News

Labor and Employment

AP News | Equities.com |

The number of Americans collecting unemployment benefits slid last week, another sign that the job market continues to recover rapidly from the coronavirus recession.

Jobless claims dropped by 24,000 to 400,000 last week, the Labor Department reported Thursday.


Reuters | Equities.com |

U.S. economic growth solidly in the second quarter as massive government aid and vaccinations against COVID-19 fueled spending on travel-related services.

Gross domestic product increased at a 6.5% annualized rate last quarter, the Commerce Department said on Thursday in its advance estimate of second-quarter GDP. The economy grew at a revised 6.3% rate in the first quarter


Kimberly Redmond | Equities.com |

AbbVie Inc (NYSE: ABBV), Dell Technologies Inc (NYSE: DELL) and Amazon.com Inc (Nasdaq: AMZN) are among some of the best workplaces for career growth, according to a new ranking by professional networking site LinkedIn.

Released Tuesday, LinkedIn’s first-ever “Top Companies: City Edition” identified the best 25 companies in 10 growing markets across the US. LinkedIn said each metropolitan area — Atlanta, Austin, Boston, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Minneapolis and Seattle — is attracting a high number of jobseekers.


AP News | Equities.com |

The number of Americans seeking unemployment benefits rose last week from the lowest point of the pandemic, even as the job market appears to be rebounding on the strength of a reopened economy.

The Labor Department said Thursday that jobless claims increased last week to 419,000, the most in two months, from 368,000 the previous week. The number of first-time applications, which generally tracks layoffs, has fallen steadily since topping 900,000 in early January.


Kimberly Redmond | Equities.com |

Franchisees of McDonald’s Corporation (NYSE: MCD) across the US plan to roll out several new benefits in a bid to help keep current workers and attract new ones amid the tight labor market.

According to The Wall Street Journal, franchisee-operated restaurants — which account for 95% of McDonald’s nearly 14,000 US locations — will offer backup childcare, higher hourly wages, paid time off and tuition payments.


Reuters | Equities.com |

Low vaccination rates in some regions of the world pose a threat to the United States and global growth, Federal Reserve's Mary Daly told the Financial Times, adding that the central bank was fully committed to eliminating shortfalls in employment.

Daly, president of the Federal Reserve Bank of San Francisco, said it was important for the rest of the world to reach higher rates of vaccination, and the inability to achieve that would be a "headwind" on U.S. economic growth.


AP News | Equities.com |

Growth in the services sector, where most Americans work, slowed in June following record expansion in May.

The Institute for Supply Management said Tuesday that its monthly survey of service industries retreated to a reading of 60.1, following a all-time high reading of 64 in May. Any reading above 50 indicates the sector is expanding.


Kimberly Redmond | Equities.com |

UBS Group AG is planning to let up to two-thirds of its employees permanently split their time between working remotely and being in the office.

A spokesperson for the Zurich-based lender told CNBC on Monday it was “committed” to offering its 72,000 employees globally “the flexibility for hybrid working where role, tasks and location allow.”


Kimberly Redmond | Equities.com |

Dating app Bumble Inc (Nasdaq: BMBL) gave its entire staff off this week in an effort to combat burnout brought on by the COVID-19 pandemic.

According to NBC News, the company provided an extra week of paid vacation to its 750 employees who work at its headquarters in Austin, Texas, and in Bumble's global offices in London, Moscow, London, Barcelona, Sydney and Mumbai.


Reuters | Equities.com |

Accounting firm PwC said on Tuesday it would invest $12 billion over five years to create 100,000 new jobs aimed at helping its clients grapple with climate and diversity reporting and also in artificial intelligence, as part of its new global strategy.

The new hires will come from mergers and acquisitions PwC completes and direct hires from competitors, Global Chairman Bob Moritz said in an interview. Of the 100,000 people PwC will hire, about 25,000 to 30,000 will be in the United States, and 10,000 of those will be from Black and LatinX communities, Moritz said.