Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
US Jobless Claims Rise As Planned Layoffs Soar
US Jobless Claims Rise, As Planned Layoffs Soar.
According to economic data released
July 7, weekly jobless claims in the
United States have edged higher.
.
NBC reports that initial filings
for unemployment benefits reached
235,000 the week ending July 2.
That was a gain of 4,000 from
the previous period and higher
than the Dow Jones estimated.
The number of filings reached
its highest point since January.
According to NBC, it also raised
the four-week moving average to 232,500,
the highest since December 2021.
According to NBC, it also raised
the four-week moving average to 232,500,
the highest since December 2021.
Meanwhile, continuing claims rose
51,000 to reach 1.375 million, above
FactSet estimates of 1.337 million.
Challenger, Gray & Christmas reported
that planned layoffs skyrocketed to 32,517,
a 57% increase from the same period in 2021.
.
According to the job placement firm,
the auto industry alone
announced 10,198 job cuts.
.
That brings the yearly total
to 15,578, a 155% increase
from the same time in 2021.
Employers are beginning to respond
to financial pressures and slowing demand
by cutting costs.
While the labor market
is still tight, that tightness may begin
to ease in the next few months, Andrew Challenger, Challenger, Gray & Christmas
senior vice president, via NBC.
Employers are beginning to respond
to financial pressures and slowing demand
by cutting costs.
While the labor market
is still tight, that tightness may begin
to ease in the next few months, Andrew Challenger, Challenger, Gray & Christmas
senior vice president, via NBC
Walmart Reverses Course, , Closes Down Its , Walmart Health Division.
NBC reports that Walmart has announced
it will close all 52 of the doctor-staffed
health clinics the company operates.
The announcement comes as
part of the company's decision to
shut down its Walmart Health Initiative.
Clinics that will close down are located in
Arkansas, Florida, Georgia, Illinois and Texas. .
On April 30, the company also said it would
begin winding down its virtual care service.
The decision to end the Walmart Health Initiative
will not reportedly impact Walmart
pharmacies and vision centers.
Walmart said that it will work to direct current patients
to other providers covered by their insurance
networks to ensure they continue to receive care.
NBC reports that the news comes as a swift
reversal of Walmart's plan to expand its number
of doctor-staffed clinics to 70 by the end of 2024.
Through our experience managing
Walmart Health centers and
Walmart Health Virtual Care,
we determined there is
not a sustainable business
model for us to continue, Walmart statement, via NBC.
Other nontraditional health care
providers have also been forced to
reconsider their plans in recent years. .
Last month, Walgreens announced that it would
close 140 of the company's primary care clinics,
along with plans to shut down 20 more.
Credit: Wibbitz Top Stories Duration: 01:30Published
Law Enforcement Hiring , Increased in 2023 , Following Years of Decline.
NBC reports that police departments in the United States
have seen their first increase in ranks, changing course
on a historic exodus of officers in recent years.
According to a recent survey,
2023 saw more officers sworn in
than any of the previous four years. .
At the same time, the survey by the Police Executive
Research Forum (PERF) also found that fewer law
enforcement officers resigned or retired in 2023. .
Law enforcement numbers had been declining following
the COVID pandemic and nationwide protests against
police brutality following the death of George Floyd. .
Law enforcement numbers had been declining following
the COVID pandemic and nationwide protests against
police brutality following the death of George Floyd. .
I just think that the past four
years have been particularly
challenging for American policing.
And our survey shows we’re
finally starting to turn a corner, Chuck Wexler, Executive director of PERF, via NBC.
NBC reports that declining numbers left
many police departments with a shortage of
officers, which resulted in slower response times.
Chuck Wexler, executive director of PERF, warns that many police departments are still struggling to recruit and retain officers.
According to Wexler, law enforcement , "isn't out of the woods yet.".
At least a dozen smaller police departments in
the nation have been forced to disband, leaving those
municipalities reliant upon state or county police forces.
NBC reports that in addition to increased pay and
benefits, many police departments have chosen to
change application requirements to increase hiring
Credit: Wibbitz Top Stories Duration: 01:31Published
Elon Musk , Loses Appeal of , 'Twitter Sitter' Provision .
On April 29, the Supreme Court denied billionaire
Elon Musk's challenge to the terms of a Securities
and Exchange Commission agreement. .
On April 29, the Supreme Court denied billionaire
Elon Musk's challenge to the terms of a Securities
and Exchange Commission agreement. .
NBC reports that the SEC requirement
would require a lawyer to review
the Tesla CEO's social media posts. .
In his appeal, Musk argued that the SEC's requirement,
which has been dubbed the 'Twitter sitter' provision,
unlawfully imposed conditions on his freedom to comment. .
In his appeal, Musk argued that the SEC's requirement,
which has been dubbed the 'Twitter sitter' provision,
unlawfully imposed conditions on his freedom to comment. .
The SEC requirement stems from Musk's tweets in 2018 that
claimed he was taking Tesla private, which shocked the
market and caused shares in the company to surge.
The SEC requirement stems from Musk's tweets in 2018 that
claimed he was taking Tesla private, which shocked the
market and caused shares in the company to surge.
The SEC deemed the tweets
"materially false and misleading,"
and in clear violation of securities laws.
At the time, Musk agreed to settle the issue
with the SEC, which included his signing off
on the so-called "Twitter sitter" provision.
NBC reports that Musk has since said
the restrictions are unconstitutional and that
he was coerced into signing the SEC agreement.
According to court papers, lawyers
representing Musk have accused the SEC
of waging an "ongoing campaign" against Musk.
Musk's legal team claim the provision , "restricts Mr. Musk’s speech even
when truthful and accurate.".
It extends to speech not
covered by the securities laws
and with no relation to the conduct
underlying the SEC’s civil action, Elon Musk legal team, via NBC.
In response, the SEC said in court papers
that Musk waived his right to appeal
when he signed off on the settlement.
Credit: Wibbitz Top Stories Duration: 01:31Published
'Law & Order: Organized Crime' is coming back! But it's moving from NBC to Peacock. Sources tell The Hollywood Reporter that Peacock is putting the finishing touches on a deal that would see the series starring Christopher Meloni move from NBC to the streaming service for a fifth season consisting of 10 episodes. Reps for Peacock, NBC, producers Universal Television and executive producer Dick Wolf declined to comment as a deal has yet to officially close.
Credit: The Hollywood Reporter Duration: 01:17Published
Sabrina Impacciatore of 'The White Lotus' and Domhnall Gleeson from 'Star Wars: The Rise of Skywalker' have been cast in the new take on the beloved NBC Steve Carell-led comedy 'The Office.'
Credit: The Hollywood Reporter Duration: 01:08Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
US Job Market , Stays Strong Despite , Widespread Layoffs.
'Newsweek' reports that government job cuts are at the highest
they've been since September of 2011, with the most recent
wave of layoffs hitting Army and Veterans Affairs offices.
The latest data from job search and coaching firm
Challenger, Gray & Christmas, Inc. comes amid
job losses in different industries across the U.S. .
Government agencies cut
over 36,000 jobs in March,
with 10,000 layoffs coming
from Veterans Affairs.
Overall, over 90,000 positions were
eliminated by employers last month,
a 7% increase from February's numbers.
Layoffs certainly ticked up
to round out the first quarter,
though below last year's levels.
Many companies appear
to be reverting to a
'do more with less' approach, Andy Challenger, workplace and labor expert at
Challenger, Gray & Christmas Inc., via 'Newsweek'.
Since the beginning of 2024, technology firms
cut over 42,000 positions, with tech companies
reducing over 14,000 positions in March alone.
While Technology continues to
lead all industries so far this year,
several industries, including Energy
and Industrial Manufacturing, are
cutting more jobs this year than last, Andy Challenger, workplace and labor expert at
Challenger, Gray & Christmas Inc., via 'Newsweek'.
While Technology continues to
lead all industries so far this year,
several industries, including Energy
and Industrial Manufacturing, are
cutting more jobs this year than last, Andy Challenger, workplace and labor expert at
Challenger, Gray & Christmas Inc., via 'Newsweek'.
Q1 of 2024 also saw financial firms cut
positions, slashing nearly 29,000 jobs.
Despite the waves of layoffs, experts suggest
that workers are still experiencing
a strong labor market. .
Strong growth of 184,000 jobs,
strong pay growth per job changers,
and these sentiment indicators both
in the manufacturing survey and our
own worker sentiment and that is still
seeing a pretty solid, maybe even
good to great, jobs market for 2024, Nela Richardson's, ADP Research Institute
chief economist, via 'Newsweek'
Credit: Wibbitz Top Stories Duration: 01:30Published
February Layoffs , Hit Highest Level Since 2009.
According to a report released by
Challenger, Gray & Christmas on March 7, companies cut 84,638 jobs in February.
That number represents a 3% increase
from January and a 9% jump
year-over-year, Fox Business reports.
As we navigate the start of 2024, we're
witnessing a persistent wave of layoffs. , Andy Challenger, senior vice president of
Challenger, Gray & Christmas, via Fox Business.
Businesses are aggressively slashing
costs and embracing technological
innovations, actions that are
significantly reshaping staffing needs, Andy Challenger, senior vice president of
Challenger, Gray & Christmas, via Fox Business.
Tech companies had the most
layoffs in February, over 12,000.
The sector has cut over 28,000 jobs since the beginning of 2024, Fox Business reports. .
Financial firms lost over 26,000 jobs
since the beginning of the year.
That is a 54% increase in layoffs for the sector compared to the same time last year.
Other sectors to experience significant layoffs this year include manufacturing, energy and education.
In light of the backlash some companies
have faced for directly attributing job
cuts to artificial intelligence, , Andy Challenger, senior vice president of
Challenger, Gray & Christmas, via Fox Business.
... they appear to be framing this
shift as a ‘technological update’
rather than an outright substitution
of human roles with AI, Andy Challenger, senior vice president of
Challenger, Gray & Christmas, via Fox Business.
In truth, companies are also
implementing robotics and
automation in addition to AI. , Andy Challenger, senior vice president of
Challenger, Gray & Christmas, via Fox Business.
It's worth noting that last year alone,
AI was directly cited in 4,247 job
reductions, suggesting a growing
impact on companies’ workforces, Andy Challenger, senior vice president of
Challenger, Gray & Christmas, via Fox Business
Credit: Wibbitz Top Stories Duration: 01:30Published
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