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☆ Meet the typical LGBTQ+ American: A homeowner making six figures who most likely lives in DC or Vermont
▼ + stars: | 2024-06-12 | by ( Juliana Kaplan | Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Among opposite same-sex couples, about a third are between 25 and 44, while it's 42% for married same-sex couples. Same-sex couples are much more likely to be interracial than opposite-sex couples — 32.2% of same-sex couples are interracial, compared to 18.6% of married opposite-sex couples and 28.6% of unmarried opposite-sex couples. For married same-sex couples, this number jumps to $123,500, compared to $109,700 for married opposite-sex couples. Unmarried same-sex couples own just 48.7% of the time, slightly above 47.9% of unmarried opposite-sex couples. In nearly two-thirds of same-sex couples, both partners are working, though this drops to 61.9% for married same-sex couples.

Persons: — Organizations: Service, Survey, Business, Brookings, American, Gay, Gallup Locations: America, DC, Vermont, Massachusetts, Washington, California, Texas

☆ Inside Henrik Fisker's second failed automotive startup
▼ + stars: | 2024-06-12 | by ( Grace Kay | ) www.businessinsider.com time to read: +18 min

AdvertisementA Fisker spokesperson said it would be "unfair" to compare the two companies. A Fisker spokesperson denied comments that Henrik took on a more passive role and said he was "deeply involved." AdvertisementA Fisker spokesperson said Magna was responsible for testing and releasing the Ocean and it had been fully certified by regulators in the US and Europe. But in the year since the Ocean's release, the company has delivered around 7,000 vehicles, a Fisker spokesperson said. A Fisker spokesperson pushed back on the comments questioning Henrik's business prowess.

Persons: —, Henrik Fisker, Wendy Gruel's, Geeta Gupta, Gupta, Henrik Fisker's, James Bond, Henrik, Fisker, Rivian, Tesla, Phil McCarten, Magna, hadn't, YouTuber, Marques Brownlee, Kurt Mechling, he'd, they'd Organizations: Service, Business, TechCrunch, Aston Martin, BMW Z8, Magna International, Fisker Inc, Apollo Global Management, Tesla, Ford, GM, Magna, Reuters, Fisker, Business Insider, Engineers, Traffic Safety Administration, NHTSA, Technicians, California Bureau of Automotive, BI, New York Stock Exchange Locations: Fisker, Europe, California, Graz, Austria, Panera

☆ Inflation slows in May, with consumer prices up 3.3% from a year ago
▼ + stars: | 2024-06-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The consumer price index showed no increase in May as inflation slightly loosened its stubborn grip on the U.S. economy, the Labor Department reported Wednesday. The monthly rate rose 0.3% in April while the annual rate was 3.3%. Though the top-line inflation numbers were lower for both the all-items and core measures, shelter inflation increased 0.4% on the month and was up 5.4% from a year ago. Housing-related numbers have been a sticking point in the Federal Reserve's inflation battle and make up a heavy share of the CPI weighting. Though the Fed doesn't use the CPI as its main inflation indicator, it still figures into the calculus.

Persons: Dow Jones, Price, Robert Frick, Joseph LaVorgna, FOMC Organizations: department's Bureau of Labor Statistics, Labor Department, Treasury, Dow Jones, Navy Federal Credit Union, Federal Reserve, CPI, Nikko Securities, Commerce Locations: U.S

☆ Even with food prices flattening out, the cost of dining out is still going up
▼ + stars: | 2024-06-12 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

But menu prices, a source of frustration for budget-conscious consumers, are still going up — even as restaurants brag about their discounted meals. In that time prices ticked up 0.2% at limited service spots, which include fast casual and fast food joints. Grocery prices rose 1% in the 12 months through May. The increases, particularly in fast food prices, have caused customers to pull back on spending and complain online, eroding the sector’s reputation for affordability. In February, overall food prices remained flat for the first time since April 2023.

Persons: Joe Erlinger, Justin Sullivan, Rice, Milk Organizations: New, New York CNN, Bureau of Labor Statistics, McDonald’s, KFC, Starbucks Locations: New York, Burger King, Ukraine, Texas

☆ Where’s inflation really heading? Traders and economists are using this real-time inflation gauge to get ahead of the curve
▼ + stars: | 2024-06-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

The inflation rate the government arrives at also impacts how much you receive in Social Security benefits and likely is a factor in determining your pay. The government also has a much longer history of producing inflation reports with extremely thorough standards. Like PCE and CPI, Truflation assigns relative importance values to categories to mirror how an average consumer’s income is allocated. That’s why small increases in the cost of housing can end up having big impacts on the overall inflation rate. How Truflation data is being usedWall Street traders were the first group drawn to Truflation, Rust said.

Persons: Truflation, Hilton, Stefan Rust, Rust, “, ” Danielle DiMartino Booth, Richard Fisher, Booth Organizations: New, New York CNN, Index, Federal, Social Security, PCE, CPI, Amazon, Walmart, Nielsen, Bureau of Labor Statistics, Labor Department, CNN, Dallas Fed, QI Research Locations: New York, Zillow

☆ Biden cheers cooling inflation ahead of key Fed interest rate decision
▼ + stars: | 2024-06-12 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

"Prices are still too high, but today's report shows welcome progress on lowering inflation," Biden said in a statement. The federal Bureau of Labor Statistics report also showed that the annual inflation rate fell to 3.3% in May, down from 3.4% in April and 3.5% in March. The numbers also came in cooler than economists had expected, with those surveyed by Dow Jones having predicted a 0.1% increase in prices and a 3.4% annual rate of inflation. "Wages are rising faster than prices, and unemployment has remained at or below 4% for the longest stretch in 50 years," said Biden. "I know many families are feeling squeezed by the cost of living, which is still too high," he added.

Persons: Joe Biden, Biden, Dow Jones Organizations: Wednesday, of Labor Statistics

☆ U.S. is reportedly weighing further limits on China's access to AI chip tech
▼ + stars: | 2024-06-12 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

The U.S. could further tighten restrictions on China's access to chip technology critical for artificial intelligence, Bloomberg reported on Tuesday. The Biden administration is weighing actions that would target high-tech chip architecture known as gate all-around, Bloomberg reported, citing sources familiar with the matter. GAA refers to new transistor architecture that could lead to better performance and lower power consumption. South Korea's Samsung Electronics has already started production for 3-nanometer chips with GAA technology. Shares of TSMC and Samsung Electronics were up 1.6% and 0.4%, respectively, in Wednesday morning trading in Asia.

Persons: Biden Organizations: Bloomberg, Samsung Electronics, Taiwan Semiconductor Manufacturing Company, U.S . Department of Commerce, Bureau of Industry, Security Locations: Asia, U.S, China

☆ CPI report: Inflation slowed in May, hinting at welcome relief for consumers
▼ + stars: | 2024-06-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Falling gas prices kept inflation in check following a 0.3% gain in April. “Adding to the good inflation news, core services inflation (excludes energy services) printed its mildest monthly increase since September 2021,” Kathy Bostjancic, Nationwide’s chief economist, wrote in a note issued Wednesday. On an annual basis, shelter inflation slowed a tenth of a percentage point to 5.4%, which is its lowest rate since April 2022. Still, those costs continue to run hot for consumers, with transportation services prices up 10.5% from a year ago and car insurance up 20.3%. Soft CPI boosts chances for Fed cutsThe CPI, which tracks average change in prices for a basket of goods and services common to consumers, is the most widely cited inflation metric.

Persons: ” Philip T, Powell, They’re, ” Kathy Bostjancic, Indiana University’s Powell, it’s, ” Sean Snaith, ” Preston Caldwell, Tool, “, ” Scott Anderson Organizations: CNN, Inflation, Federal, Bureau of Labor Statistics ’, Indiana Business Research Center, Indiana University Kelley School of Business, Federal Reserve, CPI, Transportation, University of Central, Soft, Fed, Morningstar, BMO Bank Locations: “, Indiana, University of Central Florida

☆ Inflation unexpectedly cools off as the Fed decides its next move
▼ + stars: | 2024-06-12 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

Meanwhile, the gas index rose 2.2% from May 2023 to this past May, higher than the 1.2% year-over-year increase in April. The food index rose 2.1% for the 12 months ending May after it was consistently seeing year-over-year increases of 2.2%. More specifically, the food at home index rose 1.0% for the 12 months ending May after a 1.1% increase. Meanwhile, the food away from home index rose 0.4% in May from the preceding month and 4.0% year over year in May. Inflation measures like the CPI suggest US inflation is still too high although these rates look a lot better than back in 2022.

Persons: —, it's, Elizabeth Renter, David Kelly Organizations: Service, Index, Bureau of Labor Statistics, Business, CPI, BLS, Housing, Morgan Asset Management

☆ Opinion: Why Hunter Biden should have just pleaded guilty
▼ + stars: | 2024-06-11 | by ( Opinion Dennis Aftergut | ) edition.cnn.com time to read: +8 min

Hunter Biden was charged in September with three counts related to his purchase and possession of a firearm while using illegal drugs. Of course, Hunter Biden had the right to go to trial; it was his liberty at risk. Hallie Biden is the widow of Beau Biden, Hunter’s deceased brother. Testifying about intimate family matters must have been an enormous emotional trauma for her, as well as for Hunter Biden and his family. President Biden told ABC News before the verdict that he would accept the jurors’ decision, whatever it was.

Persons: Dennis Aftergut, Hunter Biden’s, Hunter‘s, Joe Biden, Hunter Biden, Hunter, Abbe Lowell, “, ” Lowell, Maryellen Noreika, David Weiss, indicting, Weiss, General Merrick Garland, Weiss upping, Noreika, Kathleen Buhle, Hallie Biden, Beau Biden, Hunter’s, he’s, Biden, MAGA narrative’s, —, Donald Trump’s, Stormy Daniels, MAGA Organizations: Defending American Democracy, CNN, of Justice, Colt, Alcohol, Tobacco, Firearms, Explosives, US, MAGA, Republicans, Department of Justice, Twitter, Facebook, ABC News Locations: Delaware

☆ Up to 65% of workers with these jobs are middle class—and some don't require a bachelor's degree
▼ + stars: | 2024-06-11 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

But the middle class may be more occupationally ambiguous, especially since a middle class income can range from $49,720 to $149,160 in the U.S., according to Pew Research's definition and based on the latest Census Bureau income data. Pew defines the middle class as households earning between two-thirds and double the median income, which was $74,580 in 2022, according to the U.S. Census Bureau. Since over half of U.S. households were estimated to be in the middle class as of 2022, Pew says, it makes sense the jobs that offer those middle class incomes would vary. But some positions and industries tend to have higher shares of middle class workers. Notably, many of the jobs that are likely to ensure a middle class salary may not require a college education.

Persons: Pew Organizations: Pew, . Census, Survey, Armed, Workers, Bureau of Labor Statistics, Department of Defense, Public, CNBC Locations: U.S

☆ Hunter Biden was always doomed to lose his trial. His best bet is appealing a 'vindictive prosecution.'
▼ + stars: | 2024-06-11 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +11 min

Related VideoIn his opening statement at the trial, Biden's lawyer Abbe Lowell urged jurors in the Wilmington, Delaware, federal court to acquit his client. "They know how to put on a tight gun case." Biden's trial was not necessarily a lost cause. Hunter Biden's lawyers have argued this arrangement has perversely allowed Weiss to politicize the proceedings unchecked. This story was updated following the jury verdict in Hunter Biden's gun trial.

Persons: —, Hunter Biden, Biden, Abbe Lowell, Prosecutors, Sarah Krissoff, didn't, Maryellen Noreika, Donald Trump, Lowell, Jared Kushner, Sen, Robert Menendez, John Edwards —, Joe Biden, ROBERTO SCHMIDT, David Weiss, General Merrick Garland, Weiss, Hunter Biden's, Noreika, Trump, Republicans gloated, Hallie Biden, Cozen O'Connor, Duncan Levin, Levin, He's, Krissoff, Evelyn Hockstein, Neama Rahmani, Rahmani Organizations: Service, Business, Alcohol, Tobacco, Firearms, Explosives, AFP, Getty, Trump, Justice, Republicans, Biden's, US, BI, Republican, U.S, U.S . Department of Justice, Hill, REUTERS, Justice Department, West, Creative Locations: Wilmington , Delaware, Manhattan, Delaware, California, New York, Texas

☆ Here's what investors expect from the stock market after the Fed decision Wednesday
▼ + stars: | 2024-06-11 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

Broadly speaking, market observers expect that investors have already priced in how the Fed may proceed with interest rates. So long as this week's Fed meeting sticks to the consensus view, many observers expect stocks will breathe a sigh of relief. "This is one of the busiest of the days on Wednesday," said Art Hogan, chief market strategist at B.Riley Financial. Possibility for surprise Of course, the Fed meeting still has the potential to surprise investors. ET Wednesday while the Fed meeting wraps up at 2:00 p.m. and Powell's press conference starts a half hour later.

Persons: shrugging, Hogan, Dave Sekera, it's, Riley's Hogan, ChairJerome Powell, Powell, hasn't, Brian Nick, Nick, —, I'd, Jeff Klingelhofer, Klingelhofer, Joshua Roberts Organizations: Federal Reserve, B.Riley, Morningstar, Fed, Macro, Bureau of Labor Statistics, Nvidia, Thornburg Investment Management, Federal Locations: U.S, Washington ,

☆ Fed meeting and inflation report both hit Wednesday, and the impact could be huge
▼ + stars: | 2024-06-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Jerome Powell, Chairman of the U.S. Federal Reserve, speaks during the conference celebrating the Centennial of the Division of Research and Statistics, Board of Governors of the Federal Reserve System in Washington D.C., United States on November 08, 2023. None of those numbers are dramatically different from the April readings, and still show inflation running well above the Fed's 2% target. Central bankers prefer the Commerce Department's measure of personal consumption expenditures prices, a broader measure that also accounts for changes in consumer behavior. The Bureau of Labor Statistics is scheduled to release the CPI report at 8:30 a.m. The Fed meeting

Persons: Jerome Powell, Celal Gunes, Jonathan Pingle, Pingle, tinker, Jack Janasiewicz, —, Janasiewicz Organizations: U.S . Federal Reserve, of Research, Statistics, Governors, Federal, System, Washington D.C, Getty, Anadolu, Federal Reserve, UBS, CPI, Investment, Labor Statistics Locations: Washington, United States, Anadolu

☆ Law Enforcement Unit Is Formed to Crack Down on Illegal E-Cigarettes
▼ + stars: | 2024-06-10 | by ( Christina Jewett | ) www.nytimes.com time to read: +1 min

A multi-agency coalition of law enforcement agents will begin tackling the unruly market of illegal e-cigarettes, under pressure from antismoking groups, lawmakers and the tobacco industry urging federal authorities to stop the flood of vaping devices favored by adolescents. The Justice Department announced the new effort, which is expected to target fruit- and candy-flavored vapes containing high levels of addictive nicotine. The new coalition would include the Bureau of Alcohol, Tobacco, Firearms and Explosives; the U.S. Postal Service, tapping into federal laws that could include significant fines and jail terms. “Unauthorized e-cigarettes and vaping products continue to jeopardize the health of Americans — particularly children and adolescents — across the country,” Benjamin C. Mizer, the acting associate attorney general, said.

Persons: —, ” Benjamin C Organizations: Justice Department, Alcohol, Tobacco, Firearms, Explosives, U.S . Marshals Service, Federal Trade Commission, U.S . Postal Service, Food and Drug Administration

☆ US flight prices are over $200 cheaper than they were 30 years ago when adjusting for inflation. Here's why it doesn't feel like it.
▼ + stars: | 2024-06-10 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +10 min

But if you ask some Americans, airfares have gotten out of control in recent years. Keyes said international inflation-adjusted airfares for US passengers have also generally fallen over the past decade. To be sure, any frustrations about airfare prices haven't stopped many Americans from flying. "The decline in inflation-adjusted airfares appears to be uncorrelated with the financial performance of the 'big three' airlines," Tan said. AdvertisementIt's also possible that after airfare prices plummeted due to the pandemic, 2022's swift rise in airfares caught Americans off guard.

Persons: —, airfares, Scott Keyes, Mike Daher, It's, Keyes, Biden, Kerry Tan, they've, haven't, Tan, Tan, there's, airfare, Hayley Berg, Hopper's, NerdWallet Organizations: Service, Bureau of Transportation Statistics, Business, Deloitte, Gallup, JetBlue, Spirit Airlines, Department of Transportation, TSA, Loyola University Maryland, Delta, of Transportation, Airlines for America, Southwest, Spirit, United, Biden Administration, The Airlines Locations: United, America

☆ Is a recession coming? Economists say look at women’s lips
▼ + stars: | 2024-06-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Estee Lauder chairman Leonard Lauder created the lipstick index during the economic downturn following September 11, 2001. In fall 2001, US lipstick sales increased by 11%. “The lipstick index has been substituted with the moisturizing index,” said Freda. But data shows that more expensive prestige beauty sales are outpacing mass, lower-priced beauty sales. What do you see dominating the beauty market in the second half of the year?

Persons: Estee Lauder, Leonard Lauder, Fabrizio Freda, ”, Freda, “, Sephora, Bell, Neela Montgomery, Laura Mercier, We’ve, it’s, Skincare, It’s, we’re, Inflection’s, OpenAI, Sarah Myers West, ” West, Brian Fung, Jerome Powell, Price Organizations: CNN Business, Bell, New York CNN, CNN, Federal Trade Commission, Microsoft, FTC, Justice Department, Google, Nvidia, DOJ, US Department of Treasury, OPEC Monthly, Federal Reserve, US Bureau of Labor Statistics, Signet Jewelers, Federal Locations: New York, Asia

☆ A shortage of young men in the workforce could weigh on housing, Social Security, and growth for years to come
▼ + stars: | 2024-06-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewAmerica's job market is mysteriously short of young men. Zack Mabel, a research professor at Georgetown University, theorizes that falling labor force participation among young men could impact the economy for at least several decades. AdvertisementStraining the economyThe economy appears to already be feeling the decline in male workforce participation. Besides the years following the pandemic, US workforce participation rate hasn't been that low since the 70s, World Bank data shows. There's no clear answer for how to get young men back into the workforce.

Persons: —, Carol Graham, That's, Graham, They're, Zack Mabel, Mabel, Meredith Whitney, Whitney, they're Organizations: Service, Brookings Institute, Bureau of Labor Statistics, Business, Georgetown University, World Bank, Bank, Wall, Brookings, Government, Social Locations: Brookings

☆ OpenAI seems to be hiring undercover security guards at its office and it's creeping out local business owners
▼ + stars: | 2024-06-09 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

Read previewOpenAI's office in San Francisco is crawling with undercover security guards who don't take kindly to questions, locals say. Photographers for The San Francisco Standard, an online local news outlet, said they recently noticed what looked like undercover security guards standing outside the company's office. OpenAI first moved into its 59,000-square-foot office in San Francisco's Mission District in July 2023. Iain Langlands, a cashier at a pet store just one block from the office, told the Standard that the "vibe" surrounding the OpenAI office is "secretive." California's Bureau of Security and Investigative Services — which issues security guard licenses — did not immediately return Business a request for comment from Business Insider.

Persons: —, Candace Combs, Combs, OpenAI, Iain Langlands, James Organizations: Service, The San Francisco, Business, San Francisco's Mission, Health Ceramics, California's, of Security, Services Locations: San Francisco, San Francisco's

☆ The Covid-19 pandemic worsened a child care crisis, and it's costing U.S. businesses billions
▼ + stars: | 2024-06-08 | by ( Kate Rogers | ) www.cnbc.com time to read: +3 min

Policy advocates argue that child care, including for infants and toddlers, is an economic issue that affects all Americans, not just those with young kids. That is up from $57 billion in 2018, before the pandemic exposed and exacerbated holes in the system for working families and the companies that rely on them. Part of the nationwide solution is supporting what the group calls the "workforce behind the workforce" — early child care providers. "Supporting the early childhood workforce could include such things as making sure child care providers have access to benefits. "Programs that support additional training and education for child care providers are important as well."

Persons: Nancy Fishman, Fishman Organizations: Bureau of Labor Statistics, Bank of America, American, ReadyNation, CNBC

☆ Democratic convention: Secret Service and Chicago police ramp up preparations as protests loom
▼ + stars: | 2024-06-08 | by ( John Miller | Eric Bradner | ) edition.cnn.com time to read: +4 min

CNN —Secret Service and Chicago police officials are ramping up preparations for the Democratic National Convention in August, with officers receiving training ranging from First Amendment rights to handling violent protests and mass arrests. Democrats are poised to nominate President Joe Biden for reelection at their Chicago convention. The Chicago Police Department’s Crime Prevention and Information Center will serve as its command center to monitor all convention-related events citywide, including protests. We are planning for real-world possibilities,” said Jeff Burnside, the Secret Service coordinator for the Democratic convention. Meanwhile, Chicago police officers have been holding drills on a wide range of potential scenarios — including violent protests, extracting individuals from hostile crowds, medical emergencies and more.

Persons: Kimberly Cheatle, Joe Biden, Cheatle, ” Cheatle, “ You’ve, you’ve, al, ”, Jeff Burnside, Larry Snelling Organizations: CNN, Chicago, Democratic National Convention, United Center, Democratic, The Chicago Police, Service, Illinois State Police, FBI, Alcohol, Tobacco, Firearms, Explosives, Federal, National Counterterrorism Center, Department of Homeland Security, ISIS, al, Republicans, Chicago Police Locations: Chicago, Gaza, Vietnam, Milwaukee

Nearly 78% of foreign-born men were in the labor force, compared to about 66% of native-born men. Foreign-born men had weekly earnings of $1,051, compared to $1,238 for native-born men, while foreign-born women had weekly earnings of $899, compared to $1,025 for their native-born counterparts. The foreign born were more likely to work in service, construction and maintenance jobs, among other occupations, which often pay less. Some 3.6% of the foreign born were unemployed last year – the same share as the native born. Just over 15% of foreign-born workers were White, and nearly 11% were Black.

Persons: Mario Tama Organizations: Getty, Foreign, of Labor Statistics, Labor Force, - Locations: American, Los Angeles , California, America

☆ Here’s where the jobs are for May 2024 — in one chart
▼ + stars: | 2024-06-07 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

The three sectors, respectively, added 68,000, 43,000 and 42,000 jobs, similar to trends seen over the past year. The U.S. economy added 272,000 jobs for the month , coming out significantly higher than the Dow Jones consensus estimate of 190,000. Job growth in May was surprisingly strong, pushing back on lingering fears of a broader economic slowdown and likely slowing the Federal Reserve's rate-cutting timeline. On the other hand, social assistance employment trended higher as it added 15,000 last month, below the sector's average of 22,000 jobs per month seen over the last year. Investors walked away from the report discouraged that the Federal Reserve would cut rates in June, noting that the increase in job growth and above-average wage growth paints a picture of a fairly strong consumer.

Persons: Dow Jones, That's, Sonu Varghese Organizations: U.S . Bureau of Labor Statistics, Investors, Federal Reserve, Carson Group Locations: U.S

☆ US economy added a whopping 272,000 jobs in May
▼ + stars: | 2024-06-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

At a time when Americans and the Federal Reserve are clamoring for clear-cut data about the state and trajectory of the economy, Friday’s jobs report was much more opaque than everyone had hoped. Employment fell in the household survey, while unemployment increased to just shy of 6.5 million and pushing the unemployment rate to the threshold of 4%. Service-providing industries accounted for the bulk of the month’s job gains, with health care and social assistance continuing to lead the way, with 83,500 jobs added. “Don’t get overly spooked by the rise in the unemployment rate,” Bunker wrote. “The labor market is still gliding toward a soft landing.”

Persons: ” Dean Baker, “, I’ve, Diane Swonk, ”, Wall, Chris Rupkey, FwdBonds, CEPR’s Baker, ” Baker, ” Thomas Simons, Jeffries, Nick Bunker, Bunker, “ Don’t, ” Bunker Organizations: CNN, Federal Reserve, Center for Economic, Policy Research, of Labor Statistics, KPMG, That’s, Index, Traders, BLS, Service, North America

☆ U.S. adds a much-better-than-expected 272,000 jobs in May, but unemployment rate edges up to 4%
▼ + stars: | 2024-06-07 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

At the same time, the unemployment rate rose to 4%, the first time it has breached that level since January 2022. The increase came even though the labor force participation rate decreased to 62.5%, down 0.2 percentage point. The survey of households used to compute the unemployment rate showed that the level of people who reported holding jobs fell by 408,000. A more encompassing unemployment figure that includes discouraged workers and those holding part-time jobs for economic reasons held steady at 7.4%. The household survey also showed that full-time workers declined by 625,000, while those holding part-time positions increased by 286,000.

Persons: Dow Jones, you've, Liz Ann Sonders, Charles Schwab, Joe Raedle Organizations: Labor Department's Bureau of Labor Statistics, Getty Locations: U.S, Miami , Florida

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