America’s tip economy, visualized
In January, President Trump said at a rally in Las Vegas, “If you’re a restaurant worker, a server, a valet, a bellhop, a bartender, or one of my caddies... or any other worker who relies on tipped in...
Amazon, Microsoft, Meta, Apple, Google are the tech companies most affected by Trump’s $100,000 H-1B fee
President Trump’s proclamation on Friday charging a new $100,000 fee for high-skilled tech visas has sent the country’s biggest tech companies scrambling. Firms warned their H-1B workers not to travel...
What explains the divergence between US consumer spending and job growth?
The apparent wedge between US consumer spending — seemingly in the midst of a mini reacceleration — and the softening trend in US headline job growth has been a subject of increasing discussion on Wal...
Long-term unemployment in the US has risen to a postpandemic high
Following a series of weak jobs reports and ongoing revisions turmoil , the number of Americans who’ve been unemployed for more than six months is now at the highest level since the pandemic. The Bure...
The DOJ is suing Uber, alleging the company discriminates against passengers with disabilities
The Department of Justice has filed a lawsuit against on Thursday, alleging that the company routinely and illegally discriminates against passengers with physical disabilities. The lawsuit, filed in...
US stocks unbothered as initial jobless claims jump to highest level since 2021, inflation print comes in mildly hotter
A much weaker-than-expected piece of labor market data, coupled with a mildly hotter-than-anticipated inflation report, took some wind out of the sails of US stocks this morning — but not for long. In...
The K-shaped economy, in one chart
The idea of a “K-shaped recovery” — relatively affluent Americans doing well, while those lower on the income spectrum struggle mightily — was in vogue as the US economy emerged from its Covid-induced...
Negative US payroll revisions as bad as 2009 add to fears of consumer spending slowdown
We have better ways to know about the present than the past . That’s the argument for why I have typically refrained from having my world upended by the initial annual benchmark revisions to US nonfar...
Healthcare is expected to remain the engine of America’s job market through 2034
Amidst the somewhat bleaker picture painted by August’s job report, the US healthcare industry provided a bright spot , adding 31,000 jobs while most other sectors slumped. Although that figure actual...
US stocks rise as soft job growth fortifies bets on a Federal Reserve rate cut this month
ETFs that track major US stock indexes are higher and short-term yields are falling after the August jobs report continued to confirm the trend of labor market cooling, calcifying bets on a Federal Re...
Rivian lays off workers as it readies its cheaper SUV and braces for the end of the EV tax credit
With the $7,500 federal EV tax credit set to end on September 30 and a new, lower cost electric SUV due to launch next year, is on the hunt to cut costs. That means layoffs.
OpenAI is working on a “jobs platform” for people who lose their jobs to AI
OpenAI has some good news and bad news for workers. The bad news? AI will probably take your job. The good news? The company will offer AI-powered classes to retrain you, and try to help you get a job...
Novo Nordisk fires new hires days before start date as company halts all “not critically necessary” hiring: Reports
reportedly canceled contracts with employees it had just hired in Denmark as the company tries to rein in costs. Several employees who were set to start in the coming days or weeks were told they were...
Older Americans haven’t returned to work — and they may stay out longer
The pandemic scrambled the US labor market in countless ways — from empty offices to the work-from-home shift — but one of the stickiest changes might be the exodus of workers. In early 2020, the labo...
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US box factories are folding fast
Cardboard box makers in the US have announced plans to shutter, in aggregate, about 9% of their production capacity this year. The sharp reductions will put roughly 2,500 people out of work in an indu...
Three recent Meta Superintelligence Labs hires have already reportedly left
At least three AI researchers hired to join Superintelligence Labs have already left, according to a report from Wired. Meta CEO Mark Zuckerberg went on an unprecedented hiring spree seeking to lure ...
Meta freezes AI hiring
After a very expensive AI hiring spree in its search to create AI that surpasses human intelligence , is now freezing new AI hires without express permission from Chief AI Officer Alexandr Wang, The ...
Airbus faces a 10-day strike from UK workers, mirroring Boeing’s labor strife
Thousands of UK union workers plan to strike for 10 days in September amid a contract dispute. The union workers build wings for Airbus’ commercial jets, threatening a production slowdown for the Eur...
After broad workforce cutbacks, Meta is now hoping to downsize its AI team, too
While has been trying to cut back its overall workforce, it’s been funneling money into its AI division to try to poach top talent from its competitors with meteoric pay packages . But it now appears...
Tech companies are spending more on people in order to spend less money on people
Artificial intelligence is eventually supposed to drive down headcount and the cost of labor. But for now it seems that tech companies are spending money (on labor, through stock) to make money. And b...