Stock Groups

Biden economic adviser Jared Bernstein


While employers wrestle with the complicated issue of a mandated vaccine for their workers, the federal government also helps. issues its vaccine mandate ruleIn economic terms, the White House makes the case. Businesses should examine the relationship between Covid caseloads, growth and economic expansion if they want their economy to rebound after the slowdown at 2% in Q3.

The trajectory of Covid caseloads, and the most recent up and down in the Delta variant — which is now down about 60% off its peak during the summer — shows that the GDP growth rate is linked to the virus.

Jared Bernstein, member of White House Council of Economic Advisers at the said that “The link between strong economies and vaccinations is very clear to me. In fact, it’s quite elastic.” CNBC Workforce Executive Councilsummit will be held Wednesday. “It happens very fast.”

He pointed out the 6.5% annualized GDP during the first half this year, before the Delta variant spiked. That is the fuel for GDP growth and rocket fuel that helped us achieve the greatest GDP recovery of all advanced economies. Bernstein stated that, last I checked, we are the only country whose GDP has returned to pre-pandemic levels. The GDP fall to 2% during Q3 was the “where you could see that curve climb up,” he said.

Bernstein spoke of Q4’s GDP projections, saying that “the curve is coming down again”, the caseload-curve curve.

Jared Bernstein from the White House Council of Economic Advisors speaks in a press conference on February 5, 2020 in the Brady Briefing Room of Washington, DC.

Getty Images| AFP | Getty Images

Although the White House’s economic advisor stressed that he could not speak on behalf of individual companies, he stated that “I can tell” that every variable that I examine seems to be highly elastic to the caseloads. This is the obvious implication of our findings.

On Thursday, the Occupational Safety and Health Administration of the Labor Department issued a rule requiring businesses to make sure their employees have been regularly tested and vaccinated against Covid-19. Covid-19 by Jan. 4. By Jan. 4. newly released rulesAll unvaccinated employees must wear masks starting Dec. 5, and submit a positive Covid test every week after January’s deadline. Except as required by law, union contracts or other legal requirements, companies aren’t required to cover the cost of these tests.

It is anticipated that the mandate will cover approximately 130,000 companies and about two-thirds (or more) of employees in private sectors.

A separate statement was already released by the White House. vaccine-enforcement guidelines for federal contractors Many states’ Republican attorney generals have threatened to sueOver the mandate. On Thursday the administration pushed back the deadline for federal contractor  from Dec. 8 to Jan. 4 to match the deadline set for other private companies and health-care providers.

In a recent national address, President Biden stated that “Everyday, we see more companies implementing vaccine requirements. And the mounting data proves that they work.”

Vaccine mandates have become a reality more common in job listingsHowever, employers and other industry trade organizations like the U.S. Chamber of Commerce may be concerned that workers might quit in the middle of a shift. tight labor market and amid difficulty hiring workers Some Republican politicians linked the vaccine mandate to industries suffering from acute worker crisesThis includes freight trucking. Sen. Cynthia Lummis, Wyoming, wrote this week to Biden that she believes the mandate for truckers must be scrapped.

Ford stated this week that it will impose a vaccine mandateIts 32,000 salaried employees, which doesn’t include factory workers who are unionized.

The U.S. is still missing about 5 million job opportunities since before the pandemic. Workers are also leaving their jobs quickly. Bernstein stated that the pace of employment gains has been on average 600,000 per month. This compares to almost 5 million jobs all around since Biden took office.

Bernstein stated that it isn’t controversial to assert that the labor force market is strong.

ADP’s private sector jobs growth report showed that there were 571,000 new jobs in June, which was the most since June. Pandemic-sensitive areas like leisure and hospitality led gains. Expect a rise of 450,000 jobs in Friday’s government nonfarm payroll report.

Mark Zandi (chief economist, Moody’s Analytics), stated that “as long as there is no pandemic, big job gains will be possible in the coming months.” recently told CNBC.

Apply at to join the CNBC Workforce Executive Council