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☆ Here's why Americans can't stop living paycheck to paycheck
▼ + stars: | 2023-08-17 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

For many Americans, payday can't come soon enough. As of June, 61% of adults are living paycheck to paycheck, according to a LendingClub report. In other words, they rely on those regular paychecks to meet essential living expenses, with little to no money left over. Almost three-quarters, 72%, of Americans say they aren't financially secure given their current financial standing, and more than a quarter said they will likely never be financially secure, according to a survey by Bankrate. That amount already accounts for about 61% of the median take-home pay.

Persons: Ida Rademacher, there's, Kamila Elliott Organizations: Aspen Institute, Principal Financial, Institute, Finance, U.S . Bureau of Labor Statistics, for Community, Economic Research, Wealth Partners, CNBC's Locations: U.S, Atlanta

☆ Tipping 'nudges' are now popping up on DoorDash. If you don't leave a gratuity, you'll hear about it.
▼ + stars: | 2023-08-13 | by ( Nancy Luna | Alex Bitter | ) www.businessinsider.com time to read: +5 min

Some delivery workers have tried to increase their gratuity by asking DoorDash customers for higher tips mid-delivery. As a result, the average food delivery tip has increased by 20% from 2020 to 2022, Uber Eats told Insider. With tips and base pay, DoorDash said on average, Dashers make $25 per hour on active deliveries. Many gig delivery workers make below minimum wage and say their earnings have fallen since the height of the pandemicA 2020 study found many gig delivery workers are struggling to make minimum wage. The survey of gig workers from the Economic Policy Institute found that about 14% of gig workers made less than the federal minimum wage, and 29% earned less than their state's minimum wage.

Persons: DoorDash, Austin Haugen, Shroff, Heather Taylor, Dashers, DoorDash's, Instacart, Uber, Carsten Koall, Sergio Avedian, Guy Organizations: Service, Starbucks, Consumers, Base, Economic Policy Institute Locations: Wall, Silicon, Corpus Christi , Texas, Los Angeles

☆ Opinion | The Absurd Republican Argument for Rolling Back Child Labor Laws
▼ + stars: | 2023-08-09 | by ( Jessica Grose | ) www.nytimes.com time to read: +3 min

Vrbin’s report notes that Kellams isn’t against teenagers working, and that as a teenager she herself worked at a local chicken plant that has a history of violating child labor laws. Some of these laws, like Iowa’s, which allows 14- and 15-year-olds to work up to six hours a day during the school year, conflict with federal labor law. According to Nina Mast, a state economic analyst at the Economic Policy Institute, the ultimate goal of the proponents of these state laws is to weaken federal child labor law. Though there were attempts to weaken child labor law after that, he says, they weren’t really mainstream for decades. In his book, Fliter notes that as a presidential candidate in 2012, the former House speaker Newt Gingrich “proposed a plan to allow poor children to work as janitors in schools” and called child labor laws “truly stupid.” Since then, political attacks on child labor laws have increased.

Persons: ”, Tess Vrbin, Laura Kellams, ” Kellams, Nina Mast, John Fliter, Fliter, Mike Lee of, Newt Gingrich “ Organizations: Northwest, Arkansas, Children, Economic Policy Institute, Kansas State University, “ Child Labor, Fair Labor, Senate Locations: Arkansas, The Arkansas, Northwest Arkansas, ” Arkansas, Iowa , New Hampshire, New Jersey, America, Mike Lee of Utah, ”

☆ I'm part of the luckiest class of Gen Zers. Here's how we won the economic recovery.
▼ + stars: | 2023-08-06 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +7 min

The pandemic threw Gen Zers off their professional trajectories. For the oldest Gen Zers, the pandemic economic recovery was a huge success. Here's how the class of 2019 won the pandemic recovery. The class of 2019 graduated into recession fears, but it was an economic downturn like none we've seen beforePolitano technically graduated in fall 2018, but considers himself part of my cohort as he began work in 2019. Are you a class of 2019 graduate, and have a story to tell about the economy of the last four years?

Persons: Gen Zers, Zers, Zers —, —, Joey Politano, he'd, Politano, couldn't, that's, they're, Hillary Hoffower Organizations: Service, Pew, millennials Locations: Wall, Silicon

Affirmative action supporters and counterprotesters shout at each other outside the U.S. Supreme Court building in Washington, D.C., June 29, 2023. Now that the Supreme Court has struck down race-conscious admissions, employers could face challenges in how they find diverse talent. A group of 13 Republican attorneys general suggested in the wake of the ruling that companies' diversity, equity and inclusion, or DEI, programs could be considered unlawful discrimination. In the wake of the ruling, many fear universities could become less reliable sources from which to recruit diverse talent. However, during the last year there has been a "step back" in terms of diversity hiring, said Reyhan Ayas, a senior economist at Revelio Labs, a workforce data and analytics firm.

Persons: Kent Nishimura, Jocelyn Samuels, Lorraine Hariton, Donald Harris, Stacy Hawkins, Kim Waller, Korn, Waller, Ahmad Thomas, Thomas, it's, We've, Alvin Tillery, Tillery, Carey Thompson, Adam Kovacevich, George Floyd, Russell, Reyhan Ayas, Northwestern's, Salesforce, Kovacevich, VI, Temple's Harris, " Harris Organizations: U.S, Supreme, Washington , D.C, Los Angeles Times, Apple, General Electric, Google, Starbucks, Harvard University, University of North, Democratic AGs, Employment, Commission, Catalyst, Temple University School of Law, University of California, University of Michigan, Urban Institute, Employers, Rutgers University . Companies, . Census, Temple University School of Law Business, Leadership Group, Corporate, Northwestern's Center, Diversity and Democracy, Gettysburg, of Progress, Economic, Revelio Labs, Silicon, Amazon, Microsoft, Civil Locations: Washington ,, University of North Carolina, U.S, Silicon Valley

☆ Black unemployment rate ticks lower in July as jobs market remains tight
▼ + stars: | 2023-08-04 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Mario Tama | Getty ImagesThe unemployment rate for Black workers fell slightly in July as the broader labor market remains tight. Black workers' jobless rate fell to 5.8%, according to the Labor Department on Friday. Broken down by gender, Black men's unemployment rate fell to 5.3% in July from 5.9% in June. In July, the U.S. unemployment rate was little changed at 3.5%, which is just above the lowest level since late 1969. Meanwhile, Asian workers' unemployment rate fell to 2.3% in July, a 0.9 percentage point drop from 3.2% in June.

Persons: Mario Tama, That's, It's, Black, Valerie Wilson, Wilson Organizations: Port, Getty, Labor Department, Federal Reserve Locations: Port of Los Angeles, San Pedro, Los Angeles , California, U.S

☆ Illegal child labor on the rise with nationwide violations found, Labor Department says
▼ + stars: | 2023-07-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +12 min

JBS has said that they do not tolerate child labor and that they would stop using PSSI at every location where the child labor violations were alleged to have occurred. In addition, the Wage and Hour Division of the Labor Department is currently pursuing more than 700 open child labor cases. Officials at the Labor Department emphasized in a press call this week that the increase in child labor violation findings is partially due to “significantly enhanced child labor enforcement efforts” in recent months. The fight to weaken child labor lawsThe Department of Labor on Thursday said its interagency task force on child labor has begun cross-training with other governmental agencies like Health and Human Services and the Office of Refugee Resettlement to identify and report possible incidences of child labor exploitation. But at the same time that violations of child labor protections are rising, states across the country are introducing legislation to weaken child labor laws.

Persons: it’s, ”, Labor Julie Su, Jordan Barab, Obama, Barab, JBS, Cargill, ” PSSI, PSSI, “, That’s, DOL, Karen Garnett, Tiffanie Boyd, there’s, David Weil, Weil, Jaehoon, Jay, Chang, ” McDonald’s, they’re, Biden, Sen, Rich Draheim, “ That’s Organizations: New, New York CNN, Labor Department, Packers Sanitation Services Inc, Cargill, JBS, Department of Labor, Labor, Occupational Safety, Health Administration, PSSI, Blackstone Group, CNN, McDonald’s, of, “ Employers, Heller School for Social Policy, Management, Brandeis University, Hyundai, Kia, Health, Human Services, Refugee Resettlement, US Department of Agriculture, Economic, Institute, Minnesota, Republican Locations: New York, Nebraska, JBS USA, Minnesota, Louisiana, Texas, Louisville , Kentucky, McDonald’s, United States, DOL, Alabama, Colombia, El Salvador, Guatemala, Honduras, Mexico, Missouri , Ohio, South Dakota, Arkansas, Iowa, America

☆ Democrats want to make the minimum wage $17 an hour and give nearly 28 million workers a raise
▼ + stars: | 2023-07-26 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +5 min

Sen. Bernie Sanders, alongside other progressives, is again trying to raise the federal minimum wage. He's introducing legislation to bring the federal minimum to $17 by 2028; currently, it's $7.25. However, past attempts to raise the minimum wage have been stymied by Republicans and moderate Democrats. Under the latest version of the Raise the Wage Act, the federal minimum would climb to $17 by 2028. "The President shares Congressional Democrats' commitment to put workers first and supports increasing the minimum wage.

Persons: Sen, Bernie Sanders, Sanders, Michael Douglas, Gordon Gekko, Hakeem Jeffries, It's, Democrats —, Biden, Michael Kikukawa, Pramila Jayapal, Jayapal, Frances Holmes, Holmes Organizations: Republicans, Service, Democratic, Senate, Democrats, Institute, Workers, National Employment Law, Congress, White, Congressional Progressive Caucus, Oxfam America, Busch Locations: Wall, Silicon, St Louis , Missouri

☆ The US economy's brief moment of slowing inequality might be on its way out
▼ + stars: | 2023-07-25 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Income inequality has narrowed in the US, with low-wage workers receiving raises during the pandemic. This trend has been tapering off, though labor market competition has benefited wage growth. This was thanks to pre-pandemic minimum wage legislation, coupled with higher raises for lower wage workers in the tumultuous years that followed. Although low-wage workers have slightly narrowed the gap, corporate profits have boomed, allowing those at the very top to stay separated from the rest. In June 2022, low-wage workers saw 7.2% wage growth from the prior year, falling to 6.5% in June 2023.

Persons: It's, David Autor, Ford, Autor, Harry Holzer, John LaFarge Jr, SJ, Georgetown University's, Holzer, Biden, " Holzer Organizations: Service, National Bureau of Economic Research, Federal Reserve Bank, Dallas, MIT Department of Economics, American Bar Association, Public, Georgetown, Georgetown University's McCourt School of Public, Federal Reserve Bank of, Economic Policy Institute Locations: Wall, Silicon, Federal Reserve Bank of Atlanta

☆ How market expectations have changed this year
▼ + stars: | 2023-07-24 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

As the economy and market continue to hum along, some investors’ expectations for what’s to come are shifting. Before the Bell: What were your market expectations at the start of this year, and how have they changed? Lori Van Dusen: When you look at what’s happened in the market on the surface, I think everybody knows it’s been a really good market, especially in the US, but it’s also been a very concentrated market around these seven stocks. And I think that’s why the market is broadening, and generally market participants are more constructive and taking their wins in technology and rotating. I think they’re fundamentally great companies, but I don’t think that their leadership will continue.

Persons: Tesla, ’, Bell, Lori Van Dusen, it’s, we’ve, I’ve, Don’t, don’t, you’re, You’ve, Nathaniel Meyersohn, CNN’s Caolán Magee Organizations: CNN Business, Bell, CNN, Dow Jones Industrial, Nasdaq, Nvidia, Apple, Microsoft, Fed, LVW Advisors, Economic, Institute, National Restaurant Association, Workers Locations: Las Vegas, States, Europe, Rome, Greece

☆ A growing number of US states are working to loosen child labor laws so your next bartender could be an underage teenager
▼ + stars: | 2023-07-23 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

In April, Iowa's senate voted to pass a bill that would allow teenagers to serve alcohol. Legislators in Wisconsin are pushing to lower the alcohol service age from 18 to 14 years old. In April, Iowa's Republican-led state senate voted 32-17 to pass a bill rolling back child labor laws in the state. The bill would allow teens to work until 9:00 p.m. during the school year and until 11:00 p.m. over the summer and serve alcohol. The restaurant industry is backing legislators in their efforts to loosen child labor laws, according to the left-leaning Economic Policy Institute.

Persons: Nina Mast Organizations: Service, Economic Policy Institute, Iowa's Republican, Institute, National Restaurant Association, US Department of Labor, Packers Sanitation Services Inc Locations: Iowa's, Wisconsin, Wall, Silicon, Iowa , Michigan , Ohio , Kentucky, West Virginia, New Mexico , Alabama , Wisconsin, Idaho, Pennsylvania

☆ Disney CEO Bob Iger called Hollywood strikers 'not realistic.' His critics are calling his $27 million pay package unrealistic.
▼ + stars: | 2023-07-22 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +5 min

Disney CEO Bob Iger recently called strikers' expectations "not realistic," quickly drawing criticism. Iger could make over $27 million this year, 535 times the median pay of his employees. An average CEO in 1978 made around 31 times what their average worker made, according to the Economic Policy Institute. In 2020, the average CEO made 346 times what their average worker made. At Disney, the median worker pay is $54,256, according to the company's latest proxy statement.

Persons: Bob Iger, Sean Gunn, Fran Drescher, Iger, Gunn, Drescher, Sen, Bernie Sanders, he'd, Variety, David Zaslav, Reed Hastings, Brian Roberts Organizations: Disney, SAG, Morning, Hollywood, CNBC, Sun Valley Conference, Writers Guild of America, Guardians, Economic, Warner Bros, Netflix, Comcast Locations: Idaho, Los Angeles

☆ More states want to let kids work as bartenders
▼ + stars: | 2023-07-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN —More states are letting teenagers serve alcohol at bars and restaurants, part of a growing rollback of child labor protection laws across the United States. The restaurant industry already has the highest number of child labor law violations, according to the Economic Policy Institute. Efforts to lower alcohol serving ages are part of a larger push to loosen child labor protections in states around the country. Federal laws providing minimum protections for child labor were enacted nearly a century ago. But in the past two years, at least 14 states have introduced or passed laws rolling back child labor protections, the Economic Policy Institute reports.

Persons: Alabama —, ”, Nina Mast, Cargill, Tyson, Joe Biden’s Organizations: New, New York CNN, Economic Policy Institute, National Restaurant Association, Bureau of Labor Statistics, Economic, Institute, “, US Department of Labor, Packers Sanitation Services, JBS, New York Times Locations: New York, United States, — Iowa, Michigan , Ohio , Kentucky, West Virginia, New Mexico, Alabama, Wisconsin, Idaho, Arkansas

☆ The number of people doing gig work on apps like Uber and DoorDash more than doubled during the pandemic
▼ + stars: | 2023-07-20 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +4 min

The number of people doing platform gig work like deliveries on apps in the US grew by over 150% during the pandemic. The researchers used tax data from 90 gig economy platforms and apps for their analysis. "COVID was a watershed moment for a particular type of platform gig work, which is delivery work," Koustas said. Gig workers became younger and more female; 44% of transportation and delivery platform workers were female by 2021, per the working paper. While platform gig work climbed during the pandemic, a research brief about the working paper results states that other contract and freelance work fell during COVID.

Persons: Dmitri Koustas, COVID, Koustas Organizations: Service, The University of Chicago Harris School of Public, McKinsey, Workers, Economic Policy Institute Locations: Wall, Silicon, United States

☆ Barbie, Nike Air, Cheetos, Mario: Why Movies Are All About Brands Now
▼ + stars: | 2023-07-20 | by ( Jared Holst | ) www.businessinsider.com time to read: +8 min

But the release of half a dozen movies about brands — Barbie, Flamin' Hot Cheetos, Tetris, Nike Air, BlackBerry, and Beanie Babies — in six months isn't just the result of Hollywood groupthink and coincidence. But just as these brand-centric movies ring hollow, so does the gig economy they're catering to. While the plot isn't about the making of Barbie, Barbie and Ken do step outside Barbie Land to peek behind the curtains of their creation.) As more companies look to gig workers to replace full-time jobs, more workers take up gig work. As the economy continues to emphasize the importance of self-branding through gig work, brand movies will continue to resonate.

Persons: Ryan, — Barbie, Flamin, isn't, Barbie, doggedly, Zach Galifianakis, Ty Warner, Ken, Margot Robbie, Ryan Gosling, Ben Affleck, —, it's, hadn't, they'd, it'd, Jared Holst, Jared Organizations: Nike Air, BlackBerry, Hollywood, Hulu, Mattel, Federal Trade Commission, Amazon, Economic, Institute, Brands Locations: American, New York, Brooklyn

☆ Why college is getting more expensive
▼ + stars: | 2023-07-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

After adjusting for currency inflation, college tuition has increased 747.8% since 1963, the Education Data Initiative found. But the net price of college — that’s the amount that students and their families are actually shelling out — has been decreasing. The average student at a private four-year college paid $32,800 for tuition and room and board last year. When adjusted for inflation, the actual price paid for private college has dropped by 11% over the past five years, according to College Board data. In a 6-3 decision the Supreme Court struck down the Biden administration's student debt forgiveness program in Biden v. Nebraska.

Persons: Brian Snyder, ”, Megan Brenan, Catharine Hill, “, —, couldn’t, ’ ”, they’ve, Kevin Dietsch, Joe Biden’s, Biden Organizations: New, New York CNN, College, US News, Harvard University, Harvard, Reuters, Education Data Initiative, Georgetown University Center, Education, Gallup, Vassar College, “, ”, National Education Association, Foreign Relations, Economic, Institute, luxe, ” Colleges, American, of Trustees, NEA, College Board, U.S, Supreme, Biden, . Nebraska Locations: New York, Cambridge , Massachusetts, United States, “, Washington , DC, .

☆ The economic consequences for students during the pandemic 'could be far greater than those of the Great Recession'
▼ + stars: | 2023-06-20 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

Student "learning loss," could prove to be more economically damaging than the Great Recession. School shutdowns hit Black and Hispanic students harder than White and Asian students. The federal government has given $190 billion to schools in the hopes of mitigating the impact. Districts with a high rate of students experiencing poverty have been worse off, ProPublica reported. The only way to solve this, according to a December 2022 Economic Policy Institute report is to increase pay for teachers and provide more support in classrooms.

Persons: shutdowns, —, ProPublica, Eric Hanushek, Hanushek, It's Organizations: Service, Stanford, Brookings Institute, Gross

☆ The Racial Wage Gap Is Shrinking
▼ + stars: | 2023-06-19 | by ( David Leonhardt | ) www.nytimes.com time to read: 1 min

In the early 2000s, the wage gap between Black and white workers in the U.S. was as large as it had been in 1950. That is a shocking statistic and a sign of the country’s deep racial inequality. Over the past five years, however, the story has changed somewhat: The wage gap, though still enormous, has shrunk. In today’s newsletter — on Juneteenth — I’ll try to explain why the gap has narrowed and what would have to happen for it to narrow more. After all, even with the recent progress, the median Black worker makes 21 percent less than the median white worker.

Persons: ” Elise Gould, — I’ll Organizations: Economic Policy Institute Locations: U.S

☆ Retirees' biggest fear is outliving their assets, research finds. These tips can help
▼ + stars: | 2023-06-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

But for retirement savers and retirees alike, there's one worry that stands out above the rest — the possibility they may outlive their assets, according to new research from research and consulting firm Cerulli Associates. More than half of retirees — 54% — rely on Social Security as their primary source of income. Of those respondents, 20% have no other source of income, Cerulli's first-quarter survey of 1,500 401(k) plan participants found. For workers and retirees, there is no silver bullet answer to fix their retirement worries. Yet many older workers ages 50 through 70 face difficult working conditions, recent research from the Economic Policy Institute found.

Persons: Cerulli's, David Kennedy Organizations: Cerulli Associates, Social Security, Finance, GOP, Economic Policy Institute

☆ The top Hollywood exec made $498 million in the last 5 years—384 times as much as the average writer
▼ + stars: | 2023-06-01 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +4 min

That's a staggering 384 times the average pay of a Hollywood writer. Overall, average pay for Hollywood's top execs climbed to $28 million in 2021, up 53% from 2018 (and roughly 108 times the average writer's pay) according to the analysis, which uses compensation data from the research firm Equilar and includes stock options, base salaries, bonuses and other perks. Meanwhile, average pay for Hollywood writers has remained virtually flat at about $260,000 as 2021, the Times reports. Hollywood executive pay dropped in 2022 due to stock market volatility and investor pressure to make streaming profitable. From 1978 to 2021, CEO pay grew by 1,460%, adjusted for inflation, versus just 18.1% for the typical worker.

Persons: David Zaslav, That's, Ari Emanuel, Reed Hastings, Bob Iger, Walt, Ted Sarandos, Rupert Murdoch, Lachlan Murdoch, Brian Roberts, Joseph Ianniello, Patrick Whitesell, Kaitlin Fontana, Kelly Evans Organizations: Hollywood, Los Angeles Times, Warner Bros, Discovery Inc, Times, Writers Guild of America, Endeavor Group Holdings Inc, Netflix, Walt Disney Co, Fox Corp, Comcast Corp, Paramount Global, Endeavor, Paramount, Disney, Company, WGA, Alliance, Television Producers, LA Times, Economic, Comcast, CNBC Locations: U.S, California

☆ A ‘pleasant’ surprise: Strong job numbers, low layoffs show no ‘major indicators’ of a recession, economists say
▼ + stars: | 2023-05-31 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +1 min

Job openings were up and layoffs were down in April, shutting down fears that a recent rise in job cuts could be the start of a growing trend. Openings increased to 10.1 million last month, up from 9.6 million in March, according to the Department of Labor's latest Job Openings and Labor Turnover report. Opportunities are growing across retail trade; health care and social assistance; and transportation, warehousing and utilities. And 6.1 million people were hired into new jobs, on par with the previous month. It's still a favorable job market to applicants and workers, she says, with "very little to indicate the labor market is cooling off."

Persons: Elise Gould Organizations: Department, Labor, Economic, Institute, CNBC

☆ 49 people have been killed at Dollar General stores since 2014. Workers are protesting for safer conditions
▼ + stars: | 2023-05-31 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

But following repeated violent incidents and federal workplace safety violations at stores, some Dollar General workers and labor advocates are calling for stronger safety and health protections. Since 2014, there have been 49 people killed and 172 people injured at Dollar General stores, according to data from non-profit group Gun Violence Archive. The Occupational Safety and Health Administration (OSHA) has cited unsafe conditions at dozens of Dollar General stores in recent years. Since 2017, the federal agency has proposed more than $21 million in fines against Dollar General. Dollar General workers and their allies are rallying Wednesday outside Dollar General's headquarters in Goodlettsville, Tennessee, ahead of the company's annual shareholder meeting.

Persons: Doug Parker, ”, Kurt Petermeyer Organizations: New, New York CNN —, Workers, Dollar, CNN, Occupational Safety, Health Administration, General, Retail, Violence, Economic Policy Institute, OSHA, United, Funds Locations: New York, America, Goodlettsville , Tennessee, Louisiana, Atlanta

☆ Get ready to see millions of Americans lose their jobs if Congress doesn't raise the debt ceiling in the next few days
▼ + stars: | 2023-05-29 | by ( Madison Hoff | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

The US could default on its debt as soon as June 5 if the debt ceiling isn't raised by then. That would translate to "7.8 million jobs lost from peak to trough," Yaros said. Other industries would see over half a million jobs lost in this scenario, including construction. "It's something closer to the 2001 recession that we had after the dot-com bubble, and you get about 1.5 million jobs lost from peak to trough," Yaros said. And 1.5 million jobs lost — that's still a huge human toll that was unnecessarily incurred."

☆ The AI boom could go one of 2 ways, and the path companies choose could make or break the US workforce
▼ + stars: | 2023-05-28 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

Businesses are expected to use AI to boost productivity and their profits. The adoption of AI could mean higher wages for workers — or that they lose their jobs altogether. In the years ahead, generative AI including ChatGPT could disrupt — not necessarily replace — 300 million full-time jobs across the globe, according to Goldman Sachs. Over the next decade, that AI productivity boost could increase S&P 500 profits by 30% or more, Ben Snider, a senior strategist at Goldman Sachs, told CNBC last week. "AI will make superstar companies more productive and profitable, but those profits might be achieved at the expense of other companies," he said.

☆ Gov. Kim Reynolds signed a bill rolling back child labor laws in response to business owner complaints over labor shortages. Iowa's unemployment rate was under 3% last month.
▼ + stars: | 2023-05-27 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

Kim Reynolds signed into law a bill rolling back child labor protections. The bill is one of many targeting child labor laws across the nation, signed largely by GOP governors. Businesses have increasingly reported labor shortages since the onset of the COVID-19 pandemic, which has killed over 1,127,000 Americans since 2020, according to the World Health Organization. The Iowa Governor's decision to roll back child labor laws is an apparent response to business owners who say they cannot find enough workers. Arkansas' unemployment rate was 2.8%, New Hampshire's was 2.1%, and New Jersey's was 3.5% — the only state that has recently rolled back child labor protections with a higher average than the nationwide 3.4% unemployment rate.

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