What we’re reading (11/6)
“October Jobs Report: Strong Rebound As U.S Economy Adds 531,000 Jobs” (Wall Street Journal). “The U.S. labor market sprang back to life in October after a summer slowdown, with employers briskly adding jobs and nearly 200,000 women joining the labor force. The economy churned out 531,000 new jobs last month, the biggest gain in three months, the Labor Department said Friday. Restaurants, consulting firms and factories all boosted hiring, suggesting broad strength across the economy.”
“The Jobs Numbers Take the ‘Stag’ Out Of The Stagflation Scare” (New York Times). “The story of the American labor market is less murky than it seemed just a few weeks ago. The new jobs numbers Friday present a straightforward, sunny view: Despite it all — the virus variants, the reopening struggles — Americans are going back to work at a rapid clip.”
“The Working Class Is On Strike” (The Nation). “Now more than ever, the rich are getting richer while the workers are left with crumbs. Just look at John Deere, which is expected to make over $5.7 billion in profits this year, and the CEO took home $15.6 million in 2020—a 160 percent raise from 2019. And last year Kellogg’s authorized $1.5 billion in stock buybacks to pad its shareholders’ pockets, yet these corporations and executives want to cry poor when it comes to sharing the wealth with the workers who created it.”
“Pricing Power Is Highly Prized On Wall Street” (The Economist). “A growing number of companies are raising prices as costs for labour and raw materials rise, often with no ill effects. This summer PepsiCo, an American food giant, lifted prices for its fizzy drinks and snacks to offset higher commodity and transport costs; it plans further increases early next year. Ramon Laguarta, the firm’s boss, suggested in an earnings call in October that customers do not seem bothered. ‘Across the world consumers seem to be looking at pricing a little bit differently than before,’ he said.”
“Kroger Looking Into Fake Press Release Touting Acceptance Of Bitcoin Cash” (Reuters). “Kroger Co is looking into the publication of a fake press release, claiming the acceptance of bitcoin cash at its stores, the grocer said on Friday, after becoming the second major retailer in recent weeks to get entangled in a crypto hoax. The release, which said the grocer would accept the cryptocurrency this holiday season, appeared on Kroger's investor relations page and was later deleted. The company said the page, which gets automatically updated, receives a direct feed from PR Newswire (PRN), where the fake release also appeared.”
