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☆ In victory for labor unions, Michigan governor repeals 'right-to-work' law
▼ + stars: | 2023-03-24 | by ( Dan Whitcomb | ) www.reuters.com time to read: +2 min

[1/2] Michigan Governor Gretchen Whitmer makes a campaign stop at the IBEW Local 58 union hall in Detroit, Michigan, U.S. November 5, 2022. REUTERS/Rebecca CookMarch 24 (Reuters) - Michigan Governor Gretchen Whitmer on Friday signed a package of bills repealing the state's so-called "right to work" law that allowed workers to opt out of unions, a long-sought victory for labor organizers facing an era of diminished power. "Michigan workers are the most talented and hard-working in the world and deserve to be treated with dignity and respect," Whitmer, a two-term Democrat, said in a statement. House Bill 4007 requires that contractors hired by the state pay a so-called prevailing wage, the amount used when hiring union workers. The Michigan state legislature, controlled at the time by Republicans, in 2012 passed a right-to-work law over the objections of union activists.

☆ Peter Thiel's reported romantic partner was found dead in Miami. Police are investigating as possible suicide.
▼ + stars: | 2023-03-24 | by ( Jack Newsham | ) www.businessinsider.com time to read: +3 min

Jeff Thomas, a 35-year-old actor and model, was found dead in Miami in a possible suicide. Miami police view the case as a possible suicide and plan to interview Thiel, The Intercept said. The Intercept reported that Thomas and Thiel had been seen at each others' homes, including at raucous parties. "And he did, and so he didn't support Trump in 2020. Thomas said he had doubts about his relationship with Thiel, the Intercept reported, and the two were not living together.

☆ Pet Shop Boys Are Singing the Blues
▼ + stars: | 2023-03-23 | by ( Jinjoo Lee | ) www.wsj.com time to read: +1 min

Pet parents frequently say on surveys that they would rather cut down on their own food than their pets’ kibble. But the reality of steep inflation is starting to bite even the most generous owners. In February, pet food prices were 15.2% above year-ago levels, far exceeding the 10.1% inflation seen for the human food-at-home category, according to data from the U.S. Bureau of Labor Statistics. Year-over-year price increases for pet food started outpacing that for food-at-home starting September, and price increases for the category have proven to be stickier: Grocery inflation peaked at 13.5% in August and has moderated every month. Smucker said on an earnings call last month that its dry cat-food business has seen supply-chain disruptions.

☆ The 7 fastest-growing STEM jobs that pay over $100,000
▼ + stars: | 2023-03-18 | by ( Isabel Engel | In Isabel--Engel | ) www.cnbc.com time to read: +1 min

Growth in the American STEM industry is attributed mainly to the country's growing computer industry. SmartAsset analyzed historic employment growth between 2017 and 2021 and projected employment growth from 2021 to 2031 to identify and rank the country's fastest-growing STEM occupations. Information security jobs top the list of fastest-growing STEM jobs for the second year in a row. STEM jobs overall account for 5.9% of the fastest-growing occupations in the United States. Of the fastest-growing STEM occupations, here are seven that pay over $100,000, according to the U.S. Bureau of Labor Statistics:

☆ Slowdown in E-Commerce Hitting Logistics Companies’ Payrolls, Experts Say
▼ + stars: | 2023-03-11 | by ( Liz Young | ) www.wsj.com time to read: 1 min

Postal Service employee sorts mail at the Los Angeles Processing and Distribution Center. Logistics operators slashed nearly 17,000 jobs last month as consumer spending shifts to services from goods, and e-commerce growth stalls. Trucking, warehousing and parcel-delivery companies cut a combined 16,900 jobs in February, following a drop of 2,200 jobs in January, according to seasonally adjusted preliminary employment figures released Friday by the U.S. Bureau of Labor Statistics.

☆ Unemployment for Black and Hispanic women rose in February, but more workers join the labor force
▼ + stars: | 2023-03-10 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Olivier Douliery | AFP | Getty ImagesThe unemployment rate for Black and Hispanic women rose in February, but so did the number of people looking for jobs. Women aged 20 and over in the labor force tracked that move, with the unemployment rate rising slightly to 3.2% from 3.1%. Black women saw their unemployment rate jump to 5.1% from 4.7%. For Hispanic women, the labor force participation rate rose slightly to 61.3% from 61.1%, while the employment-population ratio stayed unchanged at 58.4%. In February, the U.S. economy added 311,000 payrolls, though the unemployment rate ticked up and wages rose slightly.

☆ Wage growth is cooling — but workers still have bargaining power, economists say
▼ + stars: | 2023-03-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The pace of wage growth seems to be decelerating, according to the February jobs report issued Friday — but workers still have bargaining power in a cooling but strong job market, economists said. "Workers have a very strong negotiating position," Mark Zandi, chief economist of Moody's Analytics. "The labor market is still very strong and workers are still in the driver's seat." Employers had to compete for workers in a hot market characterized by record job openings and turnover. It's also the slowest monthly gain since February 2022, according to Jeffrey Roach, chief economist at LPL Financial.

The unplanned increase in inventories and elevated ratio to sales has reached levels consistent with previous slowdowns in the manufacturing and freight cycle in 2018/19, 2015/16 and 2008/09. The ISM manufacturing orders index tumbled to a low of just 42.5 (6th percentile for all months since 1980) in January before recovering slightly to 47.0 (11th percentile) in February. Chartbook: U.S. inventories and freightReduced ordering has sharply cut the volume of freight handled through U.S. container ports and carried on railroads and by trucking firms. The freight slump is consistent with previous slowdowns in the manufacturing and freight cycle and implies the manufacturing sector is already in recession (“Freight transportation services index”, BTS, March 8, 2023). Manufacturers’ difficulties stand in contrast to the resilience displayed by the much larger services sector, where spending, prices, margins and employment are still increasingly rapidly.

☆ Two Canadian firms included in US sanctions list for alleged support to Russia
▼ + stars: | 2023-03-07 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

WASHINGTON, March 6 (Reuters) - The United States' list of recently sanctioned entities for alleged support for Russia's war effort in Ukraine includes two Canadian companies, U.S. and Canadian authorities said on Monday. The Commerce Department recently imposed export curbs on nearly 90 Russian and third-country companies and prohibited them from buying items such as semiconductors. The Commerce Department list did not mention what the two firms shipped or attempted to ship that triggered U.S. action. He added the company intended to engage further to address the concerns but could not comment on any specifics at this point. Reporting by Kanishka Singh in Washington; Editing by Tomasz Janowski and Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy egg prices are out of control right nowBy the end of 2022, eggs cost an average of 60% more than the year prior, according to data from the U.S. Bureau of Labor Statistics. In New York City, some reported paying up to $10 or more for a dozen eggs. Not only are eggs the latest product to suffer from high inflation, but the industry is also battling a deadly avian flu that threatens to wipe out entire flocks of birds. The impact has been felt from the farm, all the way to small business owners across the country.

☆ Factbox: Willow oil and gas project in Alaska sparks green opposition
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +4 min

March 3 (Reuters) - Environmental and climate activists are rallying online against ConocoPhillips’ proposed Willow oil and gas drilling project in Alaska as the administration of U.S. President Joe Biden weighs whether to greenlight the controversial plan. Here are some details about the project:WHAT IS THE WILLOW PROJECT? The Willow project is a $6 billion proposal from ConocoPhillips' (COP.N) to drill oil and gas in Alaska. The Willow project area holds an estimated 600 million barrels of oil, or more than the amount currently held in the U.S. Strategic Petroleum Reserve, the country's emergency supply. The Biden administration has also been urging U.S. oil companies to invest in boosting production to help keep consumer energy prices in check.

☆ The racial retirement savings gap remains wide – How these state IRA programs are working toward equity
▼ + stars: | 2023-02-28 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Indeed, about 64% of Hispanic workers, 53% of Black workers and 45% of Asian American workers have no access to a workplace retirement plan, according to AARP. State-facilitated individual retirement account savings programs have stepped in to attempt to close that racial savings gap. As of the end of January, there were more than $735 million in assets in these state-facilitated retirement savings programs, the center found. How it worksRather than competing against large corporate retirement plans, state-facilitated retirement savings programs turn their focus toward an underserved corner of the market: small businesses. Most of these state programs require businesses to either offer a workplace retirement plan or to help automatically enroll their workers into the state's program.

☆ Strong Snowpack Results in a Boost to Water Supplies for California Farmers
▼ + stars: | 2023-02-23 | by ( Jim Carlton | ) www.wsj.com time to read: 1 min

California farmers have largely gone without allocated water during the past three years, the driest on record in the state. California farmers, strained by years of drought, will get the highest allocation of water since 2019 for the year, the U.S. Bureau of Reclamation said Wednesday. Much of the water California farmers rely on comes from the snowpack in the Sierra Nevada mountains, which is corralled into reservoirs when it melts off in the spring and delivered by federal and state officials to irrigate crops. They had largely gone without during the past three years, the driest on record in the state. They now stand to get at least 35% of their contracted supplies.

☆ Home Depot says it will spend $1 billion to give hourly workers a raise
▼ + stars: | 2023-02-21 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Home Depot on Tuesday said it will spend an additional $1 billion to give its hourly employees a raise, as retailers and restaurants compete for workers. Hourly workers will see the increase, which went into effect on Feb. 6, this month in their paychecks. The increase will boost pay for all hourly workers in the U.S. and Canada. With the move, Home Depot becomes the latest major retailer to signal that the labor market is still tight — especially when it comes to lower-wage hourly workers. The vast majority of its employees are hourly workers at its approximately 2,300 stores in the U.S., Canada and Mexico.

☆ Amid persistent inflation, 54% of Americans are using savings to pay for everyday expenses
▼ + stars: | 2023-02-16 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Inflation is still taking a hefty toll on households, recent reports show. Prices continued their upward momentum in January, rising 0.5% for the month and 6.4% over the past 12 months, according to the latest consumer price index data released by the U.S. Bureau of Labor Statistics. To make ends meet, 27% of Americans said they've had to take money out of savings and more than half, or 54%, said they used that money to pay for everyday expenses, such as groceries and rent, the recent Country Financial Security Index found. More from Personal Finance:What is a 'rolling recession' and how does it impact you? "Inflation has shredded household budgets over the past two years, and not just when it comes to one-off discretionary expenses or special occasions, but for keeping up with day-to-day bills," said Greg McBride, chief financial analyst at Bankrate.com.

LONDON, Feb 16 (Reuters) - Resurgent passenger aviation following the coronavirus pandemic has created shortages of jet fuel, pushing up airlines’ operating costs and fares. U.S. jet fuel inventories stood at just 36.5 million barrels on Feb. 10, according to data from the U.S. Energy Information Administration (EIA). Chartbook: U.S. jet fuel inventoriesKerosene-type jet fuel is produced by similar refinery processes to diesel and other distillate fuel oils, but at higher quality specifications. But with shortages of both jet fuel and other middle distillates, the average price paid for jet fuel climbed to $3.37 per gallon ($142 per barrel) in 2022 up from $2.00 per gallon in 2019. With China lifting domestic and international travel restrictions, global consumption of jet fuel is set to rise sharply, which will stretch jet fuel supplies even further in 2023.

☆ Here's the breakdown of the inflation report for January — in one chart
▼ + stars: | 2023-02-14 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

High inflation has followed the U.S. economy into 2023, as consumers continued to see high prices in January. Inflation rose 0.5% for the month and 6.4% over the past 12 months, according to consumer price index data released by the U.S. Bureau of Labor Statistics on Tuesday. Both results were higher than some economists' expectations, which had predicted 0.4% for the month and 6.2% year over year. Almost half of Americans think we're already in a recessionThe CPI measures the average change in consumer prices based on a broad basket of goods and services. Other areas that saw a monthly decline in prices include used cars and trucks, medical care, and airline fares.

☆ Asian Shares track Wall Street's inflation optimism, yen recoups losses
▼ + stars: | 2023-02-14 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Overnight on Wall Street, the S&P 500 (.SPX) rose 1.2%, while the Nasdaq (.IXIC) rallied 1.5% and Dow Jones (.DJI) was up 1.1%. Treasuries rallied a little, with the yield on the benchmark 10-year government bonds easing 2 basis points to 3.6940%. The two-year bond yields also eased from their three-month highs to hover at 4.5090%, compared with the previous close of 4.5340%. It weakened 0.2% against the Japanese yen to 132.13 yen, after gaining 0.8% the previous day. On Tuesday, the Japanese government is expected to name academic Kazuo Ueda as its pick to become next central bank governor.

☆ The hidden price of eggs: How high costs may trickle into other foods
▼ + stars: | 2023-02-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

The average price for all types of eggs ballooned 60% in 2022, according to the consumer price index. Higher egg prices are largely the result of a deadly outbreak of bird flu in the U.S., economists said. Since February 2022, bird flu killed more than 44 million hens in commercial table-egg-laying flocks, according to the U.S. Department of Agriculture. But there isn't a one-to-one relationship between higher egg prices — whether shelled or in another form — and the cost of other foods. In short: Eggs are one of many factors in inflated consumer food prices.

The states said in their lawsuit, however, that the rule in practice could affect anyone who uses a brace. Texas Attorney General Ken Paxton filed a similar, separate lawsuit in federal court in Texas on Thursday. A group of veterans also filed a lawsuit challenging the rule in federal court in Texas earlier this month. Democratic President Joe Biden has championed tougher gun control measures, and last year signed a national gun safety law. Since then, several state gun control measures have been struck down by courts.

☆ Worker shortage gives U.S. reason to robotize
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 8 (Reuters Breakingviews) - The U.S. labor shortage isn’t going anywhere, at least according to U.S. Federal Reserve Chair Jerome Powell. Worker productivity, measured as output per hour, fell last year and still sits below the late-2021 peak. If the shortage is, in fact, structural, robots offer businesses an alternative to increasingly expensive labor. A burrito-rolling bot might not replace workers quite yet, but planning for it could be prudent amid the hiring rat race. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Feb 6 (Reuters) - A U.S. judge on Monday ordered regulators to reconsider part of the permit approving Lithium Americas Corp's (LAC.TO) Thacker Pass lithium mine project in Nevada, though the mixed ruling rejected claims that the project would cause unnecessary harm to the environment or wildlife. Chief Judge Miranda Du of the federal court in Reno, Nevada, ordered the U.S. Bureau of Land Management to determine whether the company has the right to dump waste rock at the site, a ruling based on a complex set of case law. Du's ruling can be appealed. Reporting by Ernest Scheyder; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

The U.S. Bureau of Labor Statistics adjusts the raw numbers for January (and every other month) to strip out these seasonal effects and focus on the underlying trend by applying a set of seasonal adjustment factors. The application of seasonal adjustment factors then transformed smaller-than-normal actual job losses into a reported job gain of 443,000 in the private sector. There were also reported employment increases in construction (25,000), manufacturing (19,000) and mining, quarrying and oil and gas extraction (3,000). Labour hoarding probably exaggerated the strength of the jobs market in January 2023 and is likely to reverse in the next few months if economic growth continues to slow. There is a strong incentive to hold on to recently and expensively hired staff until the softening of the economy and the labour market is actually confirmed.

☆ U.S. government backs smaller version of Conoco Alaska drilling project
▼ + stars: | 2023-02-01 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

Feb 1 (Reuters) - President Joe Biden's administration said on Wednesday it would support a scaled-back version of ConocoPhillips' (COP.N) planned $6 billion Willow oil and gas drilling project in Alaska but has not yet made a final decision on the contentious proposal. Alaska officials and ConocoPhillips backed that option in letters submitted to the agency in recent months. In a statement, ConocoPhillips said the design represented "a viable path forward" for Willow and said it was ready to begin construction "immediately" upon approval. The company said the project would deliver up to $17 billion in revenue for federal and state governments and local Alaska communities. A final decision will be made no sooner than 30 days after the review's publication, the department said.

☆ Breakingviews: Bottling U.S. inflation could cost workers dearly
▼ + stars: | 2023-02-01 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

WASHINGTON, Feb 1 (Reuters Breakingviews) - The Federal Reserve is being relentless in its quest to bring inflation down to 2%, from its latest reading of 5%. Given the vagaries of inflation psychology, it’s not clear the Fed is justified in being so single-minded. By the officials’ own forecasts, the inflation fight will hurt hundreds of thousands of workers. And Americans routinely overestimate how high inflation will run in the next year, according to the New York Fed, typically expecting around 3%. Projections published by the central bank at the December meeting showed inflation returning to 2% in 2025.

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