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☆ America's poorest workers are getting raises, but 80% of their spending is on increasingly pricey basic needs
▼ + stars: | 2023-10-17 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

This comes even as real wages are growing faster for lower-income Americans. AdvertisementAdvertisementThat comes even as real wages are growing faster for lower-income Americans than those with higher incomes. But even as lower-income Americans continue to see wage growth outpace inflation, it's not helping them as much as some believed it would. While most Americans who received salary raises did increase their discretionary spending, Americans are cautious about navigating the economy. AdvertisementAdvertisementGiven that lower-income Americans are on the whole hurting for cash, this data suggests Americans are bracing up for more economic pain in the coming months.

Persons: —, Morgan, J.P, It's, they'd, it's Organizations: Service, Bureau of Labor Statistics, Workers, Economic Policy Institute, Dallas Fed, of Labor Statistics Locations: Morgan

☆ The pay penalty for becoming a teacher is worse than ever
▼ + stars: | 2023-10-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

A recent report highlighted the pay penalty between teachers and college graduates in other roles. The author found this pay penalty was at a record in 2022 when controlling for education and other factors. There's also a total compensation penalty for teachers when factoring in benefits like healthcare and retirement plans. Before the pandemic, the total compensation penalty was 10.2% in 2019 — with a benefits advantage of 9.0% and a wage penalty of 19.2%. At the same time teachers face a pay penalty, many use what they make to buy supplies and other items for their classrooms.

Persons: —, Sylvia Allegretto, Alana Ward, NPR's Michel Martin, COVID, we're, Allegretto, Kuehne Organizations: Service, Center for Economic, Policy Research, Economic Policy Institute, Survey, McKinsey

☆ Free daycare for teachers' kids could help fix the crisis for all parents
▼ + stars: | 2023-10-12 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

The US is in a childcare crisis due to cost and lack of available teachers. The state now gives free tuition to the children of childcare teachers. However, one potential solution appears to be working, but only if governments are willing to step in and help. AdvertisementAdvertisementNPR found one example of a center offering free tuition to employees without state assistance in West Virginia. Many childcare centers may be forced to close.

Persons: —, Kentucky Daniel Light, Sinead, ZipRecruiter, Luis Alvarez, Clive R Organizations: Service, Census Bureau, Center for American Progress, Bluegrass State, NPR, Bureau of Labor Statistics, Economic, Institute, Walmart, View, National Association for, Education of Young Locations: Kentucky, West Virginia, NPR , Kentucky

For the bottom 40% by income that means a smaller slice of the pie even as their net worth has risen at the swiftest pace in years. said Elise Gould, senior economist at the Economic Policy Institute, a Washington-based think tank focused on labor issues. The newest data suggest that trends of higher wealth and income concentration survived pretty much intact. Yet Dynan noted that the rise in wealth over that period was 30% for families in the 80th to 99th income percentiles and more than 40% for the top 1%. Reuters GraphicsOLD TRENDS HOLD FASTThe Fed's quarterly data on wealth distribution estimates asset holdings and liabilities across racial, educational, age and income groups, and their shares of national totals.

Persons: Elise Gould, They've, Biden, Karen Dynan, Dynan, Howard Schneider, Dan Burns, Paul Simao Organizations: Federal Reserve, U.S . Census Bureau, Economic Policy Institute, United Auto Workers, Harvard University, Thomson Locations: U.S, Washington

☆ Black UAW workers won progress in America's auto industry. They are on strike for its future
▼ + stars: | 2023-10-07 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +12 min

The percentage of Black workers in the auto industry today is more than double their share of the workforce overall. But the decline in US auto jobs and the erosion of unions have hit Black workers hardest. Black workers are likelier to belong to unions, in any industry, compared to White and Hispanic workers. Black union workers earn on average 16.4% higher wages than non-union Black workers, and they are likelier to have health care and retirement benefits, studies show. Hard-won gains disappearSoon after Black auto workers broke into better paying jobs, the US auto industry began its long decline, decimating Black communities in particular.

Persons: Lynda Jackson’s, Jackson, ” Jackson, ” Lynda Jackson, Lynda S, Emily Elconin, ”, Tiffanie Simmons, Simmons, Steven Pitts, Luke Sharrett, Tesla, “, ” Pitts, Jim Crow, Henry Ford, Nelson Lichtenstein, “ Walter Reuther, Ford, Irving Haberman, Kevin Boyle, Boyle, Philip Randolph, Randolph, Franklin Roosevelt, Walter Reuther, —, James Meredith, Martin Luther King, Jr, Roy Wilkins, Phillip Randolph, Walther Reuther, Martin Luther King Jr, Reuther, ” Boyle, Spencer Platt, Josh Bivens, Biden, Erica Smiley, ” Smiley Organizations: New, New York CNN, Chrysler, Ford, General Motors, United Auto Workers, UAW, Detroit’s, Processing, Bloomberg, Getty, Ford Motor, Economic Policy Institute, UC Berkeley Labor Center ., Tesla, Ku Klux Klan, University of California, America, Northwestern University, Jobs, Walther Reuther . Express, Hulton, Southern Christian Leadership Conference, The League, Revolutionary Black Workers, Black, Economic, Institute, P Global Market Intelligence, Justice Locations: New York, Alabama, Detroit, America, Ypsilanti , Michigan, Wayne , Michigan, Detroit , Michigan, White, Fremont , California, . Mississippi, sharecropping, Chicago , New York, Pittsburgh, Cleveland, AFP, Santa Barbara, Ford's, Rouge, Dearborn , Michigan, Washington, Birmingham, Selma, Black, Flint, Midwest, autoworkers

☆ Hispanic unemployment rate declines in September
▼ + stars: | 2023-10-06 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Andrew Lichtenstein | Corbis News | Getty ImagesThe U.S. unemployment rate held steady in September, but ticked down among Hispanic workers, according to data released Friday by the U.S. Labor Department. The unemployment rate held steady at 3.8%, and came in slightly ahead of a 3.7% forecast. Broken down, it dipped to 4.3% from 4.4% among Hispanic women and held steady at 4.3% for Hispanic men. However, it does mark a stark from the depths of the pandemic when the group experienced the highest unemployment rate, according to Gould. Among Black men, the unemployment rate increased to 5.6% from 5%, and fell to 4.5% from 4.7% among Black women.

Persons: Andrew Lichtenstein, September's nonfarm, Dow Jones, Michelle Holder, Elise Gould, Gould Organizations: Brooklyn Puerto Rico Day, Corbis, U.S . Labor Department, John Jay College, Economic Policy Institute Locations: Bushwick, Brooklyn , New York, New York

☆ Germany risks letting a good crisis go to waste
▼ + stars: | 2023-10-03 | by ( Pierre Briancon | ) www.reuters.com time to read: +8 min

Germany, the European Union’s largest economy and its traditional growth engine, is headed towards a contraction this year. Exports account for more than half of Germany’s GDP, compared to just a third in France and 37% in Italy, according to the World Bank. Germany’s growth potential is estimated at an annual 0.7% over the medium term by the Scope rating agency, about half the euro zone average. Exempting net public investment from the debt brake rule would help to reverse years of underspending. Unless they do, Europe’s leading economy risks letting a good crisis go to waste.

Persons: –, Hubertus Bardt, Germany’s, Carsten Brzeski, Oliver Rakau, Chancellor Olaf Scholz, Christian Lindner’s, Sebastian Dullien, Scholz, Destatis, Francesco Guerrera, Streisand Neto Organizations: Reuters, World Bank, EU, International Monetary Fund, Reuters Graphics Reuters, German Economic Institute, ING, Oxford Economics, BASF, Finance, Christian Democrats, Thomson Locations: Germany, Berlin, France, Italy, China –, Spain, Weimar Republic, China, Ukraine

☆ Biden's top economist says the key to ending the housing crisis is giving cities and developers monetary incentives to build more affordable homes
▼ + stars: | 2023-10-01 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

Biden's top economist says high housing costs are a big part of economic pessimism in the US. A severe housing shortage is the main culprit for steep housing costs. In May, Biden unveiled a "Housing Supply Action Plan," which includes efforts to incentivize denser development and more affordable housing construction. The second way Biden is working to lower housing costs is helping developers with costs by expanding tax credits. The low-income housing tax credit subsidizes purchasing, building, and renovating affordable housing — and it's broadly popular among a variety of interests.

Persons: Jared Bernstein, —, We've, Bernstein, Biden Organizations: US, Council, Economic, Service, of Economic Advisers, Institute, Biden Locations: Washington, Congress

☆ Meet the average CEO of the top UK companies: He's white, rich, and probably named Andrew
▼ + stars: | 2023-09-29 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

The average CEO of a top UK company is white, rich, and probably named Andrew. That's according to an analysis by People Managing People of the CEOs of the top 100 companies on the LSE. AdvertisementAdvertisementThe average CEO of a top UK company is probably named Andrew, according to an analysis of the CEOs of the FTSE100 companies published by human resources publication People Managing People on Tuesday. People named Andrew don't just make up a large slice of these top executives, however — twelve FTSE100 CEOs were named Andrew or Simon, outnumbering the total 11 female CEOs as of September, per the report. The report also found that the average CEO of a FTSE100 company makes over 127 times the median UK salary in 2022 — which was £33,000.

Persons: Andrew, That's, —, Andrew don't, Simon, Finn Bartram Organizations: People Managing, LSE, Service, London Stock Exchange, University of Cambridge, BBC, Fortune, Pew Research, Economic Policy Institute Locations: —

☆ The average CEO of a top UK company is white, rich, and probably named Andrew: report
▼ + stars: | 2023-09-29 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

The average CEO of a top UK company is white, rich, and probably named Andrew. AdvertisementAdvertisementThe average CEO of a top UK company is probably named Andrew, according to an analysis of the CEOs of the FTSE100 companies published by human resources publication People Managing People on Tuesday. People named Andrew don't just make up a large slice of these top executives, however — twelve FTSE100 CEOs were named Andrew or Simon, outnumbering the total 11 female CEOs as of September, per the report. The report also found that the average CEO of a FTSE100 company makes over 127 times the median UK salary in 2022 — which was £33,000. AdvertisementAdvertisementThis isn't the first time someone has tried to put together a composite image of an average CEO of the top companies in the country.

☆ US economy facing headwinds from possible government shutdown -White House
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] White House chief economist Jared Bernstein speaks about the impact of a looming government shutdown with Economic Policy Institute president Heidi Shierholz, in Washington, U.S., September 27, 2023 REUTERS/Andrea Shalal Acquire Licensing RightsSept 27 (Reuters) - The U.S. economy is facing headwinds from a possible government shutdown, student debt payments restarting, higher interest rates and an autoworkers' strike, White House economic adviser Jared Bernstein said on Wednesday. The economy will keep going in a "pretty good way" unless there is a policy mistake or exogenous shock, he added, speaking at an event at the Economic Policy Institute, a progressive think tank. "We have wages now beating prices, nominal wages growing faster than prices, and that dynamic in our economy creates a pretty persistent flywheel," he said. "In the absence of a policy mistake or an exogenous shock, we think that sort of keeps things going in a pretty good way." Reporting by Andrea Shalal; writing by Costas Pitas; Editing by Caitlin Webber私たちの行動規範：トムソン・ロイター「信頼の原則」

Persons: Jared Bernstein, Heidi Shierholz, Andrea Shalal, Kevin McCarthy, Costas Pitas, Caitlin Webber 私 Organizations: White House, Economic Policy, Economic Policy Institute, Republican U.S Locations: Washington , U.S, U.S, Washington

☆ Striking auto workers are highlighting their CEOs' multi-million dollar pay. Here's how much the top bosses at Ford, GM and Stellantis make
▼ + stars: | 2023-09-22 | by ( Graham Rapier | Nora Naughton | Associated Press | ) www.businessinsider.com time to read: +10 min

"The reason we ask for 40% pay increases is because in the last four years alone, the CEO pay went up 40%. U.S. companies, in contrast, use grant date value of stock packages awarded to executives during the reporting year. AdvertisementAdvertisementThat's because in some years, talking about a CEO's "realized pay" can obscure exorbitant pay packages approved by company boards. AdvertisementAdvertisementThe CEOs of GM and Ford also saw their compensation packages peak in 2021, before declining slightly in 2022. However you slice the numbers, the gap between CEO pay and rank-and-file workers at all three companies is gigantic.

Persons: Mary Barra's, Shawn Fain, Fain, Mary Barra, James Farley, Jim Hackett, Stellantis, Carlos Tavares, Mike Manley's, Equilar, Tavares, That's, Manley, —, Harry Katz, Tesla, Elon Organizations: UAW, Service, United Auto Workers, Ford, GM, Netflix, Writers Guild of America, WGA, Comcast, Big Three, —, Motors, Chrysler, CBS, Big, General, AP, Equilar, Fiat Chrysler Automobiles, French PSA Group, Fiat Chrysler, Institute, Detroit, Cornell University, U.S Locations: Wall, Silicon, Stellantis, American, European

WASHINGTON, Sept 20 (Reuters) - When the CEO gets a 40% raise, what do the workers deserve? UAW President Shawn Fain initially asked for a 40% increase in worker's pay over the next four years - a figure based off an approximately 40% increase in CEO pay at the companies over the last four years at a time of stable profits for two of the three automakers. CEO pay and benefits have skyrocketed in recent decades, but worker pay has not kept pace. As the strikes began last week, Biden echoed Fain, saying automakers should offer more of the share of their profits to workers. Attempts to address rising CEO pay in decades past have not had the intended effect, said Rosanna Landis Weaver, director of wage justice and CEO pay at As You Sow, a non-profit shareholder advocacy group.

Persons: Shawn Fain, Joe Biden's, Biden, Fain, Rosanna Landis Weaver, Heather Timmons, David Gaffen, Jamie Freed Organizations: United Auto Workers, Ford, General Motors, Chrysler, UAW, U.S, Economic, Reuters Graphics Reuters, Big Three, Thomson Locations: Ohio, Michigan, U.S

☆ A core frustration unites striking workers: Exorbitant CEO pay
▼ + stars: | 2023-09-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Exorbitant CEO pay is a frustration shared by Hollywood creatives and Detroit autoworkers alike. Since 1978, the CEO compensation among America’s 300 biggest companies has gone up 1,460%, while the typical worker’s pay grew by just 18% (both adjusted for inflation), according to the Economic Policy Institute, a progressive think tank. Over the same period, CEO pay at the Big Three Detroit automakers — GM, Ford and Chrysler parent Stellantis — has jumped an average of 40%, or roughly how much of a raise striking workers are now demanding. But a company’s profit depends not only on bringing in hearty revenue, but also on keeping costs — including workers’ pay — low. CEO pay went up 40%… No one had any complaints about that, but God forbid the workers ask for their fair share,” he told CNN’s Jake Tapper last week.

Persons: New York CNN —, Hollywood creatives, Barack Obama, Adam S, Hersh, —, Mary Barra, Barra, Carlos Tavares, Jim Farley, Michael M, Shawn Fain, ”, CNN’s Jake Tapper, ’, ” Hersh, “, CNN’s Chris Isidore Organizations: New, New York CNN, Workers, Hollywood, Detroit, Economic Policy Institute, Chrysler, GM, Big Three Detroit, — GM, Ford, CNN, Guild of America, Los Angeles Times, UAW, “, EV Locations: New York, America, Barra, American, Kentucky, Tennessee

In its annual renumeration report, Stellantis reported CEO Carlos Tavares' 2022 pay was 23.46 million euros. That's a nearly 77% increase over then Fiat Chrysler CEO Mike Manley's 2019 pay of 13.28 million euros. However you slice the numbers, the gap between CEO pay and rank-and-file workers at all three companies is gigantic. It's far above the typical pay gap at S&P 500 companies, which was 186-1 according to AP's annual CEO pay survey, which uses data analyzed by Equilar. CEO Elon Musk's 2022 compensation was reported as zero in the company's proxy statement, rendering its official pay ratio meaningless.

Persons: — It’s, Shawn Fain, Fain, ” Fain, ”, Mary Barra, James Farley, William Clay Ford, Stellantis, Carlos Tavares, Mike Manley's, “, Equilar, Tavares, That's, Manley, —, Tavares ’, Harry Katz, Tesla, Elon, Tom Krishner Organizations: United Auto Workers, UAW, Netflix, Writers Guild of America, WGA, Comcast, Big Three, —, Motors, Ford, Chrysler, Associated Press, Big, General, Barra, AP, Equilar, Fiat Chrysler Automobiles, French PSA Group, GM, Fiat Chrysler, Institute, Detroit, Cornell University, U.S Locations: Stellantis, American, European, Detroit

☆ Why America is on strike: writers, auto workers, and actors
▼ + stars: | 2023-09-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

New York CNN —The United Auto Workers strike isn’t happening in a vacuum. From Hollywood writers to nurses, factory workers, and Starbucks baristas, thousands of workers have gone on strike in recent months to demand higher pay and improved benefits and working conditions. Members of the United Auto Workers union line up to enter a membership meeting in advance of the September 14 expiration of their union contract with Stellantis, Ford, and General Motors on September 10, 2023, Detroit, Michigan. Workers gained power during the pandemic as Covid-19 cast a spotlight on essential workers’ sacrifices and the vast disparities among America’s workforce. A striking SAG-AFTRA member pickets with other SAG-AFTRA members and striking WGA (Writers Guild of America) workers outside Warner Bros.

Persons: Paul Frangipane, ”, Joseph McCartin, Jim West, “, ” McCartin, Mario Tama, ” Gallup, Ronald Reagan, Reagan, Dennis Caruso, EPI, Michael M, Shawn Fain, Fain Organizations: New, New York CNN, United Auto Workers, Starbucks, Teamsters, UPS, Labor, Bloomberg, Getty, Georgetown University, Economic, Institute, Ford, General Motors, Stellantis, ZUMA Press Wire Workers, Workers, SAG, WGA, Guild of America, Warner Bros, Gallup, Union, International Brotherhood of Teamsters, Air, NY, “, Companies, Cornell University Institute of Labor Relations, Sinai, UAW Locations: New York, Brooklyn, Detroit , Michigan, Burbank , California, United States

☆ Striking auto workers want a 40% pay increase—the same rate their CEOs' pay grew in recent years
▼ + stars: | 2023-09-15 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

The union proposed 40% hourly pay increases over the next four years. Meanwhile, Ford CEO Jim Farley earned $21 million in total compensation last year, the Detroit News reported. Stellantis CEO Carlos Tavares made $24.8 million, according to the Detroit Free Press. And GM CEO Mary Barra earned nearly $29 million in 2022 pay, Automotive News reported. CEO pay at the Big Three has grown 40% in the last decade, according to EPI — in line with the UAW's demands for 40% pay increases for autoworkers.

Persons: Autoworker, Jim Farley, Carlos Tavares, Mary Barra, Josh Bivens, EPI, Shawn Fain, Ford, Barra Organizations: United Auto Workers, Detroit, Ford, GM, CNBC, Bureau of Labor Statistics, CBS, Detroit News, Detroit Free Press, Automotive News, NPR, autoworkers, UAW

"Let's be clear: No one wants a strike," Biden said, hours after UAW launched a targeted strike against all three Detroit automakers. Record profits, Biden said, should result in "record contracts" for workers. UAW is calling the campaign the "Stand Up Strike," an homage to the 1936-37 historic "Sit Down Strike" against General Motors in Flint, Michigan, that inaugurated the domestic auto workers labor union movement. The Big Three have offered the union about half of the pay increase UAW is seeking. "The auto workers are being sold down the river by their leadership, and their leadership should endorse Trump," the GOP's 2024 front-runner said in an interview set to run Sunday on "Meet the Press."

Persons: Joe Biden, ”, Biden, Julie Su, Gene Sperling, –, EPI, ” Ford, Jim Farley, Farley, Donald Trump, Trump Organizations: Automobile, United Auto Workers, White, UAW, Detroit automakers, Workers, Big Three, – Ford, General Motors, Economic Policy Institute, Management, CNBC, CNN, NBC, Press Locations: Detroit, Wayne , Michigan, Wentzville , Missouri, Toledo , Ohio, Flint , Michigan, Michigan

☆ 5 million kids fell into poverty last year after Congress cut off Biden's monthly checks to parents
▼ + stars: | 2023-09-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

That's after Congress ended monthly checks to parents as part of the expanded child tax credit. The poverty rate for all people also increased from where it stood in 2021. Refundable tax credits like payments from the expanded child tax credit helped keep millions of Americans out of poverty in 2021. The SPM child poverty rate of those under 18 soared from the record low, starting with data from 2009, of 5.2% in 2021 to 12.4% in 2022. "The child poverty rate in 2022 would have been about 8.4 percent rather than 12.4 percent."

Persons: That's, —, Melissa Boteach, Institute's Elise Gould, Ismael Cid, Martinez, Biden Organizations: Service, Census Bureau, Child Tax, CTC, National Women's Law, Social Security, SNAP, Economic Advisers, CEA, Budget Locations: That's, Wall, Silicon

☆ Companies withhold billions in wages annually through unpaid tips and overtime. Some lawmakers now demand stricter penalties.
▼ + stars: | 2023-09-12 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Workers, especially in low-paid industries, have millions in wages stolen each year. Wage theft — when employers don't pay their workers the benefits they're entitled to — is incredibly prevalent across the economy. From 2017 to 2020, workers clawed back over $3 billion in stolen wages , according to the left-leaning nonprofit think tank Economic Policy Institute. Under Murray's proposed legislation, workers would get paid back fully what they're owed — not just minimum wage. Meanwhile, government agencies are also trying to take aim at firms not paying workers what they're owed.

Persons: Sen, Patty Murray, Rosa DeLauro, Bobby Scott, Murray, Murray's, —, they'll, they're Organizations: Service, Workers, Economic Policy Institute, Labor Department Locations: Wall, Silicon, DOL, —

☆ Black unemployment rate declines in August, even as it rose across the board
▼ + stars: | 2023-09-01 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +1 min

The unemployment rate for Black workers slipped in August, bucking the broader trend of a higher overall jobless rate. The overall unemployment rate ticked up to 3.8% last month, the highest since February 2022. The jobless rate declined for Black workers, sliding to 5.3% in August, compared to 5.8% in July. When accounting for gender, the unemployment rate for Black men age 20 and older came down to 5%, a decline from the 5.3% rate in July. "I am relieved that the Black unemployment rate is coming down; it had been a little elevated a couple of months earlier," said Elise Gould, senior economist at the Economic Policy Institute.

Persons: —, Elise Gould Organizations: Economic, Institute

☆ The job market shows signs of ‘normalizing,' labor economist says — here’s what that means for workers
▼ + stars: | 2023-08-31 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Job openings and layoffs dropped slightly for another consecutive month in July, according to government data released on Tuesday. The number of job openings edged down to 8.8 million in July, dropping from 9.58 million in June, reported the U.S. Bureau of Labor Statistics in its monthly Job Openings and Labor Turnover Survey. While the drop in job openings was significant, the reduction is due to little turnover, said Elise Gould, a senior economist at The Economic Policy Institute. However, as that churn declines, so will the number of job openings. "It's not because things are necessarily contracting, it's just normalizing somewhat," she said of the labor market.

Persons: Quits, Elise Gould Organizations: U.S . Bureau of Labor Statistics, Labor, Economic Policy Institute, Finance

☆ Under new Biden proposal, salaried workers earning up to $55,000 per year could get overtime pay
▼ + stars: | 2023-08-30 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +3 min

Some 3.6 million salaried workers may soon be able to earn overtime pay, according to a new proposal from the Biden administration. Currently, overtime pay applies primarily to hourly workers who log more than 40 hours in one week. The new proposal raises that threshold so non-hourly professionals can earn overtime if they earn less than $55,068 per year, or $1,059 per week. Roughly 15% of salaried workers are now entitled to overtime pay, the AP reports citing data from the Economic Policy Institute. If the new rule passes, nearly 30% of salaried workers would become eligible for overtime, though that's far lower than the 60% of salaried workers who were entitled to overtime pay in the 1970s, per the EPI.

Persons: Biden, Jessica Looman, Obama, Trump, Warren Buffett Organizations: Labor, Economic, Institute, Federal Register, Labor Department, Republicans Locations: U.S, New York, California

☆ Jackson Hole: Fed policy collides with reality in the most unequal county in America
▼ + stars: | 2023-08-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Central bank officials from across the world have descended upon Jackson Hole, Wyoming this week to discuss policy decisions that will shape the economy for years to come. That’s because Jackson Hole is the most economically unequal place in the United States, according to the Economic Policy Institute. What’s happening: The snow kissed peaks and verdant valleys of Jackson Hole, Wyoming — where Federal Reserve Chair Jerome Powell is due to give a highly anticipated speech on Friday — aren’t just awe-inspiring. Among the top 1% in Teton County (where Jackson Hole is located), the average annual income is a jaw-dropping $22.5 million. The extreme wealth disparity in Jackson Hole is a perfect example of that dichotomy.

Persons: Jackson, Jerome Powell, aren’t, They’re, ”, Kenan Fikri, “, they’re, Powell, ” Jackson, That’s, Allison Morrow, Krystal Hur, it’s, Anna Bahney, Black Knight, Knight, Andy Walden Organizations: CNN Business, Bell, New York CNN, Economic, Institute, Census Bureau, Economic Innovation, Nvidia, Revenue, Wall, Federal Reserve, Black Locations: New York, Jackson Hole , Wyoming, United States, Teton County, Wyoming, Jackson, Teton, Santa Clara , California

☆ Union fights grow US workers’ slice of profit pie
▼ + stars: | 2023-08-18 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

Strong demand for workers has given organized workers a stronger hand at the bargaining table. The United Steel Workers union has asserted itself aggressively in a bidding battle for U.S. Steel (X.N). Corporate profit is 30% above its pre-crisis high, at $2.7 trillion, according to the U.S. Bureau of Economic Analysis. With organized workers showing clout, they’ll be able to pull some more profit their way. Trucking company Yellow filed for Chapter 11 bankruptcy protection on Aug. 7 after halting operations the week prior.

Persons: Darren Hawkins, they’ll, . Steel, “, Carole Tome, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S, Workers, Economic, United Parcel Service, United Steel Workers, U.S . Steel, UPS, Teamsters, U.S . Bureau, Reuters Graphics Reuters, ., Trucking, International Brotherhood of Teamsters, Thomson Locations: Cleveland, U.S

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