DIRS.INFO The most relevant business & tech news

☆ Boeing is raising its offer to end the strike
▼ + stars: | 2024-09-23 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

New York CNN —Boeing said Monday it has raised its offer to the International Association of Machinists union to end the strike by 33,000 union members that has now entered its 11th day. “We heard your feedback,” said a statement from Boeing to union members on its website. But it did not restore the traditional pension plan that union members lost 10 years ago in a previous labor agreement. An IAM spokesperson said the union did not have an immediate comment on the new offer. In a decision that took place just before the strike began, 95% of union members voted against the previous tentative labor agreement.

Persons: “, ”, “ We’ve Organizations: New, New York CNN, Boeing, International Association of, IAM, Union Locations: New York, West Coast, South Carolina

☆ The job market is about to rebound as widespread spending boosts the economy, Apollo chief economist says
▼ + stars: | 2024-09-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

In a note to clients, Slok issued a more positive outlook on the US job market, even as hiring has slowed this year. "It is inconsistent to say that the incoming economic data is strong but the labor market is weakening," Slok wrote. AdvertisementHowever, consumption and business spending data have been strong in recent months. If the 30-year fixed rate slumps to around 5%, that could that could spark a rebound in home sales, providing a boost to the economy and job market, Slok said. AdvertisementThe outlook for the job market, though, remains mixed, with some commentators warning that hiring could continue to slow due to the lagged impact of the Fed's rate hikes.

Persons: —, Torsten Slok, Slok, Freddie Mac, David Rosenberg, who's Organizations: Service, Apollo Global Management, Business, Bureau of Labor Statistics, Challenger, IRA, Atlanta Fed Locations: Atlanta

☆ Norfolk Southern CEO fired for ‘consensual relationship’ with railroad’s chief legal officer
▼ + stars: | 2024-09-11 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —Norfolk Southern CEO Alan Shaw was fired for cause by the railroad’s board for “engaging in a consensual relationship with the company’s chief legal officer,” who was also terminated, the railroad announced Wednesday evening. Shaw had been CEO of one of the nation’s four largest freight railroads for just over two years. And he received praise from some past critics of the railroads for steps he took after the February 2023 derailment in East Palestine to improve railroad safety. Still, Norfolk’s actions related to the derailment received harsh criticism from Jennifer Homendy, chair of the National Transportation Safety Board, which investigated the accident. She said Norfolk Southern’s actions following the derailment put first responders and neighbors of the derailment site at unnecessary risk.

Persons: Alan Shaw, ”, Shaw, “, Nabanita Nag, Mark George, Claude Mongeau, Amit Bose, Ancora, Jennifer Homendy Organizations: New, New York CNN, Norfolk, CNN, of Locomotive Engineers, Norfolk Southern, Federal Railroad Administration, National Transportation Safety Board, NTSB Locations: New York, Norfolk Southern, East Palestine , Ohio, Ohio, Norfolk, East Palestine, Shaw

☆ US employers have good reasons not to hire more workers now
▼ + stars: | 2024-09-08 | by ( Bryan Mena | Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

That’s because employers might be putting some of their hiring plans on hold — and for good reason. Businesses consider many factors when deciding to hire, but across a wide spectrum of industries, the economic outlook carries always great deal of weight. Both those factors are prompting employers to think twice about hiring more workers now, according to economists and recent comments from businesses around the country. But she’s proposing raising the corporate tax rate to 28%. So when interest rates are as elevated as they are right now, monthly debt payments could be too costly for many firms.

Persons: there’s, ” Kathy Bostjancic, Reserve Banks, Kamala Harris, Donald Trump, Trump, Harris, ”, Sean Snaith, Julia Pollak, ZipRecruiter’s, ” Pollak, “ It’s, Pollak Organizations: CNN, Labor Department, Federal Reserve, Nationwide, “, Reserve, Trump, America, Economic, of New, Institute for Economic, University of Central, Fed, Treasury Locations: China, of New York, University of Central Florida

☆ ‘The sky is not falling’: US economy added 142,000 jobs in August
▼ + stars: | 2024-09-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Economists were expecting a net gain of 160,000 jobs and for the unemployment rate to fall to 4.2%, according to FactSet consensus estimates. With inflation pretty much tamed and moderating as expected, the Federal Reserve has turned its focus to the labor market (the other part of its dual mandate). Job growth has been slowing, but there were indications that the labor market was weakening under the weight of 23-year-high interest rates. A ‘place of stability’July’s shockingly weak jobs report stoked fears that the jobs market was collapsing, potentially taking the economy into a downturn. And while a rate cut is coming, the jury is still out on the exact size of that move.

Persons: ” Eugenio Alemán, Raymond James, August’s, We’re, Rachel Sederberg, “, Becky Frankiewicz, ’, ”, Kory Kantenga, —, ” Kantenga, Michelle Holder, haven’t Organizations: CNN, Employers, Bureau of Labor Statistics, Federal Reserve, Fed, ManpowerGroup, Retail, Americas, LinkedIn, John Jay College, City University of New Locations: ManpowerGroup North America, Michigan, City University of New York

☆ America has the fewest jobs available since January 2021
▼ + stars: | 2024-09-04 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

CNN —The number of available jobs in the US shrank more than expected in July, an indication that demand for workers continues to wane amid a cooling labor market. Wednesday’s data is the first in a series of critically important economic metrics released this week about the US labor market, culminating with the Friday jobs report. As the labor market has slowed, it’s come back into balance: There are now nearly 1.1 jobs available for every person looking for one. The monthly jobs report for July showed gains of just 114,000 — far below expectations — and the unemployment rate shot to 4.3% from 4.1%. Separately, annual labor market data revisions showed job gains for the year ending March 2024 were less robust than initially thought.

Persons: “, ” Oliver Allen, ”, it’s, hasn’t, ” Allen, Robert Frick, ” Frick, ” ‘ Haggard, haggard, Noah Yosif, ” Julia Pollak, ZipRecruiter’s, ” Pollak, Wednesday’s, they’ve Organizations: CNN, Bureau of Labor Statistics, Federal Reserve, Labor, Pantheon Macroeconomics, Federal, Navy Federal Credit Union, American Staffing Association, ZipRecruiter

☆ The one question on everyone’s mind about interest rates
▼ + stars: | 2024-08-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

That’s precisely why the Fed is poised to cut interest rates in September for the first time since 2020. Therein lies the one question on everyone’s mind: How aggressively will the Fed ultimately cut rates? A high threshold for jumbo rate cutsThe Fed makes its decisions on interest rates consistent with what’s happening in the economy. Fed officials have mostly signaled that they’re finally ready to cut rates, but some have still expressed some hesitance. But, for now, there’s no emergency demanding the Fed cut rates aggressively next month, or any time later in the year.

Persons: Jerome Powell, pare, Price, Powell, “ They’re, ” Tani Fukui, they’re, Raphael Bostic, ” Powell, Ryan Sweet, Sweet, That’s Organizations: Washington CNN, Labor Department, Kansas City Fed, Fed, Traders, MetLife Investment Management, CNN, Atlanta Fed, Citi, Oxford Economics Locations: Unemployment, Jackson Hole , Wyoming

☆ Harris and Trump both hate inflation. Their economic proposals could cause prices to go higher
▼ + stars: | 2024-08-19 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Both candidates’ plans would probably raise the deficit and increase demand, including through government spending and tightening the labor market, Joe Brusuelas, chief economist at RSM US, told CNN via email. Trump has so far not released as detailed an economic plan as Harris. Risks of fueling demandA central part of Harris’ economic plan is making housing more affordable. “The problem right now is too many people chasing too few houses,” Justin Wolfers, professor of public policy and economics at the University of Michigan, told CNN. Economists have told CNN that businesses would be forced to raise wages and prices.

Persons: what’s, Kamala Harris, Donald Trump, Harris, Trump, Joe Brusuelas, Brusuelas, Harris ’, ” Marc Goldwein, ” Goldwein, “, ”, Biden, Joe Biden, ” Justin Wolfers, Michelle Holder, Holder, …, ’ Trump, ” Harris Organizations: CNN, RSM, Budget, Child Tax, “, Federal Reserve, Tax Foundation, Social Security, University of Michigan, John Jay College, Center, American Progress Fund, Peterson Institute for International Economics, National Guard Locations: ”, New York, China

☆ More and more Americans are worried they will lose their job
▼ + stars: | 2024-08-19 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

CNN —The shape of the US labor market is changing, job growth is slowing and new survey data released Monday shows that Americans are starting to feel increasingly unsettled about it all. The Federal Reserve Bank of New York’s latest survey on consumers’ labor market experiences and expectations showed that job, wage and benefits satisfaction all sank in July. Job offer activity held steady from July 2023, and the average expected likelihood of receiving at least one job offer increased from last year. Additionally, the average reservation wage (the lowest wage one would accept for a new job) remained well above July 2023 — and significantly higher than pre-pandemic levels. Job growth has slowed, especially in recent months, as the US labor market has settled back into a more balanced state amid a slower-growing economic backdrop.

Persons: — Organizations: CNN, Federal Reserve Bank of New, New York Fed, Bureau of Labor Statistics

☆ Inflation cooled in July, adding to the case for interest rate cuts at the next Fed meeting
▼ + stars: | 2024-08-14 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

It's the first time the inflation rate has been below 3% since March 2021, and it adds to the case that the Federal Reserve could cut rates at its next meeting. Over the month, the consumer price index rose 0.2% in July. The Fed is watching for inflation to cool before committing to rate cuts. Many economists think it's well past time for the Fed to cut interest rates and have expressed worries about the rapidly cooling labor market. AdvertisementThe labor market is cooling off, and it might be harder to get a job than a few years ago.

Persons: —, Jerome Powell, Nick Bunker, Claudia Sahm, Powell Organizations: Service, Federal, Business, Core CPI, of Labor Statistics, Fed, North America, Bureau of Labor Statistics, New Century Advisors, Federal Reserve

☆ Why you shouldn't worry about the job market and a recession just yet
▼ + stars: | 2024-08-14 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Read previewThe labor market is trending in the wrong direction, but it might not be time to sound the alarm just yet. The unemployment rate has risen for four consecutive months and at 4.3%, it's the highest it's been in nearly three years. However, there are some reasons it might be too soon to freak out about the labor market. AdvertisementSatyam Panday, chief US economist for S&P Global Ratings, said in a note published on August 6 that the slowing labor market appears to suggest a "normalization" of a previously red-hot labor market, rather than an "economy that's about to slip into a recession." The labor market might get worseTo be sure, there are plenty of reasons to remain concerned about the state of the labor market.

Persons: —, there's, it's, Goldman Sachs, David Mericle, Manuel Abecasis, they've, It's, Goldman Sachs that's, Satyam Panday, Michael Gapen, JP Morgan, Claudia Sahm Organizations: Service, Federal Reserve, Business, Bureau of Labor Statistics, Labor Department, Federal, Satyam, Bank of America, Federal Reserve Bank of San Francisco, New Century Advisors Locations: US

☆ Japanese yen carry trade: A very popular trading strategy just blew up in investors’ faces
▼ + stars: | 2024-08-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

When you hear commentators talking this week about the “yen carry trade” or the “great unwind,” they’re referring to a popular trading strategy that is, suddenly, blowing up in investors’ faces. The carry trade, explainedPut simply: A carry trade is when you borrow money in a place where interest rates are low and use it to invest elsewhere in assets that generate some kind of return. “That is bonkers.”The yen carry trade proved especially popular in the last four years, because Japan was the only major economy in the world offering essentially free money. The carry trade relies on borrowing, which means it’s a leveraged position. “The carry trade unwind… is somewhere between 50%-60% complete.”In other words: Buckle up, and don’t panic.

Persons: CNN Business ’, ”, John Authers, “, it’s, John Sedunov, Kit Juckes, ” Sedunov, Arindam Sandilya, JPMorgan Chase, Buckle Organizations: CNN Business, New York CNN, Wall, ” Bloomberg, Treasury, Villanova School of Business, Bank of Japan, Federal Reserve, Societe Generale, JPMorgan, Bloomberg Locations: New York, Japan, Europe

☆ 3 reasons to worry about July’s weak jobs report — and 1 reason not to panic
▼ + stars: | 2024-08-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

The Federal Reserve now has egg on its face after it kept interest rates near a quarter-century high earlier this week. By now, there’s ample evidence that the job market, a key driver of the US economy, has lost steam. Here are three reasons to be worried about July’s shockingly weak jobs report — and one silver lining. Consumer demand itself also hasn’t weakened just yet, despite the highest interest rates in more than two decades. Generally, the Fed makes its decision congruent with what’s going on with inflation or the job market.

Persons: , July’s, ’, ”, Claudia Sahm, Sahm, Elizabeth Crofoot, Alicia Wallace, Jerome Powell, ” Crofoot, ” Michael Gapen, Matt Egan, weren’t, ” Truist’s Keith Lerner, they’ll, hasn’t, ” Chris Rupkey, Alan Blinder, Paul Krugman Organizations: New, New York CNN, Federal Reserve, Fed, Bloomberg, Bank of America, Dow, Nasdaq, Wall, Investors, Labor, Citigroup, JPMorgan Locations: New York, decelerate, American

Read previewThe July jobs report has thrown the economy's soft landing into question — and the Federal Reserve is taking the heat. AdvertisementGiven the jobs report, Nick Bunker, economic research director for North America at the Indeed Hiring Lab, told Business Insider that "the soft landing for the US labor market is in peril." Advertisement"The problem is there's very few indications that this is the labor market we're going to stick around in," Bunker said. "It's clear that momentum of the labor market continues to be downward. "But I continue to stand by the idea that this is still part of the soft landing that people thought was not possible."

Persons: —, it's, Nick Bunker, Claudia Sahm, Sahm, Jerome Powell, Julia Pollak, It's, We're, Bunker, Powell, Harris, doesn't, Labor Julie Su, Su, they've Organizations: Service, Federal Reserve, Bureau of Labor Statistics, Business, North America, New Century Advisors, Fed, Biden, Labor

☆ Organic and regular dark chocolate contaminated by lead and cadmium, study finds
▼ + stars: | 2024-07-31 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +7 min

As natural elements in the Earth’s crust, lead, cadmium and other heavy metals are in the soil in which crops are grown and thus can’t be avoided. The research team examined only pure dark chocolate products as they contain the highest amount of cacao, the raw, unprocessed part of the cacao bean. Gabi Musat/500px/Getty Images/FileLead and cadmium found, but no arsenicThe new study analyzed 72 consumer cocoa products for levels of lead, cadmium and arsenic. He authored a July study which analyzed 155 samples of chocolate and found higher levels of cadmium but little lead in dark chocolates. However, for healthy adults, Godebo’s risk analysis found little to worry about choosing to indulge in 1 ounce of dark chocolate now and again.

Persons: can’t, ”, Jane Houlihan, Houlihan, Gabi Musat, ’ ”, Danielle Fugere, ” Fugere, “, Leigh Frame, Tewodros Godebo, Godebo Organizations: CNN, Nutrition, Food and Drug Administration, National Confectioners Association, Consumer Labs, FDA, Integrative Medicine, Health, George Washington University, Tulane University School of Public Health, Tropical Medicine, Environmental Protection Agency, World Health Organization, “, WHO Locations: Washington ,, New Orleans

☆ We just got another sign inflation is cooling
▼ + stars: | 2024-07-31 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +2 min

The data is a welcome sign that inflation is easing, and could add to the Fed's confidence that inflation has slowed enough to allow for rate cuts. AdvertisementIn the past few weeks, Fed officials have consistently said they need more data on cooling inflation and a soft labor market before deciding when (and if) to cut interest rates. In a Wednesday press release ahead of the FOMC meeting, the Fed said inflation is "somewhat elevated," showing inflation has eased closer toward the Fed's 2% target. Related stories"The Committee judges that the risks to achieving its employment and inflation goals continue to move into better balance," the statement said. That language marks a shift in the Fed's focus away from focusing wholly on inflation and toward ensuring both inflation and the labor market continue to cool before cutting rates.

Persons: —, Jerome Powell Organizations: Service, New Labor Department, Bloomberg, Business, Fed, Bank of America Locations: Bank

☆ Apple agrees to first US labor deal
▼ + stars: | 2024-07-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Apple and the union representing retail workers at its store in Towson, Maryland, agreed to a tentative labor deal late Friday in the first US labor agreement not only for an Apple store but for any US workers of the tech giant. The labor deal, which needs to be ratified by a vote of the 85 rank-and-file members at the store before it can take effect, is a significant milestone. There are not many legal requirements to force a company to reach a labor agreement with a new union once that union has been recognized by the National Labor Relations Board, the government body that oversees labor relations for most US business. The Machinists union said the Apple store deal includes scheduling improvements for a better work-life balance, which was considered a major issue in the talks. That store is not covered by this tentative labor deal.

Persons: “, ” Organizations: New, New York CNN, Apple, Workers, International Association of Machinists, National Labor Relations Board, Bloomberg Law, “, Communications Workers of America, CNN Locations: New York, Towson , Maryland, Towson, Maryland, United States, Oklahoma City

☆ Earnings playbook: Your guide to a busy week of earnings, including Alphabet and Tesla
▼ + stars: | 2024-07-21 | by ( Fred Imbert | ) www.cnbc.com time to read: +7 min

What history shows: Data from Bespoke Investment Group shows GM beats earnings expectations 87% of the time. Tesla is set to report earnings after the close. What history shows: Bespoke data shows GM beats earnings expectations 62% of the time. What history shows: Ford earnings exceed estimates nearly 70% of the time, according to Bespoke. This quarter: Earnings for the airline are expected to have fallen more than 10% from the year-earlier period, per LSEG.

Persons: Michael Wayland, Tesla, Elon Musk, Dan Levy, Ben Kallo, Benjamin Black, Jim Farley, Matthew Swanson, Swanson, AAL, Leslie Josephs Organizations: Big Tech, Google, Ford Motor, IBM, General Motors, CNBC, Tuesday, GM, Investment Group, LSEG, Barclays, Energy, Deutsche Bank, Wednesday Ford, Ford, Ford Pro, RBC, Thursday, Airlines, American Airlines, Investors Locations: China

☆ Here’s why people have fond memories of the Trump economy
▼ + stars: | 2024-07-16 | by ( Tami Luhby | Alicia Wallace | ) edition.cnn.com time to read: +9 min

CNN —In 2018, Jonathan and Trista Schmier felt the economy was so strong that they could take a big risk. “The customers got very, very upset.”Trista and Jonathan Schmier felt confident enough about the economy during the Trump administration to open a small chain of restaurants. Poll after poll show that voters have more faith in Trump’s ability to handle the economy than President Joe Biden’s. By many measures, however, the economy under Biden — who took office while the pandemic was still underway — has also been strong. “I trust the other guy better,” said Southworth, 74, referring to Trump, whom he voted for in 2016 and 2020.

Persons: Jonathan, Trista Schmier, Angus, ”, Jonathan Schmier, ” Trista, Trump, Andrew Craft, Donald Trump, Joe Biden’s, Biden, Carroll Doherty, Doherty, Trump’s, Barack Obama, Biden —, —, Bernard Yaros, ’ paychecks, Jimmy Carter, ” Yaros, Yaros, Ted Southworth, Ted, Rebecca Southworth, Ted Southworth Southworth, Southworth, Becky Cantrell, Cantrell Organizations: CNN, Fayetteville Observer, USA, Pew Research Center, Biden, Black Americans, Census Bureau, Oxford Economics, Trump Locations: Burger, Fayetteville , North Carolina, Burlington , North Carolina, , Florida

☆ These kinds of businesses are driving a surge in US corporate bankruptcies
▼ + stars: | 2024-07-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

In the meantime, you can stay up to date on the latest business news with CNN’s Business Nightcap newsletter. Access to credit is especially crucial for small, private businesses that aren’t able raise money through financial markets. “There were a number of programs out there to support small businesses during the depths of the pandemic, and there were relatively fewer filings than usual in 2021 and 2022.”Rising corporate bankruptcies could just reflect a lot of churn occurring in Corporate America, Jamner said. Don’t panicMost banks offer free checking if, for instance, customers have their paycheck direct deposited or they maintain an average minimum balance, reports my colleague Jeanne Sahadi. Marianne Lake, the head of Chase Bank, told the Wall Street Journal last week that Chase might stop offering free checking and other free banking services.

Persons: It’s, ” “, Matt Rowe, Josh Jamner, Jamner, we’re, Reena Aggarwal, “, ”, Banks, Jeanne Sahadi, Marianne Lake, Chase, Jaret, Read, Goldman Sachs, Jerome Powell, Mary Daly, Morgan Stanley, Charles Schwab, Adriana Kugler, Johnson, Kinder Morgan, Tom Barkin, Lorie Logan, Michelle Bowman, John Williams, Raphael Bostic Organizations: CNN’s Business, Washington CNN —, P Global Market Intelligence, CNN, Federal Reserve Bank of Kansas, Nomura Capital Management, Consumer, Institute for Supply, P, ClearBridge Investments, ”, Corporate America, Federal, Fed, Georgetown University Psaros Center, Financial Markets, Chase Bank, Wall, TD Securities, BlackRock, San Francisco Fed, Bank of America, PNC, State, US Commerce Department, US Labor Department, National Association of Home Builders, Johnson, US Bancorp, Discover, Vegas Sands, Northern Trust, Citizens, United Airlines, National Statistics, Federal Reserve, Richmond Fed, Netflix, Novartis, Abbott Laboratories, Marsh, Blackstone, Infosys, Cintas, T Bank, Nokia, American Airlines, European Central Bank, American Express, Fifth Third Bancorp, AutoNation Locations: Federal Reserve Bank of Kansas City, Corporate, UnitedHealth, Wells Fargo, Vegas, Equifax, Northern, McLennan, Schlumberger, Haliburton

☆ Abolish HOAs: Homeowner Associations Make It Harder to Own a House
▼ + stars: | 2024-07-08 | by ( Ned Resnikoff | ) www.businessinsider.com time to read: +10 min

These private quasi-governments are called homeowner associations, or HOAs. While California has the most HOAs of any state (50,000), Florida has far more HOA residents as a percentage of its population. The association also provided its residents with "the usual privileges of a citizen in any free state," Tullock wrote. Readers will not be shocked to learn that Clarke and Freedman also found that HOA residents were more likely to be white or Asian than non-HOA residents. (Cashin observed that several states, including New Jersey and Texas, had laws allowing HOA residents to subtract the cost of privately provided infrastructure from their taxes.)

Persons: Norman Rockwell, Ron DeSantis, HOA, Quinn Slobodian, HOAs —, Gordon Tullock, Tullock, it's, Jim Crow, Wyatt Clarke, Matthew Freedman, Clarke, Freedman, Robert Reich, Sheryll Cashin, Cashin, HOAs Organizations: Gov, Guardian, HOAs, George Mason University, HOA Locations: An, HOA, Florida, While California, Rossmoor , California, America, Pima County, New Jersey, Texas, That's

☆ School's out, and parents' financial stress is in
▼ + stars: | 2024-07-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Speaking of money and vacations: In today's big story, summer vacation means financial stress for parents looking to keep their kids busy while school is out without breaking the bank . The big storyThe cost of summeriStock; Rebecca Zisser/BISchool's out for summer, but the relief for kids is causing financial pain for their parents. Further complicating things is most camps don't cover the two-plus months parents need to fill for their kids. The result is sometimes a patchwork system of camps and part-time nannies that parents need to cobble together. AdvertisementThis year, skincare products proved to be a lightning rod for kids and parents at elite summer camps , writes BI's Anna Silman.

Persons: —, Rebecca Zisser, Juliana Kaplan, Madison Hoff, Kate Dehler, BI's Anna Silman, Anna, You've, Goldman Sachs, it's, Alyssa Powell, Gen, Vladimir Putin, Narendra Modi, Dan DeFrancesco, Jordan Parker Erb, Jack Sommers, Annie Smith, Grace Lett, Amanda Yen Organizations: Service, Business, Karma, Hindenburg Research, Adani, Bank of, Samsung, Indian, The Locations: What's, Al, Florida, Russian, New York, London, Chicago

☆ A key part of America’s economy has shifted into reverse
▼ + stars: | 2024-07-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington CNN —A vast swath of the US economy is showing signs of weakness as unemployment rises to its highest point in more than two years. “When you think of services, a lot of it is driven by the consumer, and consumers are key to where the US economy goes,” James Knightley, chief international economist at ING, told CNN. Consumer spending, which makes up about 70% of the US economy, has already moderated over the past few months, government statistics show, and retailers themselves have said they’ve noticed shoppers across the income spectrum change their purchasing behavior. The bottom 60% of households by income accounted for a larger proportion of spending on health care services. These firms have added 168,000 jobs a month, on average, from April through June, according to fresh Labor Department data released Friday.

Persons: “, ” James Knightley, “ We’re, Knightley, Scott Hamilton, Gallagher, It’s, Tesla, China’s Geely, Laura He, Elon, Jerome Powell, Michael Barr, Michelle Bowman, Austan Goolsbee, Raphael Bostic Organizations: CNN Business, Bell, Washington CNN, Institute, Supply, ING, CNN, Commerce, Service, Labor Department, EV, Volvo, SAIC, Elon Musk’s, Business, Committee, Fed, China’s National Bureau of Statistics, Financial Services, Chicago Fed, Pepsico, Delta Air Lines, ConAgra Brands, US Labor Department, Atlanta Fed, JPMorgan Chase, Citigroup, The, New York Mellon, The University of Michigan Locations: Washington, United States, California, Jiangsu, China, Shanghai, Wells Fargo

☆ What to expect from the June jobs report
▼ + stars: | 2024-07-05 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

That said, the job market of today is far different than it was 30 months ago. “The labor market has normalized,” Luke Tilley, Wilmington Trust’s chief economist, told CNN in an interview. As such, Friday’s report could provide a crucial signal as to whether the jobs market is at a stable or even pre-pandemic state — or is perhaps weaker than advertised. The continued upswing in claims has Tilley closely watching an underlying datapoint of the monthly jobs report: Unemployed persons by reason for unemployment. The overall labor force participation rate dipped in May to 62.5% from 62.7%, reversing progress made earlier this year.

Persons: don’t, ” Luke Tilley, ”, Nela Richardson, ” Dean Baker, aren’t, Tilley, ” Tilley, That’s, Julia Pollak, ” Pollak, Rachel Sederberg, Joe Biden, Donald Trump, Biden, Jerome Powell, Powell, “, can’t, Lightcast’s Organizations: CNN, Bureau of Labor Statistics, Center for Economic, Policy Research, of Labor, Challenger, ZipRecruiter, ”, CNN Business, Workers, Federal Reserve, Labor Locations: Wilmington, “, Portugal

☆ The US economy added more jobs than expected last month as unemployment surprisingly rose
▼ + stars: | 2024-07-05 | by ( Madison Hoff | ) www.businessinsider.com time to read: +1 min

The US economy added 206,000 jobs in June, more than the forecast of 191,000. The unemployment rate rose from 4.0% in May to 4.1% in June. Data released earlier this week showed job openings rose slightly from 7.9 million in April to 8.1 million in May. Meanwhile, the unemployment rate unexpectedly rose from 4.0% in May to 4.1% in June. According to the forecast noted on Investing.com, the US economy was expected to add 191,000 nonfarm payrolls in June.

Persons: — Organizations: Service, payrolls, Bureau of Labor Statistics

Search resuls for: "US Labor"

25 mentions found