open a new location as part of a development project on the West Side of Manhattan.

Go big. If some aid ended up going to people or businesses that didn’t really need help, that was a reasonable trade-off for the benefit of getting money to the millions who did.

Today, the calculus is different. The impact of the pandemic is more tightly focused on a few industries and groups. At the same time, many businesses are having trouble getting workers and materials to meet existing demand. Traditional forms of stimulus that seek to stoke demand won’t help them. If automakers can’t get needed parts, for example, giving money to households won’t lead to more car sales — but it might lead to higher prices.

That puts policymakers in a tight spot. If they don’t get help to those who are struggling, it could cause individual hardship and weaken the recovery. But indiscriminate spending could worsen supply problems and lead to inflation. That calls for a more targeted approach, focusing on the specific groups and industries that need it most, said Nela Richardson, chief economist for ADP, the payroll processing firm.

“There are a lot of arrows in the quiver still, but you need them to go into the bull’s-eye now rather than just going all over,” Ms. Richardson said.

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Germany’s Far Right Is Nowhere in the Election. But It’s ‘Here to Stay.’

BERLIN — They promised they would “hunt” the elites. They questioned the need for a Holocaust memorial in Berlin and described Muslim immigrants as “head scarf girls” and “knife men.”

Four years ago the Alternative for Germany, or AfD, arrived in the German Parliament like a wrecking ball, the first far-right party to win a place at the heart of Germany’s democracy since World War II. It was a political earthquake in a country that had once seen Hitler’s Nazi party rise from the fringes to win power in free elections.

Founded eight years ago as nationalist free-market protest party against the Greek bailout and the euro, the AfD has sharply shifted to the right.

The party seized on Chancellor Angela Merkel’s decision to welcome over a million migrants to Germany in 2015 and 2016, actively fanning fears of Islamization and migrant crime. Its noisy nationalism and anti-immigrant stance were what first catapulted it into Parliament and instantly turned it into Germany’s main opposition party.

But the party has struggled to expand its early gains during the past 18 months, as the pandemic and, more recently, climate change have shot to the top of the list of voters’ concerns — while its core issue of immigration has barely featured in this year’s election campaign.

The AfD has tried to jump on the chaos in Afghanistan to fan fears of a new migrant crisis. “Cologne, Kassel or Konstanz can’t cope with more Kabul,” one of the party’s campaign posters asserted. “Save the world? Sure. But Germany first!” another read.

At a recent election rally north of Frankfurt, Mr. Chrupalla demanded that lawmakers “abolish” the constitutional right to asylum. He also told the public broadcaster Deutsche Welle that Germany should be prepared to protect its borders, “if need be with armed force.”

None of this rhetoric has shifted the race, particularly because voters seem to have more fundamental concerns about the party’s aura of extremism. Some AfD leaders have marched with extremists in the streets, while among the party’s supporters are an eclectic array of conspiracy theorists and neo-Nazi sympathizers.

shot dead on his front porch by a well-known neo-Nazi. The killer later told the court that he had attended a high-profile AfD protest a year earlier.

Since then, a far-right extremist has attacked a synagogue in the eastern city of Halle during a Yom Kippur service, leaving two dead and only narrowly failing to commit a massacre. Another extremist shot dead 9 mostly young people with immigrant roots in the western city of Hanau.

The AfD’s earlier rise in the polls stalled almost instantly after the Hanau attack.

“After these three attacks, the wider German public and media realized for the first time that the rhetoric of the AfD leads to real violence,” said Hajo Funke of the Free University in Berlin, who has written extensively about the party and tracks its evolution.

“It was a turning point,” he said. “They have come to personify the notion that words lead to deeds.”

Shortly after the Hanau attack, Thomas Haldenwang, the chief of the Office for the Protection of the Constitution, Germany’s domestic intelligence agency, placed elements of the AfD under surveillance for far-right extremism — even as the party’s lawmakers continued to work in Parliament.

“We know from German history that far-right extremism didn’t just destroy human lives, it destroyed democracy,” Mr. Haldenwang warned after announcing his decision in March last year. “Far-right extremism and far-right terrorism are currently the biggest danger for democracy in Germany.”

Today, the agency has classified about a third of all AfD members as extremist, including Mr. Chrupalla and Alice Weidel, the party’s other lead candidate. A court is reviewing whether the entire party can soon be placed under formal observation.

“The AfD is irrelevant in power-political terms,” said Mr. Funke. “But it is dangerous.”

Mr. Chrupalla, a decorator who occasionally takes the stage in his overalls, and Ms. Weidel, a suit-wearing former Goldman Sachs analyst and gay mother of two, have sought to counter that impression. As if to hammer home the point, the party’s main election slogan this year is: “Germany — but normal.”

A look through the party’s 207-page election program shows what “normal” means: The AfD demands Germany’s exit from the European Union. It calls for the abolition of any mandates to fight the coronavirus. It wants to return to the traditional German definition of citizenship based on blood ancestry. And it is the only party in Parliament that denies man-made climate change, while also calling for investment in coal and a departure from the Paris climate accord.

That the AfD’s polling numbers have barely budged for the past 18 months suggests that its supporters are not protest voters but Germans who subscribe to its ideas and ideology.

“The AfD has brought out into the open a small but very radical electorate that many thought we don’t have in this country,” said Mr. Quent, the sociologist. “Four years ago people were asking: ‘Where does this come from?’ In reality it was always there. It just needed a trigger.”

Mr. Quent and other experts estimate the nationwide ceiling of support for the party at around 14 percent. But in parts of the former Communist East, where the AfD has become a broad-based political force entrenched at the local level, it is often twice that — enough to make it the region’s second-strongest political force.

Among the under 60-year olds, Mr. Quent said, it has become No. 1.

“It’s only a question of time until AfD is the strongest party in the East,” Mr. Quent said.

That is why Mr. Chrupalla, whose constituency is in the eastern state of Saxony, the one state where the AfD already came first in 2017, predicts it will eventually become too big to bypass.

“In the East we are a people’s party, we are well-established at the local, city, regional and state level,” Mr. Chrupalla said. “In the East the middle class votes for the AfD. In the West, they vote for the Greens.”

Christopher F. Schuetze and Melissa Eddy contributed reporting.

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Why You Might Not Be Returning to the Office Until Next Year

Postponing gives the workers who are responding to new requirements sufficient time to become fully vaccinated. And it gives companies more time to set up the logistics that accompany vaccination mandates, such as processes for tracking vaccination status and, soon, who has received a booster.

“Within a company, a C.E.O. can say: ‘Our company, our culture, our business. We need to be together, we need to be in the office, this is the date,’” said Mary Kay O’Neill, a senior health consultant at Mercer Consulting Group. “And then our friends in H.R. are like, ‘How are we going to do that?’”

For some organizations, negotiations with unions are also a factor. A spokeswoman for NPR, which has not set a date for returning to the office, said the public radio network was working “with key stakeholders, including our unions, to evaluate the best approaches to keeping our staff safe and maintaining our operations.”

With new logistics around vaccine mandates, continued uncertainty around variants, and increasingly vocal employee demands, some companies, including The New York Times and American Airlines, have opted out of setting return dates.

The agility of technology companies, alongside industries like consulting and media, is in many ways unique. CVS Health is still eyeing a fall return, albeit with a degree of flexibility worked in. And many employees never went home at all — with a good portion of workers at companies like General Motors, Ford Motor and Chevron having worked on-site throughout most of the pandemic.

Many companies that did send employees home remain eager to bring them back. The longer workers stay out of the office, the harder it may be to cajole their return. And real estate costs are difficult to justify if offices are left empty.

In finance, which traditionally puts a priority on in-person apprenticeship and hustling, the prominent firms have made being in the office a recruiting tool. Goldman Sachs brought back its employees in June and JPMorgan Chase in July. The rise of the Delta variant didn’t slow those plans down, but it did seemingly expedite measures to prevent the spread of the virus. Goldman said last month that it would require anyone who entered its U.S. offices, including clients, to be fully vaccinated.

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August Jobs Report is Concerning News for Fed

Disappointing August jobs numbers intensified the economic uncertainty caused by the Delta variant, putting pressure on the Federal Reserve as it considers when to reduce its policy support and on the White House as it tries to get more Americans vaccinated.

Fed officials and President Biden had been looking for continued improvement in the job market, but the Labor Department reported on Friday that employers added just 235,000 jobs in August — far fewer than projected and a sign that the ongoing coronavirus surge may be slowing hiring.

“There’s no question that the Delta variant is why today’s job report isn’t stronger,” Mr. Biden said in remarks at the White House. “I know people were looking, and I was hoping, for a higher number.”

A one-month slowdown is probably not enough to upend the Fed’s policy plans, but it does inject a dose of caution. It also will ramp up scrutiny of upcoming data as the central bank debates when to take its first steps toward a more normal policy setting by slowing purchases of government-backed bonds.

speech last week that as of the central bank’s July meeting, he and most of his colleagues thought they could start reducing the pace of asset purchases this year if the economy performed as they expected.

sharp pullback in hotel and restaurant hiring, which tends to be particularly sensitive to virus outbreaks. The participation rate, a closely watched metric that gauges what share of the population is working or looking, stagnated.

But there were other signs that underlying demand for workers remained strong. Wages continued to rise briskly, suggesting that employers were still paying up to lure people into work. Over the last three months, job gains have averaged 750,000, which is a strong showing. And the unemployment rate continued to decline in spite of the weakness in August, slipping to 5.2 percent.

4.2 percent in the year through July — well above the 2 percent average that officials aim to achieve over time.

Officials widely expect those price gains to slow as the economy returns to normal and supply chain snarls clear up. But they are monitoring consumer inflation expectations and wages keenly: Prices could keep going up quickly if shoppers begin to accept higher prices and workers come to demand more pay.

That’s why robust wage gains in the August report stuck out to some economists. Average hourly earnings climbed by 0.6 percent from July to August, more than the 0.3 percent economists in a Bloomberg survey had forecast. Over the past year, they were up 4.3 percent, exceeding the expected 3.9 percent.

The fresh data put the Fed “in an uncomfortable position — with the slowdown in the real economy and employment growth accompanied by signs of even more upward pressure on wages and prices,” wrote Paul Ashworth, the chief North America economist at Capital Economics.

referred to that consideration in a footnote to last week’s speech.

“Today we see little evidence of wage increases that might threaten excessive inflation,” he said.

Plus, it is unclear whether pay gains will remain robust as workers return. While it is hard to gauge how much enhanced unemployment benefits discouraged workers from taking jobs, and early evidence suggests that the effect was limited, a few companies have signaled that labor supply has been improving as they sunset.

Other trends — the end of summer and the resumption of in-person school and day care — could allow parents who have been on the sidelines to return to the job search, though that might be foiled if Delta keeps students at home.

“There’s still so much disruption, it’s hard for businesses and workers to make plans and move forward when you don’t know what’s coming around the next bend,” said Julia Coronado, the founder of MacroPolicy Perspectives, adding that this is a moment of “delicate transition.”

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July C.P.I. Report: Inflation Rose Quickly Again

Fed officials are willing to look past the elevated readings specifically because they are expected to be, as central bankers often say, “transitory.” They would worry more about a generalized, economywide pickup in prices that happens year after year, chipping away at consumer paychecks and potentially influencing how businesses and households live their economic lives.

But policymakers are still eager to see their expectation for an inflation slowdown borne out.

A “narrative for why the current supply and demand constraints might be expected to ease over time strikes me as a reasonable baseline,” Esther George, president of the Federal Reserve Bank of Kansas City, said in a speech Wednesday after the report, while emphasizing that the “narrative would be incomplete without acknowledging the risks.”

Ms. George pointed to the rise in coronavirus infections tied to the Delta variant, which could keep supply chains kinked, and to household savings, which could keep consumers spending strongly and economic conditions “tight.”

Economists have flagged other forces that could sustain inflation. Goldman Sachs noted in a recent research note that revised-down production schedules at automakers suggest that some price pressures in the car industry could last into the fall. Shipping experts report continued delays and cost increases, which could also feed into consumer prices.

And moderation alone is not enough to take the pressure off the Fed and White House: Policymakers need a substantial cool-down. July’s 0.5 percent monthly increase was less rapid than the 0.9 percent gain from May to June, but if the current pace continued for a year, inflation would pick up by nearly 6 percent on an annual basis. That could leave consumers with substantially less purchasing power.

Fed officials will be watching for signs that today’s price increases are getting locked into consumer and business expectations, which could make them more lasting.

Wage increases and inflation expectations offer key signals about the future of inflation. If pay takes off on a sustained basis, employers may find that they need to charge more to cover their expenses. Likewise, if consumers and businesses start to expect rapid price increases, they may be more willing to accept higher prices, setting off a self-fulfilling prophecy.

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A Wall Street Dressing Down: Always. Be. Casual.

The suits are returning to the office. In chinos. And sneakers. And ballet flats.

As Wall Street workers trickle back into their Manhattan offices this summer, they are noticeable for their casual attire. Men are reporting for duty in polo shirts. Women have stepped down from the high heels once considered de rigueur. Ties are nowhere to be found. Even the Lululemon logo has been spotted.

The changes are superficial, but they hint at a bigger cultural shift in an industry where well-cut suits and wingtips once symbolized swagger, memorialized in popular culture by Gordon Gekko in the movie “Wall Street” and Patrick Bateman in the film adaptation of Bret Easton Ellis’s novel “American Psycho.” Even as many corporate workplaces around the country relaxed their dress codes in recent years, Wall Street remained mostly buttoned up.

relax dress codes — including in 2019, when Goldman made suits and ties optional — banking had been one of the last bastions of formal work wear, alongside law firms. And in some quarters of Wall Street, such as hedge funds, the code has typically been more permissive.

But in banking, the strict hierarchies were embedded in unwritten fashion rules. Colleagues would ridicule those wearing outfits considered too flashy or too shabby for the wearer’s place in the corporate food chain. Superiors were style guides, but wearing something swankier than one’s boss was considered a faux pas. An expensive watch could be seen as a mark of success, an obnoxious flex, or both.

TV interview; Goldman’s boss, David Solomon, D.J.s in T-shirts on weekends; and Rich Handler, the head of Jefferies, posted a photo of himself sporting a henley tee on Twitter. At an event welcoming employees back to the office in July, Citigroup’s Jane Fraser — the only female boss of a major Wall Street bank — kept her signature look: a jewel-toned dress.

known for its leather-soled dress shoes for men and boys. “It’s going to continue to get more comfortable and casual, but people are still going to want to look nice.”

Now, 80 percent of the shoes his company designs are casual styles, Mr. Florsheim said, compared with 50 percent before the pandemic.

compete for recruits with technology companies — which are friendlier both to remote work and casual clothing — they are seeking to present a less stuffy image. Many banks are also trying to hire a more diverse cohort.

John C. Williams, president of the Federal Reserve Bank of New York and an avowed sneakerhead, said the Fed wanted people to bring their “authentic self” to work because personal style was an important part of valuing all forms of individuality and diversity.

He said he was looking forward to wearing new pairs from his sneaker collection in the office. “When people can be themselves, they do their best work,” he said.

bring staff back to offices. Most of the industry was targeting Labor Day for a full-scale return, although that may be complicated by surging coronavirus cases. Some Wall Street employees have been working out of their offices for months, but many returned only recently for the first time since the outbreak began.

It felt like the first day of school, some bankers said. They wanted to look good in front of colleagues, yet couldn’t bear the thought of wearing dress shoes or heels. Before going in, some checked with friends to see if their choices were in line with the crowd.

One item that has been popular among Wall Street men is Lululemon’s ABC pant, which the athleisure company markets as a wrinkle-resistant, stretchy polyester garment suitable for “all-day comfort.” (The company put its highly recognizable logo on a tab near the pocket to make the pants look less like workout gear.)

Untuckit, the maker of short-hemmed button-downs, saw a jump in sales as vaccination rates across the United States rose in April and May, said Chris Riccobono, the company’s founder. Customers have flocked to its two stores in Manhattan, seeking still-sharp shirts made from breathable fabric.

“What’s amazing is these guys were wearing suits in the middle of summer, walking the streets of New York, coming off the train” before the pandemic, Mr. Riccobono said. “It took corona for the guys who never wore anything but suits to realize, ‘Wait a second.’”

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Return to Office Hits a Snag: Young Resisters

David Gross, an executive at a New York-based advertising agency, convened the troops over Zoom this month to deliver a message he and his fellow partners were eager to share: It was time to think about coming back to the office.

Mr. Gross, 40, wasn’t sure how employees, many in their 20s and early 30s, would take it. The initial response — dead silence — wasn’t encouraging. Then one young man signaled he had a question. “Is the policy mandatory?” he wanted to know.

Yes, it is mandatory, for three days a week, he was told.

Thus began a tricky conversation at Anchor Worldwide, Mr. Gross’s firm, that is being replicated this summer at businesses big and small across the country. While workers of all ages have become accustomed to dialing in and skipping the wearying commute, younger ones have grown especially attached to the new way of doing business.

And in many cases, the decision to return pits older managers who view working in the office as the natural order of things against younger employees who’ve come to see operating remotely as completely normal in the 16 months since the pandemic hit. Some new hires have never gone into their employers’ workplace at all.

banking and finance, are taking a harder line and insisting workers young and old return. The chief executives of Wall Street giants like Morgan Stanley, Goldman Sachs and JPMorgan Chase have signaled they expect employees to go back to their cubicles and offices in the months ahead.

Other companies, most notably those in technology and media, are being more flexible. As much as Mr. Gross wants people back at his ad agency, he is worried about retaining young talent at a time when churn is increasing, so he has been making clear there is room for accommodation.

“We’re in a really progressive industry, and some companies have gone fully remote,” he explained. “You have to frame it in terms of flexibility.”

In a recent survey by the Conference Board, 55 percent of millennials, defined as people born between 1981 and 1996, questioned the wisdom of returning to the office. Among members of Generation X, born between 1965 and 1980, 45 percent had doubts about going back, while only 36 percent of baby boomers, born between 1946 and 1964, felt that way.

most concerned about their health and psychological well-being,” said Rebecca L. Ray, executive vice president for human capital at the Conference Board. “Companies would be well served to be as flexible as possible.”

Matthew Yeager, 33, quit his job as a web developer at an insurance company in May after it told him he needed to return to the office as vaccination rates in his city, Columbus, Ohio, were rising. He limited his job hunting to opportunities that offered fully remote work and, in June, started at a hiring and human resources company based in New York.

“It was tough because I really liked my job and the people I worked with, but I didn’t want to lose that flexibility of being able to work remotely,” Mr. Yeager said. “The office has all these distractions that are removed when you’re working from home.”

Mr. Yeager said he would also like the option to work remotely in any positions he considered in the future. “More companies should give the opportunity for people to work and be productive in the best way that they can,” he said.

Even as the age split has managers looking for ways to persuade younger hires to venture back, there are other divides. Many parents and other caregivers are concerned about leaving home when school plans are still up in the air, a consideration that has disproportionately affected women during the pandemic.

At the same time, more than a few older workers welcome the flexibility of working from home after years in a cubicle, even as some in their 20s yearn for the camaraderie of the office or the dynamism of an urban setting.

I get to exercise in the morning, have breakfast with my kids, and coach little league in the evenings. Instead of sitting in an office building I get to wear shorts, walk our dog, and have lunch in my own kitchen.” Chad, Evanston, Ill.

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  • “With the leverage that employees have, and the proof that they can work from home, it’s hard to put the toothpaste back in the tube,” he said.

    Fearful of losing one more junior employee in what has become a tight job market, Mr. Singer has allowed a young colleague to work from home one day a week with an understanding that they would revisit the issue in the future.

    doctrinaire view that folks need to be in the office.”

    Amanda Diaz, 28, feels relieved she doesn’t have to go back to the office, at least for now. She works for the health insurance company Humana in San Juan, P.R., but has been getting the job done in her home in Trujillo Alto, which is about a 40-minute drive from the office.

    Humana offers its employees the option to work from the office or their home, and Ms. Diaz said she would continue to work remotely as long as she had the option.

    “Think about all the time you spend getting ready and commuting to work,” she said. “Instead I’m using those two or so hours to prepare a healthy lunch, exercising or rest.”

    Alexander Fleiss, 38, chief executive of the investment management firm Rebellion Research, said some employees had resisted going back into the office. He hopes peer pressure and the fear of missing out on a promotion for lack of face-to-face interactions entices people back.

    “Those people might lose their jobs because of natural selection,” Mr. Fleiss said. He said he wouldn’t be surprised if workers began suing companies because they felt they had been laid off for refusing to go back to the office.

    Mr. Fleiss also tries to persuade his staff members who are working on projects to come back by focusing on the benefits of face-to-face collaborations, but many employees would still rather stick to Zoom calls.

    “If that’s what they want, that’s what they want,” he said. “You can’t force anyone to do anything these days. You can only urge.”

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    Soho China Sells to Blackstone, Cementing Owners’ Exit

    China’s economy is on a tear. Factories are humming, and foreign investment is flowing in. Even so, the wealthy and powerful people atop some of the country’s most prominent companies are heading for the exits.

    The latest are Pan Shiyi and Zhang Xin, the husband-and-wife team that runs Soho China, a property developer known for its blobby, futuristic office buildings. In striking a deal this week to sell a controlling stake to the investment giant Blackstone for as much as $3 billion, Mr. Pan and Ms. Zhang are turning over the company as high-profile entrepreneurs come under public and official scrutiny in China like never before.

    Soho China did not respond to a request for comment.

    China’s most famous tycoon, the Alibaba co-founder Jack Ma, has kept an uncharacteristically low profile since late last year, when the government began a regulatory crackdown on his companies and the wider internet industry. Colin Huang, founder of the Alibaba rival Pinduoduo, resigned as chairman in March, less than a year after he stepped down as chief executive. In May, Zhang Yiming, founder of TikTok’s parent company, ByteDance, said he would hand over the chief executive post to focus on long-term strategy.

    Under the Communist Party’s top leader, Xi Jinping, nationalism has been resurgent in China, and the government has sought to exert more direct influence over the private sector. Even before this week’s sale, Mr. Pan and Ms. Zhang of Soho China had been avoiding the spotlight more than they did during an earlier, freer era of China’s economic revival.

    going after businesspeople and intellectuals with big online followings. The police that year arrested Wang Gongquan, a friend of Mr. Pan’s and supporter of human rights causes, on charges of disrupting public order.

    Mr. Pan and Ms. Zhang began selling off property holdings in China and spending more time in the United States. The family of Ms. Zhang and the Safra family of Brazil, long involved in international banking, teamed up to buy a 40 percent stake in the General Motors building in Manhattan.

    They noted that the couple donated generously to Harvard and Yale but not to Chinese universities.

    After media reports accused Soho China of “fleeing” Shanghai by selling projects there, Mr. Pan wrote on Weibo: “Buying and selling is normal. Don’t read too much into it.”

    The company’s last big public event was the opening of Leeza Soho, a lithe, spiraling skyscraper in Beijing, in late 2019. Zaha Hadid, the famed architect who designed the tower and a friend of Ms. Zhang’s, had died a few years earlier.

    Last year, Ren Zhiqiang, a retired property mogul and friend of Mr. Pan’s, was detained for an essay he shared with friends on a private chat group. The essay criticized Mr. Xi’s handling of the coronavirus outbreak and the direction he was taking the country. Mr. Ren was sentenced to 18 years in prison.

    Today, Mr. Pan’s and Ms. Zhang’s Weibo accounts are filled with bland, friendly material: holiday greetings, book recommendations, photos of flowers in bloom outside Soho China buildings. Both of their accounts are set to display only the past half year’s posts.

    On Wednesday night, minutes after Soho China announced the sale on its official Weibo account, Mr. Pan reposted the announcement without comment, in what online commentators called a “silent farewell.”

    Albee Zhang contributed research.

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