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☆ A big clash is coming for Detroit's Big 3 automakers as their workers' union gears up for another round of contentious negotiations
▼ + stars: | 2023-07-26 | by ( Nora Naughton | ) www.businessinsider.com time to read: +5 min

The UAW is negotiating new four-year contracts with Ford, GM, and Stellantis. UAW President Shawn Fain isn't ruling out a strike, potentially at more than one company. The automotive industry's labor union, the United Auto Workers, is gearing up for a fight with Detroit's Big Three car companies this summer and fall. Fain has said he is not ruling out a strike in this round of talks, potentially at more than one company. The average labor costs for the Detroit Three heading into contract talks four years ago hovered between $55 and $60 per hour.

Persons: Shawn Fain isn't, Detroit's, Shawn Fain, He's, Fain, John Deere, Tesla Organizations: UAW, Ford, GM, Detroit, Morning, United Auto Workers, Chrysler, Jeep, Facebook, University of California, EV, Lordstown, Labor, Center for Automotive Research Locations: Tennessee

☆ Low-wage parents can help their kids avoid poverty for decades if they get this one tax credit
▼ + stars: | 2023-07-26 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

The Earned Income Tax Credit reduced the likelihood of being in poverty, new research shows. Children exposed to the EITC at early ages were less likely to receive public assistance, such as WIC, as adults. It shows how policies that help keep children out of poverty can have benefits for decades after. How the tax credit can be restructured to assist those who need the benefits the most, though, is murky. These findings suggest, though, that the tax credit improves economic outcomes of both the EITC recipients and their children, as the authors found evidence that these effects drive up income mobility.

Persons: Katherine Michelmore, University of Michigan's Gerald R, Michelmore, Nicardo McInnis Organizations: IRS, Service, National Bureau of Economic Research, University of Michigan's, Ford School of Public Policy, Dynamics, California State University Locations: Wall, Silicon, Northridge

☆ Opinion | Democrats and Republicans Are Living in Different Worlds
▼ + stars: | 2023-07-26 | by ( Thomas B. Edsall | ) www.nytimes.com time to read: +2 min

Competing partisan views on how we see men and masculinity are emerging as key factors in the run-up to the 2024 election. “No menace to this nation is greater than the collapse of American manhood,” he declares, placing full blame “on the American left. As for jobs, fewer and fewer young men have them. In advanced economies today, women are propelling themselves through life. Reeves and Hawley have quite dissimilar causal explanations for this phenomena — as do so many Republicans and Democrats.

Persons: Josh Hawley’s, Richard Reeves’s, Hawley, ”, “, ” Hawley, Reeves, ” Reeves, Let’s, Ipsos Organizations: Boys, Peace Corps, Democrats, Politico

☆ Opinion: ‘Lazy-girl jobs’ make more sense on TikTok than in real life
▼ + stars: | 2023-07-25 | by ( Opinion Jill Filipovic | ) edition.cnn.com time to read: +7 min

And the vast majority are not, in fact, shaping our lives and career goals around a TikTok trend. Some of us want to work to live, not live to work. Some of us are deeply ambitious at certain points in our lives, and then more focused on life outside of work at others. A lot of jobs aren’t particularly interesting, fun or meaningful. A lot of men do work jobs with fewer hours and less pay, or don’t work at all, but there’s no TikTok trend about it.

Persons: Jill Filipovic, ” Jill Filipovic, Jill Filipovic It’s, It’s, We’ve, Covid, don’t, ” Organizations: Twitter, CNN, Wall Street Journal, Bureau of Labor Statistics, Pew Research, Fortune, Facebook Locations: New York

☆ The rise of gig workers is changing the face of the US economy
▼ + stars: | 2023-07-24 | by ( Samantha Delouya | ) edition.cnn.com time to read: +9 min

The number of gig workers is growing and making an impact throughout the economy. But workplace experts say the number of gig workers is growing, and and their impact is being felt throughout the economy. “People who have access to the gig economy borrow less money than people who don’t. Working in the gig economy can help people spend more time searching for their next job, if they've been laid off. “We could do so much better.”Recently, local governments have attempted to bolster platform gig workers’ protections.

Persons: Los Angeles CNN — Lazarus, ”, that’s, Eric Baradat, Louis Hyman, Uber, DoorDash, Jenn Rosenberg, Hyman, “, Erica Groshen, they've, Spencer Platt, Doordash, Susan Houseman, Groshen, we’ve, ” Groshen, they’re Organizations: Los Angeles CNN, Uber, CNN, DoorDash, Getty, of Labor Statistics, Cornell University, “ Society, University of Chicago, IRS, Bureau of Labor Statistics, Massachusetts Institute of Technology, BLS, . Upjohn Institute, Employment Research, North, New York City, Federal Reserve, Federal, System Locations: Hill , North Carolina, “, United States, AFP, DoorDash, Kalamazoo , Michigan, North America, New York, California

London Breed sailed to victory as the mayor of San Francisco. Times were good; the pandemic had yet to happen. If homelessness and crime worried San Franciscans, few of them blamed her. Now San Francisco is reeling, its downtown plagued by fentanyl markets and tent camps, its employers straining to repopulate office buildings with a decidedly more remote labor force. More than 70 percent of voters have told pollsters that the city is on the wrong track, and some 66 percent disapprove of the mayor’s job performance.

Persons: London Breed, pollsters, Breed, Ahsha, Daniel Lurie, Levi Strauss Organizations: London, Times, San Francisco, Supervisors, San Locations: San Francisco, Francisco

☆ 'Massive shift': Older people will exceed a quarter of G7's workforce by 2031, report says
▼ + stars: | 2023-07-19 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +4 min

In the Group of Seven countries, Bain predicts, older and experienced workers will make up more than quarter of the workforce by 2031. "That's a massive shift," Andrew Schwedel, partner at Bain & Company, told CNBC's "Squawk Box Asia" on Tuesday. What older workers wantIn recent years, countries around the world have been increasing retirement ages — but not without pushback. "That speaks to some of the different things that companies need to do if they're trying to appeal to younger workers versus older workers." How to retain older workersIt is also crucial for companies to design workplace experiences that tap into the motivations of older workers, said Schwedel.

Persons: Bain, Andrew Schwedel, CNBC's, Schwedel Organizations: Bain & Company, Companies Locations: Japan, Europe, U.S, France

☆ 32-year-old tech worker listed the salaries of all her jobs on LinkedIn—but doesn't recommend others do it
▼ + stars: | 2023-07-18 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +3 min

Young workers are going all in with salary transparency, whether they're sharing how much they're paid with social media followers or co-workers and friends in real life. And Charlotte Chaze, 32, a Philadelphia-based tech worker took it another step further: She recently posted the salaries of all of her previous jobs to her LinkedIn profile. "I believe in salary transparency, and I wanted to show others what's possible," Chaze tells CNBC Make It. Despite the buzz of her experiment, Chaze says she doesn't actually recommend other workers do the same because it could work against them. Rather, Chaze would rather companies carry the responsibility of salary transparency.

Persons: Charlotte Chaze, Chaze, I've, doesn't, they've Organizations: Towson University, CNBC, LinkedIn Locations: Philadelphia, Norway

☆ Why Is British Inflation so High? - The New York Times
▼ + stars: | 2023-07-18 | by ( Paul Krugman | ) www.nytimes.com time to read: +2 min

Broadly, the policy response to Covid and the initial effects of that response were similar across the advanced world. Russia’s invasion of Ukraine, which drove up food and energy prices worldwide, also made economies temporarily poorer. What this meant was that purchasing power was sustained even as economies’ abilities to supply goods and services temporarily fell. A burst of inflation was the natural consequence, and arguably a good thing, considering the alternatives. But at this point the initial shock of the pandemic has largely faded — and economic outcomes have started to diverge.

Organizations: European Union Locations: Ukraine, American, America, Britain

☆ How a Vast Demographic Shift Will Reshape the World
▼ + stars: | 2023-07-16 | by ( Lauren Leatherby | ) www.nytimes.com time to read: +18 min

1990 Younger populations Workingage Older populations For decades, the world’s dominant powers have benefited from large working-age populations that help drive economic growth. Russia U.K. France Pakistan Pakistan China China U.S. U.S. Japan U.S. Japan China India India India Nigeria Nigeria Ethiopia D.R.C. Russia U.K. France Pakistan Pakistan China China U.S. U.S. U.S. Japan Japan China India India India Nigeria Nigeria Ethiopia D.R.C. Russia U.K. France Pakistan China U.S. U.S. U.S. Japan Japan China China India India India Nigeria Nigeria Ethiopia D.R.C. Russia U.K. France Pakistan China U.S. U.S. U.S. Japan Japan China China India India India Nigeria Nigeria Ethiopia D.R.C.

Persons: That’s, ”, Mikko Myrskylä, Max Planck, Carolina Cardona, Philip O’Keefe, –, O’Keefe, Myrskylä, “ We’ve, “, aren’t, Mr Organizations: Korea Germany Italy Russia United, France, France Pakistan Pakistan China China U.S ., U.S, China India Nigeria D.R.C, France Pakistan Pakistan China China U.S . U.S, France Pakistan, France Pakistan China U.S . U.S, for Demographic Research, Youth, Niger, Dem, Central African Rep, Herzegovina Bulgaria Croatia Czech Rep, Denmark Estonia Finland France Germany Greece, Denmark Estonia Finland France Germany Greece Hungary Ireland, Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Kosovo, Macedonia Norway Poland Portugal Moldova Romania, Macedonia Norway Poland Portugal Moldova Romania Russia Serbia Slovakia Slovenia, Hong Kong North Korea Japan Mongolia South Korea Taiwan Northern America, New Zealand, New, Benin Botswana Burkina Faso Burundi Cameroon Central African Rep, Chad Comoros, Congo Ivory Coast Dem, Johns Hopkins University, Aging, ARC Center of Excellence, Aging Research, World Bank, Spain Taiwan, Young, Korea, Spain, “ Locations: Japan, Western Europe, South Korea, Britain, Eastern Europe, China, Europe, India, East Asia, Florida, United States, South, Southeast Asia, Africa, Korea Germany Italy, Korea Germany Italy Russia United States France China Thailand United Kingdom, South Korea Brazil Colombia China Thailand Iran Myanmar Vietnam Bangladesh Indonesia, South Africa Myanmar Indonesia Bangladesh Philippines Pakistan Kenya Indonesia Egypt Ethiopia, Russia, France Pakistan Pakistan China China U.S, France Pakistan Pakistan China China U.S . U.S, Japan U.S, Japan China India India India Nigeria Nigeria Ethiopia D.R.C, Indonesia Indonesia Brazil Brazil Brazil, China Japan India Brazil, Pakistan France China U.S, Japan India Nigeria Brazil Indonesia, Pakistan U.S, China India Nigeria, Ethiopia Brazil Indonesia, France Pakistan Pakistan China China U.S . U.S . U.S, Japan Japan China India India India Nigeria Nigeria Ethiopia D.R.C, France Pakistan China, France Pakistan China U.S . U.S . U.S, Japan Japan China China India India India Nigeria Nigeria Ethiopia D.R.C, Congo Somalia, Angola Tanzania Nigeria, Afghanistan Ethiopia Tajikistan Kenya, Asia, Oceania, Kenya, Demographically, South Asia, Singapore, Albania, Austria Belarus Belgium Bosnia, Herzegovina Bulgaria, Denmark Estonia Finland France Germany, Denmark Estonia Finland France Germany Greece Hungary, Denmark Estonia Finland France Germany Greece Hungary Ireland Italy, Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Kosovo Latvia Lithuania Netherlands, Macedonia Norway Poland Portugal, Macedonia Norway Poland Portugal Moldova Romania Russia Serbia Slovakia, Macedonia Norway Poland Portugal Moldova Romania Russia Serbia Slovakia Slovenia Spain Sweden Switzerland Ukraine, Eastern Asia, Hong Kong North Korea Japan Mongolia South Korea Taiwan Northern, Canada, States Australia, New, Australia, New Zealand, Saharan Africa, Angola, Benin Botswana Burkina Faso Burundi Cameroon, Congo, Congo Djibouti, Guinea Eritrea Eswatini Ethiopia Gabon Gambia Ghana Guinea Guinea, Bissau Kenya Lesotho Liberia Madagascar Malawi Mali Mauritania Mauritius Mozambique Namibia Niger Nigeria Rwanda Senegal Sierra Leone Somalia South Africa South Sudan Togo Uganda Tanzania Zambia Zimbabwe, Aging Asia, Pacific, America, “, Hong Kong, Italy, Spain, Spain Taiwan Greece, Singapore Slovenia Thailand Germany, Mainland China Finland Japan Netherlands Canada, Hong Kong South Korea, Singapore Slovenia Japan Thailand Germany, Mainland China Finland Netherlands, U.N, Korea Japan Spain, Korea Japan, France, West, East, Vietnam

☆ The US consumer isn't in trouble. Here are 5 stats that show Americans will be fine even amid dwindling savings and student loan payments.
▼ + stars: | 2023-07-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

That's true even amid concerns of dwindling excess savings and the imminent resumption of student loan payments. The consumer is important to track for because about 70% of the US economy is driven by consumer spending, which relies heavily on the daily spending habits of more than 300 million Americans. Carson Group"When thinking about debt, the key question is whether households are able to service that debt," Detrick. Based on estimates from JPMorgan, the household debt service ratio at the end of the second quarter was 9.7%. Strong spending trends.

Persons: Carson, Ryan Detrick, it's, that's, Detrick Organizations: Service, Carson, JPMorgan, JPMorgan Consumers Locations: Wall, Silicon

☆ India is on pace to pass the US on the list of the world's biggest economies — but there's a looming chance it squanders this promise
▼ + stars: | 2023-07-14 | by ( Cork Gaines | ) www.businessinsider.com time to read: +4 min

According to a recent Goldman report, India's economy is projected to top America's around 2075, becoming the second-largest in the world. India's economic growth is fueled by several key factors, including its vast labor force, technological advances, and burgeoning capital investment. A significant driver of this growth is innovation and technology, as noted by Goldman Sachs's chief India economist, Santanu Sengupta. The Goldman Sachs team noted that the biggest risk facing the country is if the labor force participation rate does not reverse its current 15-year downward trend. "If you have more opportunities — especially for women, because the women's labor force participation rate is significantly lower than men's — you can shore up your labor force participation rate, which can further increase your potential growth."

Persons: Goldman Sachs, Goldman, Zahra Tayeb, Goldman Sachs's, Santanu Sengupta, Sengupta, Tan, Elon Musk Organizations: Service, Apple, SpaceX, Goldman Locations: India, China, Wall, Silicon, India's, Mexico, Pacific

☆ As Politicians Cry ‘Crisis,’ Some Migrants Are Finding Their Way
▼ + stars: | 2023-07-13 | by ( Christopher Maag | Raúl Vilchis | ) www.nytimes.com time to read: +1 min

At around 7 a.m. one day last August, the first migrants sent to New York City by the governor of Texas arrived with little warning on a bus, and walked sleepily into their new lives. They joined others who moved into shelters, then hotels, then white tents on an island in the East River and, as more came, into empty office buildings and school gyms. They enrolled their children in nearby schools, ate boxed meals served by the city, and clothed themselves in castoff pants and shirts donated by volunteers. Roughly half moved into public shelters, and the city’s shelter system reached 100,000 that month. City officials added up the costs of housing them: an estimated $4.3 billion by next summer.

Persons: Eric Adams, Biden Locations: New York City, Texas, East

☆ The economy is doing exactly what we need to avoid a recession and keep booming
▼ + stars: | 2023-07-12 | by ( Noah Sheidlower | Madison Hoff | ) www.businessinsider.com time to read: +7 min

Recent data reveals inflation is cooling, the labor market is slowing, and a recession may not come after all. Inflation data released Wednesday showed that inflation is coming down fast. The Fed may be pleased by this data, though a rate hike may still be on the table later this month. Other measures also show that the job market is still very healthy. The Fed may be happy to see slower job growth and the prime-age labor force participation rate rising, Bunker said.

Persons: doesn't, Julia Pollak, Nick Bunker, Bunker, Jerome Powell, Bill Adams, Pollak, " Pollak, Powell Organizations: Service, Labor, Survey, North America, Federal, Consumer, CPI, National Federation of Independent Business, Congress, Fed, Comerica Bank, Comerica Locations: Wall, Silicon

☆ Trade between the US and China is drying up. That could be bad news for American consumers.
▼ + stars: | 2023-07-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Mexico is now the US's top trade partner. Mexico surpassed China as the US's top manufacturing trade partner in 2023. In 2001, China joined the World Trade Organization, a group that grants members preferential tariffs when trading with one another. That access opened the door to China to become a leading trade and manufacturing hub, as the Dallas Fed pointed out. Mexico, for its part, benefits from increased trade with the US — beating out China in US trade volume means it's climbing on the world stage.

Persons: Luis Torres Organizations: Service, Dallas Fed, World Trade Organization, China, U.S, Dallas Locations: China, Mexico, Wall, Silicon, Washington, Beijing

☆ How the Work-From-Home Revolution Supercharged Women's Careers
▼ + stars: | 2023-07-11 | by ( Aki Ito | ) www.businessinsider.com time to read: +7 min

Today, 77.8% of women between the ages of 25 and 54 are in the labor force, surpassing the previous peak in 2000. "The most obvious explanation is that remote work expanded possibilities for this group that would not have been there otherwise," Terrazas says. "In those core family-raising, childbearing years, prior generations of women may have felt it necessary to leave the labor force. Remote work allowed many of them to stay in the labor force." So: What could keep remote work from becoming, in the words of the legal scholar Joan Williams, a "feminized ghetto"?

Persons: shutdowns, Aaron Terrazas, Terrazas, COVID, they're, Marianne Bertrand, Joan Williams, Rose Khattar, Aki Ito Organizations: New York Times, University of Chicago, Center for American Locations: United States, France, Germany

☆ Are Gen Zs the most challenging generation to work with? 3 in 4 managers think so
▼ + stars: | 2023-07-11 | by ( Nessa Anwar | ) www.cnbc.com time to read: +1 min

Gen Z, loosely defined as those born between the mid-to-late 1990s and early 2010s, is the latest generation to enter the workforce. A survey done by Resume Builder, a resource website for job seekers, revealed that around 3 out of 4 managers find that Gen Z is the most challenging generation to work with. Noting that Gen Z employees had to navigate the Covid-19 pandemic and remote working, she added: "[Gen Zs] didn't even have an opportunity to relate to people at all in a workplace. Ziad Ahmed, the founder of JUV Consulting, a digital marketing agency staffed entirely by Gen Z employees, told CNBC that managing young people is also a challenge for him. Watch the video to see the different perspectives of both Gen Z employees and managers.

Persons: Gen, Stacie Haller, Zs, Ziad Ahmed Organizations: CNBC, JUV Consulting

☆ Goldman Sachs says India will overtake the U.S. to become the world's second-largest economy by 2075
▼ + stars: | 2023-07-10 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Wolfgang Kaehler | Lightrocket | Getty ImagesIndia is poised to become the world's second-largest economy by 2075, leapfrogging not just Japan and Germany, but the U.S. too, says Goldman Sachs. "Over the next two decades, the dependency ratio of India will be one of the lowest among regional economies," said Goldman Sachs Research's India economist, Santanu Sengupta. Sengupta added that the key to drawing out the potential of India's rapidly growing population is to boost the participation of its labor force. The Achilles heel to the bank's projection is the labor force participation rate — and whether it increases at the rate which Goldman projects. "The labor force participation rate in India has declined over the last 15 years," the report noted, underlining that women's participation rate in the labor force is "significantly lower" than men's.

Persons: Taj, Wolfgang Kaehler, leapfrogging, Goldman Sachs, Santanu Sengupta, Sengupta, Goldman, Downside Organizations: Lightrocket, Getty, India, U.S, Tech, Employees, Bloomberg, Nurphoto Locations: Japan, Germany, U.S, India, China, Nasscom, Greater Noida, piecework, Nagaland, Nurphoto

☆ 'I've seen this show before': A renowned market bear who called the dot-com bubble warns a recession is still barreling toward the US economy — and stocks are due to suffer as misguided optimism fuels
▼ + stars: | 2023-07-08 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

There's a fairly simple way to characterize Societe Generale strategist Albert Edwards' latest note to clients. Bears are boys who cried wolf (recession), and investors are the shepherd who have become sick of the ongoing warnings and have stopped heeding their calls. Societe GeneraleAll of this optimism is likely a mistake, Edwards said as he doubled down on his recession call. In an May note, Edwards said "recession is a done deal," citing The Conference Board's Leading Economic Index, which has been at recessionary levels for months now. The indicators takes into account variables like manufacturing activity, stock performance, consumer confidence, housing market activity, and bond market activity.

Persons: Albert Edwards, Edwards, downgrades, —, I'm, Michelle Cluver, Jason Draho, Neil Dutta, Ian Shepherdson Organizations: Societe Generale, Bears, Generale All, Generale, Investors, Bureau of Labor Statistics, X, Federal Reserve, UBS, Macro

☆ U.S. Black employment falls despite wider job market stability
▼ + stars: | 2023-07-07 | by ( Safiyah Riddle | ) www.reuters.com time to read: +4 min

The Black unemployment rate rose to 6.0% last month, the highest since last August, from 5.6% in May, even as the overall jobless rate ticked down a notch to 3.6%. In fact, the majority of the 239,000 person decrease in Black employment came from the people who left the labor force altogether in June, according to the report. The exact cause of the recent weakening in Black employment is not yet clear. Reuters GraphicsNonetheless, a spike in the Black unemployment rate can be a strong predictor of an impending recession, since Black workers have historically been the first to be fired during an economic downturn. Su also said the rise in Black unemployment and the decline in participation is something the Biden administration would "continue to track."

Persons: William M, Rodgers III, Louis, Rodgers, it's, Rakeen Mabud, Julie Su, Su, Biden, Safiyah Riddle, Chizu Nomiyama, Dan Burns Organizations: U.S, Labor, Labor Department, Blacks, Reuters, Louis Federal Reserve's Institute of Economic Equity, Reuters Graphics Reuters, Thomson Locations: U.S

☆ US job gains smallest in 2-1/2 years; labor market still tight
▼ + stars: | 2023-07-07 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Nonfarm payrolls increased by 209,000 jobs last month, the smallest gain since December 2020, the survey of establishments showed. Government employment remains 161,000 below its pre-pandemic levels. Leisure and hospitality employment remains 369,000 below its pre-pandemic levels. The household survey from which the unemployment rate is derived showed employment rebounding 273,000, reversing the 310,000 decline in May. Reuters Graphics"Though demand for labor remains unmatched, the labor shortages that employers sighed over a year ago have definitely subsided some," said Andrew Flowers, lead labor economist at Appcast.

Persons: Sean Snaith, payrolls, Selcuk Eren, Andrew Flowers, Lucia Mutikani, Daniel Wallis, Chizu Nomiyama, Andrea Ricci Organizations: Reserve, Labor, University of Central Florida's Institute, Economic, Reuters, Manufacturing, Institute for Supply, Treasury, Companies, Conference Board, Thomson Locations: WASHINGTON, U.S, Washington

☆ The job market slowed down a bit in June, with 209,000 jobs added
▼ + stars: | 2023-07-07 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

The US jobs market saw less jobs added in June than in May. The unemployment rate fell from 3.7% in May to 3.6% in June. After the unemployment rate soared from 3.4% in April to 3.7% in May, the rate dropped. June's unemployment rate was 3.6%, equivalent to the forecast of 3.6%. The Bureau of Labor Statistics published new job openings and quits data on Thursday.

Persons: —, Mark Hamrick, Bankrate, that's, Nick Bunker Organizations: Service, Bureau of Labor Statistics, Labor, Labor Statistics, North America

☆ The unemployment rate among Black workers increased in June for the second month in a row
▼ + stars: | 2023-07-07 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Filadendron | E+ | Getty ImagesThe overall U.S. unemployment rate declined in June, but a negative trend among Black workers may be emerging, according to the latest nonfarm payrolls report. Overall, the unemployment rate last month was 3.6%, a 0.1 percentage point decrease from May, the U.S. Department of Labor reported Friday. However, Black workers saw their unemployment rate rise to 6% in June from 5.6% in May, making it the second consecutive monthly increase. "If the employment level for Black workers has gone down pretty significantly for the last three months, then that is a red flag." Cumming attributed the increase in unemployment among Black workers to the mechanics of the economy slowing down.

Persons: women's, Carmen Sanchez Cumming, Cumming Organizations: U.S . Department of Labor, Washington Center for Equitable

☆ The US labor market cooled off in June, adding just 209,000 jobs
▼ + stars: | 2023-07-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

Minneapolis CNN —The US job market cooled back down in June, adding just 209,000 jobs, and fueling optimism that the economy is on course to nail that elusive soft landing of lowering inflation without triggering a recession. That being said, last month’s job growth still outpaces the pre-pandemic average. “The job growth is slowing, but I don’t actually think that’s necessarily a bad thing,” Rucha Vankudre, senior economist for labor market analytics company Lightcast, told CNN. “In the tug of war between the labor market and the economy, there is still a push and pull, yet the labor market remains strong,” Becky Frankiewicz, president and chief commercial officer of ManpowerGroup, said in commentary issued Friday. In June, sectors such as government, as well as health care and social assistance, saw the biggest job gains: 60,000 and 65,200, respectively.

Persons: Rucha Vankudre, We’re, Becky Frankiewicz, ManpowerGroup, “, Lightcast’s Vankudre, ” “, Joe Brusuelas, ” Brusuelas, “ We’re, ” Organizations: Minneapolis CNN, Bureau of Labor Statistics, CNN, “, Federal Reserve, Service, BLS, RSM, Fed Locations: Minneapolis

☆ Wall St Week Ahead As earnings loom, investors weigh recession resilience
▼ + stars: | 2023-07-07 | by ( David Randall | ) www.reuters.com time to read: +5 min

The financials sector is down 2%, while energy is nearly 9% lower. These unloved sectors are growing attractive to investors increasingly torn over whether a long-feared U.S. recession will ever materialize. Quincy Krosby, chief global strategist for LPL Financial noted a "tug of war" in the market over the likelihood of a recession. The healthcare sector trades at a forward price-to-earnings ratio of 17.6, well below the 20.1 ratio of the broad S&P 500. Yet a continued rally in megacaps will likely stretch their valuations further, prompting some investors to rotate toward healthcare and financials, LPL Financial's Krosby said.

Persons: Goldman Sachs, Quincy Krosby, Sameer Samana, Max Wasserman, Financials, Tom Ognar, Morgan Stanley, John Quealy, Financial's Krosby, David Randall, Megan Davies, Michelle Price, Richard Chang Organizations: YORK, Global, BofA, Commerce Department, LPL Financial, Reserve, Wells, Wells Fargo Investment Institute, FINANCIALS, Miramar Capital, Abbott Laboratories, Allspring Global Investments, LPL Financial Holdings Inc, Trillium Asset Management, Russell, Thomson Locations: U.S, BlackRock, Wells Fargo, megacaps

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