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Retailers pare back their seasonal hiring to prepare for ho-hum holidays
Black Friday shoppers may notice longer lines and fewer retail associates in some of their favorite stores than in past holiday seasons as retailers scale back seasonal hiring over concerns about consumer spending. JCPenney is hiring 12,000 fewer workers than last year. Macy’s 3,000 fewer. Meanwhile a Walmart executive said the retail giant has been […]
Jobs report surprises as employers add 336,000 jobs in September
Employers continued their hiring streak in September, surprising economists by boosting jobs for workers in restaurants, health care, and government. The Bureau of Labor Statistics monthly jobs report, released Friday, showed a gain of 336,000 jobs. The unemployment rate held steady at 3.8%. The BLS also revised the jobs added in July and August from 157,000 […]
Student debt relief scams on the rise. Here’s what borrowers need to know.
Complaints about student debt relief scams are increasing as borrowers must restart payment on their student loans this month after more than a three-year pause. Consumer protection advocates say that the Biden administration’s student debt relief efforts, the subsequent halting of those policies by the courts, and the restart of student loan payments have bred […]
Women workers could bear economic brunt as federal child care funding ends
A huge chunk of pandemic relief funding that kept child care programs afloat for the past few years is set to run out Saturday, and policy advocates say the economic impact will be profound, with the ripple effect hurting labor force participation and consumer spending at a time when the country is still trying to […]
Consumers face higher car prices, lower inventory with auto workers on strike
Economic experts and researchers say that the auto workers strike could have far-reaching economic consequences for businesses and consumers, depending on its duration. In addition to workers’ job losses, consumers could see higher prices for cars and depleted inventory. The United Auto Workers union, representing about 150,000 auto workers, walked off the job at midnight […]
Millions more workers would receive overtime pay under proposed Biden administration rule
Salaried workers who have been ineligible for overtime pay would benefit from a proposed Biden administration regulation. The Department of Labor’s new rule would require employers to compensate full-time workers in management, administrative, or other professional roles for any overtime worked if they make less than $55,068 annually. Currently, the salary threshold is $35,568. The […]
Job growth exceeds economists’ expectations as unemployment inches up
The labor market is stable and healthy, economists and policy experts say, although the unemployment rate ticked up in the month of August. The Bureau of Labor Statistics’ report released Friday showed that unemployment rose to 3.8% in August from 3.5% in July. Meanwhile, the economy added 187,000 jobs, above expectations of 170,000 jobs from economists polled […]
Consumers seeing relief in some food prices as inflation continues to slow
Consumers are getting some relief from higher prices as core inflation, which excludes food and energy, continues to show signs of cooling — an encouraging sign for the U.S. economy, according to economists. The Department of Labor’s report on Thursday showed the consumer price index rose 0.2% in July, in line with expectations, and 3.2% in the past […]
Teamsters-UPS reach ‘game-changing’ labor deal to avert strike
UPS and its workers, represented by the Teamsters, reached a tentative deal on Tuesday to prevent an Aug. 1 strike of 340,000 union members at the package carrier. A work stoppage could have cost the U.S. economy billions by disrupting supply chains and upending distribution to both large and small businesses, hospitals and homes. Representatives […]
Harm of anti-LGBTQ laws includes economic pain for communities, families
Roberto Che Espinoza had been thinking about leaving Tennessee after the 2024 election, but in June they noticed that the state attorney general was seeking medical records on gender-affirming medical care, which Espinoza, a nonbinary transgender man, said included their own records. “Being on any kind of list … I knew after the release of […]
Economy adds more jobs in June even as hiring slows
Although hiring inched down in June, the U.S. labor market is still showing signs of strength, with unemployment falling and earnings continuing to rise, the latest jobs report from the U.S. Department of Labor showed. The economy added 209,000 jobs as the unemployment rate fell to 3.6% from 3.7% in May. “In excess of 200,000, you’re easily […]
Wage growth remains high, jobs are steady and inflation is falling so why are people worried?
Economists have been predicting a recession for months, but the labor market has remained resilient, wage growth is higher than before the pandemic, and inflation continues to drop, now at 4% compared to 9.1% in June of last year. Despite this good news, consumers don’t feel confident about the future, according to the consumer confidence […]