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Labor Issues

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Amazon is increasing the average total compensation for its U.S. fulfillment and transportation employees to over $29 per hour, marking a $3,000 annual increase for full-time workers. This move is part of a $2.2 billion investment ahead of the holiday season. The company has faced regulatory scrutiny over worker safety and pay. Amazon's U.S. sales on Cyber Monday reached $12.4 billion, surpassing estimates. Walmart and Target are also making moves to increase worker pay and hiring for the holiday season.

Portfolio Pulse from Anusuya Lahiri

September 18, 2024 | 7:24 pm

SPY

Federal Reserve Chair Jerome Powell stated that immigration has contributed to the rise in the unemployment rate. He also mentioned that further declines in job openings could lead to a more direct increase in unemployment.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 7:00 pm

SPY

Federal Reserve Chair Powell stated that the unemployment rate and labor market participation are at healthy levels, with job vacancies strong and quits normalizing. Despite increased downside risks to employment, the labor market remains solid, positioning the Fed well to manage risks.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:57 pm

SPY

Federal Reserve Chair Powell stated that recent retail sales data and Q2 GDP figures indicate the U.S. economy is growing at a solid pace. This growth is expected to support the labor market, with no signs of rising claims or layoffs.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:52 pm

SPY

Federal Reserve Chair Jerome Powell stated that the labor market conditions have cooled and are close to maximum employment. He emphasized the importance of monitoring the labor market and suggested that policy adjustments could support it.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:51 pm

SPY

Federal Reserve Chair Jerome Powell stated that the pace of interest rate cuts will be determined on a meeting-by-meeting basis, emphasizing a cautious approach. He expressed satisfaction with the recent 50 basis point cut and highlighted the solid condition of the labor market.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:46 pm

SPY

Federal Reserve Chair Powell stated that the FOMC is focused on its dual mandate. Consumer spending remains resilient, supply conditions have improved, and GDP growth is expected to remain solid. The labor market has cooled, showing a notable step down from earlier this year.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:33 pm

SPY

Federal Reserve Chairman Jerome Powell emphasized the Fed's commitment to maintaining economic strength, highlighting a strong overall economy and labor market. The Fed has reduced policy restraint, reflecting confidence in sustaining labor market strength.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:32 pm

BA

Boeing has announced that furloughs will impact tens of thousands of employees, as reported by a company spokesperson. This development could have significant implications for the company's operations and financial performance.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 3:59 pm

BA

Boeing's CEO has announced temporary furloughs for US-based executives, managers, and employees. The leadership team will also take a pay reduction during the strike to preserve cash and support the company's recovery.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 3:51 pm