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☆ Retail sales tumbled 0.8% in January, much more than expected
▼ + stars: | 2024-02-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Consumer spending fell sharply in January, presenting a potential early danger sign for the economy, the Commerce Department reported Thursday. Advance retail sales declined 0.8% for the month following a downwardly revised 0.4% gain in December, according to the Census Bureau. Even excluding autos, sales dropped 0.6%, well below the estimate for a 0.2% gain. The sales report is adjusted for seasonal factors but not for inflation, so the report showed spending lagging the pace of price increases. While the New York survey still indicated contraction, it was a much better reading than January's -43.7 and the -15 estimate.

Persons: Dow Jones Organizations: Commerce Department, Advance, Census, Labor Department, Gas, Federal, Empire, Investors, Federal Reserve Locations: U.S, Philadelphia, New York, York

☆ Workers are sour on the job market — but it may not be warranted
▼ + stars: | 2024-01-29 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Maskot | Digitalvision | Getty ImagesWorkers are sour on the job market — but that pessimism may be somewhat misplaced. So far in 2024, for example, big technology firms including Amazon, eBay, Google and Microsoft have announced job cuts. U.S.-based companies planned about 722,000 job cuts in 2023, almost double those announced in 2022, according to Challenger, Gray & Christmas, an outplacement and executive coaching firm. watch nowHowever, those recent headlines mask strength in the overall job market, economists said. "It's still a very robust and resilient labor market overall," Pollak said.

Persons: Daniel Zhao, Zhao, it's, Mark Zandi, Zandi, they've, Julia Pollak, " Pollak Organizations: Digitalvision, Getty Images Workers, Amazon, eBay, Google, Microsoft, Citigroup, Universal Music Group, U.S, Challenger, Moody's, Federal Reserve Locations: BlackRock, U.S

☆ Premarket stocks: Buybacks could rebound this earnings season
▼ + stars: | 2024-01-19 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

Stock buybacks struggled to recover last year after taking a hit in 2022, even as corporate earnings began to rebound. Investors view buybacks as an indication that a company’s leadership believes its own shares are undervalued and are confident about its future performance. Buybacks also tend to push up share prices due to the added demand. ONEOK, a natural gas company, on Wednesday unveiled a $2 billion share repurchase program. The week’s total for initial claims landed far below economists’ projections for 205,000 initial claims, according to FactSet estimates.

Persons: Stock buybacks, Buybacks, buybacks, “, ”, Howard Silverblatt, Dow, Sundar Pichai, Brian Fung, Pichai, ” Pichai, Read, —, Alicia Wallace Organizations: CNN Business, Bell, New York CNN, Deutsche Bank, Wednesday, Deutsche, Federal Deposit Insurance Corporation, Dow Jones, Google, CNN, of Labor Locations: New York, Lennar, buybacks

☆ Jobless claims fall to lowest level since 2022, while CEO exits hit new high
▼ + stars: | 2024-01-18 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

New York CNN —The number of Americans making first-time claims for jobless benefits dropped last week to a level not seen since the fall of 2022, while CEO exits set a new high last year, according to fresh economic data released Thursday. There were an estimated 187,000 initial claims for unemployment insurance during the week that ended January 13, according to Department of Labor data released Thursday. That’s down by 16,000 claims from the week before and marked the lowest level of first-time claims — considered a proxy for layoffs — since September 24, 2022. Weekly claims data can be quite volatile and are frequently revised, and economists caution that some one-off influences — in this case, harsh weather and a new year — could be at play. “Historically, we’ve seen large economic shifts preceded by a surge in CEO exits,” Andrew Challenger, senior vice president of Challenger, Gray & Christmas, said in a statement.

Persons: —, ” Andrew Challenger, Challenger, ”, “, ” Matthew Martin, Ian Shepherdson, ” Shepherdson Organizations: New, New York CNN, of Labor, Challenger, ”, Oxford Economics, ’, ” Thursday’s Labor Department Locations: New York, US

☆ Weekly jobless claims post lowest reading since September 2022
▼ + stars: | 2024-01-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The labor market continued to show surprising resiliency in the early days of 2024, with initial jobless claims posting an unexpected drop last week. Initial filings for unemployment insurance totaled 187,000 for the week ended Jan. 13, the lowest level since Sept. 24, 2022, the Labor Department reported Thursday. The total marked a 16,000 decline from the previous week and came in below the Dow Jones estimate of 208,000. Along with the drop in weekly claims came an unexpected decline of 26,000 in continuing claims, which run a week behind. The total for continuing claims hit 1.806 million, below the FactSet estimate for 1.83 million.

Persons: Dow Jones Organizations: Labor Department, Labor, Federal Reserve, Philadelphia Fed Locations: Central

☆ U.S. Bank fined $36 million for freezing unemployment debit cards during Covid-19 pandemic
▼ + stars: | 2023-12-19 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The Office of the Comptroller of the Currency imposed an additional $15 million penalty on the bank over the same practices. The fifth-largest commercial bank in the country, U.S. Bank administered prepaid debit cards to distribute unemployment insurance benefits through its ReliaCard program. Between March 2020 and July 2021, states issued $794 billion in combined state and federal unemployment benefits. The $15 million OCC portion of the fine was related to alleged unfair practices under the Federal Trade Commission Act. Under a consent order, U.S. Bank will provide $5.7 million in redress to consumers and pay a $15 million civil money penalty.

Persons: WASHINGTON, Rohit Chopra, Cheryl Leamon, Leamon, Chopra Organizations: Consumer Financial, U.S, Bank, U.S . Bank, CNBC, Federal Trade Commission, Consumers, OCC, U.S . Treasury Locations: U.S, cardholders, Minneapolis , Minnesota

☆ Retail sales rose 0.3% in November vs. expectations for a decline
▼ + stars: | 2023-12-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Retail sales rose 0.3% in November, stronger than the 0.2% decline in October and better than the Dow Jones estimate for a decrease of 0.1%, the Commerce Department reported Thursday. Excluding autos, sales rose 0.2%, also better than the forecast for no change. Stripping out autos and gas, sales rose 0.6%. Sales held up despite a 2.9% slide in receipts at gas stations, as energy prices broadly slumped during the month. Gas station sales were off 9.4% on a 12-month basis.

Persons: Dow Jones, Andrew Hunter Organizations: Commerce Department, Capital Economics, . Gas, Labor Department, Economists, Federal Reserve, Federal, Market, CNBC PRO

☆ UK needs new plan to reverse hit to living standards, researchers say
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

People walk alongside the City of London financial district in London, Britain, October 25, 2023. REUTERS/ Susannah Ireland/File Photo Acquire Licensing RightsLONDON, Dec 4 (Reuters) - Britain needs a new economic strategy to reverse 15 years of falling living standards and worsening inequality, a leading think tank and an academic research centre said on Monday. "There is no excuse for fatalism," Torsten Bell, chief executive of the Resolution Foundation, said. "Closing the gap with peers like Australia, France and Germany would deliver huge living standards gains, with typical households over 8,000 pounds better off." ($1 = 0.7881 pounds)Writing by William Schomberg; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Susannah Ireland, Jeremy Hunt, Keir Starmer, Torsten Bell, William Schomberg, Daniel Wallis Organizations: City, REUTERS, Foundation, London School of Economics, Centre for Economic, Labour Party, Conservative Party, Starmer's Labour, Thomson Locations: London, Britain, Australia, France, Germany, Birmingham, Manchester

See Personal Finance Insider's roundup of the best tax software >>How does New York tax income? Nonresidents and part-year residents may have a New York income tax liability depending on their living situation and how much they earn. New York income tax ratesIf your New York adjusted gross income was less than $107,650, the tables below would be used to calculate your state tax liability for 2022. New York state tax rates FAQsWhat is the New York state income tax rate for 2023? What are the New York state tax brackets for 2023?

Persons: —, Zaher Dehni, Eric Bronnenkant, Dehni Organizations: Service, Finance, state's Department of Taxation, New, Department of Taxation, Tax Foundation, New York, Excelsior Jobs, Tax Locations: New York, California, New, York, , New York, New York City, Yonkers, Nonresidents, Chevron

☆ What the $150 billion climate change is costing the US looks like a year: Here’s
▼ + stars: | 2023-11-30 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

Compare that to 40 years ago, when extreme weather episodes that cost an inflation-adjusted $1 billion happened once every four months on average. As of November 8, there have been 25 weather and climate disasters with losses exceeding $1 billion, according to the National Oceanic and Atmospheric Administration. The National Climate Assessment report’s estimate of the total annual cost of climate change in the United States takes those factors into account. $150 billion at glanceIt may be hard to appreciate the value of $150 billion without anything to compare it to. The $150 billion annual cost of extreme weather in the damage to the US is:

Persons: Tatyana Deryugina Organizations: New, New York CNN, National Oceanic, Atmospheric Administration, National Centers for Environmental, NOAA, MIT’s Center, Real, Hurricanes, University of Illinois, CNN Locations: New York, United States, Hawaii, University of Illinois Urbana, Champaign

☆ Worried about or facing a layoff? What to know about unemployment benefits
▼ + stars: | 2023-11-22 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Yet not all cases are so clear cut, and many people prematurely exclude themselves from the program, Evermore said. watch nowUnemployment programs vary by state, but in some places, people can get the benefits even if they've quit. "As soon as you leave your job, you should be on your way to the unemployment insurance office," Evermore said. Apply with your state unemployment office. Assess program requirementsTo receive unemployment benefits, you have to be able to work and actively be seeking new employment, Evermore said.

Persons: Bill Varie, Michele Evermore, Evermore, they've, you'll, I'd Organizations: Bank, Getty, The Century Foundation, CNBC

☆ AI is going to force millions of workers to train for new jobs. The US has historically been terrible at this.
▼ + stars: | 2023-11-14 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Experts say many of those workers will need to be retrained for new jobs to avoid being left behind. The US economy has struggled in recent decades to help workers adjust to job disruptions. Emerging generative AI technologies like ChatGPT could eliminate or change the nature of millions of jobs over the next decade. AdvertisementWhen Donald Trump promised to bring back manufacturing jobs before the 2016 election, he was speaking to the Americans who had been left in the lurch. But many overseas jobs aren't likely to return anytime soon, among the reasons job retraining was — and remains — necessary for impacted workers.

Persons: —, Richard Baldwin, Seth Carpenter, Morgan Stanley, hasn't, Donald Trump, Michael Chui, Chui, Ethan Mollick Organizations: Service, Global, Economic, Institute, McKinsey Global Institute, University of Pennsylvania's Wharton School, PricewaterhouseCoopers, IBM, Schools Locations: United States, Mexico

☆ COVID-19 fraudsters bought fancy cars, a Pokemon card - even a private island
▼ + stars: | 2023-11-10 | by ( ) www.cnbc.com time to read: +9 min

Patrick Parker Walsh is serving five and half years in federal prison for stealing nearly $8 million in federal COVID-19 relief funds that he used, in part, to buy the island. Instead, he's serving five and half years in federal prison for stealing nearly $8 million in federal COVID-19 relief funds that he used, in part, to buy Sweetheart Island. They potentially plundered more than $280 billion in federal COVID-19 aid; another $123 billion was wasted or misspent. They've created special "strike forces " to hunt down COVID-19 aid thieves and vowed not to give up the chase. A few weeks after Oudomsine applied for the pandemic aid, the government rushed him $85,000 to keep his non-existent business afloat.

Persons: Richard Lardner, Patrick Parker Walsh, Julio Aguilar, he's, fraudsters, Donald Trump, Ivanka Trump, James Brady, Trump, Alex Wong, Bob Westbrooks, Westbrooks, They've, Lisa Monaco, General Merrick Garland, Garland, David Weiss, Hunter Biden, Joe Biden, Drew Angerer, Konstantinos Zarkadas, Cartier, Zarkadas, Lee E, Price III, Price, Vinath Oudomsine, Oudomsine, Mickey Mantle, Dudley H, Bowen, Patrick Walsh's, Walsh, Jamie Lovemark, Kevin Lamarque Organizations: Press, AP YANKEETOWN, Associated Press ., James, Getty, YouTube, U.S . Justice, Top Justice Department, U.S, U.S . Department of Justice, Rolex, Houston, Associated Press, National Transportation Safety Board, Bethany Locations: Yankeetown, Fla, Sweetheart, Coast, Florida's, Florida, Associated Press . WASHINGTON, DC, U.S, Washington ,, Las Vegas, Tennessee, Vermont, COVID, Washington , DC, New York, Houston, Georgia, America, Bethany Beach , Delaware

☆ The Dow soars more than 560 points as markets bet the Fed is done with rate hikes
▼ + stars: | 2023-11-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —US stocks soared higher again on Thursday as investors bet that the Federal Reserve’s current round of economically painful rate hikes might be over. Both the S&P 500 and Dow are on track to notch their largest weekly gains this year and the Dow closed its best day since June. Tech stocks pulled markets higher Thursday, with shares of Tesla up nearly 6.3% and shares of Nvidia up about 2.8%. While all 11 sectors of the S&P 500 were trading higher on Thursday, there were some notable outliers. Shares of Airbnb were down 3.3% after the company beat on third-quarter revenue earnings but lowered its forward guidance.

Persons: Jerome Powell, ”, Louis Navellier Organizations: New, New York CNN, Federal, Dow, Nasdaq, Treasury, Navellier, Associates, Labor, Labor Department, Apple, Tech, Nvidia, Meta, Facebook Locations: New York

Sales rose in the Northeast but fell elsewhere, although sales were down year to year throughout the country. Sales are now running at an annual rate of 3.96 million, down 15.4% from 4.68 million a year ago. On Tuesday, the Census Bureau reported that retail sales rose by 0.7%, more than twice what had been expected, as consumers flocked to eating and dining establishments and shopped more online. Among middle-income households, 25% plan to spend more, while 16% of low-income households will increase holiday spending. “Despite a lot of the negativity you see everywhere, consumers seem pretty resilient,” Rose says.

Persons: ”, Lawrence Yun, LEI, Justyna, Monica, TransUnion, Mark Rose, ” Rose Organizations: National Association of Realtors, Federal, Conference, The Conference Board, “, The, Board, Federal Reserve Bank, Atlanta’s, Census Bureau, Labor Department

☆ What workers on strike need to know about collecting unemployment benefits
▼ + stars: | 2023-10-10 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Massachusetts, Connecticut and Pennsylvania have recently tried to start providing striking workers jobless benefits, too. Here's what else workers on strike should know about unemployment benefits. Workers on strike in the Empire State can typically collect the benefits for as long as 26 weeks. Workers on strike in New Jersey may also qualify for unemployment benefits, and lawmakers recently shortened the waiting time for eligibility there, too, to 14 days, down from 30. Workers in the state can usually collect unemployment benefits for up to 26 weeks.

Persons: Frederic J, Brown, Gavin Newsom, Michele Evermore, haven't, Evermore, Rob Sampson, Johnnie Kallas, Phil Murphy Organizations: Kaiser Permanente, AFP, Getty, The Century Foundation, United Auto Workers, Bloomberg, Republican, Cornell University's School of Industrial and Labor Relations, Labor, New York, Workers, New York State Department of Labor, New, New Jersey Gov Locations: Los Angeles, , New York, New Jersey, California, Massachusetts , Connecticut, Pennsylvania, Wayne , Michigan, Connecticut, New York , New Jersey

☆ US government shutdown would delay release of key economic data, official says
▼ + stars: | 2023-09-25 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

That means the unemployment insurance weekly claims data will also not be published during any shutdown this time. “Most services provided by the Census Bureau would cease, including production of Economic Census data, production of economic indicators, and work on the American Community Survey,” the official said. That means delays in the release of key data, including the retail sales, housing starts and new home sales reports for September. Depending on the duration of the shutdown, the release of the first estimate of third-quarter GDP due in late October could also be delayed. As a self-funding agency, the Fed would continue to release data, policy statements and other reports.

Persons: Evelyn Hockstein, ” Organizations: WASHINGTON, U.S, United States Capitol, REUTERS, Labor Department’s Bureau of Labor Statistics, Commerce, Analysis, Federal Reserve, Republican Party, Leaders, Republican, House, of Labor Statistics, Biden, Reuters, “, Labor Department, BLS, Training Administration, American Community Survey, Fed Locations: Washington , U.S, Commerce Department’s, U.S

☆ America’s Increasing Child Poverty Is a Policy Choice - The New York Times
▼ + stars: | 2023-09-25 | by ( Nikhil Goyal | ) www.nytimes.com time to read: +3 min

The bathtub was at risk of falling through the cracked ceiling into the kitchen. Tasting something metallic, he touched his lip, and in the glow of his phone screen he could see that his finger was stained with blood. Tens of millions of Americans were kept out of poverty and economic insecurity as a result; in another world, a younger Emmanuel could have been one of them. The stark relief that pandemic programs brought to families is proof that poverty is not an intractable problem when there is sufficient political will. We should recommit to finishing the job and passing an agenda that will reduce child poverty and make life more affordable.

Persons: Emmanuel Coreano, Emmanuel, “, ” Emmanuel, Donald Trump, Joe Biden, Amartya Sen, Bernie Sanders, Organizations: El Centro de Estudiantes, New, Senate Locations: Puerto Rican, Kensington

☆ US jobless aid programs bilked of up to $135 bln during COVID, watchdog says
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +3 min

At the high end, that would equal about $1 of every $7 paid in aid over that time. "The full extent of UI fraud during the pandemic will likely never be known with certainty," the GAO report summary said. After several extensions, the PUA - which provided benefits to jobless individuals who would not typically have been eligible for them - expired in September 2021. Fraudulent claims activity has periodically distorted the data reported weekly by the Labor Department, befuddling economists who count on the data for gauging the wherewithal of the job market. Another short-lived increase in new claims in August was seen by some economists as related to an increase in fraudulent claims activity in Ohio.

Persons: Brent Parton, Dan Burns, Leslie Adler Organizations: REUTERS, Labor Department, of Columbia, U.S ., The Labor Department, Relief, Economic Security, Department, Thomson Locations: Manhattan, New York City , New York, U.S, of Columbia , Puerto Rico, U.S . Virgin, Massachusetts, Ohio

☆ Why RTO mandates are layoffs in disguise, according to workplace experts: ‘Companies are daring employees to quit’
▼ + stars: | 2023-09-12 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +6 min

However, that is exactly what some companies want, according to workplace experts that CNBC Make It spoke to. RTO is a cheap and dirty way for companies to avoid legal complications and financial obligations associated with layoffs. "Rolling back those gains, such as remote work and flexible hours, is audacious, but companies are daring employees to quit," Ruettimann added. "RTO is a cheap and dirty way for companies to avoid legal complications and financial obligations associated with layoffs," said Ruettimann. "Announcing direct layoffs can lead to a drop in morale among remaining employees, which could affect productivity and overall workplace atmosphere," he added.

Persons: Dan Schawbel, Laurie Ruettimann, Meghan Biro, Schawbel, Ruettimann, It's Organizations: Companies, Workplace Intelligence, New York Times, CNBC, Bloomberg, Employees

☆ US Jobless Aid Programs Bilked of up to $135 Billion During COVID, Watchdog Says
▼ + stars: | 2023-09-12 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

(Reuters) - Up to $135 billion of jobless benefits paid out by U.S. states during the coronavirus pandemic may have arisen from fraudulent claims, Washington's top government watchdog said on Tuesday in a report suggesting the problem is much bigger than previously estimated. But a new General Accountability Office report estimates the problem is much bigger: Between $100 billion and $135 billion of the roughly $900 billion in jobless benefits payouts from April 2020 through May 2023 may have been fraudulent. At the high end, that would equal about $1 of every $7 paid in aid over that time. "The full extent of UI fraud during the pandemic will likely never be known with certainty," the GAO report summary said. Another short-lived increase in new claims in August was seen by some economists as related to an increase in fraudulent claims activity in Ohio.

Persons: Brent Parton, Dan Burns, Leslie Adler Organizations: Reuters, Labor Department, of Columbia, U.S ., The Labor Department, Relief, Economic Security, Department Locations: U.S, of Columbia , Puerto Rico, U.S . Virgin, Massachusetts, Ohio

☆ The Fed cares a lot about jobs data — but it may be getting mixed signals
▼ + stars: | 2023-09-04 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

The answer matters a lot to Federal Reserve officials who closely monitor the labor market. Some Fed officials believe more rate hikes are needed to cool the labor market. But the gap between ADP and BLS data does not automatically narrow when comparing ADP to BLS estimates of only private-sector jobs. Between the two, it’s difficult to say which is a better predictor of the true state of the labor market. Ultimately, ADP and BLS data “become checks on each other,” she told CNN.

Persons: It’s, ” Nela Richardson, Richardson, Sarah House, ”, Erica Groshen, Groshen, ” Richardson, House, “ Organizations: New, New York CNN, of Labor Statistics, ADP, BLS, Federal Reserve, Fed, CNN, Bureau of Labor Statistics, Cornell University Locations: New York, Wells Fargo, “, United States

CNN —The Hawaii Tourism Authority announced Friday it approved more than $2 million to help rebuild Hawaii’s struggling tourism industry. The agency said West Maui accounts for 15% of Hawaii’s total tourism revenue, and since the deadly wildfires, the state has lost roughly $9 million per day because of the resulting drop in travel and tourism. Josh Green declared a “tourism emergency” as visitors to the island have dropped significantly in the wake of the devastating wildfires. While the Hawaii Tourism Authority is still trying to get a count of total job losses, Gionson said anecdotally, a small sample size of a dozen businesses informed the agency of about 200 layoffs. Gionson said if people want to help, they should keep their trips, as long as they are not staying in West Maui.

Persons: Ilihia Gionson, Josh Green, Gionson, anecdotally, Richie Olsten, they’re, ” Olsten Organizations: CNN, Hawaii Tourism Authority, Hawaii Gov, Maui Locations: Hawaii, Maui, United States, West Maui

☆ Here’s why farmers aren’t included in the US monthly jobs report
▼ + stars: | 2023-09-02 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

Los Angeles CNN —On what is usually the first Friday of every month, the US Bureau of Labor Statistics releases its Employment Situation Summary, or monthly jobs report, formally known as the “nonfarm payroll” report. Many farm workers are seasonalBut why does this key employment report only tally “nonfarm” workers? However, despite the “nonfarm” nomenclature, a growing share of farm workers does make it into the BLS job report tally. Historically, the job of counting farm workers falls to the US Department of Agriculture due to its relationships with farms across the country. But farmers aren’t the only workers the jobs report excludes: Elected officials, domestic workers, some members of the clergy and people in many other nontraditional professions are also left behind in the official jobs report data.

Persons: nonfarm, won’t, Erica Groshen, Groshen, “, ” Organizations: Los Angeles CNN, US Bureau of Labor Statistics, BLS, Unemployment Insurance, Bureau of Labor Statistics, US Department of Agriculture, USDA

☆ August Jobs Report U.S. Job Growth Expected to Cool
▼ + stars: | 2023-09-01 | by ( Lydia Depillis | Joe Rennison | ) www.nytimes.com time to read: +2 min

Forecasters believe that trend continued in August, estimating that the Labor Department’s monthly report on Friday will show the addition of 170,000 jobs. That would be a decrease from the 218,000-job average over the previous three months, and closer to the number needed to employ the approximately 140,000 people who enter the labor force each month. But analysts say the Federal Reserve’s push to cool rapid inflation by ratcheting up borrowing costs — and the impact on hiring — has a ways to go. Immigrants work at higher rates than the American-born population, in which labor force participation is declining as people age into retirement. Already, Americans are feeling the difference: In the Conference Board’s reading of consumer sentiment for August, the share of workers saying jobs were “hard to get” increased sharply, while the share saying jobs were “plentiful” fell.

Persons: —, ’ ”, Stephen Juneau, Bank of America Merrill Lynch, “ There’s, we’ve Organizations: Labor, Bank of America Locations: American, ”

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