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☆ The Broken System That Keeps Young American Men From Getting a Job
▼ + stars: | 2024-05-30 | by ( Emily Stewart | ) www.businessinsider.com time to read: +7 min

America's young men aren't working. The effect was driven almost entirely by young men: Unemployment went up by 2.7 percentage points for young men but by only 0.1 percentage points for young women. AdvertisementEmployers might also see young men as riskier to bring on board. Fairly or unfairly, there's a stereotype that young men are more volatile, more immature, and less responsible than their female counterparts. As for why so many young men aren't working, it's a doozy.

Persons: they're, willy, it's, Matt Darling, Darling, —, aren't, There's, Emily Stewart Organizations: Social Security, Niskanen, Unemployment, Lawmakers, Capitol, Business Locations: Washington, Oregon

☆ DOJ charges Chinese national with operating 'world's largest botnet' that stole $5.9 billion in Covid relief funds
▼ + stars: | 2024-05-29 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Federal Bureau of Investigation Director Christopher Wray said it is "likely the world's largest botnet ever." The botnet hacked into over 19 million IP addresses in nearly 200 countries, the DOJ announcement said. In particular, the botnet targeted Covid relief programs and filed an estimated 560,000 false unemployment insurance claims, stealing $5.9 billion. The DOJ partnered with the FBI and other law enforcement agencies internationally to dismantle the botnet and arrest Wang. The charges come as U.S. law enforcement agencies try to update protocols to keep up with more sophisticated cybersecurity threats.

Persons: Wang, Christopher Wray, S, Axelrod, they're, Wray Organizations: US Department of Justice, Department of Justice, DOJ, Federal Bureau of, FBI, Export Enforcement, U.S . Department of Commerce's, of Industry, Security, Treasury Department, Treasury, Code, Tulip Biz, Company, Lily Suites Company Locations: Washington , DC, U.S, China

☆ Hey, America, here's what's actually going on with the economy
▼ + stars: | 2024-05-25 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

Read previewHey, America, we totally understand if you're not feeling so great about the economy. This story is available exclusively to Business Insider subscribers. If you're interested in learning more about what's going on with the economy take a look at the charts below. Unemployment rates in the US have been lowThe unemployment rate did climb from 3.8% in March to 3.9% in April, but that's still low. However, just because we aren't in a recession doesn't mean the economy is perfect.

Persons: —, We're, Harris, David Kelly, Eugenio Alemán, Raymond James, Gregory Daco, Kelly, Daco, Alemán, Raymond James doesn't Organizations: Service, Guardian, Business, Morgan Asset Management, Real Locations: America

☆ Massachusetts takes Uber and Lyft to trial over status of gig workers
▼ + stars: | 2024-05-13 | by ( ) edition.cnn.com time to read: +2 min

Uber and Lyft are set to face trial on Monday in a US lawsuit by Massachusetts’ attorney general alleging the ride-share companies misclassified their drivers as independent contractors rather than more costly employees. Uber (UBER) and Lyft (LYFT) argue that they properly classified the drivers, saying they are not transportation companies that employ drivers but technology companies whose apps facilitate connections between drivers and potential riders. The lawsuit going to trial was filed in 2020 by Campbell’s predecessor, Maura Healey, now the state’s Democratic governor. Should the state prevail, it has said the companies could face large penalties for not properly classifying their drivers. By not classifying their Massachusetts drivers as employees, Uber and Lyft avoided paying $266.4 million into workers’ compensation, unemployment insurance and paid family medical leave over 10 years, according to a report by the state auditor.

Persons: Andrea Joy Campbell, Uber, Peter Krupp, Rohit Singla, Maura Healey, Lyft Organizations: Democratic, Studies, Massachusetts, Campbell’s Locations: Massachusetts, Boston, Suffolk

☆ Something strange has been happening with jobless claims numbers lately
▼ + stars: | 2024-04-19 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

That's because most of the past several weeks have shown that first-time claims for unemployment benefits haven't fluctuated at all — as in zero. "Initial claims for unemployment insurance are state programs, with 50 state rules, hundreds of offices, and 50 websites to file. Weather, seasonality, holidays, and economic vibrations drive the number of people filing claims from week to week," he added. Indeed, a Labor Department spokesperson noted that while the string of 212,000 prints on the jobless claims data is "uncommon," it would not be considered anomalous. The Labor Department official also pointed out that new seasonal factors to the claims data were announced a month ago.

Persons: Jim Bianco, Tracey Ryniec, Jim Organizations: Labor Department, Bianco Research, Zacks Investment Research, Labor, Federal Reserve Locations: New York City

☆ Office Apocalypse, New Expenses Are Wrecking Big Cities' Budgets
▼ + stars: | 2024-04-14 | by ( Emily Stewart | ) www.businessinsider.com time to read: +9 min

Across the country, from Denver and Seattle to Washington, DC, and New York, cities are deciphering whether to slash their budgets. (Most states' fiscal years run from July 1 to June 30.) States and cities are facing pressure from societal issues that will weigh on tax revenue and increase costs for years to come. Aging populations mean a smaller percentage of the population that's of working age, putting downward pressure on tax revenue. But as federal funds have petered out, structural problems have resurfaced.

Persons: Justin Marlowe, Lucy Dadayan, Carol O'Cleireacain, it's, Marlowe, O'Cleireacain, Josh Goodman, Goodman, Liz Farmer, Baltimore's Francis Scott Key, Farmer, Emily Stewart Organizations: Boston, University of Chicago Harris School of Public Policy, Municipal Finance, Pew, Urban, Brookings Tax, Urban Institute, Business Locations: Denver, Seattle, Washington, New York, California , Maryland, Arizona, New York City, New York , New Jersey, Detroit, COVID, States, Maryland, United States

☆ What the new Goldilocks job market means for you
▼ + stars: | 2024-04-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

Business Insider looked at how components of the labor market have settled down, like wage growth. And that more boring but steady labor market could be great news for workers and job seekers. The US could be in a Goldilocks job market. Job switchers are seeing higher wage growth than people staying, according to the 12-month moving average of median wage growth from the Atlanta Fed's Wage Growth Tracker. So what will happen to the Goldilocks job market?

Persons: Nick Bunker, Bunker, —, That's, Julia Pollak, ZipRecruiter's, " Pollak, Pollak, Job, Julie Su, switchers, Eugenio Alemán, Raymond James, Juliana Kaplan Organizations: Service, North America, BLS Locations: Atlanta

☆ China needs a new economic plan that focuses less on exporting and more on domestic growth, 'Dr. Doom' Nouriel Roubini says
▼ + stars: | 2024-04-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China will stagnate if it relies on manufacturing and exports to grow, Nouriel Roubini wrote in Project Syndicate. That growth model is outdated and worked in a time when foreign markets were more open to Chinese products. AdvertisementChina can't grow out of its economic problems if it stays focused on manufacturing and exports, says famed "Dr. Doom" economist Nouriel Roubini. "The old Chinese growth model is broken," the perma-bear economist wrote for Project Syndicate, later adding: "China therefore needs a new growth model concentrated on domestic services — rather than goods — and private consumption." Related storiesWhen China's economy was smaller, this form of growth made sense, as its exports were still manageable for foreign markets, Roubini said.

Persons: Nouriel Roubini, Doom, —, Roubini, Xi Jinping, he's, Paul Krugman Organizations: Project Syndicate, Service Locations: China, Beijing

☆ Over 82,000 Houston-area residents applied to a Texas guaranteed income program giving $500 a month. Fewer than 2,000 made it in.
▼ + stars: | 2024-04-03 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Just over 2% of applicants to a Houston-area guaranteed income program were accepted — a lower acceptance rate than Harvard or Yale. Starting this month, 1,928 families will receive $500 a month, no strings attached, through Uplift Harris, a guaranteed income program in the Texas county that includes Houston. A majority of participants selected live in high-poverty ZIP codes and have a household income below 200% of the federal poverty line. Some participants were selected through the county's Accessing Coordinated Care and Empowering Self Sufficiency program which helps vulnerable residents improve outcomes. The pilot has been met with opposition from politicians including Texas State Sen. Paul Bettencourt, who in January sent a letter to the state attorney general concerning whether counties can legally enact guaranteed income programs.

Persons: Dustin Palmer, AidKit, Palmer, GiveDirectly, We've, Texas State Sen, Paul Bettencourt, Bettencourt, I've, it's Organizations: Service, Harvard, Yale, Business, American, SNAP, Texas State, Houston Public Media, Austin Locations: Houston, Uplift Harris, Texas, Harris, Harris County, West Harris County

The Chesapeake 1000 – the largest crane on the East Coast – is needed in the Patapsco River where a 984-foot cargo vessel slammed into the bridge Tuesday. Live updates: The latest on the Baltimore bridge collapseIn addition to the crane, three heavy lift vessels are expected to start arriving Friday, US Transportation Secretary Pete Buttigieg told CNN. This appraisal is critical in determining how small to cut the bridge pieces so cranes can lift them, he said. In addition to the human toll, the destruction of the Key Bridge and closure of the Port of Baltimore could lead to widespread economic fallout. In this NTSB handout, an investigator examines the collapsed Francis Scott Key Bridge from the cargo vessel Dali on March 27 in Baltimore.

Persons: Francis Scott Key, Pete Buttigieg, Wes Moore, Julia Nikhinson, ” Moore, Shannon Gilreath, Moore, Maryland Sen, Chris Van Hollen, Buttigieg, “, Jennifer Homendy, Homendy, Marcel Muise, Dali, Peter Knudson, CNN’s Justin Lear, Andy Rose, Sarah Dewberry, Chris Isidore, David Goldman, Greg Wallace, Elise Hammond, Tori B, Powell, Sania Farooqui, Chris Boyette Organizations: CNN, Maryland Gov, Authorities, US Coast Guard, National Transportation Safety, Army Corps, Maryland Department of Labor, National Transportation, NTSB, India’s Ministry, External Affairs Locations: Patapsco, Baltimore, Maryland, Port, Port of Baltimore, America, New York, New Jersey, Vedika Sud

☆ Why a recession is 4 times more likely than an economic expansion this year, according to economist David Rosenberg
▼ + stars: | 2024-03-19 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Read previewEconomist David Rosenberg has been sounding the recession alarm in recent months, and he now thinks that the likelihood is much greater that the US sees a contraction this year. The head of Rosenberg Research said he believes that a recession is four times more likely than an economic expansion, and it's just a matter of time as more signals kick in until the recession narrative comes back into focus. [H]istorically, when that's happening, unless it's an aberration, you have a four times greater chance of being in a recession than in an expansion. I think the recession narrative is going to come back, you know, in a, in a fuller view," Rosenberg said. And what that's telling you is that it's getting tougher and tougher for the backlog of unemployed to find a new job," he said.

Persons: —, David Rosenberg, Rosenberg wasn't, Christopher Columbus, Isabella Ferdinand, it's, Rosenberg, They've Organizations: Service, Rosenberg Research, Business, CNBC Locations: United States

☆ Emails show how a right-wing group steers GOP leaders on major policy issues
▼ + stars: | 2024-03-17 | by ( Bob Ortega | Daniel Medina | ) edition.cnn.com time to read: +18 min

Missouri Secretary of State Jay Ashcroft speaks with reporters on Jan. 23 in Jefferson City, Missouri. In Wyoming, a GOP state senator forwarded an FGA draft bill to Secretary of State Chuck Gray that would prohibit sending out unsolicited absentee ballot request forms. Emails show the group strategized with the secretary of state’s office for weeks leading up to Ashcroft proposing his own such rule last January. FGA notches wins with weakened child labor lawsFGA’s lobbying group, The Opportunity Solutions Project, spearheads its efforts at the state level. Chip Somodevilla/Getty ImagesFGA also continues its push at the state level across the country to enact its policy priorities.

Persons: State Jay Ashcroft, “, Ashcroft, Kacen Bayless, FGA, –, Chuck Gray, ” Gray, Gray, ”, Joe Biden’s, Jay, Daniel Garrett, Garrett, “ It’s, Missouri’s, Scott Fitzpatrick, BlackRock, ” Fitzpatrick, Mark Felix, Fitzpatrick, ALEC, Andy Puzder, Carls Jr, ” Puzder, Kristina Shelton, Puzder, ” Kristina Shelton, they’ve, Tarren Bragdon, Rebecca Burkes, It’s, Tyson, ’, Bragdon, Sarah Bryner, Florida Governor Ron DeSantis, Paul Renner, Donald Trump, Chip Somodevilla, Shelton, ” Shelton Organizations: CNN, State, Republican, Foundation, Government, Missouri, Kansas City Star, Tribune, Service, GOP, Ashcroft, Conservative, Missouri Chamber of Commerce, National, University of Pennsylvania, Brookings Institution, Exxon, BlackRock, ” BlackRock, Energy, ExxonMobil, Washington Post, American Legislative Exchange Council, Heritage Foundation, Heritage, Boston, Wisconsin Democratic, FGA, Solutions, Tyson Foods Inc, George’s Inc, US Department of Labor, Solutions Project, Daily, The Heritage Foundation, Alliance, Trump, Florida Governor, Bragdon, Florida House, House, FBI, Justice Department, Department of Education, Center, Pleaides Locations: Missouri, Texas, Jefferson City , Missouri, Wyoming, Kansas , Indiana, BlackRock, Florida, ExxonMobil Baytown, Baytown , Texas, Washington, ” Wisconsin, Wisconsin, Arkansas, Iowa, Park City , Utah, DeSantis, Rome , Georgia

☆ Wholesale inflation rose 0.6% in February, much more than expected
▼ + stars: | 2024-03-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Wholesale prices accelerated at a faster-than-expected pace in February, another reminder that inflation remains a troublesome issue for the U.S. economy. The producer price index, which measures pipeline costs for raw, intermediate and finished goods, jumped 0.6% on the month, the Labor Department's Bureau of Labor Statistics reported Thursday. That was higher than the 0.3% forecast from Dow Jones and comes after a 0.3% increase in January. Another measure that also excludes trade services rose 0.4%, compared with the 0.6% gain in January, and was above the estimate for a 0.2% advance. The PPI is considered a leading indicator for inflation as it indicates costs early in the supply chain.

Persons: Dow Jones Organizations: Labor Department's Bureau of Labor Statistics, Dow, Futures, Commerce Department, Labor Department, PPI, BLS, CPI Locations: U.S

☆ What Happened to Our Covid Social Safety Net? - The New York Times
▼ + stars: | 2024-03-12 | by ( Bryce Covert | ) www.nytimes.com time to read: +1 min

Take unemployment insurance. The CARES Act, passed in March 2020, included the largest increase in benefits and eligibility in American history. In 2019, unemployment insurance kept 500,000 people out of poverty; in 2020, that figure was 5.5 million. Yes, the program was riddled with problems, particularly technological ones, that made it difficult for many people to get enrolled quickly. But once they were covered, “They saw something close to the actual level of benefits that they deserve,” Mr. Díez said.

Persons: ”, Francisco Díez, LaShondra White, Mr, Díez Organizations: Center for Popular Democracy Locations: U.S, United States, Detroit

☆ Layoffs rise to the highest for any February since 2009, Challenger says
▼ + stars: | 2024-03-07 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Layoff announcements in February hit their highest level for the month since the global financial crisis, according to outplacement firm Challenger, Gray & Christmas. From a historical perspective, this was the worst February since 2009, which saw 186,350 announcements as the worst of the financial crisis was seemingly coming to an end. "As we navigate the start of 2024, we're witnessing a persistent wave of layoffs," said Andrew Challenger, the firm's labor and workplace expert. Layoff announcements at financial firms have risen 56% compared with the first two months of 2023. It's worth noting that last year alone, AI was directly cited in 4,247 job reductions, suggesting a growing impact on companies' workforces," Challenger reported.

Persons: Andrew Challenger Organizations: Wall, Challenger Locations: Lake Forest , CA

☆ Gen Z like 'safety capitalism.' It's a lot like what we have now but with more help for people who lose their jobs or get sick.
▼ + stars: | 2024-02-28 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Gen Zers are less likely to take certain risks, which could be one reason they want more of a social safety net. If you ask many Gen Zers that question, they'll say the current social safety net is insufficient. AdvertisementSixty-five percent of Gen Zers think the government should provide a job to anyone who wants one, according to a Wake Forest survey of 2,000 Gen Zers and millennials conducted with YouGov in 2022. Exactly what, if any, changes the US should make to its social safety net is up for debate. Some young people may look to Europe, where countries generally have a larger social safety net than the US.

Persons: —, Zers, Christina Elson, Elson, millennials, Gen Zers, Gen, Z, it's, Charlie Munger, Munger Organizations: Service, Center, Wake Forest University, Wake, YouGov, Social Security Locations: American, Europe, Germany

☆ AI is Uncle Sam’s new secret weapon to fight fraud
▼ + stars: | 2024-02-28 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Starting around late 2022, the Treasury Department began using enhanced fraud-detection methods powered by AI to spot fraud, CNN has learned. Treasury’s AI-powered fraud detection recovered $375 million in fiscal 2023 alone, Treasury officials tell CNN, marking the first time Treasury is publicly acknowledging it is using AI to detect fraud. Instead, Treasury officials say the type of AI they are using falls more into the bucket of machine learning and Big Data. The goal is to move with such speed that anomalies are flagged and banks are alerted before fraudulent checks are ever cashed, Treasury officials said. Catching fraud in millisecondsAmiram Shachar, co-founder and CEO of cloud security startup Upwind, told CNN the federal government should “absolutely” use AI to detect fraud.

Persons: Sam, Sam’s, Fraudsters, Wally Adeyemo, ”, ” Shachar, Steph Curry Organizations: New, New York CNN, Treasury Department, CNN, Treasury, Data, Washington, Office, Business Administration, Social, Internal Revenue Service, IRS, Google, Facebook, Penny Jar, NBA, Mastercard Locations: New York, Banks, Washington, Hong Kong

☆ A trusted indicator is fueling recession warnings from Jeremy Grantham and other gurus. What you should know about the Leading Economic Index.
▼ + stars: | 2024-02-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

The Leading Economic Index fell for the 22nd consecutive month in January. This story is available exclusively to Business Insider subscribers. The Leading Economic Index brings all of those together to gauge the future state of the economy across multiple dimensions, from growth and unemployment to consumer demand and homebuilding. Here's a screenshot showing the index's historic decline, from The Conference Board's latest release:AdvertisementThe Leading Economic Index has consistently declined ahead of previous recessions. There's no guarantee these four market veterans are right about the Leading Economic Index.

Persons: —, Here's, joblessness, David Rosenberg, Merrill Lynch, Jeremy Grantham, Jeffrey Gundlach, Gary Shilling, There's Organizations: Service, Business, Conference Board, Treasury, Manufacturers, Institute, Supply, The Conference, Board, Rosenberg Research, North, DoubleLine, Conference Locations: North American

☆ 1 in 4 New York City Children Now Lives in Poverty
▼ + stars: | 2024-02-21 | by ( Stefanos Chen | ) www.nytimes.com time to read: +2 min

It differs from the U.S. census’s official poverty measure, which only counts cash resources, but the supplemental measure is also widely used by government. In 2022, under the supplemental measure, a family of New York City renters with two children was considered below the poverty line if it made less than about $44,000. Why It Matters: The City’s Economic Recovery Is UnevenThe rise in poverty underscores wide disparities in New York. A major reason for the disparities is the lopsided jobs recovery, said James Parrott, the director of economic and fiscal policy at the Center for New York City Affairs at the New School. The median household income in New York City is about $75,000.

Persons: Christopher Wimer, “ It’s, Wimer, “ we’re, James Parrott, Parrott, Charles Lutvak, “ Organizations: Poverty, Columbia University, Center, New York City Affairs, New Locations: New York, New York City

☆ Retail sales tumbled 0.8% in January, much more than expected
▼ + stars: | 2024-02-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Consumer spending fell sharply in January, presenting a potential early danger sign for the economy, the Commerce Department reported Thursday. Advance retail sales declined 0.8% for the month following a downwardly revised 0.4% gain in December, according to the Census Bureau. Even excluding autos, sales dropped 0.6%, well below the estimate for a 0.2% gain. The sales report is adjusted for seasonal factors but not for inflation, so the report showed spending lagging the pace of price increases. While the New York survey still indicated contraction, it was a much better reading than January's -43.7 and the -15 estimate.

Persons: Dow Jones Organizations: Commerce Department, Advance, Census, Labor Department, Gas, Federal, Empire, Investors, Federal Reserve Locations: U.S, Philadelphia, New York, York

☆ Workers are sour on the job market — but it may not be warranted
▼ + stars: | 2024-01-29 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Maskot | Digitalvision | Getty ImagesWorkers are sour on the job market — but that pessimism may be somewhat misplaced. So far in 2024, for example, big technology firms including Amazon, eBay, Google and Microsoft have announced job cuts. U.S.-based companies planned about 722,000 job cuts in 2023, almost double those announced in 2022, according to Challenger, Gray & Christmas, an outplacement and executive coaching firm. watch nowHowever, those recent headlines mask strength in the overall job market, economists said. "It's still a very robust and resilient labor market overall," Pollak said.

Persons: Daniel Zhao, Zhao, it's, Mark Zandi, Zandi, they've, Julia Pollak, " Pollak Organizations: Digitalvision, Getty Images Workers, Amazon, eBay, Google, Microsoft, Citigroup, Universal Music Group, U.S, Challenger, Moody's, Federal Reserve Locations: BlackRock, U.S

☆ Premarket stocks: Buybacks could rebound this earnings season
▼ + stars: | 2024-01-19 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

Stock buybacks struggled to recover last year after taking a hit in 2022, even as corporate earnings began to rebound. Investors view buybacks as an indication that a company’s leadership believes its own shares are undervalued and are confident about its future performance. Buybacks also tend to push up share prices due to the added demand. ONEOK, a natural gas company, on Wednesday unveiled a $2 billion share repurchase program. The week’s total for initial claims landed far below economists’ projections for 205,000 initial claims, according to FactSet estimates.

Persons: Stock buybacks, Buybacks, buybacks, “, ”, Howard Silverblatt, Dow, Sundar Pichai, Brian Fung, Pichai, ” Pichai, Read, —, Alicia Wallace Organizations: CNN Business, Bell, New York CNN, Deutsche Bank, Wednesday, Deutsche, Federal Deposit Insurance Corporation, Dow Jones, Google, CNN, of Labor Locations: New York, Lennar, buybacks

☆ Weekly jobless claims post lowest reading since September 2022
▼ + stars: | 2024-01-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The labor market continued to show surprising resiliency in the early days of 2024, with initial jobless claims posting an unexpected drop last week. Initial filings for unemployment insurance totaled 187,000 for the week ended Jan. 13, the lowest level since Sept. 24, 2022, the Labor Department reported Thursday. The total marked a 16,000 decline from the previous week and came in below the Dow Jones estimate of 208,000. Along with the drop in weekly claims came an unexpected decline of 26,000 in continuing claims, which run a week behind. The total for continuing claims hit 1.806 million, below the FactSet estimate for 1.83 million.

Persons: Dow Jones Organizations: Labor Department, Labor, Federal Reserve, Philadelphia Fed Locations: Central

☆ Jobless claims fall to lowest level since 2022, while CEO exits hit new high
▼ + stars: | 2024-01-18 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

New York CNN —The number of Americans making first-time claims for jobless benefits dropped last week to a level not seen since the fall of 2022, while CEO exits set a new high last year, according to fresh economic data released Thursday. There were an estimated 187,000 initial claims for unemployment insurance during the week that ended January 13, according to Department of Labor data released Thursday. That’s down by 16,000 claims from the week before and marked the lowest level of first-time claims — considered a proxy for layoffs — since September 24, 2022. Weekly claims data can be quite volatile and are frequently revised, and economists caution that some one-off influences — in this case, harsh weather and a new year — could be at play. “Historically, we’ve seen large economic shifts preceded by a surge in CEO exits,” Andrew Challenger, senior vice president of Challenger, Gray & Christmas, said in a statement.

Persons: —, ” Andrew Challenger, Challenger, ”, “, ” Matthew Martin, Ian Shepherdson, ” Shepherdson Organizations: New, New York CNN, of Labor, Challenger, ”, Oxford Economics, ’, ” Thursday’s Labor Department Locations: New York, US

☆ U.S. Bank fined $36 million for freezing unemployment debit cards during Covid-19 pandemic
▼ + stars: | 2023-12-19 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The Office of the Comptroller of the Currency imposed an additional $15 million penalty on the bank over the same practices. The fifth-largest commercial bank in the country, U.S. Bank administered prepaid debit cards to distribute unemployment insurance benefits through its ReliaCard program. Between March 2020 and July 2021, states issued $794 billion in combined state and federal unemployment benefits. The $15 million OCC portion of the fine was related to alleged unfair practices under the Federal Trade Commission Act. Under a consent order, U.S. Bank will provide $5.7 million in redress to consumers and pay a $15 million civil money penalty.

Persons: WASHINGTON, Rohit Chopra, Cheryl Leamon, Leamon, Chopra Organizations: Consumer Financial, U.S, Bank, U.S . Bank, CNBC, Federal Trade Commission, Consumers, OCC, U.S . Treasury Locations: U.S, cardholders, Minneapolis , Minnesota

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