WASHINGTON—U.S. unit labor costs surged in the third quarter, while productivity declined at its sharpest pace since 1981, adding to signs that high inflation could last for a while. The Labor Department said on Thursday that unit labor costs, the price of labor per single unit of output, increased at an 8.3 percent annualized rate…
US Labor Costs Surge in the Third Quarter; Productivity Falls Sharply
Futures Slip After Apple, Amazon Results Reignite Supply, Labor Woes
October 29, 2021
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The S&P 500 and the Nasdaq indexes looked set to drop from record highs on Friday, as results from mega-cap firms Apple and Amazon.com reignited concerns of labor and supply shortages that have been at the forefront of this quarterly earnings season. Market participants have been closely watching how corporate America navigates through these challenges…
Fed’s Bowman Says US Labor Market Could Struggle to Return to Pre-Pandemic Levels
The obstacles making it difficult for many women to work, combined with an increase in retirements, could hinder the labor market recovery and be a drag on the U.S. economy, Federal Reserve Governor Michelle Bowman said on Tuesday. Women with young children left the labor force at a higher rate than other workers and some…
Labor and Supply Problems Dent Growth in Construction Sector in the UK
Subcontractors in the construction sector have been charging more, while supply shortages are pushing up the costs of materials for builders, an influential survey has found. The UK’s construction industry has seen growth slow, with output rising, but to the smallest extent in eight months. The IHS Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) gave…
Fed Will Allow Labor Markets to ‘Run Their Course’: Bostic
September 28, 2021
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Atlanta Federal Reserve Bank President Raphael Bostic on Monday reiterated the U.S. central bank’s commitment to making sure every American who wants a job can have one. “Without clear data demonstrating that an inflationary problem has arrived and is likely to last, we will allow labor markets to run their course, which can further our…
US Trade Office Says GM Mexico Labor Case Concluded, Tariff Threat Lifted
September 23, 2021
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WASHINGTON—A U.S. labor complaint under the U.S.-Mexico-Canada trade pact over a General Motors plant union vote in Mexico has been successfully concluded, lifting the threat of U.S. tariffs on the factory’s pickup trucks, the U.S. Trade Representative’s (USTR) office said on Wednesday. The United States opened the case in May after complaints that workers’ rights…
FedEx Labor Shortfall Hits Quarterly Profit, Earnings Forecast
U.S. delivery firm FedEx Corp. posted a 7 percent drop in quarterly profit and cut its full-year forecast on Tuesday, after labor shortages crimped earnings, slowed packages and drove up costs ahead of the all-important holiday peak season. Shares in the Memphis, Tennessee-based company fell 4.6 percent to $240.50 in extended trading after FedEx said staffing…
Walgreens Boots Heaps Bonuses, Rewards for Pharmacists Amid Labor Shortage
September 18, 2021
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Walgreens Boots Alliance Inc. will give a one-time bonus of $1,250 to its full-time pharmacists and a $1,000 payment to part-time pharmacists, the drugstore chain said on Friday, as major retailers try to retain people amid intense labor shortage. The company said certified or to-be certified pharmacy technicians who are responsible for administering flu and…
Biden Offers Remarks on Labor Unions
President Joe Biden gave remarks Wednesday in the East Room of the White House to honor labor unions, two days after spending his first Labor Day as president. In his speech, Biden recounted past labor movement victories like the eight-hour workday and weekends. “Unions built the middle class,” he told the room of mostly labor…
FedEx Faces Labor Union Challenge Over Billionaire CEO’s Pay
FedEx Corp shareholders should reject founder and CEO Fred Smith’s $54 million pay package because the logistics company gave him stock options after scrapping a cash bonus in the wake of the COVID-19 pandemic, only to reinstate it later, the Teamsters labor union said on Friday. Smith, whose net worth is pegged by Forbes at…
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