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☆ Market backs off on hopes for interest rate cuts following strong jobs report
▼ + stars: | 2024-06-07 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Traders work on the floor of the New York Stock Exchange during afternoon trading on June 03, 2024 in New York City. Beyond signaling a still-vibrant labor market, the data at the very least adds to the narrative that the Fed doesn't have to rush to lower interest rates. Even with the unemployment rate rising to 4% in May, the labor market appears vibrant. However, on the other side of the mandate, inflation is still running well above the Fed's target. Most gauges have prices rising annually at about a 3% rate, down significantly from the peaks of mid-2022 but still running hot.

Persons: I've, Liz Ann Sonders, Charles Schwab Organizations: New York Stock Exchange, Federal Reserve, Labor Statistics Locations: New York City

☆ Why a five-day return to office is unlikely, Stanford economist says
▼ + stars: | 2024-06-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

The five-day, in-office workweek is antiquated for a large share of workers, a relic of the pre-pandemic job market. "Remote work is not going away," said Nick Bloom, an economics professor at Stanford University who studies workplace management practices. Remote work is not going away. Nick Bloom economics professor at Stanford UniversityHis research suggests workers value hybrid work about the same as an 8% raise. 'Firms care about profits, not productivity'In addition, hybrid work doesn't appear to have any negative impact on workers' productivity, Bloom said.

Persons: Justin Paget, Digitalvision, Nick Bloom, workdays, lockdowns, Nick Bunker, Martin, Bloom, Bunker, it's, flexibly Organizations: Stanford University, Research, Finance, Employers, U.S, McKinsey, University of Pittsburgh

☆ ECB would be justified in cutting further despite price pressures, former vice president says
▼ + stars: | 2024-06-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB would be justified in cutting further despite price pressures, former vice president saysVitor Constâncio, former vice-president of the European Central Bank, said the recent moderation in wage growth and the weakness of the euro zone economy make the case for further rate cuts in 2024.

Persons: Vitor Constâncio Organizations: ECB, European Central Bank

☆ Ukraine's exploding naval drones are hunting down Russian vessels like tugboats after the big Black Sea Fleet warships fell back
▼ + stars: | 2024-06-06 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

Read previewUkraine is using its arsenal of exploding naval drones to hunt down smaller Russian vessels instead of the larger Black Sea Fleet warships, which Moscow pulled back to reduce their vulnerability to attacks. Kyiv has relied on a fleet of homemade Magura V5 and Sea Baby drones packed with explosives to carry out devastating missions against ships of the Russian Black Sea Fleet throughout the war. Russia has relied on these types of defenses — along with moored barges — to try to protect its ports from Ukraine's naval drones. Last month, for instance, Kyiv used its naval drones to conduct multiple operations against Russian patrol boats near Crimea. Lacking a proper navy of its own, Kyiv has relied on naval drones and long-range anti-ship missiles to wage an asymmetrical style of warfare against the Black Sea Fleet.

Persons: —, HUR, @DI_Ukraine Organizations: Service, Moscow, Ukrainian, Directorate of Intelligence, Business, —, Russian, Ukraine, Black Locations: Ukraine, Russian, Crimean, Ukrainian, Kyiv, Crimea, pic.twitter.com, Russia, Black, Moscow

☆ ECB: Interest rates are coming down in Europe
▼ + stars: | 2024-06-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Central Bank cut interest rates Thursday, moving before the US Federal Reserve and the Bank of England to lower borrowing costs as inflation recedes following years of rate hikes. Central banks in Switzerland and Sweden have also cut interest rates this year. Analysts doubt the central bank will cut rates again at its next meeting in July. It added that it would keep interest rates “sufficiently restrictive for as long as necessary” to return inflation to the 2% target. Higher interest rates tend to attract more international capital flows into a country, lifting demand for its currency.

Persons: Christine Lagarde, Cyrus de la Rubia Organizations: London CNN, European Central Bank, US Federal Reserve, Bank of England, ECB, Bank of Canada, P Global, Hamburg Commercial Bank, Fed, Traders Locations: Ukraine, United States, United Kingdom, Switzerland, Sweden, Hamburg, Frankfurt, Europe

☆ Here's what to expect from Friday's big jobs report
▼ + stars: | 2024-06-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Investors will be looking to May's nonfarm payrolls report for more clarity on whether the Federal Reserve can ease up in its battle against inflation. "The jobs report for May is now particularly consequential," Citigroup economist Andrew Hollenhorst said in a note. "A weaker reading [of less than 175,000 jobs and an unemployment rate of 4% or more] would be a final piece of evidence that the slowdown will continue. Citi expects that the report will show just 140,000 jobs, with the unemployment rate hitting 4% for the first time since January 2022. Markets currently are pegging the first rate cut to come in September, with one more on the way in December.

Persons: nonfarm, Dow Jones, Andrew Hollenhorst, Goldman Sachs Organizations: Federal, of Labor Statistics, Citigroup, Citi Locations: U.S, payrolls

☆ Flavor Flav has a new calling as hype man to the US women’s water polo team
▼ + stars: | 2024-06-06 | by ( George Ramsay | ) edition.cnn.com time to read: +8 min

Now, the clock-wearing musician has found a new and unlikely calling in the sports world, offering his services as hype man for the US women’s water polo team ahead of this year’s Paris Olympics. That’s why I’m sponsoring this women’s water polo team. Steffens is a veteran of the US women's water polo team. How can we get water polo in more people’s mouths and in front of more people’s eyes as best as possible?”USA Water Polo membership almost doubled from 26,837 in 2008 to more than 50,000 in 2019, including increased participation at high school and college levels, according to USA Water Polo. However, she wants her legacy to be more than medals, records, and statistics, but making water polo “common knowledge” and “common language” among the general public.

Persons: Flav, Maggie Steffens, “, ” Steffens, Steffens, TMZ, Ronald Martinez, ”, “ It’s, you’re, I’ve, it’s, that’s, Sandy Hooper, doesn’t, ” Mark Conrad Organizations: CNN, Paris Olympics, CNN Sport, Hall of Fame, Water Polo, USA Water Polo, Olympics, US, Paris, USA, Reuters, International Olympic Committee, Games, Olympic Committees, US Olympic, Paralympic, Fordham University Gabelli School of Business, Athletics, Los Angeles Games, Boxing Locations: Paris, Instagram, Long Beach , California, California

☆ Why Friday’s jobs report could be one for the record books
▼ + stars: | 2024-06-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

CNN —The US job market showed a softer side in April when just 175,000 jobs were added, marking one of the weakest months in the past three years. It was also well shy of economists’ expectations (for 235,000 jobs added) and sharply lower than the 315,000 net gain for March. A separate report released Thursday showed that fewer job cuts were announced in May than both the month and year before. Foreign-born workers: In addition to high labor force participation rates among prime working age individuals, specifically prime working-age women, the US labor market is benefiting from a boom in immigrant workers. Some of these workforce moves typically come at the end of the school year, meaning the May jobs report and June report could show the effects.

Persons: It’s, we’ve, Elizabeth Crofoot, ”, aren’t, Crofoot, Dean Baker, that’s, Julia Pollak, “, ” Andrew Challenger, Ryan Sweet, CEPR’s Dean Baker Organizations: CNN, Bureau of Labor Statistics, Federal Reserve, BLS, Center for Economic, Policy Research, “ Employers, Department of Labor, Challenger, Secondary School Emergency, Oxford Economics Locations: State

☆ Trading the jobs report: Where JPMorgan sees the market going based on these scenarios
▼ + stars: | 2024-06-06 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

On top of that, the S & P 500 is trading at record levels thanks in large measure to the unrelenting momentum in Nvidia. Hot jobs growth + weaker-than-expected wage growth: The S & P 500 would advance 0.25% to 0.75% in this event, the traders said. In-line jobs growth + strong wage growth: This outcome indicates inflation persists given tight labor market conditions. Disappointing jobs growth + hotter-than-expected wage expansion: JPMorgan traders think this would be the worst outcome for market bulls, with the S & P 500 losing 1.25%-2%. JPMorgan expects the S & P 500 to rise, or fall, as much as 0.25%.

Persons: Dow Jones, stagflation Organizations: Federal Reserve, Nvidia, JPMorgan Locations: U.S

☆ Stock market today: Indexes rise as weak private payroll data boosts optimism for rate cuts
▼ + stars: | 2024-06-05 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Stocks rose on Wednesday as investors took in weaker jobs data. Investors are solidly betting on at two rate cuts in 2024, according to the CME FedWatch tool. AdvertisementUS stocks ticked higher on Wednesday as traders took in soft jobs data and revved up their hopes for Fed rate cuts later this year. Meanwhile, annual wage growth remained level at 5% — both promising signs that the job market is coolingWeaker hiring trends are good news for the outlook for rate cuts. Investors are largely expecting the Fed to hold interest rates steady at its next policy meeting, but are still feeling bullish on rate cuts by the end of the year.

Persons: —, 1750,000 Organizations: Service, Treasury, ADP, Bank of America, Investors

☆ 1,000 workers at one car factory in China were told to either quit or sit around on minimum wage until the market picks up again: Nikkei
▼ + stars: | 2024-06-05 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Li Auto workers are facing layoffs or minimum wage due to weak electric vehicle sales. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAs China grapples with manufacturing overproduction, some workers at one of China's auto plants face a difficult choice about their jobs. Newlywed Lisa told Nikkei on Tuesday that in her brand-new factory for Li Auto, more than 1,000 employees like her were given the choice of either quitting or receiving minimum wage until business improves.

Persons: —, Newlywed Lisa, Lisa Organizations: Li Auto, EV, Service, Nikkei, Business Locations: China

☆ Walmart starts bonus program for hourly workers
▼ + stars: | 2024-06-05 | by ( Chris Isidore | ) edition.cnn.com time to read: +1 min

New York CNN —Walmart, America’s largest private-sector employer, is starting a bonus program for its hourly employees. Walmart has an outsized impact on the labor market for hourly workers , and has been grappling with finding and retaining the workers it needs in a tight labor market. The company has 1.6 million US employees, of which nearly 1.5 million are hourly workers. It said this new program covers about 700,000 of those hourly employees who work in stores. Walmart boosted the average pay of its store managers from $117,000 to $128,000, or by just over 9%, the retailer announced earlier this year.

Persons: – CNN’s Nathaniel Meyersohn Organizations: New, New York CNN, Walmart Locations: New York

☆ Opinion | Will A.I. Be a Creator or a Destroyer of Worlds?
▼ + stars: | 2024-06-05 | by ( Thomas B. Edsall | ) www.nytimes.com time to read: +4 min

— artificial intelligence — is spurring curiosity and fear. paper, Acemoglu contended that artificial intelligence has the potential to improve employment prospects rather than undermine them:It is quite possible to leverage generative A.I. as an informational tool that enables various different types of workers to get better at their jobs and perform more complex tasks. Think of a generative A.I. To turn generative A.I.

Persons: Will A.I, Daron Acemoglu, David Autor, Simon Johnson, Johnson, Acemoglu, ” Acemoglu, — Tyna Eloundou, Pamela Mishkin, Sam Manning, Daniel Rock Organizations: Machines, of, World Trade Association, A.I, OpenAI, Centre, University of Pennsylvania, Labor Locations: M.I.T, United States, Autor, China, A.I

☆ American Airlines offers flight attendants 17% raises as contract talks drag on
▼ + stars: | 2024-06-05 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

American Airlines CEO Robert Isom offered flight attendants immediate 17% wage increases on Wednesday as contract talks continue without a deal, bringing the prospect of a strike closer. The airline and the Association of Professional Flight Attendants have struggled to reach a new contract agreement, differing on major issues, such as pay. Flight attendants haven't received contract raises since before the pandemic. "This means we've offered increased pay for all flight attendants and are not asking your union for anything in return. U.S. airline pilots largely locked in new labor deals last year, while flight attendants at American, United Airlines and Alaska Airlines are still negotiating.

Persons: Robert Isom, haven't, Isom, Julie Hedrick Organizations: American, Association of Professional, Spirit Airlines, U.S, United Airlines, Alaska Airlines, National Mediation

☆ A San Francisco Gen Xer quit his job to escape 60-hour workweeks and spend his time being an 'older dad': 'I'll be 70 when my son graduates from high school'
▼ + stars: | 2024-06-05 | by ( Jacob Zinkula | Andy Kiersz | ) www.businessinsider.com time to read: +6 min

Gerstbacher, a 50-year-old based in San Francisco, was "really unhappy" at work, he told Business Insider via email. First, he's an "older dad," and he wanted to maximize the time he could spend with his three-year-old son. "I felt that I should take the quality time now since I'll be 70 when my son graduates from high school," he said. However, the decline in working men is also due to some positive developments, like the growth of women in the workforce. AdvertisementEven though he's in the process of returning to the workforce, Gerstbacher said he's continued to prioritize spending time with his son.

Persons: —, Francisco Gen Xer, Randy Gerstbacher, Gerstbacher, He's, they've, hasn't, he'd, he's Organizations: Service, Business, CDC, Bureau of Labor Statistics Locations: San Francisco

☆ European Central Bank set to cut rates for the first time since 2019
▼ + stars: | 2024-06-05 | by ( Annette Weisbach | ) www.cnbc.com time to read: +1 min

President of the European Central Bank (ECB) Christine Lagarde arrives to address a press conference following the meeting of the governing council of the ECB in Frankfurt am Main, western Germany, on April 11, 2024. FRANKFURT — The European Central Bank this week is set to cut borrowing costs for the euro area for the first time since September 2019. It will mark the official end to the record fast-hiking cycle that begun after the Covid-19 pandemic as inflation soared higher. But investors' attention looks like it has already moved on to what will happen after this June cut by the Frankfurt institution. "Judging by the commentary from officials, there is no questioning of the wisdom of cutting rates on 6 June," said Mark Wall, ECB watcher with Deutsche Bank.

Persons: Christine Lagarde, Mark Wall Organizations: European Central Bank, ECB, Deutsche Bank, ECB — Locations: Frankfurt, Germany, FRANKFURT

☆ Walmart rolls out new training programs for skilled trades as it tries to fill high-demand roles
▼ + stars: | 2024-06-05 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Walmart on Wednesday said it will offer new training programs and certifications to fill high-demand roles across its business, such as HVAC technicians, opticians and software engineers. The retail giant aims to retain market share gains, particularly in the grocery department, during a period of high inflation. Walmart also kicked off a $9 billion project to upgrade and modernize more than 1,400 of its stores, representing more than a quarter of the total Walmart stores across the country. The company's total annual compensation for the median employee was $27,642 in the most recent fiscal year, according to the company's 2024 proxy report. Those skilled trade jobs pay between $19 and $45 per hour, said Lo Stomski, the company's chief talent officer.

Persons: Lo Stomski, Stomski, it's Organizations: Walmart, U.S . Department of Health, Human Services, Target, Amazon, Workers Locations: Dallas, Fort Worth, Bentonville , Arkansas

☆ What we want to hear about AI iPhones at Apple's big developers event next week
▼ + stars: | 2024-06-04 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Siri, Bernstein, Jim, Jim Cramer's Organizations: CNBC, Federal Reserve, Fed, Broadcom, Melius Research

☆ Delivering food on an e-bike or moped is a deadly endeavor in New York City
▼ + stars: | 2024-06-04 | by ( Eliza Relman | Madison Hoff | ) www.businessinsider.com time to read: +9 min

New York City delivery workers who don't use cars have one of the deadliest jobs in the city. There are now more than 65,000 app-based restaurant delivery workers in the city, and about 80% of them use e-bikes and motorbikes. The city report found that 28.7% of e-bike or moped delivery workers experienced injuries that forced them to miss work, lose consciousness, or seek medical care. They're asking for wider protected bike lanes, or even separate lanes for e-bikes and mopeds, and charging facilities for e-bikes. Indeed, "New Yorkers are dependent on app delivery workers to keep them safe and fed during times of crisis," she added.

Persons: —, takeout, Eric Adams, it's, Jose Alvarado, Andrew Lichtenstein, Brad Lander, Uber, DoorDash —, Ligia Guallpa, Guallpa, DoorDash, Guallpa's, Lander Organizations: Service, Business, Department of Consumer and Worker Protection, US Bureau of Labor Statistics, Bureau of Labor Statistics, Bloomberg, Yorkers, New York Times, Department of Transportation, Getty, City, York, Workers Justice Locations: New York City, York, New York, South Bronx, York City, City, Manhattan, Williamsburg , Brooklyn

☆ Job market is still strong but has 'gotten competitive' for applicants, economist says
▼ + stars: | 2024-06-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

"This is still a strong labor market." The U.S. Federal Reserve raised borrowing costs to pump the brakes on the economy and labor market, ultimately to throttle back inflation. watch nowThere are indicators the U.S. job market remains strong and resilient despite headwinds, economists said. The national unemployment rate has been below 4% — a level indicating historical labor market strength — since February 2022. The current job market is more sustainable, she said.

Persons: Julia Pollak, Don't, Thomas Ryan, it's, Pollak, ZipRecruiter Organizations: SDI, U.S . Federal Reserve, Labor, Capital Economics, Workers, Federal Reserve Locations: North America

☆ IKEA will pay you real, honest-to-god money to work in its virtual Roblox store
▼ + stars: | 2024-06-04 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

IKEA is launching a game inside Roblox — and paying some players an hourly wage to work there. Ten players will get about $17 per hour to serve up virtual meatballs and more. IKEA is looking for employees to staff a virtual store inside the popular gaming platform Roblox. The Swedish furnishings giant is launching a game called The Co-Worker — and 10 people will actually get paid to play, the company said. They'll get IKEA's hourly wage in London of £13.15 — roughly $17 — to serve up virtual versions of the retailer's famed meatballs inside the game or redesign its showroom floors.

Persons: —, They'll Organizations: IKEA, Service Locations: London

☆ Stock market today: Stocks rise and yields fall as fresh data points to cooling job market
▼ + stars: | 2024-06-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Cooling labor also extended a Treasury rally, with yields on the benchmark 10-year note dropping over seven basis points. Advertisement"When the job market was red-hot in 2022, Fed officials were getting concerned that wage-price pressures could cause inflation to accelerate out of control," Comerica's chief economist Bill Adams said. "Most labor indicators are pointing to a considerably cooler job market now. In Bank of America's view, a reading of 125,000-175,000 would be the optimal range, pointing to continued strength without the need to keep interest rates higher for longer. The bank said a reading in that range would be a catalyst for further stock market gains.

Persons: —, Tuesday's, That's, Bill Adams, Powell, May's Organizations: Fed, Service, Bureau of Labor Statistics, Federal Reserve, Treasury, Bank, Here's

☆ 'TikTok got me a job I love': How Gen Z and Millennials use the social media platform to launch careers
▼ + stars: | 2024-06-04 | by ( Morgan Smith | ) www.cnbc.com time to read: +8 min

In 2024, Gen Z workers are expected to outnumber baby boomers in the American labor force for the first time. CNBC Make It explores how Gen Zers are really putting their mark on career advice, office culture and more. Much of the advice is geared toward Gen Z and younger millennials figuring out their place in a chaotic post-pandemic work landscape. Much of the career advice on TikTok echoes the tips shared in podcasts, YouTube videos and LinkedIn thought pieces. It's just the aesthetics and format that are different — and more appealing — to Gen Z.

Persons: Jade Walters, TikTok, Gen, Zers, Baron Leung didn't, Leung, Weeks, Baron Leung, it's, jobseekers, Z, Joe Biden, It's, Walters, I've, Gen Z, Grace Dunlavy, Dunlavy, New York — Organizations: CNBC, LinkedIn, Zenith, Pew Research Center, Howard University, Saint Louis University Locations: Toronto, U.S, Chicago, New York

☆ Nigeria plunged into darkness as union workers shut down national grid in minimum wage protest
▼ + stars: | 2024-06-03 | by ( Nimi Princewill | ) edition.cnn.com time to read: +4 min

Cane-swinging union workers were also seen in photos circulating on social media Monday ordering personnel of the country’s tax agency out of their offices. This strike comes after failed negotiations with the government to raise the federal minimum wage. The unions’ demands include raising the minimum wage from 30,000 naira ($22.4) to 494,000 naira ($369.6). Despite being Africa’s fourth-largest economy, Nigeria’s minimum wage is not among the continent’s top ten, lagging far behind countries like Seychelles, where workers receive a minimum wage of $465.4 monthly. 30k or 60k minimum wage in 2024 Nigeria is unsustainable and unacceptable,” wrote lawyer Festus Ogun in a post on X.

Persons: Bayo Onanuga, Onanuga, Olusina Ajidahun, “ I’m, ”, Lateef Fagbemi, Festus Ogun, Dipo Awojide, Bola Tinubu’s, Ajuri Ngelale Organizations: CNN, Transmission Company, Nigeria, Nigerian Labor Congress, Trade Union Congress, TUC, TCN, Health, Healthcare, Nigerian, Onanuga, NLC Locations: Nigeria, Seychelles, Lagos, Abuja, Nigerian

☆ American shoppers are tired. These companies are benefiting
▼ + stars: | 2024-06-02 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Just ask Ross Stores: America’s largest off-price retailer reported earnings and revenue that beat analysts’ forecasts last week. The US Labor Department releases April figures on job openings, quits, hires and layoffs. The US Commerce Department releases April figures on new orders for manufactured goods. The US Commerce Department releases April data on exports and imports. Friday: The US Labor Department releases May data gauging the state of the job market, including monthly payroll growth, wage gains and the unemployment rate.

Persons: Ross, “, ” Adam Orvos, ” TJX, TJ Maxx, LVMH Moët Hennessy Louis Vuitton, ” Clayton Allison, Allison, ” Allison, Brown Forman, Campbell Organizations: CNN Business, Bell, Washington CNN, Companies, Ross Stores, Marshalls, Burberry, Prime Capital Investment Advisors, CNN, Walmart, P Global, Institute for Supply Management, CrowdStrike, Hewlett Packard Enterprise, Body, US Labor Department, US Commerce Department, Bank of Canada, Autodesk, Smucker, DocuSign, Vail Resorts, European Central Bank Locations: Washington, North America, Europe, Australia, Americas, Zumiez

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