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Washington (Reuters) — The United States has barred imports from 26 Chinese cotton traders or warehouse facilities on Thursday as part of its effort to eliminate goods made with the forced labor of Uyghur minorities from the US supply chain. US officials believe Chinese authorities have established labor camps for Uyghurs and other Muslim minority groups in China’s western Xinjiang region. “The so-called ‘Uyghur Forced Labor Prevention Act’ is just an instrument of a few US politicians to disrupt stability in Xinjiang and contain China’s development,” the spokesperson said. Washington has restricted imports from 65 entities since the Uyghur Forced Labor Prevention Act Entity List law was passed in 2021, according to the department. “We enthusiastically endorse DHS’s action today to nearly double the Uyghur Forced Labor Prevention Act’s ‘Entity List’ — while recognizing that the current list remains only a fraction of the businesses complicit in forced labor,” Representative Chris Smith and Senator Jeff Merkley, chairs of the bipartisan Congressional-Executive Commission on China, said in a statement.
Persons: ” Alejandro Mayorkas, , Chris Smith, Jeff Merkley Organizations: Washington, Reuters, Uyghur, Labor, US Department of Homeland Security, Homeland Security, Congressional, Commission, DHS Locations: United States, China’s Xinjiang, China’s, Xinjiang, Beijing, Washington, China, Asia
United Auto Workers (UAW) members and supporters on a picket line outside the ZF Chassis Systems plant in Tuscaloosa, Alabama, US, on Wednesday, Sept. 20, 2023. Andi Rice | Bloomberg | Getty ImagesMercedes-Benz workers in Alabama have voted against union representation by the United Auto Workers, the National Labor Relations Board said Friday. Union organizing failed with 56% of the vote, or 2,642 workers, casting ballots against the UAW, according to the NLRB, which oversaw the election. More than 90% of the 5,075 eligible Mercedes-Benz workers voted in the election, according to the results. If no objections are filed, the election result will be certified, and the union will have to wait one year to file for a union election for a similar bargaining unit.
Persons: Andi Rice, Shawn Fain, Margaret Mock, Stellantis, Michael Wayland, Stephen Silvia, Southern, Mercedes, Silvia Organizations: United Auto Workers, UAW, ZF, Systems, Bloomberg, Getty, Mercedes, Benz, National Labor Relations Board, Detroit, Union, NLRB, Team, Detroit automakers Ford Motor, General Motors, Volkswagen, Southern Gamble, Workers, Foreign, American University Locations: Tuscaloosa , Alabama, Alabama, Tennessee, Sterling Heights , Michigan, U.S, Washington ,
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWage growth slowing would benefit high rent inflation, says HousingWire's Logan MohtashamiLogan Mohtashami, HousingWire analyst, joins 'Squawk on the Street' to discuss if the housing market needs to see labor market cracks for affordability to fall, when the analyst expects wage growth to slow, and if the economy will be free of tight housing supply.
Persons: HousingWire's Logan Mohtashami Logan Mohtashami
I understand why parents are unhappy with the proliferation of computers in school, as my Opinion colleague Jessica Grose documented in a recent series of newsletters. For example, imagine teaching ratios by showing a Yankees fan how to update Aaron Judge’s batting average. can also give teachers and parents the detailed information they need to help their young charges more effectively. As I wrote last month, there’s a risk that A.I. will substitute for human labor and eventually render us all superfluous.
Persons: Jessica Grose, , “ we’ve, Aaron Judge’s
Out of the valid votes counted, 56% of workers voted “no,” while 44% voted “yes” for unionization, according to Mercedes-Benz. Under relatively new UAW president Shawn Fain, the UAW had shifted its strategy for a membership push in non-unionized factories, many of which are located in the American South. David Johnston, right, a worker at Mercedes, thanks UAW President Shawn Fain following a press conference in Tuscaloosa, Alabama on May 17, 2024, after workers at two Alabama Mercedes-Benz factories voted overwhelmingly against joining the United Auto Workers union. Alabama is not Michigan, and we are not the Sweet Home to the UAW,” Ivey said in the statement. People react as the result of a vote comes in favour of the hourly factory workers at Volkswagen's assembly plant to join the United Auto Workers (UAW) union, at a watch party in Chattanooga, Tennessee, U.S., April 19, 2024.
Persons: Shawn Fain, Fain, , ” “, ” Fain, David Johnston, Kim Chandler, , Kay Ivey, Vance, ” Ivey, Mercedes, Tesla, Seth, Wheaton, Mercedes plant’s, It’s, Mercedes Benz, ” Wheaton, “ It’s, Chris Isidore, Nathaniel Meyersohn Organizations: New, New York CNN, United Auto Workers, Mercedes, Benz, The National Labor Relations Board, UAW, Alabama, Big Three, Volkswagen, International, Team, Workers, Alabama Gov, Benz US International, Member, ” CNN, US, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, Seth Herald, Reuters, Chattanooga, Volkswagen didn’t, Cornell University School of Industrial and Labor Relations ’, CNN, P Global Market Intelligence Locations: New York, Benz, Alabama, United States, Chattanooga , Tennessee, American, Tuscaloosa , Alabama, MBUSI, Alabama , Georgia , Mississippi, South Carolina , Tennessee, Texas, Michigan, U.S, Cornell University School of Industrial and Labor Relations ’ Buffalo
The class of 2024 is facing a tough job market. Hiring has slowed across the U.S., and entry-level jobs are getting more competitive in the wake of white-collar layoffs. Tai Walker, a senior at William Paterson University in Wayne, New Jersey, started her job search in March 2024 and has submitted over 100 applications. Walker says she's researching artificial intelligence and other tech boot camps to broaden her skill set and increase her job prospects. Even though some entry-level jobs have gotten harder to land, industries experiencing staffing shortages like education and construction are still hiring new college grads.
Persons: Tai Walker, Walker, who's, She's, Harry Holzer, Kory Kantenga, Kantenga, , you've Organizations: William Paterson University, CNBC, Georgetown University, Labor Department, Employers, National Association of Colleges, LinkedIn, Education, Financial, Investment, Tech, Health, Kantenga Locations: U.S, Wayne , New Jersey, Americas
An employment verification letter American Airlines gives to some newly hired flight attendants documenting their salary has been circulating on Reddit, drawing attention to their low wages. The union says that flight attendants’ low salaries compared to top airline executives is a prime example of “corporate greed.”New flight attendants at American Airlines start at $27,000 per year. Robert Isom, the CEO of American Airlines, earned $31.4 million last year — 1,162 times more than a new attendant. American Airlines flight attendants have not gotten a raise since 2019, and the union is escalating its push for a new contract to raise wages. Flight attendants for United Airlines, Alaska Airlines and other carriers are also pushing for new contracts to raise wages.
Persons: haven’t, , , Robert Isom, Paul Hartshorn, APFA, Joe Biden, ” Hartshorn, Organizations: New, New York CNN, American Airlines, Association of Professional, Nutrition Assistance, SNAP, CNN, United Airlines, Alaska Airlines, Bureau of Labor Statistics, Railway Labor, Board, Airlines, “ Management, Southwest Airlines Locations: New York, Massachusetts
CNN —Scottie Scheffler is a man well-accustomed to making global headlines, but almost never for events beyond the confines of the golf course. In 2014, at 17, as an amateur he made a hole-in-one and the cut on his first PGA Tour start. Without a PGA Tour victory heading into 2022, by April of that year he was a four-time victor, the world No. 1’s image as the self-effacing star of the PGA Tour, a perception he is content to endorse. His 10th PGA Tour title, it made him the first golfer since Woods in 2006 to win a PGA Tour event the week after triumphing at a major.
Persons: Scottie Scheffler, Tiger Woods, Scheffler, Ryder, Scheffler coasted, , Meredith, ” Scheffler, Ted Scott, ” Scottie Scheffler, David J, Phillip, Mary, Grandma, CNN Sport’s Don Riddell, Jared C, Tilton, Scheffler’s, Riddell, , I’m, I’ve, golf’s, Jamie Squire, Arnold Palmer, Andrew Redington, Bennett, Woods, triumphing, Rory McIlroy, Scott Organizations: CNN, Dallas, PGA, Augusta National, University of Texas, TPC, PGA Tour, Cowboys, Team USA, Ryder, Arnold Palmer Invitational, RBC Heritage, Northern Locations: Ridgewood , New Jersey, Augusta, Ponte Vedra Beach , Florida, Dallas, Rome, Valhalla, Louisville
About 86.6% of Hopper users expect to travel this summer, but 72.5% have not booked their trips yet, according to the outlook. "Leaving a balance in your credit card is not necessarily good for your credit score." Plus you're adding to the expense of that purchase, with average credit card interest rates topping 20%. Book summer travel plans soon: The sooner you book your travel plans, the lower the upfront cost will tend to be. You might still have time to book late summer, early fall trips, she explained.
Persons: Klaus Vedfelt, Hopper, Berg, " Berg, Sally French, Cardholders Organizations: Digitalvision, Getty, United Airlines, American Airlines, JetBlue Airways, Federal Reserve Bank of New, Labor Locations: Federal Reserve Bank of New York, U.S
Mercedes Workers in Alabama Reject Union
  + stars: | 2024-05-17 | by ( Jack Ewing | ) www.nytimes.com   time to read: +1 min
Workers at two Mercedes-Benz factories near Tuscaloosa, Ala., voted on Friday against joining the United Automobile Workers, a stunning blow to the union’s campaign to gain ground in the South, where it has traditionally been weak. Hyundai and Honda also have large factories in Alabama that the U.A.W. could build on a string of recent victories and gain ground in a state whose elected officials have been hostile to organized labor. The union has said it wants to organize every automobile factory in the United States, expanding its membership to include the employees of companies like Toyota and Tesla. Union leaders will want to spend time figuring out how best to counter the messages and tactics of local lawmakers and company executives.
Persons: Kay Ivey Organizations: Mercedes, Benz, United Automobile Workers, Alabama’s, Hyundai, Honda, Toyota, Tesla Locations: Tuscaloosa, Ala, Alabama, United States, Union
Mortgage interest rates have moved lower amid signs that persistently high inflation may be starting to cool. The 10-year Treasury yield fell following the release of this data, and mortgage rates followed suit. Once inflation slows enough that the Federal Reserve is able to start lowering the federal funds rate, mortgage rates and other consumer rates should trend down. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.
Persons: you'll, Fannie Mae Organizations: of Labor Statistics, Treasury, Federal Reserve, Investors, Zillow, Mortgage, Association, Sky Locations: Chevron
Traders work on the floor of the New York Stock Exchange on May 16, 2024. Passing major milestones like the 40,000 barrier the Dow Jones Industrial Average eclipsed this week makes for a nice headline, but market experts don't take much else from the move. Forty thousand "is a great milestone, but [at the] end of the day there isn't much difference between 39,999 and 40k," said Ryan Detrick, chief market market strategist at Carson Group. But the "Waiting for Godot" economic retrenchment never happened, despite wobbly corporate profits and other headwinds. Those factors outweighed queasiness over where the Federal Reserve was headed with monetary policy amid inflation that has proved surprisingly sticky.
Persons: Ryan Detrick Organizations: New York Stock Exchange, Dow Jones, Carson Group, Wall Street, Federal
Almost 80% of current freight orders received for peak season are for mid-range price items, the survey shows. Similar to last year, respondents expect less consumer appetite for luxury and aspirational luxury items imported. The world's second-largest ocean freight company, Maersk, recently told CNBC it expected a "normal" peak season. "There's nothing that indicates that it would be a slower peak season or a bigger peak season," said Charles Van der Steene, president of Maersk North America, in a recent interview with CNBC. "We believe in normalized peak season.
Persons: Eric Thayer, Robinson, Kuehne, Nagel, Noah Hoffman, Hoffman, hypersensitive, Charles Van der Steene, We've, John David Rainey, Rainey, Larry, Jon Gold, Nate Herman, Biden Organizations: US, Bureau, Bloomberg, Getty, CNBC, Chain Survey, National Retail Federation, American Apparel and Footwear Association, United National Consumer Suppliers, ITS Logistics, DHL, Uber Technologies, C.H, Maersk, Walmart, Uber, International Longshoremen's Association, ILA, United States Maritime Alliance, Brands Locations: of Los Angeles, Los Angeles , California, U.S, Panama, Maersk North America, East Coast, Gulf, East, North America, West, Coast
BEIJING — China reported data Friday that pointed to slower growth on the consumer side while industrial activity remained robust. Retail sales rose by 2.3% in April from a year ago, the National Bureau of Statistics said. That was less than the 3.8% increase forecast by a Reuters poll, and slower than the 3.1% pace reported in March. But fixed asset investment rose by 4.2% for the first four months of the year, lower than the 4.6% expected increase. Statistics bureau spokeswoman Liu Aihua pointed out that last year, the multi-day May 1 Labor Day holiday had included two days in April.
Persons: Liu Aihua, Liu Organizations: National Bureau of Statistics, China's Ministry of Commerce, Labor, Statistics, Oxford Locations: Huai'an, China, BEIJING — China
Beaten-down clean energy stocks have rallied this week. The iShares Global Clean Energy exchange-traded fund, which tracks sectors from renewable electricity to semiconductors to solar energy, has gained roughly 3%. Plug Power shares have climbed 33%, Enphase Energy shares have gained 8% and NextEra Energy shares have added 4%. Some investors warn that though the tariffs could continue boosting clean energy stocks, the recent rally isn’t driven by just improving fundamentals. Damaging hacks expose the weak underbelly of America’s health care systemA pair of recent ransomware attacks crippled computer systems at two major American health care firms, disrupting patient care and exposing fundamental weaknesses in the US health care system’s defenses against hackers, reports my colleague Sean Lyngaas.
Persons: New York CNN — It’s, Joe Biden, CNN’s Kayla Tausche, , Steve Sosnick, Roaring Kitty, Keith Gill, Dow, Nicole Goodkind, stoking, Gary Pzegeo, ” Read, Sean Lyngaas, cybersecurity, ” Joshua Corman, Sen, Ron Wyden Organizations: CNN Business, Bell, New York CNN, Clean Energy, Enphase Energy, NextEra Energy, Biden, Federal Reserve, Interactive Brokers, CNN, GameStop, AMC Entertainment, Roaring, Dow Jones Industrial, Nasdaq, Markets, Bureau of Labor Statistics, CIBC Private Wealth, “ Industry, Oregon Democrat Locations: New York, China
Dow closes above 40,000 for first time ever
  + stars: | 2024-05-17 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +5 min
New York CNN —The Dow Jones Industrial Average closed above the 40,000 mark Friday for the first time in its 139-year history. To many Americans, “the Dow” simply means the stock market. Dow 100: The Dow first closed in triple digits in January 1906. Crash of 1929: The Dow fell 38 points on Oct. 28 and 31 more points the next day. Dow 30,000: Nov. 24, 2020: Covid sent the stock market plunging in the spring of 2020.
Persons: , Ryan Detrick, , Hogan, Dow, Teddy Roosevelt, Richard Nixon, Trump, Covid Organizations: New, New York CNN, Dow Jones, Federal Reserve, Bureau of Labor Statistics, Carson Group, Dow, Nasdaq, Riley Financial, CNN, Wall, Microsoft, Chevron, Federal, Woolworth, Eastman Kodak Locations: New York, Chevron —
Just over 65% of recent college graduates — workers ages 21 to 24 — are employed and not enrolled in further education as of March 2024, according to a recent study by the Economic Policy Institute. But not all young graduates are thriving. EPI found 1 in 10 young graduates were "idling" as of March 2024, meaning they were neither employed nor going back to school. It's normal for recent college graduates to take time to figure out their next steps or look for work. EPI cited Schwandt's research on recession labor markets and their long-term impacts in its study.
Persons: EPI, Hannes Schwandt Organizations: Economic, Institute, Workers, Northwestern University, CNBC
Academic workers at the University of California, Santa Cruz, will go on strike starting on Monday to protest the university system’s handling of pro-Palestinian demonstrations, the workers’ union announced on Friday. The union, U.A.W. 4811, which is part of the United Auto Workers, represents about 48,000 graduate students and other academic workers at 10 University of California system campuses and the Lawrence Berkeley National Laboratory. According to the union, about 2,000 members work at Santa Cruz as teaching assistants, tutors and researchers. academic workers are standing up to go on strike in response to the university’s crackdown on our fundamental rights to free speech and protest on campus,” Mr. Jaime said on Friday.
Persons: Lawrence, Rafael Jaime, “ U.A.W, ” Mr, Jaime, , Organizations: University of California, U.A.W, United Auto Workers, Lawrence Berkeley National Laboratory, Santa Cruz Locations: Santa Cruz, Santa
It has been operating a postal service in England since the reign of Henry VIII. EP Group has until May 29 to convert its £3.5 billion ($4.4 billion) non-biding offer into a formal bid for IDS. The likely sale would come after a difficult few years for Royal Mail, which was privatized in 2013. ‘As British as it gets’The potential buyout of Royal Mail has stirred anxieties about the consequences of the iconic British institution coming under foreign ownership. “Royal Mail is an important national asset that would benefit from being able to take a longer-term view,” the firm said.
Persons: Henry VIII, Daniel Křetínský, Křetínský, Patrik Tkáč, Rishi Sunak, Kemi Badenoch, Dave Ward, , ” Ward, Jonathan Reynolds, ” Ivana Kottasová Organizations: London CNN — Royal Mail, Distribution Services, IDS, Royal Mail, UK Department for Business, Trade, CNN, Bloomberg, Equity Investment, Newsweek, West Ham United Football Club, Reuters, Communication Workers Union, Labour Party, Royal, Labour Locations: England, Czech, British, United States, FNAC, France, United Kingdom, West
Vladimir Pereverzin was imprisoned for seven years in some of Russia's most notorious jails and penal colonies on fabricated charges of embezzlement and fraud. Pereverzin tells Business Insider about life in Russian jails and prisons, including details about police interrogations, solitary confinement, and forced labor. He describes the conditions in prison camps and discusses his time behind bars at several of the penal colonies that also held the Russian opposition leader Alexey Navalny. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.
Persons: Vladimir Pereverzin, Alexey Navalny Organizations: Business Locations: Russian
More than 5,000 Mercedes-Benz workers in Alabama are voting this week on whether to join the United Automobile Workers union, a decision both supporters and opponents say will have consequences far beyond two factories near Tuscaloosa where the German carmaker churns out luxury sport utility vehicles and batteries for electric cars. Conservative political leaders have portrayed the union campaign to organize Mercedes workers as an assault by outsiders on the region’s economy and way of life. The vote tally is expected to be released by federal officials on Friday. Six Southern governors, including Kay Ivey, an Alabama Republican, issued a statement last month criticizing unions as “special interests looking to come into our state and threaten our jobs and the values we live by.” Alabama recently passed a law intended to discourage union organizing. For the union, a win would add to a string of victories in the South, where organized labor has traditionally been weak, and provide momentum to the U.A.W.’s efforts to win over workers at other nonunion automakers like Hyundai, Toyota, Honda and Tesla.
Persons: Kay Ivey Organizations: Benz, United Automobile Workers, Conservative, Six, Alabama Republican, , Hyundai, Toyota, Honda Locations: Alabama, Tuscaloosa, Six Southern, ” Alabama
Consumers have largely seen prices deflate for physical goods, such as cars, furniture and appliances, economists said. They've also declined for some groceries and other things, such as travel, according to the consumer price index. Physical goods prices have deflated in all but one month since May 2023, for example. watch nowThe U.S. dollar's strength relative to other global currencies has also helped rein in prices for goods, economists said. Downward pressure on goods prices has waned a bit in recent months as supply-and-demand dynamics have normalized, economists said.
Persons: Oscar Wong, They've, they've, Michael Pugliese, Stephen Brown, Mark Zandi, Zandi, Hayley Berg, Hopper, There's, Brown Organizations: Consumers, Wells, Wells Fargo Economics, North, Capital Economics, Finance, GameStop, AMC, U.S, Federal Reserve, Canadian, Moody's, Airlines Locations: Wells Fargo, North America, U.S
New York CNN —When new gross domestic product figures last month showed US economic growth slowed from recent gangbuster levels, many people diagnosed the economy as having a really ugly sickness: stagflation. So March’s ugly inflation report, which showed an unexpected jump in the pace of price increases, and the lackluster GDP report, made the diagnosis seem like a no-brainer. Even JPMorgan Chase CEO Jamie Dimon said last month the US economy “looks more like the 1970s than we’ve seen before” and that stagflation is a growing risk. Economic slack, a term I unfortunately cannot take any credit for, broadly describes a situation where the economy isn’t performing as well as it could be. The most widely recognized symptom of economic slack is a rising unemployment rate.
Persons: Jamie Dimon, we’ve, Jerome Powell, , Powell, you’ve, it’s, Austan Goolsbee, Diane Swonk, wasn’t, stagflation, millennials Organizations: New, New York CNN, JPMorgan Chase, Fed, Chicago Fed, KPMG Locations: New York, stagflation
As fast-fashion giant Shein prepares for an IPO in the U.S., a new report suggests that workers at some of its suppliers are still clocking 75 hour weeks, despite assurances the company would tighten its labor standards. Following negative press in the wake of the previous report, Shein promised to improve its standards. However, a new survey by Public Eye, which polled 13 workers across six suppliers in China, has found little progress. "I work every day from 8 in the morning to 10.30 at night and take one day off each month. I can't afford any more days off because it costs too much," Public Eye cited one worker as saying.
Persons: Shein Organizations: Public, CNBC Locations: Guangzhou, China's, Guangdong, U.S, Swiss, China
Information about Wednesday's critical consumer price index release circulated early on the Bureau of Labor Statistics website, according to a statement from the agency. The statement provided few details but noted that the Labor Department agency has notified the Office of Management and Budget and the department's Office of the Inspector General. There was no other information provided concerning the early release of the CPI, a key inflation indicator that showed another increase in April, though slightly less than what the Wall Street consensus had anticipated. ET release, though there was little unusual activity in the half-hour prior, indicating that the early release was not widely seen and did not materially impact trading. Core inflation, which excludes food and energy, ran at a 0.3% rate monthly rate and 3.6% annually, the lowest since April 2022.
Persons: Wednesday's, Peter Boockvar, Trump, Boockvar, Stocks Organizations: Bureau of Labor Statistics, BLS, Labor Department, Management, Budget, CPI, Bleakley Locations: Washington
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