Company strengths: flexible work, economic bottlenecks
Is Thursday the New Monday? Flexible working is changing
NEW YORK (AP) – In the United States, companies are struggling to find a way to bring employees back to the office after more than a year of working remotely. Most are proceeding with caution, trying to deal with the drop in COVID-19 infections against a potential backlash from workers who are not ready to return. Tensions have spread among the public in a few companies where some staff have organized petitions or even walkouts to protest the recall to the office. Many are introducing a phased return, allowing employees to work remotely two or three days a week. But implementing a âhybridâ workplace can be a headache, from identifying the most suitable roles for remote working, to deciding which days of the week employees should be in the office.
Sit back: Patio furniture shortage tells the story of the U.S. economy
COCKEYSVILLE, Md. (AP) – Biden’s economy faces the unusual problem of perhaps being too strong for its own good. It’s a story that can be told from the floors of patio furniture showrooms, where shortages of outdoor tables and chairs abound. The shortages reflect the combined challenge of the fastest economic growth in generations, but also lingering delays for anyone trying to purchase furniture, cars and a wide array of other goods. Republicans have presented this as a sign of economic weakness. President Joe Biden retorts that the wage increases are helping the middle and working classes. The challenges also reflect a mix of market forces, tensions with China and the unique nature of restarting an economy after a pandemic.
Biden seeks to strengthen options for workers with new order
WASHINGTON (AP) – President Joe Biden plans to sign an executive order reducing employers’ ability to prevent workers from visiting rival companies and remove some of the state’s professional license requirements that make it more difficult to obtain a job. White House Press Secretary Jen Psaki is designed to increase the employment chances of workers and generate more competition among American employers. The executive order will order the Federal Trade Commission to curtail so-called non-compete agreements, which have prevented workers in industries such as fast food and big tech from turning to other employers for higher pay.
Fed officials discussed a potential cut in stimulus measures
WASHINGTON (AP) – Federal Reserve officials began discussing at their meeting last month the timing and mechanisms for cutting their huge monthly bond purchases, which are used to control long-term interest rates term. The debate, revealed in the June Fed meeting minutes released on Wednesday, reflected an overall positive outlook on the economy among Fed policymakers, but also some concern that higher inflation could s ‘prove to be more persistent than the central bank had previously indicated. Still, economists saw few signs that the Fed was any closer to raising interest rates or cutting bond purchases.
Stocks close higher, driven by technology gains; fall in bond yields
NEW YORK (AP) – Stocks close higher on Wednesday, driven by gains from Apple, Oracle and other tech companies. The S&P 500 rose 0.3% to close at a record high. Banks rose despite a further decline in bond yields. The 10-year Treasury yield fell to 1.32% from 1.37% a day earlier. Industrials and healthcare companies were also among the winners. Energy stocks fell with the fall in the price of oil. Stock indexes and Treasury yields reacted little to the minutes of the Federal Reserve policymakers’ meeting in June, which showed that Fed officials had discussed the timetable for reducing bond purchases.
US Jobs Hit All-Time High, Layoffs Hit All-Time High
WASHINGTON (AP) – U.S. employers posted a record number of open jobs for the second month in a row as a rapidly recovering economy created intense demand for workers. The Labor Department said on Wednesday that the number of jobs available on the last day of May rose slightly to 9.21 million, from 9.19 million in April. This is the highest since registrations began in December 2000. The previously announced figure of 9.3 million for April has been revised downwards.
Trump files lawsuit against Facebook, Twitter and YouTube
WASHINGTON (AP) – Former President Donald Trump has filed a lawsuit against three of the country’s biggest tech companies, saying he and other conservatives have been wrongly censored. But legal experts say lawsuits are likely doomed, given existing legal precedents and protections. Trump on Wednesday announced action against Google’s Facebook, Twitter and YouTube as well as the CEOs of the companies. He spoke at a press conference in New Jersey where he demanded that his accounts be restored. Trump was suspended from Twitter, Facebook and YouTube after his supporters stormed the Capitol building on January 6. Businesses have expressed fears that it will incite more violence.
China fines internet giants in anti-monopoly cases
BEIJING (AP) – Chinese regulators have fined companies, including internet giants Alibaba and Tencent, for anti-monopoly violations as they work to tighten control over their growing industries. The government said that in 22 cases, companies were fined 500,000 yuan ($ 75,000) each for actions, including acquiring stakes in other companies that could unduly increase their market power. . He said the violators included six companies belonging to the Alibaba Group, five by Tencent Holding Ltd. and two by retailer Suning.com, Ltd. Chinese executives are worried about the dominance of its largest internet companies, which expand into finance, health services and other fields. The ruling Communist Party says enforcement of the anti-monopoly law, especially in the area of ââtechnology, is a priority this year.
The S&P 500 gained 14.59 points, or 0.3%, to 4,358.13. The Dow Jones Industrial Average rose 104.42 points, or 0.3%, to 34,681.79. The Nasdaq rose 1.42 points, or less than 0.1%, to 14,665.06. The Russell 2000 Small Business Index lost 21.66 points, or 1%, to 2,252.85.