filed first-time claims for state jobless benefits last week, an increase of 18,000, the Labor Department said. It was the second consecutive weekly increase after new claims hit a pandemic low.
At the same time, 152,000 new claims were filed for Pandemic Unemployment Assistance, a federal program covering freelancers, part-timers and others who do not routinely qualify for state benefits. That was a decline of 85,000.
Neither figure is seasonally adjusted.
Claims rose above one million early in the year but havecome down since then, helped by the spread of vaccinations, the easing of restrictions on businesses in many states and the arrival of stimulus funds.
Most individuals received payments of $1,400 in recent weeks as part of the Biden administration’s $1.9 trillion relief package, and the funds should bolster consumer spending in the coming months.
On Friday, the government reported that employers added 916,000 jobs in March, twice February’s gain and the most since August. The unemployment rate dipped to 6 percent, the lowest since the pandemic began, with nearly 350,000 people rejoining the labor force.
Still, there is plenty of ground to make up.
Even after March’s job gains, the economy is 8.4 million jobs short of where it was in February 2020. Entire sectors, like travel and leisure, as well as restaurants and bars, are only beginning to recover from the millions of job losses that followed the pandemic’s arrival.
The union seeking to represent workers at an Amazon warehouse in Alabama said late Wednesday that there were 3,215 ballots cast — or about 55 percent of the roughly 5,800 workers who were eligible to vote.
The ballots are expected to be counted by hand starting either Thursday afternoon or Friday morning in the National Labor Relations Board’s office in Birmingham, according to the Retail Wholesale and Department Store Union. Hundreds of ballots are being contested, mostly by Amazon, the union said.
The vote counting will be shown on a videoconference call to a small number of outsiders, including journalists, in addition to representatives from the union and the company.
Union elections are typically held in person, but the labor board determined that the election should be conducted by mail to minimize risks during the pandemic. The ballots were sent to workers in early February and were due at the agency before March 30. Since then, Amazon and the union have had a chance to challenge whether particular worker were eligible to vote.
When the public counting is done, the agency will announce the formal results if the margin of victory for one side is greater than the number of contested ballots.
If the margin is narrower, then it could take two to three weeks for the N.L.R.B. to hold a hearing to sort through the contested ballots and take evidence from both sides on whether they should be counted.
Officials are calling Taiwan’s drought its worst in more than half a century. And it is exposing the enormous challenges involved in hosting the island’s semiconductor industry, which is an increasingly indispensable node in the global supply chains for smartphones, cars and other keystones of modern life.
Chip makers use lots of water to clean their factories and wafers, the thin slices of silicon that make up the basis of the chips, Raymond Zhong and Amy Chang Chien report for The New York Times. In 2019, Taiwan Semiconductor Manufacturing Company’s facilities in Hsinchu consumed 63,000 tons of water a day, according to the company, or more than 10 percent of the supply from two local reservoirs.
In recent months, the government has:
But the most sweeping measure has been the halt on irrigation, which affects 183,000 acres of farmland, around a fifth of Taiwan’s irrigated land.
The Taiwanese public appears to have decided that rice farming is less important, both for the island and the world, than semiconductors. The government is subsidizing growers for the lost income. But Chuang Cheng-deng, 55, worries that the thwarted harvest will drive customers to seek out other suppliers, which could mean years of depressed earnings.
Prosecutors are accusing the French arm of Ikea, the Swedish home furnishings giant, and some of its former executives of engineering a “system of espionage” from 2009 to 2012, in a criminal trial that has riveted public attention in France.
The alleged snooping was used to investigate employees and union organizers, check up on workers on medical leave and size up customers seeking refunds for botched orders, Liz Alderman reports for The New York Times. A former military operative was hired to execute some of the more clandestine operations.
In all, 15 people are charged. A verdict from a panel of judges is scheduled for June 15.
The case stoked outrage in 2012 after the emails were leaked to the French news media, and Ikea promptly fired several executives in its French unit, including its chief executive. There is no evidence that similar surveillance happened in any of the other 52 countries where the global retailer hones a fresh-faced image of stylish thriftiness served with Swedish meatballs.
Victims’ lawyers described a methodic operation that ran along two tracks: one involving background and criminal checks of job candidates and employees without their knowledge, and another targeting union leaders and members.
Ikea’s lawyer, Emmanuel Daoud, denied that systemwide surveillance had been carried out at Ikea’s stores in France. He argued that any privacy violations had been the work of a single person, Jean-François Paris, the French unit’s head of risk management.
Emails and receipts showed that Mr. Paris handed much of the legwork to Jean-Pierre Fourès, who surveilled hundreds of job applicants, gleaning information from social media and other sources to speed vetting and hiring. He also did background checks on unsuspecting customers who tangled with Ikea over big refunds. He insisted that he had never broken the law in gathering background material.
The surveillance encompassed career workers. In one case, Mr. Fourès was hired to investigate whether Ikea France’s deputy director of communications and merchandising, who was on a yearlong sick leave recovering from hepatitis C, had faked the severity of her illness when managers learned she had traveled to Morocco.
Carnival Cruise Line, the largest cruise operator in the United States, is optimistic that several of its U.S.-based lines will be up and running by July, it said on Wednesday as it reported its first quarter financials. Booking volumes for future Carnival cruises were about 90 percent higher in the first quarter of 2021 than in the previous quarter, “reflecting both the significant pent-up demand and long-term potential for cruising,” Arnold Donald, the chief executive of Carnival Corporation, the cruise line’s parent company, said in a statement on Wednesday. The company reported a net loss of $2 billion for the first quarter of 2021.
Unions representing employees at two prominent podcasting companies owned by Spotify, the audiostreaming giant, announced Wednesday that they had ratified their first labor contracts. The larger of the two unions, with 65 employees, is at The Ringer, a sports and pop culture website with a podcasting network. The second union, at the podcast production company Gimlet Media, has just under 50 employees. The two groups were among the first in the podcasting industry to unionize, and both are represented by the Writers Guild of America, East.
S&P 500 futures were up on Thursday, pointing to a rise when Wall Street trading starts, a day after the benchmark index set another record the previous day. Investors are awaiting the latest weekly jobless claims report, which could provide a fresh measure of a strengthening economy.
European markets were mostly higher and Asian stocks had a mostly positive day. Oil futures were lower, and Treasury yields slipped.
Investors on Wednesday were buoyed by remarks in the minutes of the Federal Reserve officials’ meeting last month, which suggested policies that have supported the markets and businesses through the pandemic were not about to be removed.
Fed policymakers have said they want to see “substantial further progress” toward their employment and inflation goals before scaling back the accommodative measures.
Weekly jobless claims numbers, to be released later on Thursday, come amid growing confidence about hiring in the U.S. economy. The payrolls report for March showed an impressive gain of 916,000 jobs. But even with that improvement, the economy is still 8.4 million jobs short of where it was in February 2020.
Investors are also digesting more details of President Biden’s corporate tax plan, which aims to raise as much as $2.5 trillion over 15 years. It includes a strict new minimum tax on global profits and cracking down on companies that try to move profits offshore.
Stocks, bonds and oil
In European, trading the Stoxx Europe 600 was 0.4 higher after hitting a record high at the close of trading on Wednesday. In Britain, the FTSE 100 was also 0.4 percent higher. In Asia, the Hang Seng in Hong Kong ended the day 1.2 percent higher.
In New York, S&P 500 futures were 0.3 percent higher, after the index rose 0.2 percent on Wednesday.
Oil futures were slipping, as rising coronavirus infections weigh on projections of oil demand. Brent crude, the global benchmark, was 0.2 percent lower at $63 a barrel, and the U.S. benchmark, West Texas Intermediate, fell 0.5 percent, to $59.47 a barrel.
Yields on 10-year Treasury notes were down more than 2 basis points, to 1.64 percent.
HSINCHU, Taiwan — Chuang Cheng-deng’s modest rice farm is a stone’s throw from the nerve center of Taiwan’s computer chip industry, whose products power a huge share of the world’s iPhones and other gadgets.
This year, Mr. Chuang is paying the price for his high-tech neighbors’ economic importance. Gripped by drought and scrambling to save water for homes and factories, Taiwan has shut off irrigation across tens of thousands of acres of farmland.
The authorities are compensating growers for the lost income. But Mr. Chuang, 55, worries that the thwarted harvest will drive customers to seek out other suppliers, which could mean years of depressed earnings.
“The government is using money to seal farmers’ mouths shut,” he said, surveying his parched brown fields.
already strained by surging demand for electronics, the added uncertainty about Taiwan’s water supply is not likely to ease concerns about the tech world’s reliance on the island and on one chip maker in particular: Taiwan Semiconductor Manufacturing Company.
Intel and other big names. The company said last week that it would invest $100 billion over the next three years to increase capacity, which will likely further strengthen its commanding presence in the market.
TSMC says the drought has not affected its production so far. But with Taiwan’s rainfall becoming no more predictable even as its tech industry grows, the island is having to go to greater and greater lengths to keep the water flowing.
In recent months, the government has flown planes and burned chemicals to seed the clouds above reservoirs. It has built a seawater desalination plant in Hsinchu, home to TSMC’s headquarters, and a pipeline connecting the city with the rainier north. It has ordered industries to cut use. In some places it has reduced water pressure and begun shutting off supplies for two days each week. Some companies, including TSMC, have hauled in truckloads of water from other areas.
But the most sweeping measure has been the halt on irrigation, which affects 183,000 acres of farmland, around a fifth of Taiwan’s irrigated land.
project to increase irrigation efficiency.
That Taiwan, one of the developed world’s rainiest places, should lack for water is a paradox verging on tragedy.
2015, and before that in 2004.
“If in another two or three years, the same conditions reappear, then we can say, ‘Ah, Taiwan has definitely entered an era of major water shortages,’” said You Jiing-yun, a civil engineering professor at National Taiwan University. “Right now, it’s wait and see.”
according to the company, or more than 10 percent of the supply from two local reservoirs, Baoshan and Baoshan Second Reservoir. TSMC recycled more than 86 percent of the water from its manufacturing processes that year, it said, and conserved 3.6 million tons more than it did the year before by increasing recycling and adopting other new measures. But that amount is still small next to the 63 million tons it consumed in 2019 across its Taiwan facilities.
government figures show. Most Western Europeans use less than that, though Americans use more, according to World Bank data.
Mr. Wang of the Water Resources Agency said: “Adjusting water prices has a big effect on society’s more vulnerable groups, so when making adjustments, we are extremely cautious.” Taiwan’s premier said last month that the government would look into imposing extra fees on 1,800 water-intensive factories.
Lee Hong-yuan, a hydraulic engineering professor who previously served as Taiwan’s interior minister, also blames a bureaucratic morass that makes it hard to build new wastewater recycling plants and to modernize the pipeline network.
“Other small countries are all extremely flexible,” Mr. Lee said, but “we have a big country’s operating logic.” He believes this is because Taiwan’s government was set up decades ago, after the Chinese civil war, with the goal of ruling the whole of China. It has since shed that ambition, but not the bureaucracy.
Taiwan’s southwest is both an agricultural heartland and a rising center of industry. TSMC’s most advanced chip facilities are in the southern city of Tainan.
The nearby Tsengwen Reservoir has shrunk to a marshy stream in some parts. Along a scenic strip known as Lovers’ Park, the floor of the reservoir has become a vast moonscape. The water volume is around 11.6 percent of capacity, according to government data.
In farming towns near Tainan, many growers said they were content to be living on the government’s dime, at least for now. They clear the weeds from their fallowed fields. They drink tea with friends and go on long bike rides.
But they are also reckoning with their futures. The Taiwanese public appears to have decided that rice farming is less important, both for the island and the world, than semiconductors. The heavens — or larger economic forces, at least — seem to be telling the farmers it is time to find other work.
“Fertilizer is getting more expensive. Pesticide is getting more expensive,” said Hsieh Tsai-shan, 74, a rice grower. “Being a farmer is truly the worst.”
Serene farmland surrounds the village of Jingliao, which became a popular tourist spot after appearing in a documentary about farmers’ changing lives.
There is only one cow left in town. It spends its days pulling visitors, not plowing fields.
“Around here, 70 counts as young,” said Yang Kuei-chuan, 69, a rice farmer.
Both of Mr. Yang’s sons work for industrial companies.
“If Taiwan didn’t have any industry and relied on agriculture, we all might have starved to death by now,” Mr. Yang said.
How does a country deal with climate disasters when it’s drowning in debt? Not very well, it turns out. Especially not when a global pandemic clobbers its economy.
Take Belize, Fiji and Mozambique. Vastly different countries, they are among dozens of nations at the crossroads of two mounting global crises that are drawing the attention of international financial institutions: climate change and debt.
They owe staggering amounts of money to various foreign lenders. They face staggering climate risks, too. And now, with the coronavirus pandemic pummeling their economies, there is a growing recognition that their debt obligations stand in the way of meeting the immediate needs of their people — not to mention the investments required to protect them from climate disasters.
The combination of debt, climate change and environmental degradation “represents a systemic risk to the global economy that may trigger a cycle that depresses revenues, increases spending and exacerbates climate and nature vulnerabilities,” according to a new assessment by the World Bank, International Monetary Fund and others, which was seen by The Times. It comes after months of pressure from academics and advocates for lenders to address this problem.
downgraded its creditworthiness, making it tougher to get loans on the private market. The International Monetary Fund calls its debt levels “unsustainable.”
nearly $600 billion in debt service payments over the next five years. Both the World Bank and the International Monetary Fund are important lenders, but so are rich countries, as well as private banks and bondholders. The global financial system would face a huge problem if countries faced with shrinking economies defaulted on their debts.s
“We cannot walk head on, eyes wide open, into a debt crisis that is foreseeable and preventable,” the United Nations Secretary General, António Guterres, said last week as he called for debt relief for a broad range of countries. “Many developing countries face financing constraints that mean they cannot invest in recovery and resilience.”
The Biden administration, in an executive order on climate change, said it would use its voice in international financial institutions, like the World Bank, to align debt relief with the goals of the Paris climate agreement, though it hasn’t yet detailed what that means.
flurry of proposals from economists, advocates and others to address the problem. The details vary. But they all call, in one way or another, for rich countries and private creditors to offer debt relief, so countries can use those funds to transition away from fossil fuels, adapt to the effects of climate change, or obtain financial reward for the natural assets they already protect, like forests and wetlands. One widely circulated proposal calls on the Group of 20 (the world’s 20 biggest economies) to require lenders to offer relief “in exchange for a commitment to use some of the newfound fiscal space for a green and inclusive recovery.”
debts soared, including to China, and the country, whose very existence is threatened by sea level rise, pared back planned climate projects, according to research by the World Resources Institute.
The authors proposed what they called a climate-health-debt swap, where bilateral creditors, namely China, would forgive some of the debt in exchange for climate and health care investments. (China has said nothing publicly about the idea of debt swaps.)
sinking under huge debts, including secret loans that the government had not disclosed, when, in 2019, came back-to-back cyclones. They killed 1,000 people and left physical damages costing more than $870 million. Mozambique took on more loans to cope. Then came the pandemic. The I.M.F. says the country is in debt distress.
Six countries on the continent are in debt distress, and many more have seen their credit ratings downgraded by private ratings agencies. In March, finance ministers from across Africa said that many of their countries had spent a sizable chunk of their budgets already to deal with extreme weather events like droughts and floods, and some countries were spending a tenth of their budgets on climate adaptation efforts. “Our fiscal buffers are now truly depleted,” they wrote.
In developing countries, the share of government revenues that go into paying foreign debts nearly tripled to 17.4 percent between 2011 and 2020, an analysis by Eurodad, a debt relief advocacy group found.
Research suggests that climate risks have already made it more expensive for developing countries to borrow money. The problem is projected to get worse. A recent paper found climate change will raise the cost of borrowing for many more countries as early as 2030 unless efforts are made to sharply reduce greenhouse gas emissions.