Thursday, July 29

Wages

Congress, Democrats, Economy, Infrastructure, Joe Biden, Mitt Romney, Politics, Republicans, Wages, White House

The GOP just slashed $30 billion from the new bipartisan infrastructure deal they struck with Biden

Republicans and the White House struck a deal on a slimmer infrastructure deal compared to last month. The new agreement cut almost $30 billion, largely the result of reductions of transit funding and an infrastructure bank, two people familiar said. The deal could face a major test vote later on Wednesday evening. LoadingSomething is loading. ...
analyst conference call, Beef, Chipotle, Earnings, Markets, MI Exclusive, Wages

Chipotle soars 13% to an all-time high as digital ordering and return of dine-in customers push revenue to pre-pandemic levels

Chipotle is giving away a Tesla 3. Chipotle Shares in Chipotle soared as much as 12.95% to reach new highs on Wednesday as a bumper second-quarter earnings call showed the fast-casual chain returning to pre-pandemic activity.Revenue came in at $1.89 billion, up 39% year-over-year and a hair above the analyst consensus of $1.88 billion. Chipotle opened up 56 new locations and closed five, capitalizing on a surge of digital sales, which grew nearly 11%, as well as a recovery in in-person dining. Almost half of all sales were digital.The company also saw same-store sales, which excludes sales from new stores, jump 31% year-over-year. Same-store sales had tumbled at the start of the pandemic. Likewise, margins rebounded to 24.5%, driven by price increases and falling beef prices duri...
FP Finance, FP Work, Human Resources and Employment Services, on-demand pay, payday loans, Wages

Payday disrupted: New platforms help stretched employees tap their earnings in real time

Breadcrumb Trail Links FP Work FP Finance Ceridian launching Dayforce Wallet on-demand pay platform in Canada as on-demand payment platforms gain popularity Author of the article: Kelsey Rolfe David Ossip speaks with staff in the Ceridian offices in Toronto. Photo by National Post file photo Article content Canadian workers may soon have the ability to access chunks of their wages as they accrue them, instead of needing to wait for payday, thanks to a growing number of on-demand payment platforms. Advertisement This advertisement has not loaded yet, but your article continues below. Article content On-demand pay — the ability to access anything from $50 to a full day or two's pay in advance of a scheduled payday — is an option employees are finding increasi...
Bureau of Labor Statistics, Economy, Hospitality, Indeed, Job Growth, Jobs, Jobs Report, Labor, Leisure, Markets, nick bunker, Politics, Retail, Unemployment, Wages

Leisure and hospitality workers got a ton of jobs in June — and they got a raise

Leisure and hospitality added 343,000 payrolls in June, making up 40% of total job gains. The June jobs report also showed higher wages for those workers, suggesting pay increases are helping hiring. But wages in the sector are still recovering from the hit caused by the coronavirus recession. See more stories on Insider's business page. The June jobs report added 850,000 payrolls, going beyond expectations as the economy continues to recover from the pandemic. A large chunk of the big jobs gain came from leisure and hospitality, and the reason for this likely comes down to higher wages.Of the 850,000 payrolls added, leisure and ho...
Biden, Economy, Employment, Jason Furman, Jobs, Labor, Labor Market, Markets, Obama, Peterson Institute for International Economics, Politics, Unemployment, Unemployment benefits, Wages

Only about 2 out of 10 people are leaving unemployment for work. It should be at least 3 out of 10, former Obama economists say.

Former Obama economists Jason Furman and Wilson Powell III said only 24% of the unemployed are returning to work. One would predict 34% would return, they wrote, resulting in 1 million more unemployed finding jobs per month. They said the shortfall is likely temporary and comes down to unemployment benefits and health concerns. LoadingSomething is loading. ...
Economic Data, Economy, Ellen Zentner, Labor Market, labor shortage, Markets, Morgan Stanley, Pay Growth, US Labor Market, Wage Growth, Wages, worker shortage

One chart shows the 10 industries poised to pay you a higher salary soon, and the 10 that probably won’t, according to Morgan Stanley

The labor shortage is uneven, leaving some industries more likely to raise wages than others. The hotel, restaurants, and leisure sector is most likely to raise pay, Morgan Stanley said Monday. Independent power and renewable electricity businesses are the least likely to hike wages, the bank added. LoadingSomething is loading. ...
AOC, burnout, Capitol Hill, Congress, Money Diaries, Politics, Salary, Wages

Capitol Hill staffers get real about budgeting on low pay: skipping groceries, surviving on vending machine ice cream and spending entire paychecks on childcare

8 Capitol Hill staffers shared with Insider how they budget their monthly salaries. Some staffers' salaries were so low, they qualified for income-assisted housing. This story is part of Insider's continuing coverage of Capitol Hill as a workplace. See more stories on Insider's business page. LoadingSomething is loading. ...
BI Commentary, columnist, Congress, Economy, Federal Reserve, GOP, inflation, Labor Market, Markets, Opinión, Politics, Steve Scalise, Wages

Republicans seem determined to learn absolutely nothing from our bizarre post-pandemic economy

The pandemic economic recovery is weird, but it can teach us a lot about things like inflation, wages, and inequality. But to learn those lessons — and make good policy based on them — legislators have to acknowledge them and pay attention. Republicans have demonstrated that they have zero interest in any of that. This is an opinion column. The thoughts expressed are those of the author. See more stories on Insider's business page. You have to feel a little bit sorry for Federal Reserve Chair Jerome Powell.On Tuesday he tested...
Chipotle, contributor 2019, Economy, Fast Food, Minimum Wage, Nordic, Opinión, original contributor, Price increases, Retail, Wages

Chipotle gave huge payouts to its CEO and shareholders, then blamed workers for price increases — here’s what’s really going on

Paul Constant is a writer at Civic Ventures and cohost of the "Pitchfork Economics"podcast with Nick Hanauer and David Goldstein. In the latest episode, they spoke about Chipotle's announcement to increase menu prices by about 4% to cover increased employee wages. Constant points out, however, the price increase could be to cover the $24 million raise recently given to CEO Brian Niccol. See more stories on Insider's business page. Last week, the "New York Times" ran a story about a small menu price increase at a fast-casual food chain. Written by Julie Creswell, the piece began, "Executives at Chipotle said on Tuesday that the fast...
Bernie Sanders, BI Commentary, COVID-19, Economy, Job Market, Joe Biden, Markets, Opinión, permalancer, Policy, Politics, Supreme Court, Unemployment, Unemployment benefits, Wages

The US job market is about to turn into a giant science experiment — with millions of Americans as guinea pigs

Half of US states are cutting off enhanced unemployment benefits over the next few weeks. This is going to throw millions of Americans into a real-world economic experiment that could hurt many people. Biden and the federal government could step in, but America's misguided tradition of a hands of federal government is stopping them. This is an opinion column. The thoughts expressed are those of the author. See more stories on Insider's business page. Partisan politics, Congress' legislative language, and interest group lobbying are about to turn America's 160 million workers into guinea pigs. We're all about...