More and more companies are commemorating Juneteenth — and other happenings in the world of work

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Catch up on headlines from the last 7 days.

• The Federal Reserve hiked interest rates by the most in almost 30 years, lifting them by three-quarters of a percentage point in an effort to tame inflation . Stocks tumbled in response, as investors worry that recession looms.
• The cryptocurrency market is in meltdown mode, with multiple lenders pausing withdrawals and firms announcing layoffs. Bitcoin dropped below $19,000 on Saturday while Ethereum slid below $1,000. The value of all crypto has plummeted from $3 trillion to $1 trillion since November.
• Most CEOs are preparing for recession in the next year and a half, according to a recent Conference Board poll. The proportion of executives who think an economic downturn is looming surged to 60% from 22% in 2021.
• Most Americans experience passive aggression at work, usually over email. About 73% of people want you to skip writing “per my last email.”
• Remote work could positively impact performance, with nearly half of remote and hybrid workers (45%) reporting an improvement in team performance over the past two years, compared to 34% of in-person employees.
• Working parents are feeling the summertime childcare crunch, with the average cost of day camp surging to $178 per day this year, compared to $76 last year.

Take a closer look at recent trending topics — and engage with meaningful conversations happening on LinkedIn.

More and more companies are recognizing Juneteenth

• Juneteenth is being offered as a paid day off by 30% of private businesses on its second year as a federal holiday. Last year, just 8% of private employers offered the same. Big names offering the paid time off include Twitter, Nike, Lyft and Target.?
• The holiday commemorates the effective end of slavery on June 19, 1865, when those in Galveston, Texas were told of the Emancipation Proclamation two years after it was signed. “The day has deep meaning and signifies how freedom and justice in the U.S. has historically been delayed for the Black community,” Eloiza T.B. Domingo, the vice president of HR at Allstate, wrote. “Today, even if your workplace isn’t closed for the holiday, I encourage you to ask yourself how you can improve your own advocacy skills, push your colleagues and teams to disrupt behaviors and systems that preclude equity for all, and turn understanding into action,” she continued.
• General familiarity with Juneteenth has also skyrocketed since last year. A recent Gallup poll found that about 59% of Americans know at least some about the holiday, up from just 37% in 2021.
• Iesha Berry, the chief diversity and engagement officer with DocuSign, said offering the day off is a way to signal an accepting company culture not just to Black talent, but to “multigenerational and multiethnic” talent. “Making Juneteenth an official company holiday shouldn’t serve as the backbone of any company DEI strategy,” reporter Lizzy Lawrence said . “But it’s an easy gesture that shows respect and understanding of Black employees.”?

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Interest rate hikes are stoking recession fears

• The Fed then raised interest rates by 0.75% last week — the biggest increase since 1994 — in an effort to curb record-high inflation. The move spooked markets, with stocks tumbling as investors worry that the Fed’s aggressive approach might spark a recession. Early signs of soaring inflation, surging interest rates and plummeting stock prices eroding buying power are already here, though interest rate hikes are meant to slow economic growth.
• Meanwhile, a recent survey of executives found that most CEOs (60%) are preparing for a recession within the next 12 to 18 months. Experts are also sounding the alarm: A new survey of economists said there is a 44% risk of recession in the next 12 months, way up from their 28% forecast in April and 18% forecast in January. Abdelaziz Testas, a data scientist, noted that it’s important to remember surveys can “aggravate recessions by making the predictions self-fulfilling.”
• Treasury Secretary Janet Yellen downplayed the chatter by saying labor and spending are still strong, but she acknowledged recession “isn’t at all inevitable.”

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Professionals are willing to take a pay cut for more enjoyable work

• Some Americans are tempted to take a small pay cut in return for non-cash benefits like a greater sense of fulfillment (39%) or better work-life balance (44%), according to new LinkedIn data. Product managers are leading the trend.
• Hong Bui has worked for at least 10 companies as a product manager, and his decision to switch jobs sometimes involved slashing his pay. His explanation? “There’s such a joy in launching a successful product,” he said. The promise of a new challenge is worth the cut. “I also transferred to a job that offered lower pay but more opportunities to use my creativity,” researcher Angel Martinez responded . “If you’re happy, you’ll build better products.”?
• Those in research, purchasing, quality assurance and education are the most likely to entertain a pay cut following product managers. The workers least willing to sacrifice pay under any circumstances include consulting, administrative, business development, real estate and entrepreneurship.

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Get ready for the week by seeing what's coming up.

• Tuesday, June 21: The National Association of Realtors will release the annualized number of existing homes that were sold in May. It’s expected to be a lower number than April. The report is an indicator of housing market strength.
• Wednesday, June 22: LinkedIn Senior Editor at Large George Anders will release his latest edition of Workforce Insights, digging into which cities hire the largest share of baby boomers.
• Wednesday, June 22 and Thursday, June 23: Federal Reserve Chair Jerome Powell is expected to testify on economic outlook and monetary policy in front of Congress.
• Thursday, June 23: The Labor Department will release initial jobless claims for the previous week. The report, a proxy for layoffs, tracks the number of people filing for unemployment benefits.?
• Friday, June 24: The Census Bureau will release the annualized number of new construction single-family homes sold in May. It’s expected to be a lower number than April. The report is typically highly correlated with the existing homes report.