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☆ Wholesale prices rose 0.2% in June, slightly hotter than expected
▼ + stars: | 2024-07-12 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

A measure of wholesale prices rose more than expected in June as Wall Street assesses when the Federal Reserve will feel comfortable cutting interest rates. The producer price index rose 0.2% last month, the Labor Department's Bureau of Labor Statistics reported on Friday. The PPI is a gauge of prices that producers can get for their goods and services in the open market. Friday's report comes shortly after the June consumer price index came in cooler than expected on Thursday. The Fed's preferred inflation reading is the personal consumption expenditure price index.

Persons: Dow Jones Organizations: Port, Federal, Labor Department's Bureau of Labor Statistics, PPI, Traders Locations: Port of Los Angeles, San Pedro , California

☆ Unexpected bad news for inflation: Wholesale prices rose in June
▼ + stars: | 2024-07-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

CNN —Wholesale price inflation unexpectedly accelerated in June to its highest rate since March 2023. That’s an unwelcome development for the US economy one day after the government announced that consumer prices declined on a monthly basis for the first time in four years. On a monthly basis, prices rose 0.2% after holding flat in May. Economists had expected that prices would increase 0.1% on a monthly basis and hold steady at 2.2% annually. Prices dropped on a monthly basis for the first time since May 2020, and annual inflation slowed to 3%, its slowest rate since June 2023.

Persons: That’s, Price, ” Clark Bellin, Bellin Organizations: CNN —, of Labor Statistics, PPI, Federal Reserve

☆ The big change that could come for the economy in September
▼ + stars: | 2024-07-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

Wall Street’s expectations for a September rate cut rose to roughly 93% on Thursday from 73% the day before, according to the CME FedWatch Tool. “A September rate cut should be a done deal at this point,” wrote Ron Temple, chief market strategist at Lazard, in a Thursday note. Some economists worry that if the Fed doesn’t cut rates by then, cracks could begin to deepen in the labor market. A September rate cut “may not be the magic elixir some investors are seeking,” wrote Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management, in a Monday note. On an annual basis, consumer prices are increasing at their slowest pace since June 2023, matching the lowest annual rate since early 2021.

Persons: ”, Ron Temple, Jerome Powell didn’t, Brent Schutte, Alicia Wallace, —, Elisabeth Buchwald, McDonald’s, Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Lazard, Northwestern Mutual Wealth Management, Bureau of Labor Statistics ’, Taco Bell Locations: New York, Burger

☆ Silicon Valley financial software giant Intuit to pay back $555,000 to 2,600 workers over missed overtime payments
▼ + stars: | 2024-07-12 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

Intuit is paying more than $555,000 in back wages to workers who missed overtime payments. The Labor Department said it hadn't kept accurate pay records and didn't pay workers for required training. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIntuit, a Silicon Valley company that provides financial software for employers, is paying back more than half a million dollars to thousands of its own workers after failing to pay them for some required training. The announcement came just a week before the company announced it was laying off 10% of its workforce.

Persons: hadn't, —, Intuit hadn't Organizations: Intuit, Labor Department, Service, US Department of Labor, Business Locations: Silicon

☆ Welcome back to Wall Street earnings season
▼ + stars: | 2024-07-11 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +6 min

But for now, we're turning to Wall Street in our big story, as big banks gear up to report their earnings. The big storyEarnings to watchMomo Takahashi/BIJust like that, it's Wall Street earnings season once again. Wall Street banks have been waiting for M&A, IPOs, and other fee-generating corporate dealmaking to come roaring back for two years. In May, the CEO shocked Wall Street by saying he plans to step down in the next five years . Will banks start charging for everyday consumer products like checking accounts?

Persons: —, Joe Biden's, Sen, Peter Welch, Biden, Momo Takahashi, Wells, Goldman Sachs, Morgan Stanley, Kaja Whitehouse, Jamie Dimon's, Kaja, Jefferies, Jamie Dimon, Wall, Marianne Lake, We're, Larry Fink, Jenny Chang, Rodriguez, Neil Dutta, Tesla's, Elon Musk, Jeff Bezos, Rich Guy, Alyssa Powell, Andrei Cojocaru, David Zaslav, isn't, Joe, Zaslav, Jordan Parker Erb, Lisa Ryan, Joe Ciolli, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Democrat, Democratic, Hollywood, NATO, Business, showtime, JPMorgan, Citigroup, BlackRock, Bank of America, Getty, Warner Bros, Discovery, Air Lines, PepsiCo, Bureau of Labor Statistics Locations: New York, Chicago, London

☆ China's robotaxi push sparks concerns about job security for drivers
▼ + stars: | 2024-07-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Wuhan is the largest operational region for Baidu's Apollo Go, one of the largest robotaxi operators in China. CNBC was unable to independently verify the document, which claimed the taxi company had to stop operating four of its 159-car fleet since April due to falling income. Ride-hailing drivers on the riseA surge of new companies and ride-hailing drivers have meanwhile prompted some local governments to restrict the industry. China had more than 7 million registered ride-hailing drivers as of the end of May, according to the Ministry of Transport. In comparison, the U.S. had nearly 400,000 taxi and ride-hailing drivers, shuttle drivers and chauffeurs in 2022, according to the latest available figures from the Bureau of Labor Statistics.

Persons: Baidu, robotaxis, Goldman Sachs Organizations: Baidu, Bloomberg, Getty, BEIJING, Weibo, CNBC, Ministry of Transport, Bureau of Labor Statistics Locations: Wuhan, San Francisco, Phoenix , Arizona, Beijing, Guangzhou, robotaxis, China, Wuhan city, Guyuan, Ningxia, Guiyang, That's, U.S

☆ As inflation cools, estimate for 2025 Social Security cost-of-living adjustment goes down
▼ + stars: | 2024-07-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

The pace of inflation is coming down, which continues to point to a lower Social Security cost-of-living adjustment for retirees and other beneficiaries in 2025. The Social Security cost-of-living adjustment, or COLA, may be 2.7% next year, according to an estimate from Mary Johnson, an independent Social Security and Medicare policy analyst, based on new government data released on Thursday. In 2024, Social Security beneficiaries received a 3.2% cost-of-living adjustment. To be sure, the estimate for the Social Security cost-of-living adjustment for 2025 is subject to change. The Social Security Administration officially determines the cost-of-living adjustment by comparing the third quarter CPI-W data for that year to the third quarter of the previous year.

Persons: Mary Johnson, —, Johnson Organizations: Washington , D.C, Security, Social Security, CPI, Urban, Clerical Workers, Bureau of Labor Statistics, Social, Finance Locations: Washington ,

☆ Dollar General has 48 hours to make its stores safer or it will face big fines
▼ + stars: | 2024-07-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

Dollar General will also reduce merchandise levels in stores to prevent blocked fire exits. The agreement also requires Dollar General to correct any safety violations related to blocked exits or access to fire extinguishers and electrical panels within 48 hours. Dollar General could face fines up to $500,000 per violation. Last year, the Labor Department agreed to a settlement with Dollar Tree to improve worker safety in stores. Dollar General is the fastest-growing retailer in the United States, with more than 19,000 small stores.

Persons: ” Douglas Parker Organizations: New, New York CNN —, Department of Labor, Labor Department, Department of, Safety, Health, Walmart, Target Locations: New York, United States

☆ Prices fell in June for the first time since the start of the pandemic
▼ + stars: | 2024-07-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

CNN —US consumer prices did something in June that they haven’t done since the early part of the pandemic: They fell. Economists were expecting a 0.1% monthly increase and an annual gain of 3.1%, according to FactSet consensus estimates. Excluding energy and food prices, a closely watched “core” index of underlying inflation also slowed more than expected. Dow futures rose 80 points. Nasdaq futures rose 0.3% as well.

Persons: — Organizations: CNN, Bureau of Labor Statistics ’, Federal Reserve, Dow, Nasdaq, Treasury

☆ Here's the inflation breakdown for June 2024 — in one chart
▼ + stars: | 2024-07-11 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

They also generally like to examine "core" inflation readings. The monthly core CPI reading was 0.1% in June, the smallest increase in about three years, since August 2021. Shelter inflation has moderated much slower than expected, one of the big reasons inflation hasn't yet fallen back to target, economists said. There were encouraging signals in the latest CPI report: Monthly shelter inflation dropped to 0.2% after being stuck at 0.4% for four consecutive months. Services inflation is the trouble spotInflation for physical goods spiked as the U.S. economy reopened in 2021.

Persons: David Paul Morris, Mark Zandi, Zandi, Sarah House, Aubrey George, George, Joe Seydl, Olivia Cross Organizations: Bloomberg, Getty, U.S . Labor Department, Moody's, Wells, Wells Fargo Economics, U.S . Federal Reserve, CPI, Housing, of Labor Statistics, Morgan Private Bank, Capital Economics, BLS Locations: U.S, Wells Fargo, North America

☆ Biden touts cooling inflation, slams Trump tariffs at press conference
▼ + stars: | 2024-07-11 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: +1 min

President Joe Biden on Thursday trumpeted the latest inflation report in the opening remarks of his highly anticipated solo press conference in Washington. "Just this morning, we had a great economic report showing inflation is down," he said. Biden then criticized former President Donald Trump's proposed economic policy, which includes a 10% baseline tariff on all U.S. imports. "Meanwhile, Trump's calling for a 10% tariff on everything Americans buy, including food from overseas, vegetables and other necessities," he said. The press conference was a high-stakes event for the president, who has been facing calls to drop out of the 2024 race after his performance last month at the first debate with Trump.

Persons: Joe Biden, Biden, Donald Trump's Organizations: U.S . Department of Labor, Trump Locations: Washington

☆ Inflation falls 0.1% in June from prior month, helping case for lower rates
▼ + stars: | 2024-07-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The monthly inflation rate dipped in June, providing further cover for the Federal Reserve to start lowering interest rates later this year. The all-items index rate fell from 3.3% in May, when it was flat on a monthly basis. The annual increase for the core rate was the smallest since April 2021. A 3.8% slide in gasoline prices held back inflation for the month, offsetting 0.2% increases in both food prices and shelter. Housing-related costs have been one of the most stubborn components of inflation and make up about one-third of the weighting in the CPI, so a pullback in the rate of increase is another positive sign.

Organizations: Federal Reserve, Labor Department, Bureau of Labor Statistics, CPI Locations: U.S

☆ A million more U.S. workers can now get overtime pay: 'Most employers absolutely do want to get this right'
▼ + stars: | 2024-07-11 | by ( Gili Malinsky | ) www.cnbc.com time to read: +3 min

On July 1, more than a million workers became eligible for overtime pay. The 1938 Fair Labor Standards Act established a 40-hour workweek with certain workers eligible for overtime pay of 1.5 times their regular wage if they work past the 40-hour mark. Before the rule change on July 1, only around 15% of salaried workers were eligible for overtime pay. Up until July 1, salaried workers making $684 per week, or $35,568 per year, or more were exempt from getting overtime pay. Before the rule change, some workers making less than $107,432 per year could also qualify for overtime pay, though the parameters for qualifying are a little bit different from those given to low-wage workers.

Persons: Judy Conti, Conti, Here's, DOL, Jessica Looman Organizations: Labor, Department of Labor, National Employment Law, Labor Department, Fair Labor Locations: DOL

watch nowHousing inflation has remained stubbornly high even as inflation in the broad U.S. economy has cooled significantly from peak levels during the pandemic era. At a high level, "shelter" inflation is a measure of U.S. rental prices, said Jessica Lautz, deputy chief economist at the National Association of Realtors. Why CPI shelter inflation has fallen slowlyThe pullback in shelter inflation has been slower than expected, economists said. How the CPI reflects homeownershipThe shelter inflation index is meant to measure the average cost of housing in the U.S. economy, J.P. Morgan's Seydl said. "When it comes to the CPI, [shelter] does not mean the cost for homes for purchase," said the NAR's Lautz.

Persons: Joe Seydl, Jessica Lautz, Olivia Cross, We've, Jerome Powell, Selma Hepp, Morgan's Seydl, Powell, Seydl Organizations: Morgan Private Bank, Housing, National Association of Realtors, of Labor Statistics, Capital Economics, Finance, Federal, CoreLogic, BLS, Olivia Cross North, Capital, CPI Locations: North America, U.S, Olivia Cross North America

☆ Oil prices rise as inflation eases, bolstering market hopes for Fed rate cut later this year
▼ + stars: | 2024-07-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures rose Thursday as inflation eased, bolstering hopes that the Federal Reserve will cut interest rates later this year. Lower interest rates typically stimulate economic growth, which can bolster crude oil demand. The inflation and interest rate outlook overshadowed mixed signals on oil demand for this year. The IEA is forecasting global oil demand growth will average just under 1 million bpd in 2024 due to subpar economic growth, greater energy efficiency and electric vehicle adoption. OPEC, on the other hand, is much more bullish, forecasting demand growth of 2.2 million bpd as the cartel sees solid economic growth of 2.9% this year.

Organizations: Federal Reserve, Department of Labor, Reserve, International Energy Agency, IEA Locations: Stanton , Texas, Paris, China

☆ Why fast food value menus aren’t as good a deal as you might think
▼ + stars: | 2024-07-11 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

But just how much value is there in these kinds of “value” meals? Well, actually, not as much as you may think, since prices for many key ingredients used in value meals are coming down. Cheese, potatoes and tomatoes are getting cheaperMany of the recently announced value meals use cheese, potatoes and tomatoes. Meat eaters benefit the most from the value meal warIf you eat meat, you’re more likely to benefit from some value menu items. Given that meat prices are rising at a faster pace than most foods, it’s no wonder most fast-food chains are only offering value menus for a limited time.

Persons: McDonald’s, Joe Erlinger, ” Organizations: New, New York CNN, Taco Bell, Bureau of Labor Statistics ’, McDonald’s, Wall Locations: New York, Burger, McDonald’s USA

☆ Dollar General settles with the Labor Department over workplace safety violations
▼ + stars: | 2024-07-11 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +3 min

The U.S. Department of Labor announced a settlement Thursday with Dollar General , requiring the retailer and its subsidiaries to pay $12 million in penalties and implement significant workplace safety improvements in its more than 19,000 stores nationwide. Gun violence has also been an issue for Dollar General stores: 49 people have been killed and 172 people have been injured at Dollar General stores by gun violence, according to 2023 data from nonprofit Gun Violence Archive. A repeat offender with the Department of Labor, Dollar General became the first company to be added to OSHA's "severe violators" of workplace safety rules list in 2023, after the agency expanded the reach of its safety enforcement program. The settlement with the Department of Labor also requires Dollar General to monitor outcomes of those efforts and provide quarterly reports to OSHA. CNBC has reached out to Dollar General for additional comment.

Persons: Health Douglas Parker Organizations: U.S . Department of Labor, Dollar, federal, Safety, Health Administration, Violence, Department of Labor, Occupational Safety, Health, Safety Operations Center, OSHA, CNBC Locations: Tennessee

Mortgage rates have been holding steady so far this week, but they could fluctuate on Thursday when the Bureau of Labor Statistics releases June's Consumer Price Index data. If this index shows that inflation slowed last month, rates could ease. As inflation slows and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates are expected to go down. This should remove some of the upward pressure off of mortgage rates and allow them to trend down more substantially. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: they're, you'll, Fannie Mae Organizations: Bureau of Labor Statistics, Federal Reserve, Investors, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Restaurants and hotels were helping power the booming job market. Now, they're barely hiring.
▼ + stars: | 2024-07-10 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

Still, the industry largely saw strong monthly job gains following the losses it faced early on in the pandemic, averaging 205,000 jobs a month in 2021. Data out Friday from the Bureau of Labor Statistics showed this industry saw a month-over-month job gain of 7,000; the overall nonfarm payroll job gain in June was 206,000. The industry has historically had higher rates of quits and job openings than the overall labor market, per the Job Openings and Labor Turnover Survey. Additionally, the healthcare and social assistance sectors have seen robust job growth and likely will be looking for job seekers long-term. AdvertisementThe overall tougher labor market still has potential for job seekers.

Persons: —, switchers, Julia Pollak, " Pollak, Pollak, Nick Bunker Organizations: Service, Business, Bureau of Labor Statistics, Labor, BLS, Healthcare, North America Locations: Federal

☆ 15 U.S. states with the lowest cost of living—a single person can live there comfortably on $20 an hour
▼ + stars: | 2024-07-09 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

As a single person, you'll need an annual income of $40,000 to cover basic expenses in the cheapest U.S. states, according to a recent SmartAsset analysis. The state with the lowest costs of living is West Virginia, closely followed by Arkansas and Oklahoma, the analysis says. In contrast, the most expensive state for a single person is Massachusetts, where a single person needs $58,009 per year to cover basic costs. The difference in basic costs between states is largely due to housing, which tends to be most affordable in rural states. MIT's Living Wage calculator is based on data from various federal agencies, adjusted for inflation as of December 2023.

Organizations: MIT, Bureau of Labor Statistics, CNBC Locations: West Virginia, Arkansas, Oklahoma, West, U.S, Dakota, Kentucky, Ohio, Louisiana, Mississippi, Iowa, Mexico, Nebraska, Alabama, Missouri, Wisconsin, Massachusetts, New York, California

☆ A Texas Gen Xer explains why he regrets going to college in his 40s
▼ + stars: | 2024-07-09 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Read previewIn 2018, at age 40, Kenneth Ferraro decided to pursue a college degree for the first time. Ferraro, who's based in Texas, had worked as a truck driver for decades, he told Business Insider via email. The perceived benefits of a college degree have led more Americans to go back to school later in life. Related storiesFerraro shared the biggest challenges he's faced in his job search, including why he thinks having a college degree has sometimes worked against him. While having a college degree improved his credentials, he thinks his age has held him back in the job market.

Persons: —, Kenneth Ferraro, Ferraro, who's, Ferraro's, he's, it's, " Ferraro, wasn't Organizations: Service, Business, New York University, Bureau of Labor Statistics, National Center for Education Statistics, New York Fed Locations: Texas

☆ AI tools and startups are helping workers bluff their way through job interviews. Just don't call it cheating.
▼ + stars: | 2024-07-09 | by ( Rob Price | ) www.businessinsider.com time to read: +12 min

Read previewMichael Guan wants you to use AI to bluff your way through that job interview. He's the cofounder and CEO of Final Round AI, a startup building artificial intelligence-powered tools for job seekers. There's a debate in Silicon Valley about the appropriateness of candidates using AI in job interviews. An AI-powered proxy interview demoArjun, a professional interview proxy, hopped on a call to explain how it worked and then gave a demo. Guan argued that using AI during a job interview isn't underhanded; it shows the worker's ingenuity.

Persons: —, Michael Guan, Otter.ai, There's, Guan shrugged, Otter, it's, Arjun, AiApply, Aidan Cramer, Cramer, Buddy, that's, résumé, Guan, Jay Ma, Copilot, Ma Organizations: Service, Business, AWS, Google, Microsoft, Hub, Intel, Nvidia, Wayback, Bureau of Labor Statistics, YouTube Locations: Silicon Valley, Facebook, WhatsApp, London, San Francisco, Francisco, China, Seattle, TikTok

As long as inflation continues to slow, mortgage rates should ease throughout the remainder of 2024, improving affordability for hopeful homebuyers. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Decrease Slightly (-0.09%)The current average 30-year fixed mortgage rate is 6.62%, down nine basis points from where it was this time last week, according to Zillow data. 15-Year Fixed Mortgage Rates Essentially Flat (+0.01%)The average 15-year mortgage rate is 5.99%, just one basis point higher than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Increase Slightly (+0.16%)The average 30-year refinance rate is 7.86%, 16 basis points up from last week.

Persons: you'll, It's, refinance Organizations: of Labor Statistics, Federal Reserve, Zillow, FHA Locations: Chevron

☆ The 'coveted soft landing' is here, Biden's top labor official says — and it could set Americans up for an interest rate cut in September
▼ + stars: | 2024-07-08 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Since last fall, the Federal Reserve has held interest rates steady as it continued fighting to get inflation closer to its 2% target. Alongside the Federal Open Market Committee's announcement to hold interest rates steady during its most recent meeting in June, the Summary of Economic Projections penciled in just one interest rate cut for 2024. However, Powell said during the June press conference that there was still time to change that projection — and that a rate cut in September is "plausible." "It's going to be the totality of the data, what's happening in the labor market, what's happening with the balance of risks, what's happening with the forecast, what's happening with growth," he said. CME FedWatch, which estimates market assessments of the probability of interest rate cuts, projects a 93% chance interest rates will remain steady in July and a 72% chance rates will be cut by September.

Persons: —, Jerome Powell, Julie Su, Su, Powell, Jan Hatzius, Goldman Sachs, Hatzius Organizations: Service, Federal Reserve, Business, of Labor Statistics, Fed, CNBC Locations: —

☆ Americans are suddenly finding it harder to land a job — and keep it
▼ + stars: | 2024-07-08 | by ( Elisabeth Buchwald | Alicia Wallace | ) edition.cnn.com time to read: +5 min

Suddenly, the red-hot labor market is feeling closer to lukewarm for job seekers. The unemployment rate rose to a three-year high of 4.1% in June, with 6.8 million people unemployed. At that time a year ago, the unemployment rate was at 3.6% and 6 million people were unemployed. The rising unemployment rate — driven primarily by more people entering the workforce — means that it’s getting more competitive for job hunters to get hired. Since 2022, the temporary help sector has added jobs in only four months.

Persons: It’s, Luke Pardue, switchers, David Tinsley, Jack McIntyre Organizations: CNN, Aspen, Bank of America, Bank of America Institute, “, of Labor Statistics, Labor Department, Brandywine Global

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