All articles tagged with #pandemic recovery
Working mothers are leaving the workforce in large numbers due to return-to-office mandates, layoffs, and shifting workplace policies, erasing pandemic gains and impacting long-term earnings and career prospects, with disproportionate effects on Black women and those with caregiving responsibilities.
International travel surged in 2023, leading to a rise in passenger traffic at airports worldwide. Dubai International Airport moved up to second place, while Tokyo Haneda International Airport jumped to fifth place. Despite the increase, global passenger traffic remains about 6% below pre-pandemic levels. Hartsfield-Jackson Atlanta International Airport retained its top spot as the busiest airport, with Dubai, Dallas/Fort Worth, London Heathrow, and Tokyo Haneda rounding out the top five.
Oregon schools are struggling to recover from pandemic-related academic setbacks, with students lagging behind in reading and math compared to national averages. The state's decentralized approach to interventions, such as tutoring and teacher training, is cited as a likely reason for the disparities in recovery efforts. While some progress has been made, challenges remain in addressing learning delays and providing effective support for students across the state.
San Francisco Ballet has received a monumental $60 million donation from an anonymous donor, the largest in its 91-year history, with the majority of the funds going towards bolstering the company's endowment and financing the creation and acquisition of new works. The remaining amount will be used to cover operating costs in the upcoming seasons under the leadership of artistic director Tamara Rojo. This transformative contribution comes as the company aims to recover from pandemic-related financial strains and move towards creating modern classics.
The United States is experiencing a strong economic recovery, outperforming its major trading partners despite lingering consumer concerns over inflation. The economy grew by 3.1 percent over the past 12 months, and annual inflation fell back to the Federal Reserve’s 2 percent target. The U.S. recovery challenges traditional economic beliefs and suggests a new approach to future downturns, relying more on government spending than on the Federal Reserve's control of credit costs. The U.S. response to the pandemic involved significant fiscal support, contributing to the economy's robust performance, higher wages, and a surge in entrepreneurship.
The Metropolitan Opera has withdrawn nearly $40 million from its endowment to cover operating expenses as it continues to recover from the pandemic. Despite the financial challenges, the company sees signs of improvement, with increased paid attendance, growing interest in Live in HD cinema broadcasts, and a younger audience for contemporary opera. The Met expects substantial cash gifts to replenish the endowment in the coming years and is also seeking a transformative gift to support its recovery efforts.
The U.S. economy grew at a 3.3 percent annual rate in the fourth quarter of 2023, showing resilience in the recovery from the pandemic's economic upheaval. This growth, although slower than the previous quarter, exceeded expectations and capped a year of low unemployment and cooled inflation. Forecasters had anticipated a recession due to the Federal Reserve's interest-rate increases, but instead, the economy accelerated, with GDP growing 3.1 percent for the full year, marking a significant improvement from the previous year and surpassing pre-pandemic averages.
Gower Street Analytics projects a 5% downturn in the global box office for 2024, marking the first post-pandemic decrease in their annual forecast. The decrease is primarily attributed to work stoppages caused by the Hollywood writers' and actors' strikes, resulting in limited product availability rather than a decline in audience interest. The North American market is expected to finish 11% down compared to 2023, while the international box office (excluding China) is estimated to be 7% lower. China, however, is predicted to show a modest year-on-year gain. The release calendar and the impact of local and international titles are expected to influence these projections.
Pfizer's stock has plummeted 49% this year, on track for its worst year on record, as the company struggles to transition out of the pandemic and faces diminishing demand for Covid-19 shots and treatments. The drugmaker's disappointing 2024 revenue forecast has further dampened hopes for a rebound, with Wall Street analysts trimming their price targets on the stock. Pfizer's recent purchase of cancer drugmaker Seagen Inc. is seen as insufficient to fill the revenue void. The company's foray into weight-loss treatments has also faced setbacks. Rival Moderna Inc. is experiencing a similar decline in demand, highlighting the downside risk to the vaccine market.
San Francisco is racing to clean up and beautify the city ahead of the Asia-Pacific Economic Cooperation (APEC) conference, which is expected to draw 21 world leaders, including President Biden and President Xi Jinping. The city, which has struggled to rebound from the pandemic, hopes that the conference will be a catalyst for its recovery. Efforts include resurfacing sidewalks, creating new public spaces, removing graffiti, and increasing police enforcement. However, some residents question why the city can fix its problems for the conference but not for them. The conference is expected to give a boost to the local economy but may also bring chaos with protests and traffic congestion.
Las Vegas Sands, the world's largest casino company, is experiencing a strong recovery from the pandemic, largely driven by its operations in Asia. The company reported $1.12 billion in third-quarter adjusted property EBITDA, just 6% lower than pre-pandemic levels. Marina Bay Sands in Singapore has surpassed pre-pandemic numbers in gaming, retail, and other spending, while Macao's occupancy rates have increased by 96% compared to pre-Covid levels. Las Vegas Sands plans to invest in the expansion of Marina Bay Sands and the construction of The Londoner in Macao. The company also announced a $2 billion share repurchase plan. Sands' strong financial position and investment-grade balance sheet position it well for future projects, including a proposed $5 billion casino resort in New York.
While the US labor market has officially surpassed pre-pandemic levels, the accommodations industry, including hotels, remains the last major holdout in achieving full recovery. In September, employment in the food services and drinking places industry returned to its February 2020 level, but accommodations employment still stands 10.3% below pre-pandemic levels. This weakness in accommodations employment accounts for the entire employment gap in the leisure and hospitality industry, which is just 184,000 jobs short of February 2020 levels. Despite this, the overall labor market added 336,000 new jobs in September, indicating the economy's resilience.
Boston Mayor Michelle Wu is proposing a property tax break of up to 75% over 29 years for downtown office building owners who convert their properties into apartments or condos, aiming to revitalize the neighborhood hit hard by the pandemic-induced office vacancies. This marks the first time the city has offered financial incentives to encourage office conversions as part of downtown's recovery efforts.
The San Francisco Travel Association has launched a $6 million advertising campaign, including the city's first-ever commercial, to attract tourists back to the city. The campaign, titled "Always San Francisco," features local talent and aims to evoke the emotional joy visitors find in the city. The campaign includes digital media ads and a travel sweepstakes to give away five "San Francisco experiences." The domestic campaign will run in five US cities, while the international campaign will run in Europe, Canada, Mexico, Australia, India, and the Asia-Pacific region.
Chinese tourist spending has rebounded to pre-pandemic levels, providing a boost to the country's economy. As China's domestic travel market has recovered, Chinese tourists have also started traveling overseas again, with popular destinations including Thailand, Japan, and the Maldives. The recovery in Chinese tourism and consumer spending is seen as a positive sign for the global travel industry.