Hiring in the construction industry isn’t slowing down. Jobs in construction grew to 25,000, including 2,400 jobs added in residential construction in May, the Labor Department said on Friday. Over the past 12 months, construction has added an average of 17,000 jobs per month. “While the housing industry, a very interest-rate sensitive sector, has been […]
Gold prices (XAU/USD) have undergone a large downward correction from its May highs around $2,070, down nearly 6% from those peak levels in a short period of time. This past week, bullion attempted to recover, briefly reaching $1,983, but quickly reversed course and retreated heading into the weekend to settle slightly below the $1,950 threshold. […]
The sudden departure of Twitter executives tasked with content moderation and brand safety has left the company more vulnerable than ever to hate speech. On Thursday, Twitter’s vice president of trust and safety, Ella Irwin, resigned from the company. Following Irwin’s departure, the company’s head of brand safety and ad quality, A.J. Brown, reportedly left, as did Maie Aiyed, […]
The do-it-yourself, modest tiny home boom is gaining popularity in an era of shocking rent increases and low housing inventory — and we may have America’s former largest retailer, Sears, to thank for some of that inspiration. Sears was not the first company to offer “kit homes,” but the 1908 launch of Sears Modern Homes […]
The red-hot labor market is refusing to cool down, showing the remarkable resilience of President Joe Biden’s economy but also making the Federal Reserve’s battle to curb inflation that much harder. The U.S. economy added 339,000 jobs in May, blowing through Wall Street’s expectations that employment growth would slow as higher borrowing costs and tighter […]
Wegmans is closing one of its largest locations — and its most unique — after just five years. The Rochester, N.Y.-based grocery store chain announced Thursday that its supermarket in Natick, Massachusetts, will close this summer. The 134,000 square-foot store opened in 2018 at the Natick Mall with 365 employees, including 142 full-time and 223 […]
OPEC and its allies are discussing deepening oil production cuts, possibly by as much as 1 million barrels per day, three sources told Reuters on Friday as oil prices fell towards $70 per barrel and market analysts spoke of a new supply glut. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies […]
West Coast ports are shutting down as union workers “no show” after a breakdown in negotiations with port management. The Port of Oakland was shut down Friday morning due to insufficient labor for terminal operations, a stoppage that is expected to last at least through Saturday. A source close to the situation told CNBC the […]
Twitter’s head of trust and safety Ella Irwin has resigned, the now-former executive confirmed to Reuters on Thursday. Irwin took over for Yoel Roth, who famously left the company during the early days of Elon Musk’s chaotic Twitter takeover. While Roth clashed with Musk over the new Twitter owner’s hands-off approach to content moderation, Irwin […]
Assessing how fast prices are changing for consumers may sound straightforward. But that’s not always the case — measurement quirks in consumer price index categories such as housing, technology and health insurance mean inflation readings don’t always jibe with the actual prices people pay. The dynamic is important: It might influence policymakers to unnecessarily continue […]
All eyes will be on the May jobs report when it comes out Friday morning as investors look for clues about the labor market’s health in the face of higher interest rates, stubborn inflation and recession fears. The Labor Department’s high-stakes May payroll report is projected to show that hiring increased by 190,000 last month […]
The crisis that roiled the U.S. banking system earlier this year after the failures of three relatively large regional banks saw total deposits fall even as insured deposits rose amid the turmoil. The Federal Deposit Insurance Corporation (FDIC) released its quarterly profile of the U.S. banking system for the first quarter of 2023 on Wednesday, […]
