Anytime you know your colleagues, and the more you know them, the more you have in common that you didn’t think you had, the more that you want to work and cooperate together if you can,” he said. Manchin said meeting face to face with Senate Budget Committee Chairman Bernie Sanders Bernie Sanders Shontel Brown wins special election to replace Marcia Fudge in Ohio House district Democrats give Manchin earful on lack of progress on spending bill LIVE COVERAGE: Youngkin wins in Virginia New Jersey governor's race in dead heat MORE (I-Vt.), Senate Majority Leader Charles Schumer Chuck Schumer First openly lesbian judge confirmed to federal circuit court GOP senators accuse Democrats of prioritizing social spending over military Schumer announces deal to lower prescription drug prices MORE (D-N.Y.) and President Biden has helped move the process along. “I think we’ll get a framework, but you know the devil is in details, and you got to see the text,” he said. Like this article? Get more from Axios and subscribe to Axios Markets for free.“I said with all the unknown, don’t you think we ought to hit the pause?” Manchin told The Hill’s Steve Clemons.īut now that the negotiations are in full swing, Manchin said he thinks he’ll reach a deal with his Senate Democratic colleagues. Some early retirees could also come back to the workforce. What to watch: That 5.25 million number could shrink significantly as pandemic-era factors keeping people out of work go away. That includes working mothers who left jobs to care for kids and immunocompromised people who stayed home from work for their health. The total number of people who left the workforce during the pandemic - including the 3 million early retirees - is around 5.25 million, per Faria e Castro's analysis. The big picture: The early retirement wave isn't the only trend chipping away at labor force participation. That may have made early retirement possible for many. "The COVID-19 recession was abnormal in the sense that it featured a sharp downturn in real economic activity but also rising asset values, such as for housing and stocks," he writes. Older workers also may have built up a financial cushion during the pandemic and chosen to retire, Faria e Castro notes. So it's likely that many of those who left jobs got discouraged and chose to retire instead. It's much harder for workers in their 50s and 60s - or older - to re-enter the workforce after a period of unemployment, due to persistent ageism in corporate America. What's happening: Many older workers faced layoffs, and others left the workforce to protect themselves from the risk of infection. Stay on top of the latest market trends and economic insights with Axios Markets.
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