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Expensive Big Mac meals and fears of surge pricing at grocery stores have put food chains and consumer product companies in politicians' crosshairs. Walmart , McDonald's and Kroger are just a few of the companies that have found themselves in the debate over high inflation in the 2024 election. Democrats — particularly those like Casey who are trying to win races in competitive swing states — are trying to capitalize on frustration against companies over inflation. (The source of the data is unclear, and McDonald's has denied that its average prices have risen that much.) The criticism could also add to the pressure companies face to show they can lower prices or offer value.
Persons: Elizabeth Warren, Bob Casey, Kroger, Rodney McMullen, , Casey, Joe Biden, McDonald's, Kamala Harris, Donald Trump, Harris, Trump, Biden, Cait Lamberton, That's Organizations: Walmart, McDonald's, Kroger, Albertsons, House Republican, Taco Bell, Democratic, Republican, U.S . Bureau of Labor Statistics, University of Pennsylvania's Wharton Locations: Sens, McDonald's
Boris Roessler | Picture Alliance | Getty ImagesLONDON — European stocks were set to open lower Friday, extending losses amid a global downturn as a busy week of market action draws to a close. Germany's DAX was on course to open 104 points lower at 17,984, according to IG data, with France's CAC 40 down 40 points at 7,325. The regional Stoxx 600 index on Thursday suffered its worst session since mid-June, pulled down by financials as French bank Societe Generale downgraded its outlook and the Bank of England cut interest rates for the first time since 2020. The central bank decision took its key interest rate to 5% from 5.25%, in a move that markets had not been fully convinced it would carry out. Asia-Pacific markets saw steep losses Friday, with Japan's benchmark indexes tanking as much as 5%.
Persons: Boris Roessler, Germany's DAX, BOE Governor Andrew Bailey, BOE, Joe Tuckey Organizations: Getty, France's CAC, Societe Generale, Bank of England, CNBC, Argentex, U.S . Federal Reserve, Bank of, Apple, Intel, U.S . Bureau of Labor Statistics Locations: Frankfurt, Bank of Japan, Europe, Asia, Pacific
The unemployment rate fell for Asian Americans from June to July, bucking a broader trend, according to data released Friday by the U.S. Bureau of Labor Statistics. The unemployment rate among Asian Americans dipped to 3.7% in July from 4.1% a month earlier. The result went against the overall unemployment rate, which rose to 4.3% last month from 4.1% in June. Meanwhile, the jobless rate for white Americans rose to 3.8% in July, up from 3.5% a month earlier. For Hispanic Americans, this number climbed to 5.3% last month, compared to the rate of 4.9% in June.
Organizations: U.S . Bureau of Labor Statistics
So when worldwide events like the Covid-19 pandemic push inflation well above that 2% target, it can be a real shock to consumers. There are a handful of retail categories, dominated by consumer electronics, that buck the trend and are actually cheaper now than they were before the pandemic, based on a CNBC review of CPI categories in June 2024 compared with June 2019. Same price, better valueEven when annual inflation was at its peak, prices for consumer electronics consistently showed signs of deflation. Such hedonic adjustments — the term BLS uses to describe it's adjustments for changes in item quality — span the whole consumer price index and include categories from men's underwear to home computers to refrigerators. Why televisions continue to be cheapBut hedonic adjustments can't account for everything when the CPI is registering drops in prices.
Persons: it's, Andrew Csicsila, That's, Csicsila Organizations: U.S . Federal Reserve, U.S . Bureau of Labor Statistics, CNBC, CPI, Bureau of Labor Statistics Locations: Americas
Aimee Harris, right, walks out of Manhattan federal court, Tuesday, April 9, 2024, in New York. A Florida woman was arrested Monday in Georgia on motor vehicle, marijuana, and other state charges just one day before her scheduled voluntary surrender to begin a month-long jail term for stealing and selling the diary of President Joe Biden's daughter Ashley Biden, prosecutors revealed in a New York federal court filing. Harris, 42, was sentenced in April to one month in jail and three months of home detention. She had been scheduled to surrender on Tuesday at noon to begin serving her jail sentence. "The defendant is currently in state custody in connection with those charges."
Persons: Aimee Harris, Joe Biden's, Ashley Biden, Harris, Ashley Biden's, Laura Taylor Swain, Swain Organizations: U.S, Marshals, U.S . Bureau, Prisons, Attorney's, Sunday Locations: Manhattan, New York, Florida, Georgia, Palm Beach, U.S, McIntosh County , Georgia, Carolina
A Florida woman was arrested Monday in Georgia on motor vehicle, marijuana, and other misdemeanor state charges just one day before her scheduled voluntary surrender to begin a monthlong jail term for stealing and selling the diary of President Joe Biden's daughter Ashley Biden, prosecutors revealed in a New York federal court filing. Harris, 42, was sentenced in April to one month in jail and three months of home detention. She had been scheduled to surrender Tuesday at noon to begin serving her jail sentence. "The defendant is currently in state custody in connection with those charges." The arrest report, obtained by CNBC by the McIntosh County Sheriff's Office, shows that Harris was arrested at 11:30 p.m.
Persons: Joe Biden's, Ashley Biden, Aimee Harris, Harris, Ashley Biden's, Laura Taylor Swain, Swain Organizations: U.S . Bureau, Prisons, Attorney's, CNBC, Sunday Locations: Florida, Georgia, New York, Palm Beach, U.S, Manhattan, McIntosh County , Georgia, McIntosh, Darien, Carolina
And at some Chipotle locations, customers filmed workers to try to make sure they didn't skimp on their burrito bowls. The three joined a growing list of consumer brands contending with customers' deep frustration over high prices — and wariness that prices will only rise more. Walmart, on the other hand, said the new price tags will cut a tedious task from store workers' to-do lists. They eliminate the need for store workers to swap out traditional paper tags. Shoppers at a Walmart store in Secaucus, New Jersey, US, on Tuesday, March 5, 2024.
Persons: Wendy's, Jean, Pierre Dubé, David Chavern, Donald Trump, Joe Biden, Kevin Lamarque, hasn't, Dianna Campbell, she's, Campbell isn't, Biden, skimping, Sen, Bob Casey, Andrea Foote, Tricia Moriarty, it's, Jim Cramer, CNBC's, Brian Niccol, Chipotle, We've, Wells, Zachary Fadem, Brandon Bell, It's, Kirk Tanner, Yuki Iwamura, Cristina Rodrigues, Gabby Jones Organizations: Walmart, University of Chicago Booth School of Business, Consumers, U.S . Bureau of Labor Statistics, Consumer Brands Association, Procter, Gamble, Pew Research, Pew, Reuters Shrinkflation, Federal Reserve, Customers, Gatorade, PepsiCo, CNBC, Chipotle, New York, Mexican Grill, Getty, American Farm Bureau Federation, Bloomberg, University of Chicago Locations: U.S, Goffstown , New Hampshire, Manhattan, New York City, Mexican, Austin , Texas, Queens, New York, Europe, Secaucus , New Jersey, US
Sierra Leone outlaws child marriage with new bill
  + stars: | 2024-07-03 | by ( Story Reuters | ) edition.cnn.com   time to read: +1 min
Sierra Leone officially banned child marriage on Tuesday with President Julius Maada Bio signing into law a bill to end the practice that remains widespread. Advocates hope the new legislation will better protect girls in Sierra Leone, around a third of whom are married before they turn 18, increasing the maternal death rate due to the physical risks they face from pregnancy, according to the health ministry. Parents or those attending such marriage ceremonies could also face fines. The legislation should “break the cycle of early marriage and its devastating consequences,” said Human Rights Watch researcher Betty Kabari. “It also sets a pathway forward for other African nations, such as Tanzania and Zambia, to revoke laws that permit child marriage.”
Persons: Julius Maada, , Betty Kabari Organizations: Sierra, U.S . Bureau, African Affairs, UNICEF, Sierra Leonean, Reuters, Rights Locations: Sierra Leone, Central Africa, Tanzania, Zambia
Picture Alliance | Picture Alliance | Getty ImagesBEIJING — China dominates the supply chain for many of the world's critical minerals, but so far it's held off on sweeping restrictions on at least one: tungsten. Almonty claims the forthcoming mine in South Korea has the potential to produce 50% of the world's ex-China tungsten supply. "We see in the U.S., in Europe, they ask their suppliers for a China-free supply chain," said Michael Dornhofer, founder of metals consulting firm Independent Supply Business Partner. watch nowBack in January, U.S.-based research firm Macro Ops said: "We're approaching an inflection point in tungsten supply. Other non-Chinese companies in the tungsten supply chain are going to South Korea.
Persons: Lewis Black, Biden, Black, Yadong, Almonty, Michael Dornhofer, Dornhofer, Brandon Beylo, he's, Mark Seddon, Warren Buffett Organizations: Saxony Minerals, ., Getty, Taiwan Semiconductor Manufacturing Company, Nvidia, Almonty Industries, China's Ministry of Commerce, Independent Supply, Energy, Security Holdings, European, Chinese Communist Party, U.S . Bureau of Industry, Security, Department of Commerce, CNBC, Argus, IMC, IMC Group Locations: Germany, BEIJING, China, Canada, South Korea, U.S, Europe, United States, South Korea China, North Korea, Africa, Myanmar, Daegu
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
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
"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 labor market is cooling, but this slowdown doesn't equate to an easier hunt for job seekers. There were about 1.2 job openings per unemployed worker in April, down from a ratio of two openings per person about two years ago. People might feel burned out or frustrated searching for a new job due to lingering expectations from the red-hot job markets of 2021 and 2022. But there are signs that the U.S. job market is strong despite economic headwinds like higher interest rates, Nela Richardson, ADP's chief economist, tells CNBC Make It. Job openings continue to trend toward pre-pandemic levels and the national unemployment rate is under 4%, a historically low mark.
Persons: Nela Richardson, Richardson Organizations: U.S . Bureau of Labor Statistics, LinkedIn, CNBC Locations: U.S
Here’s where the jobs are for May 2024 — in one chart
  + stars: | 2024-06-07 | by ( Pia Singh | ) www.cnbc.com   time to read: +2 min
The three sectors, respectively, added 68,000, 43,000 and 42,000 jobs, similar to trends seen over the past year. The U.S. economy added 272,000 jobs for the month , coming out significantly higher than the Dow Jones consensus estimate of 190,000. Job growth in May was surprisingly strong, pushing back on lingering fears of a broader economic slowdown and likely slowing the Federal Reserve's rate-cutting timeline. On the other hand, social assistance employment trended higher as it added 15,000 last month, below the sector's average of 22,000 jobs per month seen over the last year. Investors walked away from the report discouraged that the Federal Reserve would cut rates in June, noting that the increase in job growth and above-average wage growth paints a picture of a fairly strong consumer.
Persons: Dow Jones, That's, Sonu Varghese Organizations: U.S . Bureau of Labor Statistics, Investors, Federal Reserve, Carson Group Locations: U.S
Goldman Sachs recommended that investors consider a specific strategy when trading European markets right now given the "scope for near-term volatility in equities." Here are two such stock ideas, which are also on the Wall Street bank's conviction list. Goldman gives the stock around 23.6% upside from a 12-month price target of 223 euros ($242.10). Bureau Veritas Another stock on Goldman's list is French company Bureau Veritas , known for its laboratory testing, inspection and certification services. Goldman gives the stock nearly 20% upside from a 12-month price target of 37 euros.
Persons: Goldman Sachs, Liquide Goldman, Georgina Fraser, Fraser, Goldman, Suhasini, — CNBC's Michael Bloom Organizations: Air Liquide, Euronext Paris Exchange, Veritas, Bureau Veritas, First Locations: Paris, Suhasini Varanasi
How fast food got so expensive
  + stars: | 2024-05-04 | by ( Ryan Baker | Natalie Rice | Jeniece Pettitt | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow fast food got so expensiveSticker shock is making customers think twice about their favorite fast-food chains. McDonald's and Yum Brands, which owns KFC, Taco Bell and Pizza Hut, missed analyst estimates in their 2024 first-quarter earnings. The limited-service restaurant category saw prices rise more than 46% over the course of the past decade, according to the U.S. Bureau of Labor Statistics. Experts say that increasing labor costs are the primary driver.
Organizations: Yum Brands, KFC, Taco Bell, U.S . Bureau of Labor Statistics
Oil steadies, heads for weekly drop on U.S. economy worries
  + stars: | 2024-05-03 | by ( ) www.cnbc.com   time to read: +1 min
Oil prices edged up in early trade on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for weekly losses on U.S. economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas war. Brent headed for a 6.3% weekly decline, while and WTI moved towards a loss of 5.6% on the week. The market is now looking towards U.S. economic data and indicators of future crude supply from the world's top producer. Higher rates typically weigh on the economy and that can reduce oil demand. Also on Friday, energy services firm Baker Hughes is due to release its weekly count of oil and gas rigs, an indicator of future crude output.
Persons: Brent, WTI, Baker Hughes Organizations: Brent, . West Texas, Organization of, Petroleum, U.S . Bureau of Labor Statistics, Federal Reserve Locations: Israel, U.S, Russia
"It resonates with both millennials and Gen Zers, which I think indicates that Gen Z is feeling the same 'girl-boss' pressures that millennials famously grew up with," said Casey Lewis, a social media trend forecaster. "I'm a millennial and I grew up like I needed to maximize every minute of the day," Lewis said. And yet, even in cases where women are now breadwinners, the division of labor at home has barely budged, the Pew report found. "But we also live in an environment of layoffs and rising costs, so not being productive isn't really an option," she added. Even though you're not reading the news, you're still seeing how the economy is impacting peers.
Persons: Taylor Swift, “ Midnights, Kevin Mazur, Gen Zers, millennials, Casey Lewis, Eve Rodsky, Taylor, Lewis, That's, Heather Boneparth, Gen Organizations: Crypto.com Arena, Poets Department, Pew Research Center, U.S . Bureau of Labor Statistics Locations: Los Angeles
Among them, it's highest in the legal profession: Indeed found that average workers saw their paychecks grow at a 5.7% pace in March 2024 versus a year earlier. Strong wage growth doesn't necessarily translate to a high salary, though. By comparison, software developers make $66.40 an hour and $138,110 annually on average, according to BLS data. For example, workers in accommodation and food services saw annual earnings growth peak at 16.1% in December 2021, according to ZipRecruiter data. By comparison, it found that those in the information sector saw growth peak at 7.8% in September 2022.
Persons: Julia Pollak, Allison Shrivastava, Pollak Organizations: Maskot, Workers, Finance, it's, CNBC, U.S . Bureau of Labor Statistics
RobertCrum | Getty ImagesDETROIT – Skyrocketing auto insurance costs helped contribute to inflation accelerating at a faster-than-expected pace in March and are adding to the ever more expensive costs for U.S. vehicle owners. Auto insurance costs have been on the rise for some time, growing every month as part of the index since December 2021. However, auto insurance remains a small portion of the CPI, with a 2.85% weighting. watch nowThe insurance cost increases on inflation come more than two years after the Biden administration largely blamed used car prices for pushing inflation higher in January 2022. The cost of vehicle insurance — which is mandatory in almost every state — varies by provider, driver, coverage and location.
Persons: Sean Tucker, Kelley, David Sampson, Sampson, Biden, Mitchell, Power, , it's, Price, Mark Garrett, — CNBC's Robert Ferris, Jeff Cox Organizations: Getty, DETROIT, U.S, Auto, U.S . Bureau of Labor Statistics, American, Casualty Insurance Association, CNBC, Progressive, Power's U.S . Auto Insurance, State Farm, Liberty Mutual Locations: U.S, Power's U.S, Geico, .
The labor market has been resilient despite economic headwinds like higher interest rates. "There's still strong, broad-based job growth and real wage growth has been restored," Pollak said. The labor market is in a 'sweet spot'Employers added 303,000 jobs to payrolls in March, the U.S. Bureau of Labor Statistics reported Friday. Job growth in the first three months of 2024 — 274,000, on average — beats the 2019 pre-pandemic average by more than 100,000. "The labor market is settling into a sweet spot," said Nick Bunker, economic research director for North America at job site Indeed.
Persons: Lindsey Nicholson, Julia Pollak, There's, Pollak, Nick Bunker Organizations: Getty, U.S . Bureau of Labor Statistics, North America Locations: Queens , New York, U.S
In the "Barbie" movie, the narrator says, "Barbie has a great day every day." As women's participation in the labor force has increased over the years, the group continues to face hurdles along the way. "We have the tightest labor market for women in the past 20-something years," Bustamante said. "As the labor market gets tighter and tighter and tighter, women's employment rises faster than men's," Pollak said. "To think of just the scale of construction employment and women are still such a marginal piece of that sector," he said.
Persons: Margot Robbie, Barbie, Julia Pollak, R, Bustamante, Pollak, " Pollak Organizations: Mattel, Warner Bros, U.S . Bureau of Labor Statistics, Roosevelt Institute, Census, National Women's Law, Warner Brothers Pictures Locations: New York, U.S
Joe Raedle | Getty Images News | Getty ImagesUnemployment among Black women fell in February as the number of those looking for work increased, data released Friday by the U.S. government showed. Adult women age 20 and older in the labor force followed that trend, with the unemployment rate ticking up to 3.5% from 3.2%. The percentage of unemployed Black women, however, fell to 4.4% from 4.8%. She pointed to the decrease in the unemployment rate, while the employment/population ratio edged higher to 60.6% from 59.9%. "We saw increases in health care and government services, which are sectors where we see a significant number of Black women being employed," she said.
Persons: Joe Raedle, Valerie Wilson, Wilson Organizations: Getty, U.S, U.S . Bureau of Labor Statistics, CNBC Locations: Miami, U.S
Americans are paying almost as much interest on credit cards and other debt as they are on mortgages. Nearly equal debt service costs haven't been seen in any of the data stretching back to the 70s. Homeowners have locked in low rates, but other debt has become more costly as interest rates rise. AdvertisementNew data reveals that Americans are spending nearly as much on interest payments for credit cards and other kinds of consumer debt as they are on mortgage interest. The average American debt load hit $104,215 in the fourth quarter of 2023, fueled by $12.25 trillion in mortgage debt.
Persons: haven't, , Fitch Organizations: Homeowners, Service, US, of, U.S . Bureau
Mark Zandi, chief economist at Moody's Analytics, said the increase in foreign-born workers is "taking pressure off the economy." The growth in foreign-born workers comes amid a contentious immigration policy debate in the U.S. Immigrants' share of the labor force has increased since 1996, when the Bureau of Labor Statistics began collecting such data. A growing population and labor force are key components of a healthy economy and the nation's ability to pay its bills, economists said. In other words, the economy is both absorbing immigrants and generating job opportunities for U.S.-born workers, the institute said.
Persons: Mark Zandi, it's, Alejandro Mayorkas, John Moore, Muzaffar Chishti, Jack Malde, Qian Weizhong, Steven Camarota, Camarota, Paul Ratje, Eric Thayer, Malde, EPI, Zandi, There's, Luis Alvarez Organizations: U.S . Bureau of Labor Statistics, Moody's, Republicans, U.S, Department of Homeland, U.S . Border Patrol, U.S . Department of Homeland, Getty, Migration Policy Institute, CNBC, Foreign, U.S . Immigrants, Bureau of Labor Statistics, Pew Research Center, Social Security, Congressional, Office, Center, Immigration, . Border Patrol, Getty Images, Federal Reserve Bank of San, Center for Immigration Studies, Afp, Bloomberg, Economic Policy Institute, National Academies of Sciences, Engineering, Medicine, Digitalvision Locations: U.S, Mexico, Eagle Pass , Texas, San Diego , California, Federal Reserve Bank of San Francisco, Paso, Ciudad Juarez , Mexico, Los Angeles
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