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☆ US job openings unexpectedly grew in May, reflecting a still resilient labor market
▼ + stars: | 2024-07-02 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

CNN —The number of available jobs in the US unexpectedly grew in May, signaling continued resilience in the nation’s labor market. Job openings jumped higher to 8.14 million in May, from a downwardly revised 7.91 million in April, according to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey (JOLTS) report released Tuesday. While both hires and job openings rates (as a percentage of total employment) ticked higher for May, the quits rate and layoffs rate were unchanged. The labor market appears to be at a crossroads, Nick Bunker, Indeed Hiring Lab’s head of economic research, wrote in commentary posted Tuesday. But some Fed officials have noted that the job market has lost momentum recently and that it’s highly unclear whether it will continue to hold steady or weaken further.

Persons: Economists, “, ” Robert Frick, switchers, David Tinsley, Nick Bunker, ” Bunker, ”, you’ve, Austan Goolsbee, ” Marisa DiNatale Organizations: CNN, Bureau of Labor Statistics ’, Labor, Navy Federal Credit Union, Industries, Bank of America, Bank of America Institute, “, Federal Reserve, Chicago Fed, Bloomberg, European Central Bank, Moody’s, Labor Statistics Locations: Sintra , Portugal

☆ America has a serious ugly home problem
▼ + stars: | 2024-07-02 | by ( James Rodriguez | ) www.businessinsider.com time to read: +14 min

Recently she posted a video on her YouTube channel in which she phrased the question more bluntly: "Why are homes so 'ugly' now?" Most people agree that America needs more houses, but nobody seems all that thrilled with the ones being built. Related storiesThe blame for America's architectural nightmare, however, doesn't stop at production builders, rising costs, or local codes. Homes look this way because they're not just places where we live — they're also supposed to help us get rich. As they stare down these rising costs, builders and architects have almost no choice but to streamline or opt for cheaper design elements.

Persons: Bailey McInnes, McInnes, they're, James Wentling, John Burns, Peter Dennehy, They're, Dan Reynolds, Horton, Lennar, Kate Wagner, she's, —, Wagner, Marcia Straub, William Morgan, it's, Queen Anne Organizations: HGTV, YouTube, Facebook, Builders, Bureau of Labor Statistics, National Association of Home Builders, John Burns Research, Consulting, Harvard's, for Housing Studies, Harvard, The Locations: Northern Virginia, America, homebuilding, Providence , Rhode Island

☆ Extreme heat is affecting workers this summer. New federal rules would require bosses to provide rest, water, and shade.
▼ + stars: | 2024-07-02 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +8 min

"Notably, acclimatization is the leading killer among the different factors related to heat illness," a senior administration official said. AdvertisementA senior administration official said OSHA's proposal, if finalized, would apply to all states including Texas and Florida. AdvertisementA senior administration official said OSHA's proposal is similar to standards that have been successful in those states. A senior administration official said OSHA will review state plans to ensure they are at least as effective as the federal rules. A senior administration official said OSHA also convened a national advisory committee of construction representatives comprised of management and labor interests.

Persons: —, Biden, Donald Trump, Julie Su, it's, it's it's, acclimatization, Greg Abbott, Critics, Abbott, Su, she's, who've, She's Organizations: Service, Workers, Business, Occupational Safety, Health Administration, Republican, National Weather Service, Bureau of Labor Statistics, OSHA, Dade, Texas Gov, Houston, Guardian, American Farm Bureau Federation, Construction Industry Safety Coalition Locations: Texas, Florida, Miami, Austin, Minnesota , California, Washington , Oregon, Colorado, California, Washington and Oregon, California , Arizona

Klaus Vedfelt | Digitalvision | Getty ImagesAlthough the unemployment rate has spent 30 months at or below below 4% — a near record — not everyone who wants a job has one. Others, alternatively, are well-qualified but often younger candidates who are struggling to find positions, comprising a contingent of "new unemployables," according to a recent report by Korn Ferry. 'NEETS' feel 'left out and left behind'Still, some young adults in the U.S. are neither working nor learning new skills. In 2023, about 11.2% of young adults ages 15 to 24 in the U.S. were considered as NEETs, according to the International Labour Organization. In other words, roughly one in 10 young people are "being left out and left behind in many ways," Bustamante said.

Persons: Klaus Vedfelt, Korn, Alí Bustamante, Bustamante, that's, Biden's, Julia Pollak, Pollak, David Ellis, Korn Ferry Organizations: Digitalvision, Worker Power, Economic Security, Roosevelt Institute, U.S . Bureau of Labor Statistics, International Labour Organization, Finance, Here's, Trump, Employers, National Association of Colleges Locations: New York City, U.S

☆ Gen Zers in a survey said they need $200,000 a year to feel financially secure — more than any other generation
▼ + stars: | 2024-07-01 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Americans think they need a whole lot more money than they're making to feel comfortable, according to a new survey. The latest survey from Bankrate, which polled 2,407 US adults from May 16 to 20, looks at how much Americans think they need to make to feel financially secure. According to the survey, Gen Z respondents said a $200,000 annual salary would ensure their financial security. Millennials said they'd need $199,000, and for Gen Xers and baby boomers, their financial security targets were at $183,000 and $171,000, respectively. To be sure, it's not all bad for Gen Z. TransUnion's latest Consumer Pulse Study found that Gen Z is "the most stable of any generation" in this year's second quarter, with 45% of them reporting wage increases over the past three months.

Persons: Gen, Millennials, Gen Xers, Gen Zers, Sarah Foster, Z, Zers, Michele Raneri, it's, They're, Charlie Wise, that's, Zer Organizations: Service, Business, Survey, Consumer Finances, Washington Post, Bureau of Labor Statistics, BI, Millennials, TransUnion Locations: Bankrate

☆ Airlines got too confident, and now they are paying the price despite record-breaking travel
▼ + stars: | 2024-06-29 | by ( Taylor Rains | ) www.businessinsider.com time to read: +8 min

Expensive fuel, maintenance, and labor don't help, nor do unpredictable setbacks outside the airline's control, like pandemic travel bans and production slowdowns at planemaker Boeing. But across the industry, many airlines are struggling to turn profits thanks to issues like overcapacity, unrelenting competition, and unexpectedly high costs, according to experts. Boeing delivery delays have eaten into profitsHarteveldt said Boeing's ongoing delivery delays have cost airlines like American, Southwest, and United millions of dollars. Airlines are plagued by high costs in an extremely competitive industryNearly everything is more expensive than it was before the pandemic, and airlines are no exception. For low-cost carriers like Frontier and Spirit, these high costs make it challenging to make money, Kraemer said.

Persons: —, Henry Harteveldt, Scott Olson, Robert Isom, Bob Jordan, Harry Kraemer, Kraemer, You've, you've, Harteveldt, Joe Raedle, they've, Stephen Brashear, Eric Glenn, Shutterstock Harteveldt Organizations: Service, planemaker Boeing, Business, International Air Transport Association, —, Airlines, Getty, Reuters, Southwest, Elliott Investment Management, Baxter International, Corporations, Google, Spirit, Frontier, Boeing, JetBlue Airways, Airbus, Bureau of Labor Statistics Locations: Delta, United

☆ 'Black jobs'? Trump draws pushback after anti-immigration rant
▼ + stars: | 2024-06-28 | by ( Rob Wile | Char Adams | ) www.cnbc.com time to read: +6 min

What exactly are "Black jobs" — and are they really at risk from the recent surge of immigrants? "They're taking Black jobs, and they're taking Hispanic jobs, and you haven't seen it yet, but you're going to see something that's going to be the worst in our history." It's true that Black workers have historically been overrepresented in certain sectors like government and home health care. When it comes to pay, inflation-adjusted weekly earnings for Black workers reached a two-decade high of $314 under Trump. But amid persistent inflation and a cooling job market, Black workers' average weekly earnings declined in the most recent quarter to $293.

Persons: Donald Trump, Joe Biden, Derrick Johnson, Johnson, Trump, —, Clinton, Keisha Lance Bottoms, Cherron Perry, Thomas, Biden, haven't, Seth Anderson Organizations: Republican, NAACP, NBC, Black, Americans, Biden, Trump, U.S, Former Atlanta, NBC News, Labor Statistics, Economic Policy Institute Locations: Atlanta , Georgia, U.S, U.S ., Pennsylvania

☆ Fact checking the CNN presidential debate
▼ + stars: | 2024-06-27 | by ( Cnn Staff | ) edition.cnn.com time to read: +69 min

CNN —President Joe Biden and former President Donald Trump faced off during CNN’s presidential debate in Atlanta Thursday night. From CNN’s Daniel DaleFormer President Donald Trump and President Joe Biden debate at CNN's Atlanta studios on June 27, 2024. From CNN’s Daniel Dale and Ella NilsenFormer President Donald Trump, left, and President Joe Biden take part in the CNN presidential debate on Thursday, June 27. From CNN’s Alicia WallaceFormer President Donald Trump and President Joe Biden debate at CNN's Atlanta studios on June 27, 2024. Kpler found that China imported about 511,000 barrels per day of Iranian crude in December 2020, Trump’s last full month in office.

Persons: Joe Biden, Donald Trump, Biden, Trump “, “, ” Trump, ”, Trump, ” John Kelly, servicemembers, Kelly, Jim Sciutto, Daniel Dale, Kaanita Iyer, Roe, Wade, That’s, Wade ”, Kimberly Mutcherson, “ Donald Trump’s, Maya Manian, Trump’s, Mary Ziegler, Davis, Ziegler, Ruth Bader Ginsburg, Roe should’ve, ’, Will Lanzoni, ” Biden, corpsman —, Hamid Karzai, CNN’s Haley Britzky, didn’t, Priscilla Alvarez, George Floyd, Tim Walz, Walz, Paul –, CNN’s Holmes Lybrand, Daniel Dale FACT, European Union won’t, Ella Nilsen, Jill Biden, Jake Tapper, Dana Bash, Adam Rose, CNN US Sen, Marco Rubio, CNN Trump, Austin Steele, CNN Biden, Tristen Rouse, CNN Tapper, Robert F, Kennedy Jr, Kennedy, CNN MJ Lee, Mandel Ngan, Megan Varner, Reuters Kennedy, Burk Stringfellow, Iran “, Mike Pompeo, ” Pompeo, Tami Luhby Trump, CNN’s KFILE, weren’t, Hillary Clinton, affirmatively, it’s, what’s, –, Alicia Wallace, Obama, CNN’s Ella Nilsen, you’re, Biden’s, Hunter Biden, Joe Biden’s, Viktor Shokin, Shokin, CNN’s Marshall Cohen, “ It’s, Rick Muskat, CNN.So, Morgan, Katie Lobosco, Alvin Bragg’s, Bragg, Jack Smith, Smith, General Merrick Garland, Garland, Matthew Colangelo, Colangelo, I’ve, there’s, Iran haven’t, ” Matt Smith, Ali Vaez, Kpler, Gary Engelhardt, Jason Richwine, ” Richwine, Tami Luhby, Confederate, Robert E, Lee, marchthat, “ I’m, Elle Reeve, Ralph Northam, Jen Christensen, ” Trump’s, Ronald Reagan’s, Barack Obama, George W, ‘, ’ ” Trump, CNN’s Jen Christensen, Pelosi, Nancy Pelosi, “ Nancy Pelosi, …, Alexandra Pelosi, Aaron Bennett, Cherry, Christopher Miller, Miller, Charis Kubrin, CNN’s Catherine Shoichet, ” Kubrin’s, Graham Ousey, College of William & Mary, Erwan, George Washington, Marshall Cohen, ” Howard Gleckman, Gleckman, Emmanuel Saez, Gabriel Zucman “, Howard Gleckman, ” Gleckman Organizations: CNN, Trump, Homeland Security, SSRS, Marquette Law School, NBC, Gallup, ” Rutgers Law, American University, university’s Health, University of California, Atlanta, US Navy, Border Patrol, Border Patrol Council, National Guard, Minneapolis Former, Minnesota Democratic Gov, Minnesota National Guard, Guard, EU, European Union, US, European Automobile Manufacturers ’ Association, CNN US, Biden, House, CNN Biden's, CNN Biden, White House, Getty, Reuters, State, Medicare, Black, of Labor Statistics, Republican, Burisma Holdings, International Monetary Fund, Republicans, House Republicans, US International Trade Commission, US Customs, Deer Stags, Peterson Institute for International Economics, Justice Department, DOJ, DC, federal, Department, Democrat, Americas, Crisis, Social Security, Social, General Internal Medicine, “, Syracuse University, Center for Immigration Studies, Electoral, White, Nazi, US Centers for Disease Control, Former Virginia Gov, United, China Former, China, Hamas, ISIS, Trump’s, Democratic, Congressional, Capitol, Colorado Supreme Court, US Food, Guttmacher Institute, California Democrat, Capitol Police Board, Senate, District of Columbia National Guard, College of William &, NATO, Atlantic Treaty Organization, George Washington University’s Elliott School of International Affairs, Transatlantic, Urban, Brookings Tax, Urban Institute, ”, Tax, Center Locations: Atlanta, France, Afghanistan, Kabul, Jordan, Iran, Somalia, Yemen, Yakushima Island, Japan, Minneapolis, Portland, Minnesota , Minneapolis, St, EU, Georgia, CNN's, Washington ,, AFP, Lebanon, Israel, what’s, Paris, China, India, Russia, United States, Ukrainian, Ukraine, lockstep, American, Manhattan, New York , Georgia, Florida, Washington, New York, York’s, Mexico, Kpler, Malaysia, Charlottesville, Charlottesville , Virginia, White, Virginia, Northam, East, “, New York City, Saudi, al Qaeda, Texas, Colorado, California, Trump, Irvine, Germany, Berkeley

☆ How AI could actually make the hiring process more human
▼ + stars: | 2024-06-26 | by ( Sponsor Post | ) www.businessinsider.com time to read: +6 min

This has taken a major toll on the remaining hiring teams, who must now manage overwhelming workloads. For employers, acknowledging the challenges your hiring teams are grappling with, along with the innovative solutions available to them, can ultimately make the hiring process better for everyone involved. Currently, hiring teams are working under economic uncertainty, making companies more hesitant to make long-term hiring decisions. AI can make hiring more efficient and humanChris Hyams, CEO of Indeed, is optimistic about what AI can do for hiring processes by blending AI capabilities with human judgment. How Indeed employs AI responsiblyIndeed's Smart Sourcing platform is a prime example of using AI responsibly to support, not replace, human decision-making in the hiring process.

Persons: Harris, Chris Hyams, We're, " Hyams, Tony Stark, Hyams, it's Organizations: Harris, Bureau of Labor Statistics, Smart, Insider Studios

☆ What to know about the economy ahead of the presidential debate
▼ + stars: | 2024-06-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

That’s because the economy has consistently ranked among the top — if not the very top — voter issues in presidential election after presidential election. Unemployment: Low, but with warning signs aheadThe nation’s unemployment rate stayed below 4% for 27 months, its longest such streak and a match for a period in the 1960s. That streak ended last month, when the unemployment rate rose to 4% from 3.9%. That means job seekers might find it harder to get hired. The number of job openings in the US economy recently fell to a three-year low.

Persons: Bill Clinton’s, Joe Biden, Donald Trump, David Paul Morris, Joe Raedle, they’ve, Frederic J . Brown Organizations: New, New York CNN, ABC, CNN, Bloomberg, Getty, of Labor Statistics, Target, Walmart Locations: New York, AFP

☆ The 'funflation' effect: Why Americans are spending so much on travel and entertainment this summer
▼ + stars: | 2024-06-26 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Taylor Swift fans queue outside Murrayfield Stadium in Edinburgh, Scotland, on June 6, 2024. Jeff J Mitchell | Getty Images News | Getty ImagesThe price of 'funflation'Some ticket prices have surged in recent months, according to federal data. Why Americans go all out on entertainmentDespite rising costs, 38% of adults said they plan to take on more debt to travel, dine out and see live entertainment in the months ahead, according to a report by Bankrate. Taylor Swift performs on stage at Wembley Stadium in London on June 22, 2024. Kevin Mazur | Getty Images Entertainment | Getty Images"There's still a lot of demand for out-of-home entertainment," Ted Rossman, senior industry analyst at Bankrate, recently told CNBC.

Persons: Taylor Swift, Jeff J Mitchell, Taylor, Bankrate, Kevin Mazur, Ted Rossman, Rossman Organizations: Murrayfield, Getty, Bureau of Labor Statistics, CPI, Bankrate, Wembley, CNBC Locations: Edinburgh, Scotland, U.S, London

☆ Are you better off than you were four years ago? It can be a murky picture for many
▼ + stars: | 2024-06-25 | by ( Shannon Pettypiece | ) www.cnbc.com time to read: +9 min

But retirees and full-time caregivers have been unable to take advantage of a strong job market. Now, consumers are largely left with the same buying power they had four years ago rather than having seen real income gains over that time that would have helped bolster their financial picture. The outlook for the job market also varies by race with the unemployment rate at 5.6% for Black workers and 5% for Hispanic workers. Food prices have risen around 25% over the past four years while Biden was in office. The rise in food prices has disproportionately impacted lower-income households, which spend around a third of their discretionary income on food, according to a 2022 Agriculture Department survey.

Persons: Joseph Prezioso, Joe Biden, Donald Trump, Ronald Reagan, Julia Pollak, Pollak, Joseph Davis, Biden, MAGA, Julian Assange, Trump, Davis Organizations: Gloucester High School, AFP, Getty, Homeowners, ZipRecruiter, NBC, Consumer, Vanguard, NBC News, Food, Bureau of Labor statistics, Agriculture, Federal Reserve, Walmart, Aldi, Target, Gas Locations: Gloucester , Massachusetts, U.S, Arizona, Nebraska , Colorado

☆ Affordable luxury: Price-conscious Americans are turning to cheaper steakhouses
▼ + stars: | 2024-06-24 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

So business is booming at Texas Roadhouse and LongHorn Steakhouse, even as Americans pull back elsewhere. And in the three months through May 26, sales at Longhorn Steakhouse locations open at least 16 months rose 4%. An affordable luxuryWhen it comes to steakhouses, Texas Roadhouse and LongHorn Steakhouse are on the cheaper end, noted Jim Salera, a research analyst at Stephens. Patrons sit at a bar and watch sports at a Texas Roadhouse restaurant in November 2023. “Retail demand has been probably a little bit weaker,” said Michael Bailen, senior director of investor relations at Texas Roadhouse.

Persons: Texas, ”, Jim Salera, Salera, you’re, Peter Saleh, They’ve, Scott Olson, Saleh, Rick Cardenas, It’s, Michael Bailen, ” Bailen, “, ’ Organizations: New, New York CNN, Texas, Texas Roadhouse, LongHorn, Longhorn, Darden Restaurants, steakhouses , Texas Roadhouse, Stephens, of America, CNN, Bureau of Labor Statistics, Kroger Locations: New York, Texas, Olive, steakhouses , Texas, Skokie , Illinois, . Texas

☆ AI is shaping the fate of software engineers, but there is a new way to succeed
▼ + stars: | 2024-06-24 | by ( Rachel Curry | ) www.cnbc.com time to read: +2 min

So far in the artificial intelligence hype cycle, software engineers are still operating at full force, with demand for skilled engineers expected to grow by 25% in the decade ending in 2032, according to the U.S. Bureau of Labor Statistics. But is the hyper-growth of AI as an engineering solution throwing a wrench in that expectation? This is a form of computational thinking, or computer-like thinking — one skill that will remain prevalent amid AI-enabled software engineering, Schuerman said. Talented engineers, Tang said, have a higher level of problem-solving, logic and reasoning skills. David Hsu, CEO and founder of app development platform Retool, believes AI in the software context is a propelling factor.

Persons: Jensen Huang, Don Schuerman, Schuerman, Winston Tang, Tang, David Hsu, Hsu Organizations: Nvidia, World, U.S . Bureau of Labor Statistics, Microsoft, Google Locations: Dubai

☆ The fastest-growing career in the US is in wind power. Here's what employees make, what it's like, and how to land a job.
▼ + stars: | 2024-06-24 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

Federal data indicates wind-turbine technician is the fastest-growing job in the US. He started as an intern in 2017 before becoming a wind technician and then advancing over the past seven years. Federal data indicates wind-turbine technician is the fastest-growing job in the US, alongside nurse practitioner. Offshore wind technicians can expect to earn an extra 30% to 40% compared to onshore workers. Wind technicians in the early stages of their careers might do scheduled maintenance and cleaning.

Persons: —, Dakota Carter, I've, Carter, Jerry Jones, Harry Willats, Willats, It's Organizations: Service, EDP Renewables, Renewables, Bureau of Labor Statistics, Industry, International Energy Agency, Darwin Recruitment, Siemens Gamesa, GE, Robert Morris University in, EDP, Technicians Locations: Delavan , Illinois, America, Australia, Brazil, China, Colombia, Egypt, India, Japan, Kenya, South Korea, Illinois, Texas, New Mexico , Kansas, Colorado, New York, Massachusetts, Robert Morris University in Illinois

☆ Hooters closes dozens of restaurants
▼ + stars: | 2024-06-24 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Hooters is the latest chain to close dozens of locations across the United States, blaming tough economic challenges including rising food and labor costs. “Like many restaurants under pressure from current market conditions, Hooters has made the difficult decision to close a select number of underperforming stores,” a spokesperson told CNN. In that time prices ticked up 0.2% at limited service spots, which include fast casual and fast food joints. 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. It’s not just Hooters feeling the financial brunt from cash-conscious customers: Applebee’s, TGI Fridays, Boston Market, California Pizza Kitchen and bankrupt Red Lobster have all recently closed restaurants.

Persons: Danielle Wiener, Bronner Organizations: New, New York CNN, Hooters, CNN, Bureau of Labor Statistics, Boston Locations: New York, United States, Florida , Kentucky, Rhode Island , Texas, Virginia, Boston Market, California

☆ Bad news for coders: The US is past peak software developer
▼ + stars: | 2024-06-22 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

A new ADP Research Institute report shows employment for software developers has declined from January 2018. Related storiesJob-search platform Indeed has its own running index of job postings for the software development sector. Swallowing a pay cut is a tough ask for software developers who were earning top dollar just a few years ago." AdvertisementData from Handshake, a platform where students can look for work, suggests a cooler demand for software developers or engineers. Have you made a career change from or to software development or another tech job?

Persons: —, Daniel Zhao, Glassdoor's, Zhao, Nela Richardson, Richardson, Nick Bunker, Bunker, Randy Tarnowski, Tarnowski, they're Organizations: Service, ADP Research, Business, North America, Bureau of Labor Statistics

☆ A B.A. from Columbia could cost $500,000: Here are the top 10 most expensive places in the U.S. to go college
▼ + stars: | 2024-06-22 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Over four years, the total bill may be $500,000 or more, as it is estimated to be at Columbia University, according to Self Financial. These are the 10 schools with the highest total cost for four years. Columbia University—New YorkTotal cost: $514,4422. Massachusetts Institute of Technology—Cambridge, MassachusettsTotal cost: $441,948All of the 10 most expensive schools Self Financial identified are private, which makes sense, given that those institutions typically charge higher tuition than public schools. But private colleges often offer generous financial aid and scholarships packages so your cost to attend may even be lower than at a public university.

Organizations: National Center for Education Statistics, Columbia University, Columbia, U.S . News, Bureau of Labor Statistics, Columbia University — New York, New York University — New York, Georgetown University — Washington, D.C, Harvard University — Cambridge, California Institute of Technology, University of Southern, University of Southern California — Los Angeles Total, University of Chicago — Chicago, George Washington University — Washington, Yale University — New, Massachusetts Institute of Technology, Self, Harvard, University of Massachusetts, Department, Education's, CNBC Locations: Massachusetts, California Institute of Technology — Pasadena, California, University of Southern California, Yale University — New Haven , Connecticut, Massachusetts Institute of Technology — Cambridge, Amherst

☆ The unemployment rate hit 4% for the first time in 2 years. Here's why economists say you shouldn't worry
▼ + stars: | 2024-06-21 | by ( Genna Contino | ) www.cnbc.com time to read: +1 min

The unemployment rate, which has remained low for two years, has been inching higher in the first half of the year, according to data from the Bureau of Labor Statistics. For the first time since January 2022, the unemployment rate ticked to 4.0% last month, up from 3.9% in April. Even though the employment rate has reached the highest it has been in a couple of years, 4% is still historically low, experts point out. Economists say people shouldn't be too concerned because both the number of jobs and the size of the labor force are growing. May's unemployment rate was impacted heavily by people, particularly those who are between 20 and 24 years old, entering and reentering the workforce, according to Moody's Analytics head labor economist Marisa DiNatale.

Persons: Marisa DiNatale, DiNatale Organizations: Bureau of Labor Statistics, Google

☆ Wyoming, Delaware, and Montana are the most entrepreneurial states of 2024 so far. It might be due to business-friendly taxes.
▼ + stars: | 2024-06-21 | by ( John Towfighi | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Delaware and Montana are second and third in new business openings per 100,000 residents since the start of 2024. AdvertisementThe boom in business translates to 283 new businesses per 100,000 residents in Wyoming, 153 in Delaware, and 106 in Montana. Wyoming also led the nation in new business applications per capita in 2023, according to the Chamber of Commerce. Business-friendly taxationWyoming, Delaware, and Montana are all particularly attractive to new business owners due to their tax laws. AdvertisementAre you a new small-business owner in Wyoming, Delaware, or Montana?

Persons: —, Louis Fed, LendingTree, Louis, EIG Organizations: Service, Business, Census, Chamber of Commerce, Fed, of Labor Statistics, Louis Fed, Tax Foundation, Washington D.C, Fortune, state's, Corporations, Economic Innovation Group Locations: Wyoming, Delaware, Montana, In Montana, New York City, San Francisco, South Dakota, Nevada, Washington, , Wyoming, West, Wyoming , Delaware

☆ Why Olive Garden doesn’t want to give discounts
▼ + stars: | 2024-06-20 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

But Olive Garden is holding out. In the quarter ending on May 26, sales at Olive Garden restaurants open at least 16 months dropped 1.5%. Olive Garden has tried to avoid such pushback by keeping its price increases low. “While Olive Garden same restaurant sales were below the industry, same-restaurant guest counts outperformed the industry,” Vennam said. “The way we do it is more sustainable.”Rather than vie for customers with steep discounts, Olive Garden is planning to bring people in by highlighting its regular offerings.

Persons: they’ve, Olive, “ We’re, ”, Rick Cardenas, Olive Garden, Cardenas, Raj Vennam, ” Vennam, Eddie V’s, David Henkes, Technomic, ” Cardenas Organizations: New, New York CNN, Darden, Olive Garden, Olive, LongHorn, Bureau of Labor Statistics, CNN Locations: New York, Applebee’s, Olive Garden’s, Olive

☆ Nearly half of New York City's vulnerable older adults have faced food insecurity in the last year, new study finds
▼ + stars: | 2024-06-18 | by ( John Towfighi | ) www.businessinsider.com time to read: +4 min

Survey participants either belonged to an older adult center or have received home-delivered meals, according to Citymeals on Wheels. AdvertisementResearchers found that 65% of older New Yorkers surveyed are living on $15,000 a year or less. Another gleaning insight from the study is the mental health concern among New York City's aging population. Forty-five percent of survey respondents said they do not have friends or family who can provide them with at least one meal a day. In fact, 41% of survey respondents said they're only sometimes or never able to grocery shop, and 15% said they're not able to cook for themselves, citing physical and mental difficulties.

Persons: —, Citymeals, they're Organizations: Service, SNAP, CUNY Urban Food, Business, Census, Security, Bureau of Labor Statistics Locations: New York City, New York

☆ Wall Street is turning more bullish
▼ + stars: | 2024-06-18 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —It’s tough being a Wall Street bear these days. The S&P 500 index has climbed nearly 15% this year and clinched 30 record-high closes. The new backdrop of cooling inflation coupled with rate cuts on the horizon is prompting investors to up their bullish wagers. Evercore ISI raised its price target to 6,000 for the S&P 500, a reversal from its previous, more gloomy 4,750 target. Much of the S&P 500 index’s returns are tied to the mega-cap tech Magnificent Seven stocks, leaving the market dependent on just a handful of names to continue its monster run.

Persons: New York CNN —, Goldman Sachs, ”, Julian Emanuel, index’s, Bacon, Danielle Wiener, Bronner, fuming, Jin Bian, Samantha Delouya, Bian, “, Ron DeSantis, isn’t, Bill 264, Sellers, Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, ISI, Evercore ISI, Shoppers, Bureau of Labor Statistics, CNN Locations: New York, Monday’s, Florida, Tampa , Florida, Nanjing, China

☆ American households have seen their purchasing power increase
▼ + stars: | 2024-06-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

"Real" earnings measure the net growth in workers' wages after inflation. The trend of growth in annual real earnings has persisted since May 2023, according to BLS data. That marks a reversal from April 2021 to April 2023, when inflation spiked and eclipsed growth in the average worker's paycheck. That month, the average worker saw their pay growth spike to about 6% annually. "This is good news for consumers," since it generally equates to an increase in their well-being over time, he added.

Persons: It's, Chris Tilly, Maximiliano Dvorkin, Louis, Dvorkin Organizations: Getty, U.S . Bureau of Labor Statistics, Finance, University of California, Federal Reserve Bank of St, BLS Locations: U.S, Los Angeles

☆ The Fed is 'playing with fire' by not cutting rates, says creator of 'Sahm Rule' recession indicator
▼ + stars: | 2024-06-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Economist Claudia Sahm has shown that when the unemployment rate's three-month average is half a percentage point higher than its 12-month low, the economy is in recession. "My baseline is not recession," Sahm said. "The worst possible outcome at this point is for the Fed to cause an unnecessary recession," she added. That's the highest the Sahm reading has been on an ascending basis since the early days of the Covid pandemic. The value essentially represents the percentage point difference from the three-month unemployment rate average compared to its 12-month low, which in this case is 3.5%.

Persons: Claudia Sahm, Sahm, I'm, Jerome Powell Organizations: Exchange, CNBC, Federal, Fed, Bureau of Labor Statistics, Committee

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