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☆ Akamai Technologies forecasts upbeat third-quarter revenue, profit
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

The Cambridge, Massachusetts-based company forecasts revenue to be between $937 million and $952 million for the quarter ending Sept. 30, compared with analysts' average estimate of $931 million, according to Refinitiv data. The company expects adjusted profit per share for the third quarter to be between $1.48 and $1.52, while analysts estimated $1.41. Akamai also raised its full-year revenue forecast to between $3.77 billion and $3.80 billion, compared with its prior projection of $3.74 billion to $3.79 billion. Security and compute revenue, which formed 59% of the company's total revenue in the quarter, grew 14% over the year earlier, the company said. Excluding items, the company's profit per share was $1.49, compared with analysts' expectations of $1.41.

Persons: Akamai, Rishi Jaluria, Jaluria, Zaheer Kachwala, Jaspreet Singh, Shilpi Majumdar Organizations: Akamai Technologies, Wall, RBC Capital Markets, U.S . Department of Labor, Census Bureau, Department of Defense, eBay, Electronic Arts, Thomson Locations: Cambridge , Massachusetts, Bengaluru

☆ Extreme heat is the deadliest natural disaster. FEMA can’t treat it like one
▼ + stars: | 2023-08-08 | by ( Ella Nilsen | ) edition.cnn.com time to read: +6 min

CNN —Extreme heat is far deadlier than other natural disasters, killing on average more than twice as many people each year as hurricanes and tornadoes combined, according to data tracked by the National Weather Service. Phoenix Mayor Kate Gallego recently told Biden the city’s extreme heat is a “long-term emergency.” But it can’t get FEMA federal assistance unless Congress amends the Stafford Act – something some Western lawmakers are pushing for. “Just because we don’t necessarily have the authorities right now in the Stafford Act, that doesn’t mean we’re sitting idly by,” Criswell said. “Right now, FEMA doesn’t treat extreme heat in the same way as it does other disasters because it can’t,” Juanita Constible, senior climate and health advocate for the Natural Resources Defense Council, told CNN. “Adding it to that official list from Congress would clarify FEMA’s role in addressing heat,” Keith said.

Persons: Joe Biden, Kate Gallego, Biden, Ladd Keith, Deanne Criswell, ” Criswell, ” Juanita Constible, Gallego, Stafford, “, ” Gallego, –, Ruben Gallego, hasn’t, ” Keith, Keith, Constible, ” Constible, there’s, ” Organizations: CNN, National Weather Service, Federal Emergency Management Agency, FEMA, Phoenix, University of Arizona, “, Washington Post, Natural Resources Defense Council, Democratic Rep, Rep, Department of Labor Locations: Stafford, Chicago, Pacific, Ruben Gallego of Arizona, Arizona, Maricopa County, Phoenix, San Antonio

☆ Jim Cramer sees more positives than negatives for the market ahead, citing economic growth with little inflation
▼ + stars: | 2023-08-07 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Monday told investors he sees an economy on the horizon that can foster growth without endemic inflation. Cramer first cited July's jobs report, which was released last Friday by the U.S. Department of Labor. "I can go into so many other positives for stocks," Cramer said. This earnings season has also been positive, Cramer said, with many companies reporting positive revenue and earnings. Cramer's bottom line: good earnings, good economy and good setup, he said.

Persons: CNBC's Jim Cramer, Cramer, Dow Jones Organizations: U.S . Department of Labor Locations: U.S

☆ With college bills due soon, families should know the risks of private student loans
▼ + stars: | 2023-08-07 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

But, Kantrowitz said, "borrowing private loans may be a sign of overborrowing, so they should do so with caution." Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal and private lenders, said private student loans can fill the gap for those who've exhausted federal aid and scholarships. "We almost always advise against private loans," Mayotte said in an earlier interview. She also described severe terms private lenders may enforce. watch nowAs Mayotte pointed out, many private lenders require students to get a cosigner who is equally liable for the debt.

Persons: Carlo Prearo, Max, Kantrowitz, Scott Buchanan, Buchanan, Betsy Mayotte, there's Organizations: Istock, Getty, U.S . Department of Labor's, Student Loan, Alliance, The, Student Loan Advisors Locations: Mayotte

And Amazon failed to ensure that injured employees received adequate treatment, the agency said. Separately on Thursday, a worker advocacy group said it had filed a complaint with OSHA on behalf of employees at an Amazon warehouse near St. Louis, Missouri. They claim the online retailer imposes excessive, unsafe work rates and that they were mistreated by Amazon's in-house medical staff. The company has said that it invests millions of dollars in worker safety and has cooperated with OSHA's nationwide investigation. Critics of Amazon have long accused the company of putting profit over safety by requiring employees to work at an unsafe pace and forgo breaks to meet demanding quotas.

Persons: Gonzalo Fuentes, Amazon's, unionize, Daniel Wiessner Organizations: Viva Technology, Porte de, REUTERS, Inc, U.S . Department, Safety, Health Administration, OSHA, Amazon, Thomson Locations: Porte, Paris, France, U.S, Logan Township , New Jersey, St, Louis , Missouri, New York City, Albany , New York

☆ The Biden administration just announced plans to crack down on more than 4,400 new cases of child labor in the US since October
▼ + stars: | 2023-07-31 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

The Department of Labor is heightening enforcement of child labor laws through new partnerships and tactics. On Thursday, the Department of Labor announced it would take more measures to crack down on illegal child labor nationally, including heightening enforcement of child labor laws through new tactics and partnering with other agencies and foreign governments. "Like the President, we believe that any child working in a dangerous or hazardous environment is one child too many." This comes after the department's February 2023 announcement of the Interagency Task Force to Combat Child Labor Exploitation, created in response to a 69% increase in illegal child labor findings from 2018 to 2022. Sixteen more McDonald's franchise locations in Louisiana and Texas were found in violation of child labor laws last week, impacting 83 minors.

Persons: Biden, Labor Julie Su Organizations: of Labor, Service, Department of Labor, Labor, Department of Health, Human Services, Refugee Resettlement, The Department of Labor, Housing, Urban Development, Transportation, US Small Business Administration, Commission, The Labor, State, Department of Education, Interagency, Force, Combat, The Locations: Wall, Silicon, Colombia, El Salvador, Guatemala, Honduras, Mexico, Minnesota, Kentucky , Indiana , Maryland, Ohio, Louisiana, Texas, Missouri , Ohio, South Dakota

☆ A.I. is on a collision course with white-collar, high-paid jobs — and with unknown impact
▼ + stars: | 2023-07-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

And it has had various effects on the workplace, by displacing, changing, enhancing or creating jobs, experts said. "It is reaching up from the factory floors into the office spaces where white-collar, higher-paid workers tend to be." About 1 in 5 American workers have 'high exposure' to AIwatch nowwatch nowConversely, 23% of American workers have low exposure to AI, according to the Pew report. The remaining share of jobs — 58% — have varying AI exposure. It will also create new challenges and needs like retraining or reskilling; those may have knock-on effects, like child care needs for disadvantaged workers, Holzer said.

Persons: it's, Rakesh Kochhar, Kochhar, Harry Holzer, Holzer, Gene Kindberg, Hanlon, " Holzer, — Organizations: Pew Research Center, Department of Labor, Occupational Information, Georgetown University, federal Labor Department, Technology, World Bank, Pew Research, Business Locations: U.S

☆ Middle-income Americans think prosperity is within reach
▼ + stars: | 2023-07-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Santander recently released a quarterly survey of about 2,250 middle-income bank and financial services customers (defined as having household incomes between $47,000 and $142,000.) Illegal child labor is on the rise in a tight job marketUS child labor violations have jumped in recent years. Now, the Department of Labor has announced actions it’s taken so far this year through a new interagency task force on child labor. Between October 1, 2022, and July 20, 2023, the Department of Labor concluded 765 child labor cases, found 4,474 children employed in violation of federal child labor laws and assessed more than $6.6 million in penalties against employers, the agency announced on Thursday. In addition, the Wage and Hour Division of the Labor Department is currently pursuing more than 700 open child labor cases.

Persons: New York CNN —, Tim Wennes, “, ”, Bell, they’re, they’ll, they’ve, That’s, We’re, we’ve, BlackRock, Tupperware, it’s, Labor Julie Su, Jordan Barab, Obama, Barab Organizations: CNN Business, Bell, New York CNN, Federal, Heartland Tri, State Bank of, Federal Deposit Insurance Corporation, First Bank, Spain’s Santander, SC, Santander, New York Stock Exchange, GameStop, AMC, Libra Investment, Department of Labor, Labor, Occupational Safety, Health Administration, Labor Department Locations: New York, PacWest, Banc, California, State Bank of Elkhart , Kansas, America, United States, Santander, Florida, noncompliance, Tupperware

☆ 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

☆ 'Oppenheimer' and the story behind those who lost their land to the lab
▼ + stars: | 2023-07-28 | by ( Andrew Hay | ) www.reuters.com time to read: +5 min

[1/2] The town of Los Alamos, New Mexico with Fuller Lodge and the "Big House" dormitories is seen in an undated photograph. "Oppenheimer had no qualms about displacing people from their homelands," said Gomez, who wrote "Nuclear Nuevo Mexico" about the setting up of the lab. Today Los Alamos County, where the lab is based, is one of the richest and best-educated in the United States. "There's no economic development in our areas because it's all focused in Los Alamos," said Cristian Madrid-Estrada, director of the regional homeless shelter in Espanola, Rio Arriba's largest town. The lab said over 61% of employees hired since 2018 were from New Mexico, with most of its workforce living outside Los Alamos County.

Persons: Oppenheimer, Cillian Murphy, Loyda Martinez, Martinez, Christopher Nolan's, Marcel Torres, Torres, dispossession, Myrriah Gomez, Gomez, Alisa Valdes, Mexico Rob Martinez, homesteader, Cristian Madrid, Estrada, Andrew Hay, Rosalba O'Brien Organizations: Fuller, of Energy, REUTERS, U.S . Army, Homes, Los Alamos National Laboratory, National Nuclear Security Administration, U.S, Department, Labor, University of New, Manhattan, Hispano, Los Alamos, U.S ., Thomson Locations: Los Alamos , New Mexico, New Mexico, Espanola, New, University of New Mexico, Nuevo Mexico, Abiquiu , New Mexico, Publicists, United States, Los, Mexico, Los Alamos County, Neighboring Rio Arriba County, Los Alamos, Rio Arriba's, Taos , New Mexico

☆ The 10 most affordable places to live in the U.S.—none are in Florida
▼ + stars: | 2023-07-27 | by ( Celia Fernandez | ) www.cnbc.com time to read: +3 min

According to U.S. News and World Report, Hickory, North Carolina is the cheapest place to live in the U.S. This month, U.S. News and World Report released its ranking of the cities with the lowest cost of living, based on the median gross rent and annual housing costs for mortgage-paying homeowners. The average Hickory home value is $276,748, up 5.3% over the past year, according to Zillow's Home Value Index. Youngstown, Ohio is the second cheapest place to live in the U.S., according to U.S. News and World Report. Since 2010, new businesses have been popping up in its downtown, according to U.S. News and World Report.

Persons: it's, IN, TN Organizations: U.S . News, Black, U.S . Census Bureau, FBI, U.S . Department of Labor, Hickory, Hickory Furniture Mart, Huntsville, AL Fort Wayne, IL, . Census, Tri - State, Istock, Getty Locations: U.S, Hickory , North Carolina, Hickory , NC Hickory , North Carolina, Catawba County, Charlotte, Asheville, Hickory, North Carolina, Youngstown , Ohio, Hickory , NC Youngstown, Huntington, WV, Ashland , KY, IN Beaumont , TX Peoria, IL Green, , WI, IL Knoxville, Pittsburgh, Cleveland, Youngstown, Ashland , West Virginia , Kentucky, Ohio

☆ US lawmakers are calling for a Department of Labor investigation into $12B HR startup Deel over its use of independent contractors, citing Insider's investigation
▼ + stars: | 2023-07-26 | by ( Rob Price | ) www.businessinsider.com time to read: +4 min

Democratic lawmakers are demanding a Department of Labor investigation into HR startup Deel. In March, Insider reported on internal concerns at Deel over its use of independent contractors. A group of Democratic congresspeople led by California representative Adam Schiff are calling for a federal investigation into the $12 billion HR startup Deel for allegedly misclassifying employees as independent contractors. Insider's March 2023 story found the startup, which helps large organizations hire and manage workers around the world, classified at least half of its workers as independent contractors. Deel workers who are hired as independent contractors do not receive certain employment rights that they would otherwise be entitled to if they were full-time employees.

Persons: Adam Schiff, Democratic congresspeople, Julie Su, Deel, Alex Bouaziz, Bouaziz, Schiff, Bill Pascrell, Raúl, André Carson, John Garamendi of, Haley Stevens of, Red Bull, Stephen Padilla Organizations: Department of Labor, Morning, Democratic, Labor, United States Department of Labor, Bloomberg, Insider's, Haley Stevens of Michigan, Nike, state's Labor, Workforce Development Agency Locations: California, Canada, Australia, France, Germany, Spain, Greece, Brazil, Turkey, India, Pakistan, Hong Kong, Singapore, Philippines, Nigeria, New Jersey, Arizona, André Carson of Indiana, John Garamendi of California

☆ 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

☆ 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

☆ Biden to keep Julie Su on indefinitely as Labor chief despite lack of Senate votes
▼ + stars: | 2023-07-21 | by ( Sahil Kapur | Liz Brown-Kaiser | ) www.cnbc.com time to read: +5 min

The White House plans to use a little-known law to keep Acting Labor Secretary Julie Su in the job even if she fails to win Senate approval, a White House official told NBC News. "Upon Secretary Walsh's departure, Acting Secretary Su automatically became Acting Secretary under its organic statute, not under the Federal Vacancies Reform Act," the White House official said in an email. "As a result, Su is not subject to the time limits of the Federal Vacancies Reform Act and she can serve as Acting Secretary indefinitely." But Su's nomination for labor secretary has since stalled in the Senate, where Democrats control 51 votes and expect unified Republican opposition. "The President's support for Acting Secretary Su is unwavering," the White House official said.

Persons: Julie Su, Walsh's, Su, Marty Walsh, Sen, Joe Manchin, Kyrsten Sinema, hasn't, Joe Biden, Biden, Julie Su's, Bill Cassidy, Kevin McCarthy, Mitch McConnell, Donald Trump, Chuck Schumer, — Elyse Perlmutter, Gumbiner Organizations: Education, Department of Labor, White, Labor, NBC, Federal, White House, NBC News, Senate, Health, Pensions, GOP, Republican, Democratic, Wednesday Locations: Rayburn, Ky

☆ The AI boom is screwing over Gen Z
▼ + stars: | 2023-07-17 | by ( Ed Zitron | ) www.businessinsider.com time to read: +13 min

Now, with the advent of generative AI, organizations are starting to automate many "junior" tasks — stripping away their dubious last attempt to "teach" young employees. America's young workers are headed toward a career calamity. Nobody wants to teach anymoreEven before the rise of AI, young people were facing an early-career crisis. This lack of care is clearly weighing on the young workers who need career development the most. Humans can be enhanced by AI, helped by AI, but replacing them with AI is a shortsighted decision made by myopic bean counters who can't see the value in a person.

Persons: there's, Gen, Gen Zers, it's, Gen Z, Louis, Zers, millennials, Peter Cappelli, Capelli, Paul Osterman, they'd, Osterman, they'll, ChatGPT, Qualtrics, What's, they're, Ulrich Atz, Tensie Whelan, New York University's, Atz, Whelan, —, There's, Knight, It's, Ed Zitron Organizations: Management, Federal Reserve Bank of St, National Association of Colleges, Employers, University of Pennsylvania's Wharton School of Business, US Department of Labor, MIT, Pew Research Center, National Bureau of Economic Research, Gallup, Workplace Intelligence, Amazon, Boston Consulting Group, New York, New York University's Stern Center, Sustainable Business Locations: America, New, Fortune

☆ The Labor Department only fines businesses on average $8,500 when a worker dies from a heat-related illness
▼ + stars: | 2023-07-16 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +4 min

The average federal fine for a US employer, when a worker dies from heat-related illness, is $8,539.98. The three-year average of heat-related worker deaths has doubled since 1990, a 2021 report from NPR and Columbia Journalism Investigations revealed. According to federal data reported between 2017 and 2022, the Department of Labor fines businesses governed by federal OSHA regulations an average of just $8,539.98 if an employee dies because of heat-related illness. Gleason also noted that federal OSHA fines for worker deaths are significantly smaller than that of other federal agencies. "The average Environmental Protection Agency penalty is 10 times that of federal OSHA for a worker that dies," Gleason said.

Persons: Eugene Gates Jr, Felipe Pascual, Richard Gleason, Gleason, West Virginia —, Thomas Linkous, — Farrell, — Organizations: Service, NPR, Columbia, Investigations, US Postal Service, University of Washington, Occupational Safety, Health Administration, Department, Labor, OSHA, Environmental, Agency, The Department Locations: United, Wall, Silicon, United States, Dallas, Houston, West Virginia, Wisconsin, California, Washington, Oregon

☆ You shouldn't feel obligated to tip when ordering a coffee or takeout, says Shake Shack founder
▼ + stars: | 2023-07-08 | by ( Haley Tenore | ) www.businessinsider.com time to read: +2 min

Shake Shack's founder told CNBC that customers shouldn't feel obligated to tip on takeout orders. Last year, Shake Shack added the option to tip at all its locations. More restaurants are prompting customers to tip during payment, causing confusion and frustration. Meyer said customers shouldn't feel obliged to tip when ordering takeout or coffee from a restaurant. Meyer founded Union Square Hospitality Group, and while the group doesn't oversee Shake Shack, it does manage many restaurants in New York City.

Persons: Shack, Danny Meyer, Meyer, Joe Biden Organizations: CNBC, Service, Square Hospitality Group, US Department of Labor Locations: Wall, Silicon, New York City

☆ The unemployment rate among Black workers increased in June for the second month in a row
▼ + stars: | 2023-07-07 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Filadendron | E+ | Getty ImagesThe overall U.S. unemployment rate declined in June, but a negative trend among Black workers may be emerging, according to the latest nonfarm payrolls report. Overall, the unemployment rate last month was 3.6%, a 0.1 percentage point decrease from May, the U.S. Department of Labor reported Friday. However, Black workers saw their unemployment rate rise to 6% in June from 5.6% in May, making it the second consecutive monthly increase. "If the employment level for Black workers has gone down pretty significantly for the last three months, then that is a red flag." Cumming attributed the increase in unemployment among Black workers to the mechanics of the economy slowing down.

Persons: women's, Carmen Sanchez Cumming, Cumming Organizations: U.S . Department of Labor, Washington Center for Equitable

☆ Many Americans fear a recession as severe as 2008 could be coming. Here’s what experts say
▼ + stars: | 2023-07-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

To that point, 68% are expecting a recession in the next six months, and 80% of those respondents expect it to be severe. Experts weigh in3 reasons it can be smarter to rent, even if you can buy Yet, predictions from various experts are not as dire. watch nowAt Raymond James, the current forecast calls for a "very, very mild" recession, according to chief economist Eugenio Aleman. Raymond James is predicting a 1.3% growth rate for 2023 and 0.6% for 2024 — which coincides with the firm's forecast for a "very, very mild recession," Aleman said. To cope with high inflation, Nationwide's survey found more than half of respondents are eating out less, with 54%.

Persons: Jamie Grill, We're, Kathy Bostjancic, it's, Raymond James, Eugenio Aleman, Aleman, Nonfarm, —, Gray, Tang Ming Tung, Bostjancic Organizations: Finance, Nationwide, U.S . Department of Labor, ADP, Employers, Challenger, Federal Reserve, Getty, Auto Locations: U.S, American

☆ CNBC Daily Open: Jobs, jobs and more jobs
▼ + stars: | 2023-07-07 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Half a million jobsU.S. private sector companies added 497,000 jobs in June, according to payroll processing firm ADP. The ADP jobs report doesn't necessarily give a good estimate of the Department of Labor's jobs report. Worst days and lowest levelsU.S. stocks fell Thursday as traders grew concerned over what the scorching hot ADP jobs report means for interest rates.

Persons: Dow Jones, Janet Yellen, Yellen, Bitcoin Bitcoin, Larry Fink, Deutsche Bank's Maximilian Uleer Organizations: CNBC, Department, Treasury, U.S ., Treasury Department, BlackRock, Deutsche Bank's Locations: Yellen, China U.S, Beijing, China, U.S, BlackRock

☆ CNBC Daily Open: Jobs are still growing uncontrollably
▼ + stars: | 2023-07-07 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The ADP jobs report doesn't necessarily give a good estimate of the Department of Labor's jobs report. Worst days and plunging profitsU.S. stocks fell Thursday as traders grew concerned over what the scorching hot ADP jobs report means for interest rates. But there are six U.S.-listed Chinese stocks that Morgan Stanley says have the potential to rise dramatically — one's a chipmaker that can soar 80%.

Persons: Dow Jones, Korea's Kospi, Janet Yellen, Yellen, Morgan Stanley Organizations: CNBC, Department, Samsung Electronics, Reuters, Treasury, U.S ., Treasury Department, Economist Intelligence Unit Locations: Asia, Pacific, Hong Kong, China, Beijing, U.S, Japan, South Korea, Philippines, Taiwan

☆ US layoffs fall to seven-month low in June, report says
▼ + stars: | 2023-07-06 | by ( Safiyah Riddle | ) www.reuters.com time to read: +2 min

REUTERS/Shannon Stapleton(Reuters) - American employers slowed downsizing in June, announcing the lowest number of layoffs since October 2022. The planned pace of layoffs in June was well above the 32,517 cuts announced in June 2022. There are 458,209 cuts so far this year, a 244% increase from the 133,211 layoffs announced through June 2022, as employers brace for the prospect of recession. Last month’s announced job cuts total was the highest for a month of June since 2020. The technology sector continues to downsize the fastest with 141,516 total job cuts announced this year, up 2,353% from 5,769 over the same period in 2022.

Persons: Shannon Stapleton, ” Andrew Challenger, month’s Organizations: REUTERS, Reuters, Federal Reserve, Fed, Challenger, Department of Labor Locations: New York City, U.S

☆ Dow tumbles on red-hot US job market report
▼ + stars: | 2023-07-06 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

The pan-European Stoxx 600 index fell about 2.4% as investors parsed the strong US labor data. US private sector businesses added an estimated 497,000 jobs, according to payroll processor ADP’s latest National Employment Report released Thursday. While a strong jobs market despite the Fed’s aggressive rate-hike campaign appears to be a positive economic sign, it is being seen negatively by the markets because the Fed may continue to raise interest rates. Investors are looking to the government’s June jobs report due Friday for more insight into the state of the labor market. PacWest Bank slipped 8.6%, New York Community Bank fell 1.7% and KeyCorp slipped about 3%.

Persons: Stocks, That’s, ”, Matt Dmytryszyn, JPMorgan Chase, Wells, KeyCorp Organizations: New, New York CNN, Federal Reserve, Dow Jones, Nasdaq, Treasury, Department of Labor, West Texas Intermediate, JPMorgan, Citigroup, PacWest Bank, New York Community Bank Locations: New York

“I’m not an engineer, but that’s not right,” Jeremy Wagner thought Friday on his visit to the Carowinds park in Charlotte, he told CNN. Wagner knew something was wrong when he spotted the aperture in the coaster’s infrastructure, he told CNN. The Fury 325 remains shuttered at the Carowinds amusement park. A “giga” roller coaster has a drop between 300 and 399 feet, according to Kings Island amusement park in Ohio. All rides, including Fury 325, “undergo daily inspections to ensure their proper functioning and structural integrity,” Carowinds said.

Persons: I’m, that’s, ” Jeremy Wagner, Erin Wilson, Wagner, Jeremy Wagner “, ”, ” Carowinds Organizations: CNN, Device, Sunday, giga Locations: North Carolina, Charlotte, South Carolina, North America, Ohio

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