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1. US Economy Adds Fewer Jobs Than Expected in November
The Labor Department on Friday reported the U.S. economy created "far fewer" jobs than expected last month, according to CNBC, showing new job hiring slowed even before the omicron variant emerged.
For November, nonfarm payrolls grew by 210,000, while the unemployment rate dropped sharply to 4.2% from 4.6%. However, the report notes the labor force participation rate in November rose to its highest level since March 2020 to 61.8%. The Dow Jones predicted 573,000 new jobs for the month and a jobless level of 4.5%.
“This report is a tale of two surveys,” said Nick Bunker, economic research director at jobs placement site Indeed. “The household survey shows accelerating employment gains, workers returning to the labor force, and low levels of involuntary part-time work. The payroll survey shows a significant deceleration in job growth, particularly in COVID-affected sectors.”
2. Travel Rules Tighten Amid Omicron Variant
Since emerging in late November, the omicron variant of the coronavirus is now resulting in a change to travel rules, ABC 7 Chicago reports.
The new measures beginning Monday include requiring all inbound international travelers to test within one day of departure for the U.S.
"This new testing time frame will apply to everyone, 'regardless of nationality or vaccination status,' the plan outlined on the White House website says," the news outlet writes.
To enter theUnited Kingdom, all travelers starting Tuesday aged 12 and over must show proof of a negative test, regardless of vaccination status, the BBC reports.
3. Prism Hotels' Focus on Owners, Employees Underpins Growth
In a video interview with HNN's Bryan Wroten, Prism Hotels & Resorts President, CEO and Founder Steve Van said the company doubled the size of its portfolio over the pandemic, which was a result of taking care of its owners.
“When the pandemic hit, we knew our owners were really devastated, and our income was devastated, but we decided not to terminate a single employee, because we knew our owners would need those employees, particularly sales and marketing, to help with their hotels,” he said.
Prism's portfolio grew from 25 hotels to more than 50. And revenue at Prism-managed hotels grew by 20% to 50% compared to hotels operated by other management companies, Wroten writes.
4. New York City Will Mandate Vaccination for Private Sector Employees
New York City Mayor Bill de Blasio announced Monday that private businesses in the city will need to require COVID-19 vaccinations for its employees, AP News reports.
The new requirement will take effect Dec. 27. Hospital and nursing home workers and city employees are already required to be vaccinated.
"The city was moving to impose the mandate on private sector businesses even as federal courts have temporarily blocked an attempt by President Joe Biden to do the same nationally for larger companies," the news outlet writes.
5. China Evergrande Plans To Work With Offshore Creditors
In the latest news of China-based property development firm China Evergrande's ongoing struggles to make timely payments, The Wall Street Journal reports Chinese authorities are becoming more involved in the company's affairs and Evergrande is inching closer to restructuring.
On Friday, Evergrande was warned it must pay $260 million under a debt guarantee. The company "for the first time directly [said] that it had planned to work with offshore creditors on a restructuring," the news outlet writes. "... The government of Evergrande's home province, Guangdong, said it would dispatch a working group to help the company with risk management."
On Monday, Evergrande said its board has set up a risk management committee.