | 1 big thing: Why more women are self-employed now |  Data: Bureau of Labor Statistics, Center for American Progress; Chart: Simran Parwani/Axios More women are self-employed now than prior to the pandemic — particularly Black and Hispanic women and those without bachelor's degrees, finds a new analysis from the Center for Economic and Policy Research, Emily writes. Why it matters: The likely explanation here is not simply an explosion of entrepreneurship, but also a reaction to the childcare worker shortage. Mothers are scrambling to care for children at home and still earn money. - "A lack of access to childcare has made many women seek more flexible work arrangements in order to oversee their kids," write the authors of the piece.
- And those with less education have a harder time finding jobs that allow for remote work.
By the numbers: Overall, in the first half of 2022, self-employment levels were up .4 percentage points — about 600,000 people — as compared with the period before the pandemic that the authors examined. - Drilling down, the share of employed women who report being self-employed rose by .7 percentage points to 8.2 percent. That's slightly more than twice the increase men reported.
- Black women saw even bigger gains. The share of Black women who said they were self-employed in 2022 rose more than 1 percentage point, from 4.1% pre-pandemic to 5.2%. Hispanic women saw a similar increase. (For white women the number ticked up by .6 percentage points.)
Zoom out: There aren't enough people working in the childcare sector to meet demand. Employment levels are 8.4% lower than where they were in February 2020 — while overall employment in the private sector has recovered. - That means centers that look after very young children don't have enough staff and serve fewer families, write the authors of a new report released by the Center for American Progress (CAP) Friday morning.
- "Every state has stories about programs having to slash capacity and even close permanently because they simply can't staff up. The reason is simple: programs cannot offer competitive compensation," says Elliot Haspel, an early-childhood policy expert and the author of "Crawling Behind: America's Childcare Crisis and How to Fix It."
"The child care industry was sick before the pandemic, now it's dying. It's a failed market, it's in a death spiral," Haspel says. The bottom line: Despite this, there hasn't been a mass dropout by young mothers from the workforce, notes CAP associate director Rose Khattar. - The tight labor market and the rise in remote work allows some parents the flexibility to do, essentially, two jobs.
|     | | | | | | 2. Catch up quick | | 📦 Amazon loses in bid to overturn Staten Island union. (CNBC) 🐻 Global bonds hit first bear market in a generation. (Bloomberg) 🛑 Worker strikes sweep Britain. (NYT) | | | | | | | | 3. 🛢 The oil market smells an Iran deal | | Crude oil prices dropped for the third straight day yesterday, as investors priced in a multi-pronged political push from rich nations aimed, in part, at cutting prices, Matt writes. Why it matters: The selloff suggests that traders see initial signs of change in the tight global oil market. Details: U.S. benchmark oil futures prices are down more than 12% in the last few days, as West Texas Intermediate crude tumbled below $87 a barrel. - Benchmark gasoline futures prices fell to their lowest level in six months, which should translate into cheaper prices at the pump across the U.S. in coming weeks.
What's happening: Now, it seems, traders see a chance global oil supplies could grow, as global demand decelerates. Here's why: - The U.S. and Iran appear to be making progress on nuclear talks, which could lead to lifting sanctions on Iranian oil, bolstering global supplies in the future.
- Elsewhere, U.S. Treasury Secretary Janet Yellen is saying there has been "substantial progress" in plans among Group of Seven countries to engineer a price cap on Russian oil, which would filter through to oil prices worldwide.
- On the demand side, the Chinese economy — a massive source of world oil demand and the world's second largest consumer — continues to struggle, as the government imposes new lockdowns in pursuit of its zero-COVID policy. A slowdown there will hurt oil demand.
- In the U.S. — the world's largest oil consumer — the risk of recession also seems to have grown, since the Federal Reserve signaled it will likely keep lifting interest rates for some time to come, even if that causes economic pain.
What we're watching: Monday's meeting of O.P.E.C. — and its close partner, Russia. Both the oil cartel and Russia have reason to be leery of the formation of a global buyer's club by the world's largest economies, which intends to cap the price of Russian crude. | | | | | | | | A message from Axios | | Get their attention | | |  | | | | Professionals are busy — so we ensure our partners get their messages across quickly and effectively. How it's done: Smart Brevity Studio creates concise articles and visuals that get up to 5X more engagement than they do on other platforms. Find out more. | | | | | | 4. Charted: It's a cash, cash, cash world |  Data: Indeed.com; Chart: Axios Visuals It's a good time to get hired, especially if you're willing to work in-person. In July, 5.2% of job listings on Indeed.com offered signing bonuses — down a bit from a peak in December 2021, but still more than three times higher than the before-times, Emily writes. What's happening: Employers are desperate to hire you. The top eight sectors advertising hiring bonuses are all in-person jobs, including: - Nursing, where 18% of jobs offer signing bonuses, compared with 6% in 2019. Other healthcare roles are also on the list, including doctors (11.4%) and home health workers (11%).
- Childcare, where more than 11% of listings note bonuses — and providers are too cash-strapped to actually raise wages, sources told me.
Yes, but: It's possible that remote positions are offering hiring bonuses, too, but they aren't advertising them in job listings. The bottom line: It's a remarkable situation. A few years ago, it was unheard of for some of these jobs — dishwashing work, gas station attendees, fast-food cashiers — to offer signing bonuses. | | | | |  | | | | If you like this newsletter, your friends may, too! Refer your friends and get free Axios swag when they sign up. | | | | | | | | 5. ☕️ Starbucks finds a new CEO |  | | | Laxman Narasimhan speaks in Peru. Photo: Guillermo Gutierrez/Bloomberg via Getty Images | | | | Starbucks announced yesterday that Laxman Narasimhan will become its new chief executive officer, replacing Howard Schultz at a tough time for the coffee chain, Axios' Herb Scribner and Kelly Tyko report. Why it matters: When Schultz returned in as interim CEO in April this year, his third time in the role, he promised transformation — a difficult task for a company facing massive competition, unhappy investors and disgruntled workers, writes Axios' Hope King. Details: Narasimhan, who just stepped down as CEO of U.K.-based conglomerate Reckitt, will join Starbucks Oct. 1 and fully take the reins as CEO in April. Zoom out: Narasimhan joins as Starbucks has been experiencing a push toward unionization. | | | | | | | | A message from Axios | | Get their attention | | | | | | | | Professionals are busy — so we ensure our partners get their messages across quickly and effectively. How it's done: Smart Brevity Studio creates concise articles and visuals that get up to 5X more engagement than they do on other platforms. Find out more. | | | | Thanks for reading everyone! Before you go, did someone forward this email to you? You can sign up here and get Markets straight to your inbox. And thanks to Lisa Hornung for copyediting Axios Markets this week. |  | | Why stop here? Let's go Pro. | | | | | | Axios thanks our partners for supporting our newsletters. If you're interested in advertising, learn more here.
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