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☆ One of Wall Street's favorite ways to control workers is under attack
▼ + stars: | 2024-02-08 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +9 min

One of Wall Street's favorite employee leverage tactics — non-compete agreements — is facing a major threat, and there could be far-reaching implications for how the financial industry does business. But it's also clear that Wall Street firms are under particular attention for the practice. With major Wall Street firms already having among the most unpopular back-to-work policies in the market, "Wall Street is already in a position where they are recognizing they don't have all the hands they had before," Chamberlin said. Shore recommends Wall Street firms undertake a thorough competitive analysis at every level in every department to ensure they are market competitive. Even if the FTC rule goes through, Wall Street firms still have options to protect their business.

Persons: Charles Scharf, Wells, Brian Thomas Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Ronald O’Hanley, Robin Vince, BNY Mellon, David Solomon, Goldman Sachs, James Gorman, Morgan Stanley, General Mills, —, Wall, it's, Kathy Hochul, that's, Covid, Laurie Chamberlin, Chamberlin, Lina Khan's, Khan, It's, David Fisher, Gilbert, Fisher, Juan A, Crowell, Arteaga, Paul Webster, Matt Shore, Kareem Bakr, Webster, Leslie John, Ballard Spahr, John Organizations: Company, Bank of America, JPMorgan, Citigroup, BNY, Google, Apple, Pfizer, Exxon Mobil, General Electric, Procter, Gamble, Nike, Economic, Institute, Federal Trade Commission, North America, American College of Emergency Physicians, Davis, FTC, Supreme, Industry, Moring, Wall, Phaidon International, Wall Street Locations: Wells Fargo, Hart, Washington ,, New York, . California, U.S, Gilbert . Massachusetts, Oregon, Washington, Massachusetts

☆ Black voters stood with Biden in 2020. Four years later, he needs their help again
▼ + stars: | 2024-02-03 | by ( Arit John | Eva Mckend | ) edition.cnn.com time to read: +10 min

South Carolina’s primary will be the first opportunity Black voters have to voice their support – or displeasure – with Biden since that election. In 2020, Biden won 61% of the Black vote, which made up 56% of the Democratic primary electorate, according to CNN exit polling. Vice President Kamala Harris also spoke at a get out the vote event at South Carolina State University in Orangeburg Friday, the last day of early voting. “South Carolina, you are the first primary in the nation, and President Biden and I are counting on you,” Harris said. “And for me personally, and our team here, we don’t live in that space of being passive.”Mimi Striplin, founder of The Tiny Tassel in Charleston, South Carolina, speaks with CNN's Eva McKend.

Persons: Mimi Striplin, Striplin, she’s, Joe Biden, “, ” Striplin, Biden, Striplin –, –, Harris, ”, Antjuan Seawright, Jim Clyburn, Donald Trump, Trump, Clyburn, Kamala Harris, ” Harris, Jaime Harrison, – Biden, Hillary Clinton, Barack Obama –, ” Harrison, Kent Nishimura, Dean Phillips, Marianne Williamson, what’s, Juanita Hamilton, Hamilton, he’d, “ I’m, Auntie Juanita, ’, George McCray, Eutawville, he’s, didn’t, Obama, ” McCray, That’s, Gabriel Fant, Fant, Valerie Wilson, hasn’t, she’d, CNN's Eva McKend, Ebony Davis Organizations: Charleston CNN, CNN, White House, Biden, Democratic, GOP, Black, Democrats, Democratic National Committee, New, South Carolina State University, “, South Carolina Democrats, New Hampshire voters, American, South Carolina State Fairgrounds, Minnesota Rep, Hilton, Charleston, Economic Policy Institute, Bureau of Labor Statistics Locations: Charleston, American, South Carolina, Iowa, New Hampshire, Columbia, Israel, Gaza, Orangeburg, “ South Carolina, Spain, Walterboro, Black, Hartsville, Columbia , South Carolina, AFP, Summerville, Charleston , South Carolina

☆ The unemployment rate of Black men rose in January, underscoring continued inequality in labor market
▼ + stars: | 2024-02-02 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

These workers had the highest unemployment rate when breaking down Black, Hispanic and white workers by gender. By comparison, white men saw a jobless rate of just 3.3% in January, holding steady from December. The overall unemployment rate was unchanged from December at 3.7%. This underscores the impact of job losses among Black men, especially considering the fact that the rate for Black women was unchanged between December and January at 4.8%. The tight labor market experienced during the pandemic helped close the gap in work-related opportunities among Black and white men, she said.

Persons: Elise Gould, Gould, it's Organizations: Fs, Getty, Labor Department, Economic, Institute

☆ ‘Positive’ labor market data can still feel awful for workers, job seekers. Here's why
▼ + stars: | 2024-01-30 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Layoffs and discharges changed little at 1.6 million, remaining at a rate of 1% for the fourth consecutive month. In November, the hires rate fell to 3.5%, the lowest rate since 2014 outside of the Covid-19 pandemic recession. For all of 2023, the hires rate averaged 3.8%, making it only the 11th best year out of 23, she said. There were more job openings a few years ago because of the high turnover. From October to November, job opening rates decreased in four states, increased in two and were little changed in 44 states and the District of Columbia.

Persons: Julia Pollak, Pollak, Elise Gould, Gould, Bustamante Organizations: Getty, U.S . Bureau of Labor Statistics, Labor, Economic Policy Institute, Employers, District of Columbia, Bureau of Labor Statistics Locations: Montana, Arizona, Oregon, California, Connecticut

☆ Labor unions, with power and popularity rising, are still trailing on one big battle
▼ + stars: | 2024-01-28 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +3 min

High-profile strikes by writers and actors against Hollywood brought the union power to the mainstream as pictures of celebrities holding picket signs flooded social media. But one big win continues to elude labor: the need to translate its rising popularity into an increase in rank-and-file union membership, which has stagnated in recent decades. It's not a lack of support from the public that's holding unions back from making more progress in growing their ranks. Even before the big wins of 2023, polling conducted in recent years showed rising union popularity, with support at its highest level since 1965, according to 2022 data from Gallup. 'The Great Reset'In 2023, it was a banner year for American workers who support the labor movement.

Persons: Biden, —, Heidi Shierholz, I've, Thomas Kochan Organizations: United Auto Workers, UAW, Local, Chrysler Corporate, Division, Hollywood, UPS, Teamsters, Bureau of Labor Statistics, Union, Economic Policy Institute, Gallup, AFL, CIO, MIT Sloan School of Management, Cornell, ILR, SAG, Writers Guild of America Locations: Ontario , California, American, Michigan, America

☆ 'The economy isn't sick right now,' economist says—here's why Americans still feel like it is
▼ + stars: | 2024-01-26 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +2 min

Sentiment about the U.S. economy is currently in an upswing: 28% of Americans would say the economy is either excellent or good, according to recent data from Pew Research Center. In January 2020, 57% of Americans said the economy was good or excellent. More young adults are employed full-time today than in 1993, according to Pew data. 'A substantial amount of Americans are feeling the effects of the inflationary period'High prices remain the stickiest issue. Of Americans who reported feeling like the economy is fair or poor, more than a quarter said it's because of high inflation.

Persons: Kyle K, Moore, Joceyln Kiley Organizations: Pew Research, Economic, Institute, Pew, U.S . Bureau of Labor Statistics Locations: U.S

☆ Labor Department's new independent contractor rule could help workers recover lost wages—here's how
▼ + stars: | 2024-01-23 | by ( Gili Malinsky | ) www.cnbc.com time to read: +1 min

Independent workers make up about 45% of the U.S. workforce, according to a 2023 report by MBO Partners, a platform dedicated to their needs. That's more than 72 million Americans altogether, with nearly 30 million of them working independently full-time. This misclassification could lead to a loss in income, ineligibility for state and federal unemployment systems and so on. Nearly 10% of independent contractors make less than $7.25 per hour, according to the National Employment Law Project. A new rule change under the Fair Labor Standards Act, set to take effect on March 11, is aimed at curbing this misclassification.

Persons: Sally Dworak, Fisher, Samantha Sanders Organizations: MBO Partners, National Employment Law, Economic, Institute, Fair Labor Locations: NELP

☆ Why this 38-year-old changed careers to become a teacher: 'I have never experienced anything as rewarding'
▼ + stars: | 2024-01-21 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +6 min

Little did Hall know, her pivot into education would afford her a new level of financial security and a sense of purpose she never expected. She took a high school science position with Arlington Preparatory Academy, a public school in Baton Rouge, La., and had her first day in January 2022. Then there's the issue of teacher pay. In 2022, the average public school teacher earned a wage of $1,329 per week. Though Hall recognizes low teacher pay is an issue for many in the profession, moving to education actually meant a pay bump in her case.

Persons: Megan, she'd, Ashley Hickerson, Hall, Megan Hall, Hickerson Organizations: Home Depot, CNBC, Street, Little, Arlington Preparatory Academy, Arlington Prep, Economic, state's, of Elementary, Home Locations: Baton Rouge, La, Louisiana

☆ There will be record CEO turnover this year, says top PwC boss
▼ + stars: | 2024-01-18 | by ( Lakshmi Varanasi | Cadie Thompson | ) www.businessinsider.com time to read: +4 min

Expect to see a record rate of CEO turnover this year, PwC's Tim Ryan said at Davos. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "We will see more turnover in the C-Suite in the next 12 months than we have ever," Tim Ryan, PwC senior partner, told Business Insider at the World Economic Forum in Davos , Switzerland this week. CEO turnover is already high. AdvertisementCorrection: Thursday, January 18, 2024 — This article has been updated to reflect Tim Ryan's current title, which is senior partner at PwC.

Persons: PwC's Tim Ryan, —, Tim Ryan, PwC, Ryan, you've, You've, isn't, Gray, Chris Licht, GameStop's Matthew Furlong, Jeff Shell, Ron Shaich, Tim Ryan's Organizations: Davos, Service, Economic, NBC, Economic Policy Institute, East Locations: Davos, Switzerland, PwC

☆ The American Dream is 'rapidly diminishing,' Walgreens boss says in plea to raise taxes for the wealthy
▼ + stars: | 2024-01-17 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Walgreens Boots Alliance's executive vice president, John Driscoll, penned a letter asking lawmakers in the US and abroad to tax the wealthy. Driscoll echoed the pleas of entrepreneurs, an heiress, and activists in his demand to save the "rapidly diminishing American Dream." Advertisement"In this spirit, I call on national and international lawmakers to do whatever it takes to tax wealthy people like me," Driscoll wrote. "I agree that we should make elaborate tax-avoidance schemes illegal, but acting upon that would upset a lot of donors, so we will see words, but no action," Musk wrote in June. In his tax letter, Driscoll cited a report from the Economic Policy Institute that CEOs made 399 times as much as a typical employee in 2021.

Persons: —, John Driscoll, Driscoll, Switzerland that's, Daniel Werfel, Elon Musk —, Joe Biden, Musk Organizations: Service, Walgreens Boots, Business, IRS, Analysts, EU Tax Observatory, Economic Policy Institute Locations: Davos, Switzerland

☆ It's getting harder than ever to become a self-made billionaire. But inheritances are still going strong.
▼ + stars: | 2024-01-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Billionaires minted through inheritance outpaced self-made billionaires last year for the first time in a decade. Related storiesIn recent years, rates of economic opportunity have begun to fall again. Rates of economic opportunity have declined steadily since 1940, Opportunity Insights data shows. He says that's why there are fewer self-made billionaires today than there were in the past. "I think there's much work to be done to try to restore rates of economic opportunity to those observed several decades ago," he said.

Persons: —, Max Kunkel, Matthew Staiger, Staiger, Forbes, heiresses, Kunkel Organizations: Service, UBS, Harvard, Insights, Business, Economic

☆ America's economy should be 'thrilled' billionaires like Jeff Bezos and Warren Buffett exist, think-tank director says
▼ + stars: | 2024-01-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Billionaires are actually great for the economy, a director at the American Enterprise Institute argues. That's because billionaire innovators produce trillions of dollars of value for the US. The center-right think tank's Michael Strain argues that billionaires produce many times their net worth in value for the economy through their innovations. But billionaire innovators — not billionaire heirs and heiresses — may be the exception to that, Strain said. AdvertisementIn fact, billionaire innovators should be considered "worthy of emulation" for children, Strain added, praising an array of business icons.

Persons: —, Elon Musk, Jeff Bezos, Michael Strain, heiresses, Strain, Bezos, Mark Zuckerberg, Bernard Arnault — Organizations: American Enterprise Institute, Service, Amazon, Syndicate, Economic

☆ 10 industry leaders transforming business in 2023
▼ + stars: | 2023-12-11 | by ( ) www.businessinsider.com time to read: +20 min

In 2023, Business Insider's annual list of People Transforming Business highlights key players across the advertising, ESG, finance, AI, and labor sectors. Increasingly, they're turning to more opaque private credit markets to borrow money. The world of private credit sits outside the traditional banking system. Analysts expect the private credit market to balloon in size — likely keeping lawyers like Breen very busy. Muthukrishnan is trying to make sense of how risky these private credit loans are by overseeing what is so far the most comprehensive look at vulnerabilities in the industry.

Persons: Mira Murati, who's, Vince Toye, Eileen Fisher, Eileen Fisher Fisher, Guerin Blask, Eileen Fisher Eileen Fisher, she's, Fisher, Janelle Jones, Jones, Lexey, —, She's, Justin Breen, Proskauer Breen, Proskauer Justin Breen, he's, Breen, Ares Capital, He's, McLaren, Julie Su, Labor Julie Su, Department of Labor Julie Su, Su, Marty Walsh, Murati, Jim Wilson, Neal Mohan, YouTube Mohan, Katie Thompson, YouTube It's, YouTube isn't, Mohan, Muthukrishnan, Satya Nadella, Microsoft Satya Nadella, Ben Kriemann, Nadella, Steve Ballmer, Mathias Döpfner, Axel Springer, Tim Cook, Apple Cook, Justin Sullivan, Cook, Steve Jobs, Jobs, JPMorgan Chase Toye, JPMorgan Chase, Toye, they'll, Vince Toye's, Bella Sayegh, Rebecca Ungarino, Lara O'Reilly, Juliana Kaplan, Alex Nicoll, Tim Paradis, Stephanie Hallett, Michelle Abrego, Josée Rose, Ryan Joe, Emily Canal, Kaja Whitehouse, Alyssa Powell, Davis, Jonann Brady Organizations: JPMorgan, Service Employees International, SEIU, New York, Ford, Service Employees International Union, United Auto Workers Union, Spelman College, US Department of Labor, Economic Policy Institute, Center for Economic, Research, Department of Labor, The New York Times, Ares, Churchill Asset Management, European, Atlético Madrid, Labor, Labor Department, MacArthur Foundation, New York Times, Dartmouth, OpenAI, Associated Press, YouTube, NFL, DirecTV, Federal, Microsoft, Manipal Institute of Technology, University of Wisconsin -, University of Chicago, Apple, Apple Watch, Google, Time, JPMorgan Chase, National Housing Trust, Trenton Almgren Locations: McDonald's, Lorain , Ohio, Atlanta, California, Los Angeles, Albania, Canada, Muthukrishnan, Hyderabad, India, University of Wisconsin - Milwaukee, OpenAI, Virginia, Wells Fargo, Trenton

Steel coils are waiting for delivery at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, November 16, 2023. Scholz's three-way coalition is reeling from a court ruling last week that wiped 60 billion euros ($65 billion) from the budget at a stroke and forced it to freeze most new spending commitments, delaying talks on the 2024 budget. LOSS OF CONFIDENCEGermany's steel sector added its voice to the growing jitters, warning that the court ruling had put a question mark over more than 40 billion euros in planned investments. "I find it correct that the consequences of the constitutional court ruling ... are checked carefully," Scholz told a news conference. Scholz also described this as conceivable, participants at the meeting told Reuters, adding that the court ruling put the coalition into a difficult situation but it could be resolved.

Persons: Wolfgang Rattay, Chancellor Olaf Scholz, Robert Grundke, Bernhard Osburg, Osburg, Berlin, Scholz, Achim Post, Andreas Rinke, Christoph Steitz, Holger Hansen, Rene Wagner, Matthias Williams, Christina Fincher Organizations: REUTERS, Economic Cooperation, Development, Reuters, Scholz's Social Democrats, Thomson Locations: Duisburg, Germany, FRANKFURT, Paris, United States, decarbonisation

☆ Unions are the strongest in decades. Nearly a million Americans got double-digit raises as a result
▼ + stars: | 2023-11-21 | by ( Chris Isidore | ) edition.cnn.com time to read: +12 min

New York CNN —Nearly 900,000 Americans sitting down to Thanksgiving dinner this week will have unions – and the double-digit pay increases they won – to thank. The strike lasted more than six weeks before the union won contracts it was seeking from all three unionized US automakers. The unions won significant pay increases and job protections they were seeking. And even with some of the contracts that pass, some union members offer significant opposition, believing they could have negotiated for even more. The union won a contract approved by 86% of membership who voted on ratification.

Persons: “, ”, Wheaton, Emily Elconin, David Paul Morris, Stellantis, Kate Andrias, Mike Blake, It’s, Greg Regan, ” Regan, Heidi Shierholz, union’s, Cornell’s Wheaton, That’s, EPI’s Organizations: New, New York CNN, CNN, Cornell University’s School of Industrial and Labor Relations, United Auto Workers, General Motors, Ford, Kaiser Permanente, Ford Motor Co, Michigan Assembly, Bloomberg, Getty, Writers Guild, SAG, Teamsters, UPS, Culinary, Los, Pilots, American, United, Southwest, The, Professional, American Airlines, FedEx, United Airlines, San Francisco International Airport, Detroit, MGM Entertainment, UAW, Big, GM, Labor, Columbia Law, Motors, Workers, AFL, Economic Policy Institute, Labor Department, Union, Toyota, Honda, Hyundai, Starbucks, Starbucks Workers United, ” Locations: New York, Buffalo, Kaiser, Michigan, Wayne , Michigan, DisneyWorld, Los Angeles, Vegas

☆ A teacher said she could barely afford to pay rent on her salary, embodying the worries many are facing over the cost of living
▼ + stars: | 2023-11-20 | by ( Charissa Cheong | Digital Culture Reporter At Insider | Read More | ) www.businessinsider.com time to read: +4 min

A teacher shared a TikTok video saying she is "going to go into debt" if she keeps teaching. She shared some of her expenses and said she can "barely afford to pay rent." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA teacher explained that she can "barely afford to pay rent" on her salary, causing many to lament over the current cost of living. (In a subsequent TikTok video, Firment said her rent costs $2,000.)

Persons: —, Lexie Firment, Firment, I'm, That's, i've, Sylvia Allegretto Organizations: Service, Teachers, Economic

☆ AI is going to force millions of workers to train for new jobs. The US has historically been terrible at this.
▼ + stars: | 2023-11-14 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Experts say many of those workers will need to be retrained for new jobs to avoid being left behind. The US economy has struggled in recent decades to help workers adjust to job disruptions. Emerging generative AI technologies like ChatGPT could eliminate or change the nature of millions of jobs over the next decade. AdvertisementWhen Donald Trump promised to bring back manufacturing jobs before the 2016 election, he was speaking to the Americans who had been left in the lurch. But many overseas jobs aren't likely to return anytime soon, among the reasons job retraining was — and remains — necessary for impacted workers.

Persons: —, Richard Baldwin, Seth Carpenter, Morgan Stanley, hasn't, Donald Trump, Michael Chui, Chui, Ethan Mollick Organizations: Service, Global, Economic, Institute, McKinsey Global Institute, University of Pennsylvania's Wharton School, PricewaterhouseCoopers, IBM, Schools Locations: United States, Mexico

☆ The US minimum wage has been $7.25 since 2009. What that means for the economy
▼ + stars: | 2023-11-11 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

Efforts to raise federal minimum pay have fallen flatHowever, despite numerous efforts, raising the federal minimum wage above $7.25 an hour has been unsuccessful. Lagging the rising cost of livingIn many ways, the federal minimum wage seems like a relic of the past. Recent wage gains could be lostThe actual economic impact of a federal minimum wage increase is heavily debated. “The new conventional wisdom is that at least a moderate minimum wage increase has minimal effects on employment,” Reich told CNN. “But this new paper says that a really big minimum wage increase actually increases employment.”

Persons: Ken Rose, he’s, ” Rose, Sandy, ”, Michael Reich, Biden’s, ” Yannet Lathrop, Lathrop, Alex Wong, hasn’t, Rose, “, ” Ken Rose, Ken Rose Joe Bishop, ” Bishop, Reich, ” Reich Organizations: Los Angeles CNN, Tiburon Fine, CNN, Bureau of Labor Statistics, Economic, Institute, Dynamics, University of California, Democrats, National Employment, U.S, Capitol, United Auto Workers, United, Walmart, Costco, Starbucks, Tiburon, Congressional Locations: Sandy , Utah, American, Berkeley, Washington ,, United States, Amazon, Utah, Louisville , Kentucky, Louisville, Jefferson County , Kentucky

☆ A teacher who took a pay cut of over $80,000 after moving from California to Florida explains the struggles teachers face, and what she wishes people knew about the job
▼ + stars: | 2023-11-04 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

A teacher was making six figures in her previous teaching job in California. She talks about teachers' pay and what she wishes students and parents knew about teaching. AdvertisementAdvertisementSarah loved her six-figure teaching job and the school she was working for in California. "I think school districts and states who make the rules on teacher pay do not fully understand how important that is to retaining teachers." And I think the kids think, well, they gave me a bad grade and they don't like me.

Persons: —, Sarah, she'd, Sarah —, she's, Sylvia Allegretto, would've, we're, That's Organizations: Service, Center for Economic, Policy Research, Economic, Institute Locations: California, Florida

The UAW's talks, replete with weekly addresses by union President Shawn Fain, were among the most unabashed. The agreements may be a selling point for non-union shops to push for unionization, said San Francisco State University labor and employment professor John Logan. Nissan (7201.T) and other competitors may feel compelled to boost wages to retain their workforce. UPS AND ITS RIVALSThe UPS deal in August raised pay and eliminated a two-tier wage system for drivers at the Atlanta-based company. That bolstered organizing efforts among Amazon workers and put pressure on UPS rivals to close a growing gap in pay.

Persons: Shawn Fain, Harley Shaiken, Stellantis, John Logan, Mack, Marcos Feldman, Feldman, Joe Biden, Kate Bronfenbrenner, Bianca Flowers, Jonathan Oatis Organizations: United Auto Workers, Detroit Three, Ford Motor, Chrysler, General Motors, University of California, Berkley ., San Francisco State University, UAW, Starbucks, Economic, UPS, Caterpillar, Workers, Deere & Co, Employers, U.S . Department of Labor, Amazon, National Labor Relations Board, Atlanta -, FedEx, Reuters, Cornell University, Industries, Thomson Locations: Detroit, Berkley, Berkley . Union, New York, Atlanta

"The majority of my friends who are single and living alone are stressed about the cost of living," Kaishon Holloway, a single man living in New York City, tells CNBC. On top of being solely responsible for living costs that couples can split, single people are excluded from several financial benefits reserved for married couples. Kaishon Holloway says he and his single friends are stressed about the cost of living. Single people often have to choose between getting a roommate or covering the entire cost of a house or apartment on their own. In some cases, married couples have advantages that simply don't exist for single individuals, such as with income taxes.

Persons: Kaishon Holloway, it's, Juhohn Lee, Mark Licea, Bella DePaulo, Monique Morrissey, that's, Holloway Organizations: Census, CNBC, U.S, Missouri Economic Research, Information, Massachusetts Institute of Technology, Economic Policy, Tax Locations: U.S, New York City, South Carolina, Missouri, New York

☆ The UAW's blockbuster deal will see Ford workers' pay jump more in 4 years than all pay rises in the past 2 decades combined, the union says
▼ + stars: | 2023-10-26 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

The United Auto Workers has reached a tentative agreement with Ford on a four-and-a-half year contract. The 25% general wage increase is more than Ford workers' total pay rise between 2001 and 2022, the UAW said. Temporary workers at Ford are set to see their pay increase by two-and-a-half times. And the starting wage for Ford workers will go up by 68% over the term of the contract, the union said. AdvertisementAdvertisementFord's tentative agreement comes after Stellantis and GM workers went on strike on Monday and Tuesday, respectively, at the companies' most profitable plants.

Persons: —, 🧵#, alf, ince, ord, hawn Organizations: United Auto Workers, Ford, UAW, Service, WA

☆ The Midwest is getting left behind as the rest of America sees big raises
▼ + stars: | 2023-10-24 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Median wage growth for the Midwest was just 0.4% from 2019 to 2022, compared to 5.7% in the Northeast. Declines in unionization and a lack of minimum wage raises have kept wage growth low. This is in contrast to the nation's 3.1% median wage growth during the same period. Workers in the Northeast saw a median wage growth increase of 5.7% during the three-year period, while the West rose 4.7%. Only half of Midwestern states experienced median wage growth since 2019, EPI found.

Persons: —, EPI, Nina Mast, Mast Organizations: Service, Economic, Institute, Workers, American, Union, Midwest, Pacific Locations: Midwest, Northeast, Louis, Indianapolis, Minneapolis, Minnesota, Illinois, South Dakota , Missouri , Ohio, Iowa, , Kansas, Nebraska, Black, American

☆ A teacher who spent over $4,000 of her own money to outfit her classroom explains why funding from schools for supplies just isn't enough
▼ + stars: | 2023-10-19 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

Nicole, a third-grade teacher, believes teachers need more money from schools for supplies and materials. Based on documentation shared with Insider, Nicole had spent a minimum of $4,000 of her own money on classroom materials and supplies since 2019. "Teachers said the median classroom school supply budget during the 2022-2023 school year was $200," a post about the results on AdoptAClassroom.org said. Nicole said that if teachers only spent the money given to them, "it would make our lives very difficult." AdvertisementAdvertisement"I think based on the amount of money teachers spend each year on supplies, resources, etc., school districts should provide teachers with more money," Nicole told Insider.

Persons: Nicole, —, AdoptAClassroom.org, Sylvia Allegretto, Allegretto, That's Organizations: Service, school's, Center for Economic, Policy Research, Economic Policy Institute Locations: New York

☆ Most American men see their earnings plateau after 35 — but not the top 2%, says an economist
▼ + stars: | 2023-10-17 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Top-earning US men experience an "astonishing surge in earnings" between the ages of 35 and 45. The top 2% average around $400,000 a year across their working lives, while median earners earn $50,000 annually, per the post. AdvertisementAdvertisementTop-earning American men experience an "astonishing surge in earnings" between the ages of 35 and 45 while other men see their incomes plateau, according to an analysis by economist Serdar Ozkan published Monday. The difference in wage growth is starker earlier in life. From ages 25 to 35, top earners experience a 435% rise in earnings, compared to a 65% increase for median earners.

Persons: Serdar Ozkan, —, Ozkan, Louis Organizations: Service, Federal Reserve Bank of St, Internal Revenue, Institute, National Bureau of Economic Research, Federal Reserve Bank of Atlanta Locations: Washington

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