What we’re reading (7/15)
“U.S. Weekly Jobless Claims Fall As Expected” (Reuters). “Initial claims for state unemployment benefits fell 26,000 to a seasonally adjusted 360,000 for the week ended July 10, the Labor Department said on Thursday. Economists polled by Reuters had forecast 360,000 applications for the latest week.”
“Many Jobs Lost During The Coronavirus Pandemic Just Aren’t Coming Back” (Wall Street Journal). “Job openings are at a record high, leaving the impression that employers are hiring like never before. But many businesses that laid off workers during the pandemic are already predicting they will need fewer employees in the future.”
“Wall Street Analysts See These Risks Causing A ‘Growth Scare’ For Global Markets” (CNBC). ‘With Covid-19 cases on the rise due to the surging delta variant and a range of macroeconomic shifts occurring, the global market narrative has moved from “goldilocks to growth scare,’ according to Barclays.”
“CEOs Made 299 Times More Than Their Average Workers Last Year” (CNN Business). “The average S&P 500 company CEO made 299 times the average worker's salary last year, according to AFL-CIO's annual Executive Paywatch report. Executives received $15.5 million in total compensation on average, marking an increase of more than $260,000 per year over the past decade. At the same time, the average production and nonsupervisory worker in 2020 earned $43,512, up just $957 a year over the past decade.”
“The Car Market Is Insane. It Might Stay That Way for a While.” (Slate). “The entire auto industry has been hobbled for months by the worldwide shortage of semiconductor chips, which has prevented manufacturers from producing enough vehicles to meet the demand from Americans eager to spend their pandemic savings and stimulus checks. As a result, many dealerships are practically barren of inventory, and new rides are fetching record prices…[and] shoppers will likely have to wait until 2022 for the auto industry to settle[.] […] Some of the pain, especially in the used car market, could begin to ease up earlier. But it could be well into next year before prices fall back to earth and customers see the sort of selection they’re used to at dealerships.”
