News

Labor and Employment

Reuters | Equities.com |

(Reuters) - Kohl's Corp said on Tuesday it has cut about 15% of its corporate jobs as the department store operator looks to save cash at a time when the COVID-19 has hammered demand for its products.

The company said the job cuts would likely save it about $65 million in annual expenses, and were part of its broader plan to reduce costs by more than $100 million.

The layoffs at Kohl’s come at a time of high unemployment in the United States. Nearly 900,000 Americans fil...


Reuters | Equities.com |

U.S. import prices increased more than expected in August and gains in the prior month were revised sharply higher, supporting the view that inflation pressures were building up.

The report from the Labor Department on Tuesday followed data last week showing further increases in both consumer and producer prices in August. Firming inflation, however, is unlikely to discourage the Federal Reserve from injecting more money into the ec...


Reuters | Equities.com |

Airbus has stepped up warnings of compulsory layoffs as air travel fails to recover as quickly as expected from the coronavirus crisis, putting itself on a potential collision course with unions and the French government.

The warning in a letter to its 130,000 staff from Chief Executive Guillaume Faury, seen by Reuters, marks a more pessimistic tone from the planemaker, which had previously said only tha...


Reuters | Equities.com |

Amazon.com Inc on Monday said it is recruiting 100,000 more workers - the fourth hiring spree it has announced for the United States this year - to keep pace with e-commerce demand that jumped during the pandemic.

The world’s biggest online retailer said the positions are for full and part-time work in its home country and Canada, and these will include roles at 100 new warehouse and operations sites it is opening this month. The Seattle-bas...


AP News | Equities.com |

Technology and energy companies led a broad sell-off on Wall Street Thursday that wiped out nearly all of the market’s gains from a strong rally the day before.

The S&P 500 lost 1.8% after having been up briefly by 0.8% in the early going. The slide cut deeply into the benchmark index’s 2% gain on Wednesday. The latest gyrations follow a wild stretch where the S&P 500 careened from its worst three-day slump since June to its best day in nearly three months.

Tech stocks accounted for the biggest share of the broad sell-off. The sector has been at the center of the market’s swings, hurt by criticism that their recession-defying surge in recent months was overdone. The Nasdaq, which is full of tech stocks, slumped 10% from last Thursday through Tuesday and recovered for a 2.7% gain Wednesday. It lost most of that ground Thursday, falling 2% after shedding an early gain.


AP News | Equities.com |

The number of Americans applying for unemployment benefits was unchanged last week at 884,000, a sign that layoffs remain stuck at a historically high level six months after the viral pandemic flattened the economy.

The latest figures released by the Labor Department Thursday coincide with other recent evidence that the job market’s improvement may be weakening after solid gains through spring and most of summer. The number ...


Reuters | Equities.com |

United Parcel Service Inc on Wednesday said it would hire more than 100,000 workers for the winter holiday season, which retailers are stretching out to avoid overwhelming a delivery network already taxed by pandemic-fueled online shopping.

The world’s largest package delivery company plans to hire about the same number of seasonal holiday helpers as last year. It expects this year’s peak season to extend from October to January - one month lo...


AP News | Equities.com |

The stock market closed out its worst week in more than two months Friday as a second straight day of turbulent trading ended with more losses.

The S&P 500 fell 0.8% after clawing most of the way back from a 3.1% skid earlier in the day. Another slide in technology stocks, which led the selling a day earlier, pulled the market sharply lower for much of the day, though the selling eased by late afternoon.

The two-day sell-off handed the benchmark index its first weekly loss after five weeks of gains. Earlier in the week, the S&P 500 was notching all-time highs and posting its biggest increases in nearly two months.


Reuters | Equities.com |

Amazon.com Inc is planning to create 10,000 more jobs in the next few years in Bellevue, Washington, the e-commerce giant said on Friday.

The company has been setting up new offices across U.S. cities on the back of a meteoric rise in its business, thanks to a surge in online orders during coronavirus-induced lockdowns.

Amazon had earlier said it would create 15,000 jobs in Bellevue, located 10 miles from its Seattle headquarters.

In April and May, Am...


Reuters | Equities.com |

(Reuters) - The gap in unemployment rates between Blacks and whites in the United States widened for a fourth straight month in August, and the spread between the races is now the largest in nearly six years.

The jobless rate for Blacks dropped by 1.6 percentage points to 13% in August from 14.6% in July, while the rate for whites dropped at a faster rate of 1.9 percentage points to 7.3% from 9.2% a month earlier. The overall U.S. unemployment rate fell more than expected last month to 8.4% from 10.2% in July.