Labor/Economics

[ap215]

January CPI: Inflation reaches fresh 40-year high

U.S. inflation accelerated in January, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptions.

The Consumer Price Index (CPI) released by the Bureau of Labor Statistics Thursday morning registered a 7.5% annual gain in January. Consensus economists were looking for a 7.3% rise, according to Bloomberg data. This represented the fastest rise since 1982, as well as an acceleration from the 7.0% year-over-year increase seen in December.

https://finance.yahoo.com/news/consumer ... 44769.html

[ap215]

Jobless claims: Another 223,000 individuals filed new claims last week

First-time unemployment filings came in lower in the latest weekly data, continuing a recent downward trend in jobless claims as Omicron-related pressures on the labor market begin to abate.

The Labor Department released its latest weekly jobless claims report Thursday at 8:30 a.m. ET. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:

https://finance.yahoo.com/news/jobless- ... 02181.html

[carmenjonze]

For the first time, the government published monthly unemployment data on Native Americans, and the picture is stark - Brookings

Although this data has previously been available in the Census Bureau’s Current Population Survey, prior to this month it had not been separately reported. That made it difficult for nonexperts to discern the well-being of Indigenous people in the labor market, and contributed to Native Americans’ further erasure in mainstream U.S. society. The new data is a significant step forward for improving the visibility of Native American economic conditions and helping ensure the recovery from the COVID-19 pandemic and economic shock is truly inclusive.

So what do these new numbers say? In short, they paint a stark picture of a labor market that is leaving Indigenous people behind. Because the BLS is not seasonally adjusting unemployment data for Native American workers, this piece will use unadjusted numbers to allow for a more direct comparison.(i) While the nation’s topline unadjusted unemployment rate was 4.4% in January, the unemployment rate among Native American workers was an extraordinarily high 11.1%. Nearly two years into the recovery, Native American workers are contending with a labor market that would be considered catastrophic if it was reflective of the full economy.

[ap215]

Wholesale prices rise 1% in January, up 9.7% over the past year

Prices at the wholesale level jumped twice the expected level in January as inflation pressures were unabated to start the year, the Labor Department said Tuesday.

The producer price index, which measures final-demand goods and services, increased 1% for the month, against the Dow Jones estimate for 0.5%. Over the past 12 months the gauge rose an unadjusted 9.7%, close to a record in data going back to 2010.

https://www.cnbc.com/2022/02/15/produce ... 2022-.html

[ap215]

Retail sales surge 3.8% in January, much more than expected amid inflation rise

Consumer spending bounced back sharply in January as rising inflation and a post-holiday surge kept cash registers ringing, the Commerce Department reported Wednesday.

Retail sales for the month rose 3.8%, much better than the 2.1% Dow Jones estimate.

https://www.cnbc.com/2022/02/16/retail- ... -2022.html

[ap215]

Jobless claims: Another 248,000 Americans filed new claims last week

New weekly jobless claims unexpectedly rose last week, ending a three-week streak of improvements.

The Labor Department released its latest weekly jobless claims report Thursday at 8:30 a.m. ET. Here were the main metrics from the print compared to consensus estimates compiled by Bloomberg:

https://finance.yahoo.com/news/weekly-u ... 12481.html

[Motor City]

Investigators clear Cedar Point of any wrongdoing in Top Thrill Dragster incident that injured woman

The Ohio Department of Agriculture Amusement Ride Safety Division (ODA ARS) completed its investigation into an incident in which a woman was struck by a piece of metal that dislodged from the Top Thrill Dragster at Cedar Point on Aug. 15, 2021, and cleared the amusement park of any wrongdoing.

Investigators said Friday there was insufficient evidence to find that Cedar Point violated any laws.

In the summary statement released in the investigation memo, investigators said the following:

“ODA ARS believes that there is insufficient evidence to find the actions or inactions of Cedar Point a violation of any of the laws found in Chapter 993 of the Ohio Revised Code or any rules adopted by ODA pursuant to ORC 993.04. ODA is considering the matter closed and is not pursuing any administrative action against Cedar Point.”.....

Wonder if it had to do with staffing

Cedar Point says hiring challenges lead to long lines, ride closures

Cedar Point guests reported long lines and ride closures opening day weekend.

Park-goers took to Twitter to share their complaints about the waits.

@cedarpoint needs to get it together. We drove across the country and paid hundred of $$ just to find most coasters closed and insane lines for everything, including food! For the second time we’re leaving a line after 45 minutes bc the coaster is down. Why did I pay for this?!

— mtgcommander_nyc (@commander_nyc) May 15, 2021
Traveled from Nashville to go opening wknd. Spent $500 in tickets, fp+, and food. Many rides were closed & lines were awful. They even stopped letting people get in line 2hrs before close bc they were "at capacity". 1st time ever leaving before close. #disappointed #cedarpoint

— Jessica (@jessicaflick10) May 16, 2021
@cedarpoint We took a youth group there yesterday. In 30 yrs of cedar point,never seen it so bad. I would recommend no one go there this summer, and certainly don’t buy dozens of tickets like we did. W/o fast passes, it was 2 rides only, hours waitn 4 food. Nothing to do. Rip off

— Derek Zelenka (@DzelZelenka) May 16, 2021
A spokesperson for Cedar Point said they plan on reaching out to guests that were disappointed with their experience.

Cedar Point will close some weekdays in June due to staffing problems; will increase pay to $20 an hour

In a typical summer, Cedar Point hires as many as 1,600 workers from overseas, about a quarter of its workforce.

In an effort to recruit workers, Cedar Point last month announced it was raising hourly rates and paying a $500 signing bonus for new and returning workers.

In an effort to control capacity, Cedar Point continues to require park reservations to enter the park.

[ap215]

Starbucks Fires Cassie Fleischer

[Motor City]

She was in a multi-car pileup wreck in the snow

'It's being held for ransom.' Driver stuck in I-696 pileup hit with $9,000 towing bill

A driver caught in Sunday’s snow squall on I-696 that led to a massive vehicle pileup was hit with a $9,000 towing bill from a Redford tow company.

Kellie Rockwell was heading east on I-696 when she and about 50 other drivers collided during whiteout conditions.

“You just heard one thump after another after another,” she said, “and you just see vehicles going every which way.”....

............The bill included a $2,195 towing charge, a $200 mileage charge, a $250 “extra person” fee, a $650 charge for special equipment, $800 for labor, $525 for storage, a $395 COVID fee, $50 for fuel, a $1,900 “gate/admin” fee, a $300 flatbed charge and $275 winch fee.

10G added a 20% “processing fee” on top, bringing to total tow cost to $9,048.

“My vehicle wasn’t that damaged. I wasn’t in a ditch. It wasn’t wrapped around a pole,” Rockwell said. “I was on the freeway. I was simply rear-ended.”

Rockwell has insurance through Progressive, but the company said they weren’t paying $9,000 for one tow. Her car has been stuck ever since.

“It’s being held for ransom,” she said.

If only she were a business instead of a person.

[ap215]

Fed's inflation gauge rose 6.1 percent annually in January

Prices for consumer goods 0.6 percent in January and 6.1 percent in the preceding 12 months, according to data released Friday by the Commerce Department.

The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred gauge of inflation, showed prices steaming ahead in January as consumer spending spiked and incomes stayed flat. The PCE without food and energy prices 0.5 percent in January and 5.2 percent on the year.

https://thehill.com/policy/finance/5958 ... in-january

[Motor City]

Michigan law clears way for part-timers to keep jobless aid

A new law gives Michigan’s unemployment agency flexibility to stop seeking repayment of benefits from part-time workers who began qualifying when the COVID-19 pandemic struck.

The bill, signed by Gov. Gretchen Whitmer Monday, resolves a conflict between state law and a federal program that provided unemployment aid to people who weren't otherwise eligible, including part-time employees.

It retroactively specifies that claimants seeking the benefits could certify they were able and available for part-time work......

[Motor City]

https://twitter.com/SenSanders/status/1 ... 9700935690

Starbucks could give every one of its 383,000 workers a $5,000 bonus & still keep $2.6 billion in profits from last year. Instead they're raising prices while spending $20 billion on stock buybacks & dividends when profits are up 31%. Don't blame inflation. Blame corporate greed.

[ap215]

Private payrolls rose by 475,000 in February, topping expectations: ADP

U.S. private-sector employers brought back more jobs than expected in February as virus-related disruptions receded following the Omicron variants spread.

Private payrolls rose by 475,000 in February compared to January, ADP said Wednesday. Economists were looking for payrolls to grow by 375,000, according to Bloomberg consensus data.

https://finance.yahoo.com/news/adp-jobs ... 13111.html

[ap215]

Jobless claims: Another 215,000 Americans filed new claims last week

Initial jobless claims improved more than expected in the latest weekly data to reach a two-month low, as the U.S. labor market recovery pressed ahead while Omicron-related disruptions retreated.

The Labor Department released its latest weekly jobless claims report Thursday at 8:30 a.m. ET. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:

https://finance.yahoo.com/news/weekly-j ... 34416.html

[ap215]

February jobs report: Payrolls rise by 678,000 as unemployment rate falls to 3.8%

The U.S. economy added back the most jobs since July 2021 in February, with job growth accelerating even in the already-tight labor market as new Omicron cases from earlier this year came down.

The Labor Department released its February jobs report Friday at 8:30 a.m. ET. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:

https://finance.yahoo.com/news/february ... 43212.html

[ap215]

REI Employees Successfully Vote to Unionize

It was an overwhelming “yes.” In an 88-14 vote, employees at the Manhattan REI voted to approve a union. It’s the first REI to do so, and follows on the heels of chains like Starbucks seeing similar union drives in the service and retail sector.

“The workers of REI SoHo are ready to negotiate a strong contract that will allow them to uphold the co-op’s progressive values while providing the top-notch service REI customers have come to expect,” said a statement from Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union.

https://www.adventure-journal.com/2022/ ... -unionize/

[ap215]

Jobless claims: Another 227,000 individuals filed new claims last week

Applications for unemployment insurance inched up higher than expected in the latest weekly data but extended a broader trend downward after surging COVID-19 infections earlier this winter briefly disrupted the labor market’s recovery to start the year.

The Labor Department released its latest weekly jobless claims report Thursday at 8:30 a.m. ET. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:

https://finance.yahoo.com/news/jobless- ... 57567.html

[Motor City]

Violence producing economy

Police arrest man suspected of stalking, killing homeless

Police said early Tuesday they arrested a suspected gunman who has been stalking homeless men asleep on the streets of New York City and Washington D.C., killing at least two people and wounding three others in less than two weeks......

Dearborn bank robbery suspect caught hiding in porta-potty

The crime is serious and the hiding place is pretty unexpected.

Charles Woolery is locked up with right now and accused of robbing Dearborn Federal Savings Bank on Michigan Ave. near Military on March 2nd.

The bank teller told police the suspect walked up to the window and gestured to his hip, implying he had a weapon. He handed her a note that said, “Smile. Put all $10-$20-$50-$100 in bag no dye pack, no GPS, do not hit alarm til I leave or I will kill everyone.”.....

Video shows Ryan Coogler handcuffed, mistaken as bank robber: 'Should never have happened'

"Black Panther" writer and director Ryan Coogler says an incident when he was wrongfully accused of bank robbery "should have never happened."

Coogler, 35, left an Atlanta Bank of America in handcuffs after a bank teller misconstrued an alert about the director's withdrawal request.

TMZ first reported the incident Wednesday.

Coogler handed the teller a written request to discreetly take out more than $10,000 from his account, according to a police report obtained by USA TODAY. The withdrawal caused an alert notification from his account. ​​​​​​

The teller, who was described as a Black woman in the police report, then alerted her manager that Coogler was attempting to rob the branch and police responded to the scene...........

[Glennfs]

January CPI: Inflation reaches fresh 40-year high

U.S. inflation accelerated in January, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptions.

The Consumer Price Index (CPI) released by the Bureau of Labor Statistics Thursday morning registered a 7.5% annual gain in January. Consensus economists were looking for a 7.3% rise, according to Bloomberg data. This represented the fastest rise since 1982, as well as an acceleration from the 7.0% year-over-year increase seen in December.

https://finance.yahoo.com/news/consumer ... 44769.html

Don't worry bidenflation will get much worse.
What I am wondering is when the Biden recession hits who the left will blame that on

[gounion]

Don't worry bidenflation will get much worse.
What I am wondering is when the Biden recession hits who the left will blame that on

Wow, you keep parroting Donald Trump.

[carmenjonze]

... bidenflation ...

Where did you get this stupid term from?

Same sewer of propaganda you got "war on oil"?

... the Biden recession ...

Donald Trump loves the undereducated for a reason.

[Glennfs]

Where did you get this stupid term from?

Same sewer of propaganda you got "war on oil"?



Donald Trump loves the undereducated for a reason.

https://thehill.com/opinion/finance/576 ... -recession

[carmenjonze]

https://thehill.com/opinion/finance/576 ... -recession

I don’t click on willynilly opinion links from the undereducated.

What is this link about, and how does it answer the question of where you got this asinine “bidenflation” propaganda focus group term from? Because you sure as heck didn’t come up with it yourself.

[carmenjonze]

Hey Glennfs, what kind of ignoramus makes a big grand show of voting for a candidate, then spends all their time undermining every move that person makes?

You’re that ignoramus, so I’m asking you directly.

[Number6]

https://thehill.com/opinion/finance/576 ... -recession

You're lying glenn. Bidenflation isn't mentioned in the link you provide. Also, that link is an opinion piece written by a libertarian. So once again, you ran away from answering the question.