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Labor and Employment

AP News | Equities.com |

An internal investigation by McDonald’s of potential misconduct has extended beyond its former CEO who was forced out late last year.

McDonald’s board of directors has hired an outside law firm as part of a probe into its human resources department to determine if Steve Easterbrook, who exited abruptly in November, covered up misconduct for others in that department.

The company didn’t share details about the allegations. On Wednesday, how...


Reuters | Equities.com |

American Airlines said on Tuesday its workforce will shrink by 40,000, including 19,000 involuntary cuts, in October as the COVID-19 pandemic continues to weigh on air travel, unless the government extends aid for airline employee payrolls.

Airlines received $25 billion in U.S. government stimulus funds in March meant to cover payrolls and protect jobs through September. As the money runs out without a travel recovery in sight, airline...


Reuters | Equities.com |

(Reuters) - Britain’s largest supermarket Tesco on Monday said it will create an additional 16,000 permanent jobs to support the exceptional growth in its online business and may even increase the number of roles as the lockdown boosted its sales.

“The supermarket expects the majority of these roles to be filled by colleagues who joined on a temporary basis at the start of the COVID-19 pandemic, but who now want to stay with the business permanently,” the company said.Tesco sa...


Reuters | Equities.com |

U.S. business activity snapped back to the highest since early 2019 this month as companies in both the manufacturing and services sectors saw a resurgence in new orders even as new COVID-19 cases remain stubbornly high across the country, a purchasing managers’ survey showed on Friday.

Data firm IHS Markit said its flash U.S. Composite PMI Index rose to a reading of 54.7 this month - the highest since February 2019 - from 50.3 in July. Its flash - or preliminary - indicator for the manufacturing sector stood at its highest since January 2019 and for the services sector it was the highest since March 2019.


AP News | Equities.com |

Big technology companies powered more gains on Wall Street Thursday, even as most stocks fell following more discouraging data on the economy.

The S&P 500 rose 0.3% after rallying back from an earlier 0.6% loss as investors weighed new government data showing an increase in the number of Americans who sought unemployment aid last week. A separate report from the Federal Reserve Bank of Philadelphia said that manufacturing activity in its region is slowing. Like the jobless claims report, that reading was also weaker than economists had forecast.


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An appeals court has allowed ride-hailing giants Uber and Lyft to continue treating their drivers as independent contractors in California while an appeal works its way through the court.

Both companies had threatened to shut down if a ruling went into effect Friday morning that would have forced them to treat all their drivers as employees, a change they said would be impossible to accomplish overnight.


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U.S. average rates on long-term mortgages rose this week though they remain at historically low levels. The key 30-year loan nudged toward 3%.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan increased to 2.99% from 2.96% last week. By contrast, the rate averaged 3.55% a year ago.

The average rate on the 15-year fixed-rate mortgage rose to 2.54% from 2.46% from last week.


AP News | Equities.com |

The number of laid-off workers seeking U.S. unemployment benefits rose to 1.1 million last week after two weeks of declines, evidence that many employers are still slashing jobs as the coronavirus bedevils the U.S. economy.

The latest figures, released Thursday by the Labor Department, suggest that more than five months after the viral outbreak erupted the economy is still weak, despite recent gains as some businesses reopen and some sectors like housing and manufact...


AP News | Equities.com |

Wall Street clawed back the last of the historic, frenzied losses unleashed by the new coronavirus, as the S&P 500 closed at an all-time high Tuesday.

The day’s move was a relatively mild one, nudging the index up 7.79 points, or 0.2%, to 3,389.78. That eclipses the S&P 500′s previous record closing high of 3,386.15, which was set Feb. 19, before the pandemic shut down businesses around the world and knocked economies into their worst recessions in decades.

The S&P 500′s milestone caps a furious, 51.5% rally that began in late March. The index, which is the benchmark for many stock funds at the heart of 401(k) plans, is now up nearly 5% for the year.


Reuters | Equities.com |

Uber Technologies Inc on Monday said it would continue operating its food delivery business Uber Eats even if its ride-hail business is forced shut in California at the end of this week following a court order.

A company spokesman on Monday said that Uber’s food delivery unit did not appear to be impacted by a lawsuit filed by California’s attorney general and a subsequent court order that would force Uber to treat its ride-hail drivers as employees.