DIRS.INFO The most relevant business & tech news

☆ What it means to have a ‘Black job’ in America
▼ + stars: | 2024-08-04 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

Still, the discussion comes as Black workers have made significantly positive — and, in many cases, historic — employment advancements. “So, to suggest that immigration is lowering the black employment rate is just not bearing out, based on this superficial look at the facts,” Algernon said. The pandemic recovery and economic expansion since has resulted in wage gains for many workers, and that has included Black workers, she noted. “We talk a lot about the 2-to-1 ratio between Black and White unemployment (the Black unemployment rate typically is twice the White unemployment rate), so, the progress has been marginal in terms of that disparity.”In July, the unemployment rate for White workers was 3.8% (versus 6.3% for Black workers). “For example, according to BLS data, Black workers are just 12.8% of all employed Americans, but 48.4% of postal service workers, 38.1% of nurse assistants, and 36.1% of security guards,” Pollak said.

Persons: Donald Trump, Trump, ”, Algernon Austin, ” Algernon, there’s, that’s, It’s, Valerie Wilson, ” Wilson, “, Julia Pollak, ZipRecruiter, ” Pollak Organizations: CNN, National Association of Black Journalists, Black, Center for Economic, Research, of Labor Statistics, Baby Boomers, BLS

☆ There are cracks forming in the US jobs market
▼ + stars: | 2024-08-02 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

CNN —The pandemic threw the US job market into chaos, but four years later, things finally seem to be back to normal. Most indicators support the idea that the labor market is no longer overheated and could easily maintain a new normal of steady, but slower growth. The unemployment rate is expected to hold steady at 4.1%, according to FactSet consensus estimates. “This is a labor market that’s otherwise moderated,” Nick Bunker, director of North American economic research at Indeed, told CNN. The same goes for the prime-age labor force participation rate, which at 83.7% also is the highest in 23 years.

Persons: hasn’t, Jerome Powell, Nick Bunker, Powell, Nancy Vanden Houten, ’, “, ”, —, Madhavi Bokil, Indeed’s Bunker, Bunker, ” Elise Gould, ” Bunker, “ It’s, Julia Pollak, ” Pollak, can’t Organizations: CNN, Federal, of Labor, Challenger, Economic Policy Institute, ” Locations: Oxford

☆ Job growth totals 114,000 in July, much less than expected, as unemployment rate rises to 4.3%
▼ + stars: | 2024-08-02 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Job growth in the U.S. slowed much more than expected during July and the unemployment rate ticked higher, the Labor Department reported Friday. The unemployment rate edged higher to 4.3%, its highest since October 2021. "Temperatures might be hot around the country, but there's no summer heatwave for the job market," said Becky Frankiewicz, president of the Manpower Group employment agency. From a sector standpoint, health care again led in job creation, adding 55,000 to payrolls. The labor force also contracted by 214,000, though the participation rate as a share of the working-age population actually edged higher to 62.7%.

Persons: Nonfarm payrolls, Dow Jones, Becky Frankiewicz Organizations: Labor Department, Stock, Manpower Group Locations: U.S

☆ Surging US unemployment has triggered a recession indicator with a perfect track record
▼ + stars: | 2024-08-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Read previewA closely watched recession indicator flashed on Friday after a weak July jobs report showed an unexpected surge in the unemployment rate. The Sahm Rule, created by former Federal Reserve official Claudia Sahm, triggers when the unemployment rate's three-month moving average moves 50 basis points above its 12-month low. That rule was triggered on Friday, with the moving average rising 53 basis points above that one-year trough, according to the real-time Sahm Rule Recession Indicator from the St. Louis Federal Reserve. The only misfire for the rule was in 1959, but even then, a recession started just five months after the Sahm Rule flashed. But Sahm herself wrote in a Substack post last week that "the rise in the unemployment rate is not as ominous as it would normally seem."

Persons: —, Claudia Sahm, Bill Adams, Sahm, hasn't Organizations: Service, Federal Reserve, Business, Louis Federal Reserve, Bank of America, Comerica Bank, Fed

☆ Fed Chair Powell just said the labor market is getting vulnerable. Friday’s jobs report could prove why
▼ + stars: | 2024-08-01 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

CNN —The pandemic threw the US job market into chaos, but four years later, things finally seem to be back to normal. Most indicators support the idea that the labor market is no longer overheated and could easily maintain a new normal of steady, but slower growth. “This is a labor market that’s otherwise moderated,” Nick Bunker, director of North American economic research at Indeed, told CNN. Labor force participation/employment to population ratio: These metrics are key reasons why Bunker and others believe the labor market remains in good shape. The same goes for the prime-age labor force participation rate, which at 83.7% also is the highest in 23 years.

Persons: hasn’t, Jerome Powell, Nick Bunker, Powell, Nancy Vanden Houten, ’, “, ”, —, Madhavi Bokil, Indeed’s Bunker, Bunker, ” Elise Gould, ” Bunker, “ It’s, Julia Pollak, ” Pollak, can’t Organizations: CNN, Federal, of Labor, Challenger, Labor, Economic Policy Institute, ” Locations: Oxford

☆ Productivity Surges 2.3%, Beating Forecasts
▼ + stars: | 2024-08-01 | by ( Talmon Joseph Smith | More About Talmon Joseph Smith | ) www.nytimes.com time to read: +3 min

A highly productive economy generally means businesses and workers are operating efficiently, making more money in fewer hours. In the second quarter, production was up 3.3 percent, while hours worked rose 1 percent. Productivity, at a basic level, is calculated as a simple ratio: the total amount of output an economy produces per hour worked by its labor force. No, but the impact on productivity data in those quarters was deeply negative. For now, most analysts say artificial intelligence is having only a nascent influence on overall productivity.

Persons: “, Skanda Amarnath, ” Organizations: Federal Reserve, of Labor Statistics, U.S Locations: U.S, Europe, America, A.I

☆ Why the gender pay gap has barely budged in decades, according to new Yale research
▼ + stars: | 2024-07-30 | by ( Jennifer Liu | ) www.cnbc.com time to read: +2 min

New research from Yale indicates that while the gender pay gap has been closing for decades, progress has nearly stalled since the mid-1990s — and women aren't benefiting from the incremental improvements. That's according to a working paper led by Jaime Arellano-Bover, a lecturer of economics at the Yale School of Management. However, by the late '90s and early 2000s, the pay gap among young workers stopped narrowing. Meanwhile, the research suggests that the retirement of older workers with wider gaps is the sole contributor to decreasing the gender pay gap overall. The study's findings challenge the assumptions that the narrowing gender pay gap is the result of better career opportunities for women, Arellano-Bover says.

Persons: Jaime Arellano, That's, Arellano, Bover, Rather Organizations: Yale, Yale School of Management, Census, National Women's Law, Arellano, Bover, CNBC

☆ Some Russians are spending like no tomorrow with 'considerable' overheating in the economy
▼ + stars: | 2024-07-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

On Friday, the Russian central bank warned — yet again — of an overheating economy when it hiked rates from 16% to 18% in an attempt to rein in price gains. This suggests that overheating in the economy has remained considerable," said Elvira Nabiullina, Russia's central bank governor, on Friday during her rate hike announcement. Russians are traveling and spending on culture and hotelsThe rate hike from Russia's central bank comes amid a spending boom in the country where many appear to be spending very freely, even amid the war and Western sanctions, as the Financial Times reported on Friday. Russia's central bank may hike rates again if necessaryNabiullina said on Friday that Russia's GDP will grow 3.5% to 4% this year from a year ago. The central bank next meets on September 13.

Persons: —, Elvira Nabiullina, they're, Sergei Ishkov, Sawicki, Nabiullina, it's Organizations: Service, Business, Financial Times, Labour Locations: Russia, Russian, Russia's, Ukraine, Moscow, stoke

☆ The South's economic boom is masking a harsher reality. It still has several of the poorest states in the nation.
▼ + stars: | 2024-07-27 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

In June, the financial services company WalletHub ranked the 50 states and DC across three categories: economic activity, economic health, and innovation potential. The Economic Policy Institute pointed to low minimum wages and unionization rates in Southern states as two factors keeping pay down. Of course, workers in some Southern states earn less than others. Using US Bureau of Economic Analysis and Bureau of Labor Statistics data, the analysis highlighted the average annual wages across US states as of 2022. Only two Southern states — Louisiana and West Virginia — were among the eight US states that saw their populations decline between 2022 and 2023.

Persons: —, Jacob Funk Kirkegaard, Chandra Childers, it's, West Virginia — Organizations: Service, West Virginia —, of Columbia, WalletHub, Business, South :, Workers, Economic Policy Institute, Southern, Economic, Economic Innovation, Peterson Institute for International Economics, of, of Labor Statistics, Institute, Texans, Dallas Fed Locations: Southern, Delaware , Maryland, Virginia, West, South, South : Mississippi, West Virginia , Arkansas , Louisiana, Kentucky, West Virginia , Arkansas , Alabama, South Carolina, Houston, Dallas, Miami, Nashville, Midwest, Mississippi, Hawaii, Texas, North Carolina, Georgia, South : Texas, Florida, North Carolina , Georgia, Tennessee, — Louisiana, West Virginia

☆ Ron Insana: How investors ought to prepare their portfolios for November’s elections
▼ + stars: | 2024-07-27 | by ( Ron Insana | ) www.cnbc.com time to read: +4 min

The GOP, under presidential candidate Donald Trump, could seek to extend the 2017 Tax Cuts and Jobs Act. In the abstract, one can argue that tax cuts and deregulation are good for business. However, further unfunded tax cuts would add to the nation's deficits and debt. He has also pushed for raising the corporate tax rate to 28%. Currently, that rate is at 20%, plus a 3.8% net investment income tax for high earners.

Persons: we've, Donald Trump, Trump, Biden, Eisenhower, Kamala Harris, Joe Biden Organizations: GOP, Wall, United, Bureau of Labor Statistics, Observers, White, Trump, Biden, Federal Reserve Locations: Washington ,, United States, U.S, America

☆ Who Can Achieve the American Dream? Race Matters Less Than It Used To.
▼ + stars: | 2024-07-25 | by ( German Lopez | Ashley Wu | ) www.nytimes.com time to read: +15 min

When the white Gen X child turned 27 in 2005, they could expect to make more than $34,000. But Mr. Cain did have a strong community — which he said taught him entrepreneurship and showed him he could dream big. Mr. Cain, 35, got a two-year degree in business management and first worked as a bank teller and financial adviser. At the same time, white millennials born to poor parents had a harder time than their white Gen X counterparts. Unlike Mr. Cain, Mr. Brown did not have a strong sense of community, as he bounced between his mother, his father and his grandparents.

Persons: Lawrence Cain Jr, Cain, ”, Asa Featherstone, Black, Derek Brown, Brown, He’s, “, It’s, ” Mr, Raj Chetty, Stefanie A, DeLuca, David B, Ralph Richard Banks, wasn’t, Benjamin Goldman, Cain’s Organizations: Abundance University, Business, Harvard, The New York Times, General Electric, Richer, Johns Hopkins University, Stanford, People, Black, White, Conservatives, Local, Bank of America Locations: Cincinnati, Northside, America, United States, American, China, India, Charlotte, N.C

☆ It may already be too late for the Fed to stop a recession, former central bank president says
▼ + stars: | 2024-07-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

"Although it might already be too late to fend off a recession by cutting rates, dawdling now unnecessarily increases the risk," the former New York Federal Reserve President said. But to Dudley, even this is too late, and central bankers would do better to pivot rates at next week's policy meeting. AdvertisementAccording to Dudley, this slowdown points to fewer jobs down the road, and an uptick in unemployment could set off a near-certain recession indicator: the Sahm Rule. Despite this, Dudley suggested that the Fed might not be as concerned about breaching the Sahm Rule as it should be. According to Dudley, there are two other reasons the Fed may be waiting for September to cut rates.

Persons: —, Bill Dudley, dawdling, Dudley, Jerome Powell, Claudia Sahm, I'm Organizations: Service, Bloomberg, New York Federal, Business, Fed Locations: Dudley

☆ CNBC's Inside India newsletter: The tax with potential side effects
▼ + stars: | 2024-07-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Despite its progressive intentions, the tax failed to raise sufficient revenue for the monarch, as people boarded up their windows to lower their tax liability. Window tax was a property tax based on the number of windows in a house. In addition, the minister also lifted capital gains for stock market investors who cash in within a year from 15% to 20%. While the tax raises more than £3 billion ($3.9 billion) annually, it has given birth to far riskier forms of speculation while simultaneously hurting the stock market. However, given the lofty valuations that Indian stock markets currently trade, the tax to skim the excesses might be a positive development over the longer term.

Persons: Nirmala Sitharaman, Ajay Aggarwal, King William III of, Mike Kemp, Upasana Chachra, Morgan Stanley, Siddhartha Khemka, Motilal Oswal, Michael Langham, Abrdn, it's, JPMorgan's Jahangir Aziz, Aziz, Raghuram Rajan, Suman Bery, Bery Organizations: Union Finance, Budget Press Conference, National Media Centre, Hindustan Times, Getty Images, Getty, Budget, Motilal, Institute for Fiscal Studies, Reuters, CNBC, Health, Reserve Bank of India Locations: DELHI, INDIA, New Delhi, India, Mayfair, London, United Kingdom, England, Britain, Kerala, Malaysia, Nipah

☆ Why immigration is boosting the US economy, according to Nobel economist Paul Krugman
▼ + stars: | 2024-07-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewImmigration isn't taking jobs away from Americans — and it's actually great for the US economy, according to Nobel laureate Paul Krugman. The unemployment rate among native-born workers remains near a historical low US Bureau of Labor Statistics/Federal ReserveThe labor force participation rate among native-born workers has been on the decline, but among prime-age native-born workers, the labor force participation rate has actually been rising, Fed data shows. Advertisement"So the near stagnation of native-born employment isn't a demand-side issue, in which people aren't working because they can't find jobs. If we didn't have the immigrants, we wouldn't have the jobs," Krugman wrote. AdvertisementOther economists and strategists on Wall Street have said immigration could end up being a big boost to the economy.

Persons: —, it's, Paul Krugman, Trump, Krugman, they've, We've, There's, aren't Organizations: Service, The New York Times, Business, Federal Reserve, Bureau of Labor Statistics, US, of Labor Statistics, Fed, Congressional, Office Locations: America, Foreign

☆ UBS just raised its S&P 500 price target for the 4th time this year. Here's how it says stocks can soar 17% by the end of the year.
▼ + stars: | 2024-07-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

UBS increased its S&P 500 year-end price target to 5,900, marking the fourth increase from the bank this year. It added that the S&P 500 could surge 17% to 6,500 by year-end in a bull-case scenario. AdvertisementUBS is once again raising its year-end price target for the S&P 500. UBS initially had a year-end price target of 4,850. Those earnings and price target estimates would represent a historically high price-to-earnings multiple for the S&P 500, but it's warranted, according to Lefkowitz.

Persons: —, David Lefkowitz, Lefkowitz, Lefkowitz materializes Organizations: UBS, Service

☆ Election Live Updates: Republicans Leave Convention Unified Around Trump
▼ + stars: | 2024-07-19 | by ( Jim Rutenberg | Adam Nagourney | ) www.nytimes.com time to read: +74 min

And there was great, great sorrow. They’re going to be OK. They’re going to be doing very well. Now he’s going to get on the plane in a little while and he’s going to go back home to his wife. Great, great student at Yale. So many — just so many heroes, so many great, great people.

Persons: Dana, Bob, ”, Lee, you’ll, it’s, didn’t, Nobody, “, I’m, Corey Comperatore, David Dutch, James Copenhaver, We’re, Corey, Helen ., David, James, Dan Newlin, Dan, Trump, —, Aileen Cannon, I’ve, Don, Kimberly, Ivanka, Jared, Eric, Lara, Tiffany, Michael, Barron, he’s, “ Dana won’t, That’s Lee Greenwood, … Eric, Crazy Nancy Pelosi, They’ve, Jason, Jason Aldean, Vance, Usha, He’s, He’ll, MAGA, ” MAGA, I’ll, you’re, nobody’s, We’ve, Somebody’s, they’re, It’s, can’t, We’ll, don’t, “ I’m, we’ll, Biden, They’re, that’s, you’ve, I’d, gee, You’d, That’s what’s, Donald Trump, That’s, There’s, Tom Homan, Brandon Judd, They’ll, Obama, They’d, “ You’ve, we’re, we’ve, Hannibal Lecter, Dwight D, Eisenhower, Jocelyn Nungaray, Rachel Morin, Rachel, Laken Riley, horrifically, Viktor Orban, what’s, Bush, it’ll, Kim Jung Un, Sam Brown, Sam, You’ve, Abdul, Don’t, You’re, Ronald Reagan, America’s, Franklin Graham, Franklin, Billy Graham, he’d, soldiered Organizations: of Pennsylvania, Secret Service, Service, Democrat, Republican Party, Republican, Democrats, America, Yale, ISIS, Space Force, Energy, Apple, Trump, Republican Senate, White, Republicans, United Auto Workers, Social Security, Border Patrol, ICE, ”, Lambs, University of Georgia, “, U.S, Senate, Washington, D.C, Yankee, Win Locations: America, United States, Butler Township, of, Pennsylvania, Florida, Ohio, Milwaukee, Wisconsin, Asia, Europe, Taiwan, Korea, Philippines, China, Russia, Ukraine, Israel, Iran, Germany, Mexico, Nevada, United States of America, There’s, South America, Africa, Middle East, Venezuela, Caracas, El Salvador, Houston, Los Angeles, Maryland, Hungary, “ Russia, Georgia, Crimea, Syria, Iraq, North Korea, Afghanistan, Bagram, Cuba, Miami, U.S.A, Wisconsin , Wisconsin, Washington, Japan, Delaware, Valley Forge, Yorktown, Gettysburg, Midway

☆ These 10 U.S. states have America’s worst economies in 2024
▼ + stars: | 2024-07-18 | by ( Scott Cohn | ) www.cnbc.com time to read: +12 min

That is why CNBC looks at state economies in ranking America's Top States for Business. We consider economic growth and job growth. We measure the breadth of each state's economy by looking at how many major corporations are headquartered there. Some states are at the top of their economic game — home to America's 10 best state economies. JB Pritzker, and all the major rating agencies have the state in their "A" categories for the first time in years.

Persons: Phil Scott, Jobs, J.B . Pritzker, Erin Hooley, JB Pritzker, Asplundh, Michael G, Janet Mills, Mills, Gina Raimondo, Joe Biden, Anna Moneymaker, Gina Raimondo —, —, Rhode Island's, Luke Sharrett, Ed Zurga, Bryan Tarnowski, Hurricane Katrina, New Hampshire Jada, Patrick T, Fallon, Hawaii's, Nature, Spencer Platt Organizations: CNBC, Business, Republican Gov, Direct Investment, Illinois, Illinois Illinois Gov, Thompson Center, Tribune, Service, Democratic Gov, Major Corporations, GE Healthcare Technologies, Mondelez, Seamans, Portland Press Herald, Getty, National Association of State, Officers, Pew, Major Corporation, IDEXX, Rhode, Semiconductors, America, White, U.S . Commerce, Major, CVS Health, Hasbro, Kentucky, Bloomberg, Bluegrass State, Federal Housing Finance Agency, Kansas Carpenters, Glenn Eagles, Louisiana Homes, Treme, Louisiana State University, Hurricane, Pool Corporation, Granite State, U.S . Chamber, Commerce, New Hampshire Department, Labor, The New Hampshire Tech Alliance, Afp, Aloha State Locations: U.S, States, Vermont, Illinois Illinois, Chicago, Lincoln, Illinois, Maine, Rhode Island WASHINGTON, DC, Washington , DC, Louisville , Kentucky, Bluegrass, Kentucky, Kansas, Kansas City , Kansas, Sunflower, Claiborne, New Orleans , Louisiana, New Orleans, New Hampshire, Granite, The, Hawaii, Maui, Lahaina , Hawaii, Mississippi, Biloxi , Mississippi

☆ JD Vance says deporting 20 million people is part of the solution to high housing costs
▼ + stars: | 2024-07-17 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

Read previewOhio Sen. JD Vance, former President Donald Trump's VP pick, has made his hawkish views on immigration central to his transformed political persona. In the past, Vance has also blamed the housing affordability crisis largely on high interest rates. AdvertisementThe Trump-Vance housing policy recordTrump hasn't talked much about housing policy on the campaign trail, despite arguing that Biden hasn't done enough to control housing costs. AdvertisementTrump doesn't support upzoning to legalize denser housing construction in low-density neighborhoods — a key part of the solution to the housing supply shortage, according to experts. He claimed Biden wanted to "abolish" the suburbs by encouraging more affordable housing construction.

Persons: —, Ohio Sen, JD Vance, Donald Trump's, Vance, Trump, Biden, Trump's, hasn't Organizations: Service, Business, NPR, Department of Housing, Urban Development, Center, Budget, HUD, Trump Locations: Ohio, Mexican

☆ Do Olympians get paid? Everything you need to know about prize money – for some – at Paris Games
▼ + stars: | 2024-07-16 | by ( Ben Morse | ) edition.cnn.com time to read: +9 min

On the line are Olympic medals – gold, silver and bronze – as well as the recognition that comes with them. But, unlike many other professional sports, financial reward isn’t necessarily a prize awarded to Olympic athletes in the past. Here’s everything you need to know about Olympic athletes and the compensation they can receive. A Paris 2024 Olympic Games gold medal (top) is seen on display with Paralympic Games gold (right) and silver medals (left). “And they do so and then many of them reward the athletes with prize money for winning medals or diplomas or whatever.

Persons: James B, Connolly, Louis, Benoit Tessier, “, Mark Conrad, ” Conrad, Umar Kremlev, Thomas Bach, Bach, Gabriel Monnet, –, ” Bach, Conrad, Simone Biles, Sha’Carri Richardson, Biles, ” Organizations: CNN, Olympic, Olympic Games, Eiffel, Paralympic Games, International Olympic Committee, IOC, National Olympic Committees, International Federations, NOC, Fordham University Gabelli School of Business, Games, Olympics, Athletics, WA, Los, Association of, International Boxing Association, IBA, Getty, “, Paralympic, Forbes Locations: Massachusetts, St, Paris, AFP, Beijing, “

☆ Opinion: For Black people, there’s an important history of flight as fight
▼ + stars: | 2024-07-12 | by ( Opinion Kellie Carter Jackson | ) edition.cnn.com time to read: +7 min

All throughout African American history, leaving has been a form of refusal — something Black people have done in response to White supremacy for centuries. Flight is one of the most common actions in the history of Black resistance. Everything in the South depended on enslaved labor. Cities were already fragile from White flight: White families that were not interested in integration left cities for the suburbs decades earlier, in the 1940s and 1950s. But in America, as a Black American, what is home?

Persons: Kellie Carter Jackson, Michael, Denise Kellen ’, “, Read, ” Marvin Germain, Thomas Jefferson, Mary Ann Shadd Cary, Ida B, Wells, Jackson, Paul Robeson, James Baldwin, Du Bois, Josephine Baker, Mabel, Robert Williams Organizations: of Africana Studies, Wellesley College, CNN, American, Poor, Mortgage, realtors, Act, Europe, NAACP, Black Panthers Locations: Canada, Ghana, Portugal, Charleston, Georgia, Virginia, Midwest, Northeast, West Coast ., masse, White, United States, States, Europe, Cuba, China, Detroit, Tanzania, Algeria, America

☆ A Texas Gen Xer explains why he regrets going to college in his 40s
▼ + stars: | 2024-07-09 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Read previewIn 2018, at age 40, Kenneth Ferraro decided to pursue a college degree for the first time. Ferraro, who's based in Texas, had worked as a truck driver for decades, he told Business Insider via email. The perceived benefits of a college degree have led more Americans to go back to school later in life. Related storiesFerraro shared the biggest challenges he's faced in his job search, including why he thinks having a college degree has sometimes worked against him. While having a college degree improved his credentials, he thinks his age has held him back in the job market.

Persons: —, Kenneth Ferraro, Ferraro, who's, Ferraro's, he's, it's, " Ferraro, wasn't Organizations: Service, Business, New York University, Bureau of Labor Statistics, National Center for Education Statistics, New York Fed Locations: Texas

☆ The 'coveted soft landing' is here, Biden's top labor official says — and it could set Americans up for an interest rate cut in September
▼ + stars: | 2024-07-08 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Since last fall, the Federal Reserve has held interest rates steady as it continued fighting to get inflation closer to its 2% target. Alongside the Federal Open Market Committee's announcement to hold interest rates steady during its most recent meeting in June, the Summary of Economic Projections penciled in just one interest rate cut for 2024. However, Powell said during the June press conference that there was still time to change that projection — and that a rate cut in September is "plausible." "It's going to be the totality of the data, what's happening in the labor market, what's happening with the balance of risks, what's happening with the forecast, what's happening with growth," he said. CME FedWatch, which estimates market assessments of the probability of interest rate cuts, projects a 93% chance interest rates will remain steady in July and a 72% chance rates will be cut by September.

Persons: —, Jerome Powell, Julie Su, Su, Powell, Jan Hatzius, Goldman Sachs, Hatzius Organizations: Service, Federal Reserve, Business, of Labor Statistics, Fed, CNBC Locations: —

☆ Wall Street thinks the US economy is getting back to normal. The election could change that
▼ + stars: | 2024-07-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

New York CNN —New data shows weakening in the US economy – Friday’s jobs report showed that unemployment ticked up to 4.1% in June. Inflation is easing, and so is economic growth – that combination means interest rate cuts could be on their way. Before the Bell spoke with Michael Reynolds, vice president of investment strategy at Glenmede, about investors, the economy and political landscape. We recognize that to have a thesis on the economy is to have a thesis on the consumer. The global market value for adult diapers was pegged at $12.8 billion in 2023, according to market research provider Euromonitor International.

Persons: Joe Biden, Bell, Michael Reynolds, we’ve, there’s, That’s, We’ve, Fumio Kishida, Read, Nathaniel Meyersohn Organizations: CNN Business, Bell, New York CNN, Nasdaq, Federal, DC, Traders, Fed, Federal Reserve, United Nations, UN, Euromonitor, Oji Holdings, Flags Locations: New York, Japan, China, Indonesia, Malaysia, United States

☆ Why you’re seeing lots of teens at work this summer — but still so many empty lifeguard chairs
▼ + stars: | 2024-07-06 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

New York CNN —Your kid’s summer camp is likely fully staffed. The shift is a refreshing change after the pandemic drove many teens away from working during their summer breaks. “Now I’m seeing parents pushing their kids to work again,” said Pritikin, who employs around 350 staff members each summer. Ten years ago, high school-aged camp staff made around $1,000 for an entire summer. Lifeguards prepare for the opening of the Astoria Pool in the New York City borough of Queens on June 27, 2024.

Persons: They’re, ”, Paul Harrington, That’s, it’s, Eric Brotherson, “, Brotherson, he’s, Andy Pritikin, Pritikin, weren't, Frank Burkhauser, Harrington, ” Andrew Challenger, Joshua A . Bickel, Eric Adams, Spencer Platt, Gregg McQueen, We’ll, ” McQueen, Adams, Tom Gill, ” Gill Organizations: New, New York CNN, Rhode Island College, Glenwood, Colorado Rockies, Liberty, Challenger, YMCA Camp Kern, American Lifeguard Association . New, New York City, CNN, United States Lifesaving Association, “ Lifeguard Locations: New York, Glenwood, Glenwood Springs , Colorado, rollercoasters, Liberty Lake, Bordentown, Mansfield Township , New Jersey, Oregonia , Ohio, American Lifeguard Association . New York City, New York City, Queens

☆ U.S. economy added 206,000 jobs in June, unemployment rate rises to 4.1%
▼ + stars: | 2024-07-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Job seekers attends the JobNewsUSA.com South Florida Job Fair held at the Amerant Bank Arena on June 26, 2024 in Sunrise, Florida. Joe Raedle | Getty ImagesThe U.S. economy again added slightly more jobs than expected in June though the unemployment rate increased, the Labor Department reported Friday. The unemployment rate unexpectedly climbed to 4.1%, tied for the highest level since October 2021 and providing a conflicting sign for Federal Reserve officials weighing their next move on monetary policy. A broader unemployment rate which counts discouraged workers and those holding part-time jobs for economic reasons held steady at 7.4%. Household employment, which is used to calculate the unemployment rate, increased by 116,000.

Persons: Joe Raedle, Nonfarm, Dow Jones Organizations: Amerant, Labor Department, Dow, Federal Reserve Locations: Florida, Sunrise , Florida

Search resuls for: "Labor Force"

25 mentions found