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General Motors said on Wednesday that it would stop making the Chevrolet Malibu, the last affordable sedan in its U.S. model lineup and a venerable nameplate that was introduced in the 1960s when the company was a dominant force in the U.S. economy. For years, American drivers have been gravitating toward sport utility vehicles and away from sedans, compacts and hatchbacks. G.M.’s two Detroit rivals, Stellantis and Ford Motor, have also largely wiped their slates clean of cars in the United States. Last month, Subaru, a Japanese automaker, said it would stop making its Legacy sedan next year. produces the Malibu at a plant in Fairfax, Kan., and will continue to manufacture the car until later this year, when it plans to retool the factory to make a new version of the Chevrolet Bolt, an electric car, and the Cadillac XT4, a luxury S.U.V.
Persons: Motors, Chevrolet Organizations: Chevrolet Malibu, Detroit, Ford Motor, Foreign, Toyota, Honda, Hyundai, Toyota Camry, Honda Accord, Subaru Locations: U.S, United States, Japanese, Fairfax, Kan
During the company's earnings call with Wall Street analysts later Monday, executives said that the EEOC investigation was now behind them and would no longer be a distraction. "Because of limited resources, we cannot file a lawsuit in every case where we find discrimination," the EEOC explains on its website. It's unclear if the question of whether to sue Bowlero made it to a vote with the EEOC's commissioners. He told CNBC he plans to sue Bowlero for $80 million, plus legal fees. In response, Bowlero's attorneys Alex Spiro and Hope Skibitsky at law firm Quinn Emanuel said they "are pleased with the outcome of the EEOC investigation."
Persons: Bowlero, Thomas Shannon, Robert Lavan, there's, it's, Daniel Dowe, EEOC, Dowe, Alex Spiro, Hope Skibitsky, Quinn Emanuel, Thomas Tanase, Tanase's, didn't Organizations: U.S, Commission, CNBC, AMF, Lucky, Wall Street, Bowlero Locations: North America, Virginia
U.S. considers easing warnings for Americans traveling to China
  + stars: | 2024-04-10 | by ( ) www.cnbc.com   time to read: +2 min
The U.S. and China flags are seen at the People's Bank of China prior to the arrival of U.S. Treasury Secretary Janet Yellen in Beijing on April 8, 2024. Pedro Pardo | AFP | Getty ImagesThe U.S. is considering easing advisories against its citizens traveling to China, Deputy Secretary of State Kurt Campbell said on Tuesday, acknowledging concerns that the warnings may have curtailed exchanges between Americans and Chinese people. The State Department has periodically issued tiered warnings for Americans traveling to China, calling on them to reconsider visits or exercise increased caution due to risks of "arbitrary enforcement of local laws," exit bans and wrongful detentions. Despite China's warnings, hundreds of thousands of Chinese students study in the United States compared with only a few hundred Americans in China. "We have told China directly if this continues, it will have an impact on the U.S.-China relationship.
Persons: Janet Yellen, Pedro Pardo, Kurt Campbell, Campbell Organizations: U.S, People's Bank of, Treasury, AFP, Getty, China Relations, State Department, . Locations: China, People's Bank of China, U.S, Beijing, Washington, Ukraine, United States, Moscow
‘America Is Under Attack’: Inside the Anti-D.E.I. “In support of ridding schools of C.R.T., the Right argues that we want nonpolitical education,” Mr. Klingenstein wrote in August 2021. In a 2023 exchange, Dr. Yenor and two associates discussed how to defend Amy Wax, a conservative law professor at the University of Pennsylvania. Dr. Yenor and his allies bristled at the conventions of academic life as overly solicitous toward female and nonwhite students. Samuel Ginn, Claremont donor“The president then told him, ‘Things will change,’” a Claremont fund-raiser wrote to Dr. Yenor and other officials there.
Persons: “ wokeism ”, Chancellor Sharp, Sam Ginn, DeSantis, !, Searle, Scott Yenor's, Alabama Jeff Sessions, peter thiel, thiel, Dan Patrick, Patrick, Texas Long, Claudine Gay, Harvard’s, Trump, Ron DeSantis, Peter Thiel, Heather Mac Donald, , Scott Yenor, , ” Scott Yenor, Claremont, Critics, George Floyd, Donald J, Trump’s, Thomas D, Thomas Klingentstein, ” Mr, Klingenstein, Yenor, Christopher Rufo, fromScott Yenor, Floyd, Mao Zedong’s, Ryan P, Williams, Jack Miller, Ryan Williams, Miller, zealots, Mao Zedong's, ” Claremont, Taube, tothe, Arthur N, Chris Ross, Dockweiler, Elizabeth Ailes, Roger Ailes, Daniel C, Searles, fromChris Ross Ryan, I'd, Dorian Abbot, Mr, Ross, Dr, Amy Wax, Wax, Wax’s, David Azerrad, . Azerrad, fromScott, Azerrad, , , Mac Donald, Mac Donald1 —, fromDavid Azerrad Heather, that's, Thiel —, Thiel’s, bristled, Riffing, Bill Burr, hadn’t, Burr, George W, Bush, ” Tennessee’s, Susan Kaestner, Jeff Sessions, Samuel Ginn, Christopher B, Roberts, Roberts “, Ginn, ” Bowdoin, Thomas Klingenstein, Janet Mills, Mills, , Sarah Huckabee Sanders, Kevin Stitt, he’d, fromThomas, Glenn, sputtered, retool, didn’t, Jim Banks, Banks’s, Banks, Gay, Elise Stefanik Organizations: MIT, Trust, Texas, Claremont, Republicans, Senate, The New York Times, Republican, Claremont Institute, Gov, D.E.I, New, Manhattan Institute, Maine Policy Institute, , Texas Public Policy Foundation, Equity, Jack Miller Family, Jack Miller Family Foundation America, Capitol, Freedom Trust, Rupe Foundation, Scaife, Fox News, Massachusetts Institute of Technology, University of Pennsylvania, Hillsdale College, Boise State University, Boise, University of Wisconsin, Eau Claire, Trump, Boise State, University of Tennessee, Arkansas, Alabama, Auburn University, University of Alabama, Auburn, Bowdoin College in, NAS, Bowdoin, Democratic, Mr, Maine Public Radio, American, Association, Maine Department of Education, Indiana Republican, Education, Harvard, New York Republican Locations: Texas, Tennessee, North Carolina, Maine, Montana , Utah , Oklahoma , Texas, South Carolina , Florida, Louisiana, America, defund, Alabama, Tallahassee, Union, California, Florida, Maine , Tennessee, Idaho, New York, Florida , Louisiana, North Carolina , Oklahoma , Tennessee, Wisconsin, Darling, Dallas, Utah, C.R.T, United States, Hillsdale, Eau, India, Boise State, Boise, Manhattan, Canadian, Dixie, Maine —, Bowdoin College in Maine, Colonial America, , Maine’s, la, Portland, Northern Maine, Arkansas, Yenor, Indiana, Israel
When women knew AI, not humans, would review their job applications, they were more likely to apply. A researcher told BI that AI could be a useful tool but humans should always decide on hiring. It's possible that AI, working as a gatekeeper, will do a better job than humans at reducing bias in how we get jobs . Helping tech bros be less bro-eyWomen seeking tech jobs seem to be on board with AI as a surrogate recruiter, according to Leibbrandt's research. When AI was in the driver's seat — at least with the initial screening of an application — women were more likely to put in an application.
Persons: , Andreas Leibbrandt, Leibbrandt, you'll, Barb Hyman, Hyman, who's Organizations: Service, Australia's Monash University, Business
AI startup CEOs gave Business Insider their top tips for recent grads. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The speed at which the industry moves can be daunting for anyone trying to land a job in AI . Here are the top tips that founders and CEOs of fast-growing AI startups have for recent grads who want to jump into the field.
Persons: , Ian Cairns, Cairns, Benji Barash, you've, it's, Henry Scott, Green, David Hsu, Navrina Singh, Sam Altman, Singh Organizations: Business, Service Locations: OpenAI
In seeking to extend the pause and hostage releases, Mr. Biden has American interests to consider as well as those of Israel. Mr. Biden hopes an extension of the pause in exchange for the release of more hostages will result in the rest of the Americans being freed. “We’ll continue to remain personally engaged to see that this deal is fully implemented and work to extend the deal as well,” Mr. Biden told reporters. The release of Avigail gave Mr. Biden a small but emotionally powerful victory amid all the tumult in the region. “She’s been through a terrible trauma,” Mr. Biden said.
Persons: Biden, Idan, Mr, Benjamin Netanyahu, Sheikh Tamim bin Hamad, “ He’s, ” Jake Sullivan, Abigail, “ We’ll, Netanyahu, , , Sullivan, Israel, ” Mr, Biden’s, Chris Christie, Christie, can’t, Tom Cotton, Cotton, Avigail, “ She’s, God she’s Organizations: Sunday, Hamas, Israel, , NBC, Mr, , CNN, Republicans, Republican, “ Fox, European Union Locations: Israel, Gaza, Nantucket, Massachusetts, Sheikh Tamim bin Hamad Al, Thani, Qatar, United States, “ State, New Jersey, Arkansas
Regular order refers to the process of legislative committees holding hearings and marking up bills before referring them to the legislature as a whole. "And that has sort of thrown out the window the whole idea of regular order." The move away from regular order was natural selection, this argument goes. AdvertisementThat assumes, however, that party leaders and the members that put them there would want to have a functioning government. The very incentives that pushed Congress away from regular order are stronger than ever.
Persons: , backbenchers, John Duricka What's, Bill, Newt Gingrich, Alan Wiseman, Gingrich, Donald Wolfensberger, James M, Curry, Andrew Harnik, he's, Bill Huizenga Organizations: Service, Representatives, AP, Republican, 104th, Center, Wilson, University of Utah, POLITICO Locations: fecklessness, Congress, retool
More than half of tech workers say that AI is overrated, a 2023 Retool report found. More than half of the tech workers surveyed — 51.6% of respondents — say that AI is overrated, the researchers found. Respondents who find AI to be overrated, Hsu said, don't feel like they can totally rely on AI at its current state. AdvertisementEven though some tech workers are skeptical of AI, only 14.4% of those who deemed AI to be fully overrated said their employers were over-investing in the technology. Retool's findings on AI come as workers across tech use AI tools like ChatGPT to write code, analyze data, and troubleshoot bugs.
Persons: , David Hsu, Retool, haven't, Hsu, Charlie Munger, It's Organizations: Service, Workers Locations: American
He ordered up an economic analysis and spoke to company officials about the plant, according to White House officials. On Thursday, Biden will visit Belvidere to showcase that same auto plant, which has reopened as part of the settlement of a targeted strike by the United Auto Workers union. O'Malley Dillon said the UAW contracts and the auto plant reopening reflect a larger focus on workers by the president. The contracts, if approved by 146,000 union members in the coming weeks, would dramatically raise pay for auto workers. Top assembly plant workers would earn roughly $42 per hour.
Persons: Joe Biden, Biden, he's, , Jen O’Malley Dillon, White, O'Malley Dillon, Donald Trump, Gene Sperling, Trump, Shawn Fain, J.B . Pritzker, Stellantis Organizations: WASHINGTON, Biden, White, United Auto Workers, Dodge, UAW, Labor, White House, Illinois Gov, Motors, Ford, Republican Locations: Chicago, Belvidere, China, United States
Rep. Mike Johnson's ascent to the House speakership last week took most in the GOP by surprise. He's now the first House speaker from the South since Newt Gingrich held the gavel in the 1990s. "This happened sort of suddenly," the Louisiana Republican said last Wednesday after succeeding Rep. Kevin McCarthy of California as speaker and as the new leader of the House GOP conference. Rep. Mike Johnson takes the oath of office to become the next House speaker on October 25, 2023. Challenges to Republican-drawn congressional districts across the South could give Democrats a significant opening to flip the House in 2024.
Persons: Mike Johnson's, He's, Newt Gingrich, , couldn't, Kevin McCarthy of, Johnson, Bill Clinton, Sen, Mitch McConnell, Joe Biden, Mike Johnson, Alex Brandon Cue McConnell, Steve Scalise, Gingrich —, Drew Angerer, Gingrich, Donald Trump, Kim Chandler, McCarthy Organizations: GOP, Service, Louisiana Republican, Southern Republican, Republican, White House, House Republicans, AP, Democratic, Kentucky Locations: Washington, Louisiana, Kevin McCarthy of California, Georgia, Kentucky, Southern, Ukraine, New York, Chicago, Denver, Johnson's, Kim Chandler In Alabama, Black, Alabama's, Florida, Arkansas, South Carolina , Tennessee
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Stocks, Dow, Jim Cramer's, Jim, that's, , Patience Organizations: CNBC, Microsoft, Nasdaq, Amazon, Services, United Auto Workers Locations: oversold, Michigan
China’s former premier, Li Keqiang , whose efforts to retool his country’s economy faltered under the dominance of top leader Xi Jinping , died Friday after suffering heart failure, state media said. Li, who served a decade as premier until March, was in Shanghai when he experienced a sudden heart attack on Thursday, the official Xinhua News Agency said in a brief report.
Persons: Li Keqiang, Xi Jinping, Li Organizations: Xinhua News Agency Locations: Shanghai
Tesla downshifts out of ludicrous mode
  + stars: | 2023-10-19 | by ( Jonathan Guilford | ) www.reuters.com   time to read: +3 min
The Model Y maker’s gross and operating profit margins were once the envy of the entire American automotive industry. As Tesla began rolling more vehicles off the production line than it could sell, however, Musk repeatedly offered discounts to rev demand. Even setting aside tough financial comparisons because of the factory shutdowns needed to retool its best-selling vehicles, progress has been sluggish. Tesla’s gross margin at its core automotive business, adjusting for regulatory credits, has fallen nearly in half, to 16.3%, according to the latest quarterly results released on Wednesday. Tesla sold just a hair under half of all U.S. battery-powered rides in the third quarter, according to Cox Automotive, down from 75% in early 2022.
Persons: BYD, Elon Musk, Tesla, Musk, they’re, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, U.S, HK, General Motors, Ford, Cox Automotive, Reuters Graphics, Thomson Locations: Detroit, United States, China, Shanghai
New York CNN —President Joe Biden may hope the United Auto Workers union will not strike the nation’s three unionized automakers. Biden doesn’t have the legal authority he would have if a freight railroad or airline was threatening to strike. Joe Biden speaks at the United Auto Workers union hall in Warren, Michigan, during the 2020 presidential campaign. And UAW President Shawn Fain vows the union is ready to strike all three if there aren’t agreements by the 11:59 pm ET contract expiration on September 14. President Joe Biden after touring the General Motors' electric vehicle assembly plant in Detroit in November 2021.
Persons: Joe Biden, Biden doesn’t, Jim Watson, Shawn Fain, Biden Fain, Biden, Jonathan Ernst, , Fain, Joe Biden’s, ” Biden, , ” Fain, Biden’s, Gene Sperling, Julie Su, Organizations: New, New York CNN, United Auto Workers, UAW, General Motors, Ford, Jeep, Dodge, Chrysler, UPS, Anderson Economic Consulting, GM, Getty, EV, Reuters, SK, White, ICE, Labor, CNN, AFL, CNBC, Teamsters, Congress Locations: New York, West Coast, Michigan, Warren , Michigan, AFP, Southern, Detroit
Y Combinator's Demo Day used to be the hottest in-person early-stage event in Silicon Valley. For early-stage venture capitalists, few days on the calendar used to compare to Y Combinator's biannual Demo Day. "All of the funds try to go meet the best YC companies before Demo Day," the same investor told Insider. When asked about startups raising before Demo Day, Y Combinator president and CEO Garry Tan told Insider in an emailed statement that "lots of the best companies raise at Demo Day and after." "Coinbase, Instacart, Whatnot, Rappi, Airbyte, Retool — you could have gotten into their rounds at Demo Day.
Persons: It's, Erik Bruckner, Y, Garry Tan, it's, Bruckner, They're, Y Combinator, Jeff Weinstein, Combinator, Tan, haven't Organizations: YC, Bruckner Ventures, FJ Labs Locations: Silicon Valley, Columbus , Ohio
Biden's Labor Day prediction that the union would not strike against Detroit's automakers ahead of a Sept. 14 contract deadline was soundly rejected by UAW President Shawn Fain. White House Press Secretary Karine Jean-Pierre said Biden's comments about the UAW over Labor Day was him being "an optimistic person." The White House has tried to play a role in several recent large-scale union contract negotiations involving rail workers and West Coast port workers. Trump won Michigan in 2016, helping propel him to the White House; Biden beat him by 154,000 votes in Michigan in 2020. Around half a million more threatened strikes in the first half of 2023, estimates from national labor unions show.
Persons: Joe Biden's, Biden, Biden's, Shawn Fain, Fain, Karine Jean, Pierre, Kate Bronfenbrenner, Donald Trump, Trump, Joe Biden, Joshua Roberts, Harley Shaiken, Shaiken, Nandita Bose, David Shepardson, Joseph White, Heather Timmons, Deepa Babington Organizations: UAW, Biden's Labor, Detroit's, House Press, Labor, General Motors, Ford, carmakers, Anderson Economic, Cornell University's School of Industry & Labor Relations, White House, Wednesday, Workers, Republican, Michigan, State Labor, Metal Workers, Local, REUTERS, University of California, Bureau of Labor Statistics, EV, White, Energy Department, Teamsters, UPS, House, Thomson Locations: Detroit, America, Pennsylvania, Michigan, West Coast, Philadelphia , Pennsylvania, U.S, Berkeley, Michigan , Ohio , Indiana , Illinois, Belvidere , Illinois, Washington
Open Society Foundations said Tuesday that it will spin off its support for Europe's Roma communities into a new foundation and pledged €100 million, around $107 million, for that work. The Roma Foundation for Europe, which will be independent of OSF, launches in January and will be based in Brussels, said the foundations. Under Alex Soros' leadership, the foundations announced in July that it would significantly retool its structure and layoff 40% of its staff globally. “We will also keep up — and dramatically increase — our efforts to secure equal treatment for Europe’s largest ethnic minority, the 12 million Roma (who mostly live in Eastern Europe),” Alex Soros wrote. OSF will not have representatives on the board of the Roma Foundation for Europe, said Jovanovic, adding that the decision to start the foundation was made last year, independently of the restructuring.
Persons: Zeljko Jovanovic, ” Jovanovic, Alex Soros, George Soros, Soros, ” Alex Soros, Jovanovic, Alex Organizations: Roma, Roma Foundation for Europe, OSF, OSF's, Office, Associated Press, European Union, European Commission, AP, “ POLITICO, Central European University, Roma Foundation for, European Roma Institute for Arts and Culture, Roma Entrepreneurship Development, Democracy, Roma Education Fund, Associated, Lilly Endowment Inc Locations: Brussels, Roma, Europe, Berlin, , Ukraine, Moldova, Western Balkans, Eastern Europe, Roma Foundation for Europe
Production at the new company, called Robert Bosch Semiconductor LLC, will start in 2026. The TSI facility would become the "third pillar" of in-house semiconductor production, along with two sites in Germany, Bosch said. Like other automotive manufacturers, Bosch was hit hard over the past two years by disruption to semiconductor production in Asia, exacerbated by the COVID-19 pandemic. The silicon carbide chips Bosch said it will manufacture at the TSI Roseville site are increasingly in demand by electric vehicle manufacturers. Demand for silicon carbide semiconductors is growing by 30% annually, Bosch said.
Persons: Wolfgang Rattay, Bosch, Paul Thomas, Sarah Wu, Christopher Cushing Organizations: Bosch, REUTERS, Rights, Robert Bosch Semiconductor LLC, Bosch Mobility, Thomson Locations: Munich, Germany, Rights TAIPEI, California, U.S, Roseville , California, Asia, Roseville
The labor market is only slowing at the margin, with job gains in July being the second-smallest since December 2020. Labor market strength, excess savings accumulated during the COVID-19 pandemic and greater credit card usage to fund purchases have kept a recession at bay. Some economists saw the slight elevation as indicating a small margin of slack in the job market. The Philadelphia Fed’s business conditions index increased to a reading of 12.0 this month from -13.5 in July. A survey this week from the New York Fed showed business conditions in the “Empire State” remained depressed in August.
Persons: Shannon Stapleton, , Christopher Rupkey, Jerome Powell’s, Jeffrey Roach, Bill Adams, Daniel Silver Organizations: WASHINGTON, REUTERS, Federal, Labor Department, Reuters, Treasury, Conference, Labor, LPL Financial, Conference Board, Comerica Bank, Philadelphia Fed, New York Fed, JPMorgan Locations: New York City, U.S, New York, Ohio, California, Texas , Michigan , New Jersey, Pennsylvania, Virginia, Charlotte , North Carolina, Dallas, New Jersey, Delaware, Philadelphia,
Biden and UAW President Shawn Fain met briefly in the West Wing last month while UAW leadership was at the White House briefing senior staff on their positions. Fain has publicly warned that UAW is prepared to strike, saying nearly 150,000 members will strike if the three automakers do not meet their demands. Ford pointed out that it employs more UAW members and builds more cars and trucks at US plants than any other automaker. For the most part, those plants are joint ventures between automakers and battery makers, and thus will not be covered under the UAW contracts with the Big Three. But the union has yet to reach a deal with plant management on a contract, and workers there are paid about half of what UAW members are paid at the Big Three.
Persons: Joe Biden, , , ” Biden, Biden’s, Shawn Fain, Fain, Biden, , , ” Ford, Stellantis, Ford, “ Stellantis, Vanessa Yurkevich Organizations: Washington DC CNN, United Auto Workers, – Ford, General Motors, , AFL, CIO, UAW, Biden, Wing, White, Ford, Dodge, Chrysler, EV, CNN, Big, GM, Workers, LG Locations: Warren , Ohio
Fintech funding has been on a decline from 2021's peak levels, but VCs see signs of a rebound. VCs are itching to get back to dealmaking as they see early signs of a rebound in the fintech industry. Cash-strapped founders who didn't want to fundraise in a down market and get valuations slashed are running out of options and time. They dominated the fintech market in the past several years, but the shine is wearing off, Shriner said. Fintech VCs will get to spend more time on due diligence, looking beyond so-called "vanity metrics," Fernandez said.
Persons: Cash, didn't, Mark Peter Davis, Davis, We're, Tripp Shriner, Robert Ruark, Ruark, B2C, VCs, Shriner, — crowdedness, Stephanie Choo, Marcos Fernandez, KPMG's Ruark, Fintech, Fernandez Organizations: Interplay, Investors, Point72 Ventures, KPMG, Tiger, Portage Ventures, Fiat Ventures Locations: dealmaking, VCs, overvaluations
In one quarter — one off-cycle quarter that didn't feature a no new iPhone — Apple (AAPL) delivered a whopping $81.8 billion in sales. I came up with "own it, don't trade it" for Apple because there have been so many quarters like this one. The people who sold Apple shares on Friday no doubt sold it on their Apple devices. I would be more worried if Apple's customer satisfaction went down than I am that iPhone sales lagged. Apple CEO Tim Cook speaks during Apple's Worldwide Developers Conference (WWDC) at the Apple Park campus in Cupertino, California, on June 5, 2023.
Persons: Tim Cook, Luca Maestri, Tim, Jensen, da, Huang, Andy Jassy, Roku, Jassy, Goldman Sachs, Jim Cramer's, Jim Cramer, Jim, Josh Edelson Organizations: Apple, ESPN, Amazon, Web Services, Nvidia, Services, Walmart, Oracle, Amazon Web, Google, Jim Cramer's Charitable, CNBC, Apple's Worldwide, AFP, Getty Locations: Indonesia, India, Philippines, Mexico, Turkey, Texas, New Jersey, Cupertino , California
Other data from the Labor Department on Thursday showed a marked slowdown in labor costs in the second quarter, thanks to a sharp rebound in worker productivity. That added to reports last month showing a significant moderation in annual inflation in June as well as wage growth in the second quarter. Reuters GraphicsWorkers were more productive in the second quarter, which helped to curb growth in labor costs. Nonfarm productivity, which measures hourly output per worker, increased at a 3.7% annualized rate in the second quarter after declining at a 1.2% pace in the January-March quarter, the Labor Department said in a third report. Unit labor costs - the price of labor per single unit of output - rose at a 1.6% rate in the second quarter.
Persons: Andrew Kelly, Bill Adams, Nonfarm payrolls, Sarah House, Lucia Mutikani, Safiyah Riddle, Paul Simao, Andrea Ricci Organizations: REUTERS, WASHINGTON, Federal Reserve, Labor Department, Comerica Bank, Labor, The Institute for Supply Management, Treasury, Reuters, Reuters Graphics Workers, Thomson Locations: Manhattan , New York City, U.S, Dallas, California, Ohio, Texas, Georgia, Missouri, Wells, Charlotte , North Carolina
"Good results," Citi analyst Christopher Danely said in a Friday note, "but structural issues remain." Citi reiterated a neutral rating and a $34 price target. Deutsche Bank, which described Intel's numbers as "more than marginal," maintained its Hold rating but increased its price target from $32 to $38, citing "abated" inventory challenges. Analysts increased Intel's price target from $30 to $35 and lauded the company's "better-than-expected results. He also said cloud companies were focusing more on securing graphics processors for AI instead of Intel's central processors.
Persons: Christopher Danely, Danely, Ross Seymore, Pat Gelsinger, Leswing, Michael Bloom Organizations: Intel, Wall Street, Citi, Nvidia, AMD, Deutsche Bank, JPMorgan
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