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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
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
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
"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
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
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
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
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
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
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
"It never occurred to me until that conversation that I was severely underpaid." She said she didn't think to negotiate her salary when she received the job offer. "The term underpaid shouldn't be used to compare you to a colleague," said Sho Dewan, career expert and founder of Workhap. One option if you suspect you're being underpaid is to request a salary adjustment from your employer. This is where that market research comes in handy, along with highlights from your performance review.
Persons: Kelly Harry, Harry, Maddie Machado, It's, Peter Cappelli, Sho Dewan, there's, Machado, Dewan, Henry, " Machado, you've, Cappelli, doesn't Organizations: CNBC, Finance, Workers, Research Center, The Wharton School, University of Pennsylvania, Human Resources, Pew Research Center Locations: New York City, U.S
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
There is a reason the value meals are only returning on a limited basis, says Shubhranshu Singh, associate professor of marketing at the Johns Hopkins Carey Business School, who has studied the economics of fast-food value meals. "They want customers to get the value meal and then buy more, the idea isn't that the consumer will buy a value meal and walk away," Singh said. "If consumers do that, selling that value meal will be such a bad idea." "How can they serve $5 value meals with that minimum wage and still make a profit? But he added, "We are not upset about the value menu, but I don't speak for those that have higher cost pressures than I do."
Persons: Shubhranshu Singh, Johns, it's, Singh, Burger, Scott Rodrick, CNBC it's, Nick Snowberger, Snowberger, McDonald's franchisee's Organizations: Johns Hopkins Carey Business School, CNBC Locations: Burger, McDonald's, California, Northern California, Montana and Wyoming
Read previewThis as-told-to essay is based on a transcribed conversation with Timothy Schultz, who won the Powerball Lottery in 1999. A few months before I won the $28 million Powerball jackpot, I had a vivid dream that I'd already won. I immediately remembered telling several people I had the winning ticket the night before. A family member explicitly told me I got something for nothing by winning the lottery and should keep giving them and others money. I also started my "Lottery, Dreams and Fortune" podcast where I interview other major prize and lottery winners.
Persons: , Timothy Schultz, I'd, you've, we'd, I've, I'm Organizations: Service, Business, YouTube Locations: Iowa, Canada, bitcoin
In this way, the nonfarm payroll report also offers clues on the near-term path of inflation. As always, payroll processing firm ADP will release its May private-sector jobs report before the government's nonfarm payroll report. On Tuesday, we'll get the latest JOLTS data, shorthand for the Job Openings and Labor Turnover Survey conducted by the Labor Department. Earnings A few noteworthy earnings reports set for next week include CrowdStrike and Hewlett Packard Enterprise after the close on Tuesday. A report released by the Bureau of Labor Statistics showed the US economy added 311,000 jobs in February.
Persons: industrials, Eaton, Locker, Salesforce, we've, FactSet, Dow Jones, we'll, Ferguson, OLLI, Campbell Soup, Brown, Forman, LULU, JM Smucker, Jim Cramer's, Jim Cramer, Jim, Joe Raedle Organizations: Nasdaq, Dow Jones, Federal, Energy, Coterra Energy, Palo Alto Networks, Broadcom, Microsoft, Costco, Labor, Labor Department, Institute for Supply, Hewlett Packard Enterprise, Body, Donaldson Company, DCI, Brands, Natural Foods, THOR Industries, ABM Industries, Vail Resorts, MTN, NGL Energy, Jim Cramer's Charitable, CNBC, Bureau of Labor Statistics, Getty Locations: Chicago, Palo, U.S, Bath, Toro, Miami , Florida
Read previewWhen Joshua first earned a $100,000 salary about five years ago, it didn't impact his lifestyle much. "I wasn't able to splurge or to afford luxurious things," the 30-year-old fintech professional, who's based in Georgia, told Business Insider via email. This story is available exclusively to Business Insider subscribers. Business Insider asked three people who've made over $100,000 a year how becoming a six-figure-earner did — and didn't — change their lives and relationships. For many of these people, a $100,000 salary could, in fact, be life-changing.
Persons: , Joshua, doesn't, What's, who've, Cole H, Mattes, it's, ALICE, Maksim Sonin, — he's, he's Organizations: Service, Business, New York Fed, New, Fed, eBay, Monarch Media, United, Stanford University Locations: Georgia, California
The easier bit was the 90 minutes as Real Madrid won a record-extending 15th Champions League title by beating Borussia Dortmund in Saturday’s final. Off the pitch, Madrid topped Deloitte’s Football Money League 2024 with the highest revenues across the game over 2022-23. Madrid had been thrashed 4-0 by Pep Guardiola’s Manchester City in their Champions League semi-final second leg, while Xavi’s Barcelona easily won La Liga title. The ratings below, based on a model devised by sports intelligence firm Twenty First Group, help show the strength of many Madrid players whose best days are still ahead of them. Another key part of Madrid’s club value is its global reach and brand.
Persons: Dani Carvajal, Vinicius Junior, Nacho, Florentino Perez, Carlo Ancelotti’s, Jude Bellingham, Vinicius Jr, Federico Valverde, Rodrygo, Eder Militao, Aurelien Tchouameni, Eduardo Camavinga, Endrick, Pep, Cristiano Ronaldo, Sergio Ramos, Gareth Bale, Karim Benzema, Julian Finney –, Borja Garcia, , “ Perez, Lionel Messi, Ronaldo, Thibaut Courtois, David Alaba, Antonio Rudiger, Zinedine Zidane, David Beckham, € 350milllion, Eden Hazard, Luka Jovic, Zidane, Beckham, Boris Horvat, Harry Kane, Perez, Joselu, Arda Guler, — €, , Valverde, Brahim Diaz, Alphonso Davies, 519million, Bale, Isco, Benzema, Toni Kroos, Garcia, , Madrid’s Santiago, Florencia Tan Jun, 140million, € 1bn, Taylor Swift, 5million, “ We’ll, Andrea Sartori, trumpeted, ” Garcia, “ They’ve, they’ve, I’ve, 5.1billion, socios, 867million, It’s, Michael Regan – Organizations: Real Madrid, Borussia Dortmund, Madrid, Santiago Bernabeu, Liga, Supercopa de Espana, Atletico Madrid, Copa del Rey, Deloitte’s Football, Football Benchmark, Bernabeu, Manchester City, Champions League, Barcelona, La Liga, League, Julian Finney – UEFA, UEFA, Getty, Sport Management, Loughborough University, , Juventus, Manchester United, Casemiro, Football, Arsenal, Bayern Munich, Bellingham, PSG, Chelsea, City, Madrid’s Santiago Bernabeu, , € 1bn Bernabeu, NFL, 80million, Adidas, Emirates Airline, “ Real, Manchester City FC, Sixth, Providence, Catalan, Barca €, Super League, Super, Justice, Michael Regan – UEFA Locations: Saturday’s, Barcelona, Wembley, Madrid, Kylian Mbappe, “ Madrid, Tchouameni, Bellingham, AFP, England, Chelsea, Lille, Bernabeu, “ Real Madrid, Real, United States
It's so treacherous to summit Mount Everest that human remains are a common sight on its frigid mountainside. Among the frozen bodies are many ethnic Sherpas — an Indigenous people who make up the majority of Everest climbing guides. AdvertisementSherpa Tenzing Norgay and Edmund Hillary were the first to successfully summit Mount Everest in 1953. AdvertisementClimbing Mount Everest can be deadly, no matter who you are. Mountaineers line up during their ascent to summit Mount Everest in Nepal.
Persons: , Norgay, Edmund Hillary, Phurba Wangchhu, Sam Rashid, Rashid, it's, Andrew Murray, Geljen Sherpa, Rully Anwar, LAKPA SHERPA, Nachhiring Rai Organizations: Service, Everest, Business, University of Cambridge, Cambridge, NPR, International Federation of Mountain Guides Association, Nepal's Department of Tourism, World Bank, Mountaineers, Getty, Dawa Locations: Everest, Nepal, Kathmandu
If you're a higher earner and looking to boost tax-free retirement savings, there's a lesser-known strategy that could be worth considering. While Roth individual retirement accounts offer tax-free growth and other benefits, some investors earn too much for direct contributions. For 2024, the adjusted gross income limits for Roth IRA contributions are $161,000 for single filers or $240,000 for married couples filing jointly. However, so-called mega backdoor Roth conversions — which shift after-tax 401(k) contributions to a Roth account — can sidestep Roth IRA income limits for contributions. It's a "no-brainer" after maximizing other tax-advantaged options, assuming you don't need the cash for other goals, said certified financial planner Brian Schmehil, managing director of wealth management at The Mather Group in Chicago.
Persons: Roth, sidestep Roth, It's, Brian Schmehil, Schmehil Organizations: The Mather, Finance Locations: Chicago
Why job skills could make or break your next interview
  + stars: | 2024-05-31 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +4 min
Nearly half, or 45%, of employers scrapped degree requirements for some roles in the past year, and 72% now prioritize skills over certificates in job candidates, according to the ZipRecruiter survey. The trend, which prioritizes a candidate's practical skills and real-world experience over formal education, appears to be "gaining momentum," according to ZipRecruiter. Meanwhile, hiring managers are being more explicit in job ads about the specific skills they seek in applicants, said Cory Stahle, an economist at the job site Indeed. What this means for job seekers"If the [job ad's] focus is on skills, the focus of your resume should be on skills as well," Stahle said. While skills should be "prominent" in such cases, that doesn't mean applicants should forgo traditional information, Stahle added.
Persons: Cory Stahle, Stahle, Indeed's Stahle Organizations: Getty, Harvard Business School, Glass, USA, Finance, Harvard Locations: U.S
In a new complaint, the department alleges Best Practice, a staffing agency, sent the child to work at SMART Alabama, which provided car parts to Hyundai. The complaint alleges all three companies were responsible for employing the child. “We are reviewing the new lawsuit and intend to vigorously defend the company,” Hyundai said in a statement provided to CNN. The complaint, filed in an Alabama federal court, seeks an order requiring the companies to release any profits related to the use of child labor as well as an order to stop any future use of child labor. Hyundai and its suppliers had been the subjects of a series of investigations by news service Reuters into the use of child labor in Alabama.
Persons: Jessica Looman, ” Hyundai, , Hyundai Organizations: CNN, United States Department of Labor, Hyundai, SMART Alabama, Fair Labor, Reuters Locations: Alabama, United States, America
CNBC Make It explores how Gen Zers are really putting their mark on career advice, office culture and more. But it's also become a popular destination for young jobseekers seeking career advice and opportunities. Much of the career advice on TikTok echoes the tips shared in podcasts, YouTube videos and LinkedIn thought pieces. The career confidante for Gen ZTikTok is often the first place Grace Dunlavy will go for career advice. The drawbacks of getting career advice on TikTok
Persons: Jade Walters, Gen, Zers, Baron Leung didn't, Leung, Weeks, TikTok, Baron Leung, it's, jobseekers, Z, Joe Biden, It's, Walters, I've, Gen Z, Grace Dunlavy, Dunlavy, New York — Organizations: TikTok, CNBC, LinkedIn, Zenith, Pew Research Center, Howard University, Saint Louis University Locations: Toronto, U.S, Chicago, New York
New York CNN —The jury might still be deliberating, but Donald Trump’s media allies have already delivered a verdict to their audiencesThroughout the duration of the Manhattan hush-money trial, Fox News and the rest of MAGA Media have set the stage to absolve Trump in the historic case. Inside this alternate media universe, the actual facts of the case never penetrate the bubble that shields its audiences from detrimental developments for Trump. In the Republican Party, voters absorb their information from outlets like Fox News, which has dishonestly run defense for Trump over the course of the trial. And the study only accounted for Fox News, not the host of other entities that make up the right-wing media universe. It can be tempting to ignore the torrent of attacks Trump’s media allies are launching in their unrelenting efforts to undermine the case.
Persons: Donald Trump’s, Trump, Sean Hannity, Laura Ingraham, Steve Bannon, Joe Biden, nefariously, , Biden, Trump’s, it’s, Michael Cohen, David Pecker, , Judge Juan Merchan, Attorney Alvin Bragg, Jesse Watters, Merchan, Organizations: New York CNN, Fox News, MAGA Media, Trump, GOP, National Enquirer, Republican Party, Fox, Manhattan, Attorney, Media Matters Locations: New York, Manhattan
The Labor Department said that through the employment of children at its supplier, Hyundai was in violation of the “hot goods” provision of the Fair Labor Standards Act, which prevents the interstate commerce of goods “that were produced in violation of the minimum wage, overtime or child labor provisions” of that law. “Companies cannot escape liability by blaming suppliers or staffing companies for child labor violations when they are in fact also employers themselves,” said Seema Nanda, the Labor Department’s chief legal officer, in a statement Thursday. The suit comes after investigations by Reuters and The New York Times documented the use of child labor by the suppliers of car companies. In 2022, Reuters found that Smart Alabama had used child labor at its facility, and that Kia, which is part of the same South Korean conglomerate as Hyundai, had also used child labor in the South. The United Automobile Workers union has said it hopes to organize workers at Hyundai’s Montgomery plant.
Persons: , Seema Nanda Organizations: Smart, Best Practice Service, Labor Department, Hyundai, Fair Labor, Act, Labor, Reuters, The New York Times, Smart Alabama, Kia, The Times, General Motors, Ford Motor, The United Automobile Workers Locations: South Korea, Georgia, Hyundai’s Montgomery
One screenshot from a Lyft driver based in Arizona showed a $2.62 ride that took 15 minutes and traveled 4.32 miles. For some drivers, these sub-$3 trips are a symbol of their broader frustrations with their pay. AdvertisementCompared to January 2023, sub-$3 trips — excluding tips — have become more common for DoorDash, Grubhub, and Uber Eats drivers and less common for Uber and Lyft drivers, per Gridwise. Otherwise, the pay would likely increase if drivers rejected these rides since drivers would be more likely to accept a higher-paying ride. AdvertisementMoises Diaz, a 41-year-old Uber and Lyft driver in California, started driving part-time in December.
Persons: , Sergio Avedian, Guy, Avedian, it's, Lyft, they're, Uber, Grubhub, Gridwise, Randy Scott, he's, Scott, There's, he'll, Moises Diaz Organizations: Service, Business, Research, Gridwise, South, BI, Uber Locations: Arizona, Cleveland , Houston, Fort Lauderdale, Orange County, Los Angeles, Florida, California, South Florida
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