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☆ 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

HOUSTON, July 10 (Reuters) - A coming wave of North American liquefied natural gas (LNG) export projects faces staffing challenges that are prompting some of the biggest developers to expand training and coordinate projects to keep construction workers. WORKERS NEEDEDAt present Bechtel has more than 3,000 professionals working on its LNG projects. Two other projects - Golden Pass LNG and Plaquemines LNG - have added workers and are moving to 24-hour work schedules. Cheniere and Bechtel are training workers using virtual simulations or via partnerships with local schools. Venture Global LNG stitched together 18 liquefaction units in its highly modular Calcasieu Pass LNG plant, allowing it to open the facility in what it said was record time.

Persons: Paul Marsden, Marsden, Alex Munton, Bechtel, Corey Grindal, Grindal, Cheniere, Jason Klein, Klein, Paul Varello, Curtis Williams, Nia Williams, Matthew Lewis Organizations: Bechtel Corp's Energy, Labor, Rapidan Energy, Bechtel, Cheniere Energy, Corpus, Plaquemines, Canada, Reuters, Commonwealth LNG, Venture, Columbia, Thomson Locations: U.S, Port Arthur, Christi, Kitimat, British Columbia, China, Calcasieu, Houston

☆ 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

☆ Opinion | Republicans Have a Twisted View of the Safety Net
▼ + stars: | 2023-06-02 | by ( Jamelle Bouie | ) www.nytimes.com time to read: +2 min

The essential problem with assistance programs, from this point of view, is that they exist — that they let people live without needing to work. “We’re going to put work requirements on that individual, so he’s going to get a job.”Now, McCarthy obviously misspoke when he said “child” — he clearly meant an adult. (Although, here, it is hard not to think of Republican opposition to free school lunch and support for loosening child labor laws.) But the rhetorical error is less important than what his image of a welfare recipient says about his view of the role of government. It does not matter that many Americans who don’t work can’t work, whether for health reasons or because of familial obligations.

Persons: ” Kevin McCarthy, Biden, We’re, ”, McCarthy, ” — Organizations: Fox

☆ Biden and McCarthy's plan to change SNAP work requirements in the debt-ceiling deal could actually expand benefits — but not employment
▼ + stars: | 2023-05-31 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

She led some of her Democratic colleagues in introducing an amendment to remove the new SNAP work requirements from the debt-ceiling bill. "Come see me in a year, and I'll show you how much we actually saved," McCarthy told reporters on Tuesday night. How the work requirements will impact employmentDespite McCarthy and Republicans' belief that work requirements will bolster employment, some experts aren't so sure. Work requirements in SNAP have increased employment less; in Medicaid, they appear to have had little effect on employment." "I think it goes to the principle of this bureaucratic red tape that we call work requirements," Jayapal said.

Persons: —, Joe Biden, Kevin McCarthy, Biden, McCarthy, — McCarthy, Cori Bush, Lauren Bauer, there's, Bauer, Bernard Yaros, it's, Yaros, Congressional Progressive Caucus Pramila Jayapal, Jayapal Organizations: SNAP, CBO, Service, Supplemental, Assistance, Democratic, Office, White, Economic, Brookings Institution, The, Brookings, Moody's, Congressional Progressive Caucus Locations: Missouri, TANF

☆ How a shockingly resilient jobs market saved the US from a recession
▼ + stars: | 2023-05-09 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

Several measures from Friday's jobs report show the labor market is stronger than it's been in decades. But Terrazas pointed to potential concerns in the labor market and for interest rates. "If it's the former, it's just a matter of time before gravity catches up with the labor market," Terrazas said. Overall though, the different robust labor market data suggests the US could maybe avoid a recession as has been the case so far in 2023. Despite potential risks in the job market, Pollak believes there's a possibility that the US continues to avoid a recession.

☆ Earnings playbook: Your guide to trading the start of a big reporting season this week
▼ + stars: | 2023-04-12 | by ( Fred Imbert | ) www.cnbc.com time to read: +6 min

Thursday Delta Air Lines is set to report earnings before the bell, followed by a conference call with management at 10 a.m. This quarter: Analysts polled by Refinitiv expect revenue to have jumped more than 45% from the year-earlier period, Refinitiv data shows. Friday JPMorgan Chase is set to report earnings before the bell, followed by a call with management at 8:30 a.m. What history shows: FactSet data shows JPMorgan Chase topped earnings estimates in eight of the last 10 quarters. What history shows: Bespoke data shows UnitedHealth beats earnings estimates 93% of the time.

☆ Senators ask 27 CEOs to make sure their companies comply with child labor laws
▼ + stars: | 2023-04-05 | by ( Laura Strickler | ) www.cnbc.com time to read: +7 min

The company entered into an agreement with the agency pledging compliance with child labor laws and consented to third-party oversight. This is the second Senate inquiry citing NBC News reporting on child labor. JBS has zero tolerance for child labor, discrimination or unsafe working conditions for anyone working in our facilities. In a local newspaper editorial, Hearthside CEO Darlene Nicosia wrote the revelation of child labor was "a shock and major disappointment to us." Hearthside is in the midst of a 60-day independent review of child labor practices by an outside law firm, according to a spokesperson.

One of the plants where children worked, SMART Alabama LLC in rural Luverne, Alabama, is a direct Hyundai subsidiary. STATE AND FEDERAL INVESTIGATIONSFollowing Reuters' first story on child labor at SMART last July, as many as 10 Hyundai suppliers in Alabama have been under investigation by state or federal authorities for child labor violations, Reuters reported in December. In the shareholder letter, Chang reiterated that Hyundai was "discouraging" suppliers from relying on such staffing agencies in the future. He wrote that staffing firms who hired children to work at Hyundai supplier plants had provided false employee documentation. Earlier this month, thirty-three members of Congress urged DOL to seek strong and swift penalties against those responsible for child labor in the Hyundai supply chain.

☆ Op-ed: U.S. inflation and jobs reports show fastest recovery in 30 years under Biden
▼ + stars: | 2023-02-14 | by ( Cecilia Rouse | Chair Of The Council Of Economic Advisers | ) www.cnbc.com time to read: +6 min

The employment report earlier this month suggested U.S. employers added 517,000 jobs in January, well above what private forecasters were expecting. Over 12 million jobs have been created since President Joe Biden took office. At the same time, we have experienced the fastest jobs recovery from a recession in the last three decades. In January, the unemployment rate was 3.4%, with Black unemployment and unemployment for workers with less than a high school degree at near record lows. Looking back to where we were when President Biden came into office and the progress we have made is extraordinary.

"We share Congresswoman Sewell's view that the use of child labor is unacceptable," Hyundai said. Sewell's comments are the first from a high-ranking Alabama official on child labor problems in Hyundai's supply chain. The new actions by Hyundai and its discussions with regulators and lawmakers come after Reuters documented child labor in various Alabama auto plants making parts for Hyundai or Kia. The child labor reports have put a spotlight on Hyundai's growing operations in the United States. Regulatory fines for child labor, by contrast, can be relatively small.

☆ Over 8 million workers just got a raise. This map shows the states that raised their minimum wages.
▼ + stars: | 2023-01-03 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Georgia and Wyoming have state minimum wages below the federal minimum wage. If the federal minimum wage was higher than the state's minimum wage, we noted the federal amount as the last minimum wage paid to employees in the state. The following map shows what year the minimum wage increased and the current minimum wage in every state:Over half the states have minimum wages above the federal minimum wage of $7.25. California, which has been raising its minimum wage annually over the past few years, saw its minimum wage increase to $15.50 on January 1, 2023. The effects of a minimum wage increaseSome economists and critics of a minimum wage increase argue that a raise would negatively impact employment, but that may not be the case.

☆ DC and Nebraska just voted to give minimum wage workers a raise. This map shows how much all 50 states pay.
▼ + stars: | 2022-11-09 | by ( Jason Lalljee | Madison Hoff | ) www.businessinsider.com time to read: +4 min

DC voted to eliminate tipped wages in the state, raising the minimum wage floor from $5.35 to $16.10 for tipped workers. The minimum wage will increase gradually, at a rate of $1.50 per year for the next four years. And in DC, tipped workers, defined under federal law as anyone who regularly receives at least $30 per month in tips, are seeing a victory. Other states have moved to increase their minimum wages in the past few months, including three states that raised their state minimum wages on July 1 — Connecticut, Nevada, and Oregon. Critics of a minimum wage increase argue that a raise would negatively impact employment, but that may not be the case.

☆ Welcome to the new labor market, where everyone still quits all the time and some people will just never come back to work
▼ + stars: | 2022-11-06 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +5 min

The US labor market includes millions of Americans quitting in near-record numbers month after month. Cyclical and structural changes are affecting labor force participation, according to one expert. At the same time, the labor market is still bustling, even as it starts to slowly cool. The US labor force participation rate plunged during the pandemic to 60.2% in April 2020. Some people are just staying on the sidelines, and not heading back to the labor force — adding to the labor shortage and the tight labor market businesses are dealing with.

☆ Korean auto giant Hyundai investigating child labor in its U.S. supply chain
▼ + stars: | 2022-10-20 | by ( ) edition.cnn.com time to read: +3 min

CNN Business —Hyundai Motor Co, Korea’s top automaker, is investigating child labor violations in its U.S. supply chain and plans to “sever ties” with Hyundai suppliers in Alabama found to have relied on underage workers, the company’s global chief operating officer Jose Munoz told Reuters on Wednesday. Following the Reuters report, Alabama’s state Department of Labor, in coordination with federal agencies, began investigating SMART Alabama. Authorities subsequently launched a child labor probe at another of Hyundai’s regional supplier plants, Korean-operated SL Alabama, finding children as young as age 13. The executive also pledged that Hyundai would push to stop relying on third party labor suppliers at its southern U.S. operations. The letter said that the use of child labor violated international standards Hyundai committed to in its Human Rights Charter and its own code of conduct for suppliers.

A Reuters investigative report in July documented children, including a 12-year-old, working at a Hyundai-controlled metal stamping plant in rural Luverne, Alabama, called SMART Alabama, LLC. read moreFollowing the Reuters report, Alabama's state Department of Labor, in coordination with federal agencies, began investigating SMART Alabama. The executive also pledged that Hyundai would push to stop relying on third party labor suppliers at its southern U.S. operations. Munoz told Reuters: "Hyundai is pushing to stop using third party labor suppliers, and oversee hiring directly." SL and Smart Alabama did not immediately respond to requests for comment.

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