Opinion / Tomos Lewis
Labour force
Today is Labor Day in the US and Canada; the final day of a long weekend that, traditionally, marks summer’s last hurrah. But as bread is broken, barbecues stoked and glasses raised to the season’s long farewell, the holiday’s founding idea – the commemoration of labour and work and a celebration of its value to the life of the nation – might have a quietly sharper significance for many in the US this year.
On Friday the US Department of Labor stated that 1.4 million jobs had been added to the economy in August and that the unemployment rate fell from 10.2 per cent in July to 8.4 per cent in August, another sign that employees furloughed during coronavirus lockdowns are being brought back to work (albeit at a slower pace than in previous months). Those figures will be at the centre of the presidential election campaign as it moves ahead in earnest, as it historically does, after the Labor Day holiday. One thing that both candidates should embrace is a pattern that has emerged from past recessions in the US: when the national economy slows, entrepreneurship tends to flourish.
“There’s tremendous opportunity,” Ryan Wilson, CEO of The Gathering Spot – an Atlanta members’ club that he co-founded in 2016 – told Monocle’s The Entrepreneurs magazine, which arrives on newsstands this Thursday. “This is a reshuffling of the deck in ways that you very rarely see in a lifetime. And small businesses and entrepreneurs will be a part of crafting what that new world [will] be,” he said. It’s time for entrepreneurship and its importance to a meaningful economic recovery to be harnessed the world over, not only during the US election campaign. We will certainly raise our glasses to that on this Labor Day.