Labor/Economics

News and events of the day
Motor City
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Re: Labor/Economics

Post by Motor City »

A million people in the street

https://twitter.com/davenewworld_2/stat ... 3932300291
People in France went on a nationwide strike to protest the government's plans to raise the retirement age by 2 years to 64
https://www.youtube.com/watch?v=OMTP4XbhPxQ
More than 1 million march in France against planned pension reforms


Shock and anger after fired worker killed by police at Oklahoma pork plant
Workers at a pork processing plant in Oklahoma have condemned the use of police by management that resulted in the killing of a worker who had just been fired.

Chiewelthap Mariar, a 26-year-old refugee from Sudan, was killed by police officers while working at the Seaboard Foods meatpacking plant in Guymon on 9 January.

A worker who filmed parts of the incident on his cellphone, and was later fired for doing so, requested to remain anonymous for fear of further retaliation. The worker claimed Mariar was fired from his job by a supervisor but was told by human resources to finish his shift.

The worker said the supervisor who fired him confronted Mariar on the shop floor after he was fired, and police arrived soon after to escort Mariar from the site. Seaboard Foods did not comment on but did not refute this characterization of the situation.

“I witnessed the entire thing, from when they started arguing with him until he was shot,” said the worker. “He had a company-issued band-cutter in his hand. When the police got to the plant, the guy was already working, minding his own business.”

The worker provided cellphone footage leading up to and following the incident, where Mariar can be seen with the band-cutter in his hand working around other employees and being confronted by officers on the shop floor.

“They made him out to be a danger when they said he had a knife in his hand, when it wasn’t. And that’s wrong on so many levels,” the worker said.

The worker claimed employees were told to keep working after the incident occurred.

“I worked in maintenance. All they had us do was cover the scene with plastic, and we proceeded to finish what was on the production line,” the worker added. “This company fired me for recording the truth they were trying to brush under the mat. They never asked me if I was OK. It was my first time seeing a guy get killed – and then I get fired.”

The worker also claimed they were asked to sign an incident report, despite not agreeing with what was pre-filled out on the report......
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ap215
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Re: Labor/Economics

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U.S. GDP rose 2.9% in the fourth quarter, more than expected even as recession fears loom

The U.S. economy finished 2022 in solid shape even as questions persist over whether growth will turn negative in the year ahead.

Fourth-quarter gross domestic product, the sum of all goods and services produced for the October-to-December period, rose at a 2.9% annualized pace, the Commerce Department reported Thursday. Economists surveyed by Dow Jones had expected a reading of 2.8%.

https://www.cnbc.com/2023/01/26/gdp-q4- ... -loom.html
Motor City
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Appeals court blocks minimum wage hike in Michigan, sides with Legislature
....In his decision Thursday, which takes “immediate effect,” appellate Judge Murray said the Legislature has the authority to “legislate as it sees fit.” Meaning: The state’s hourly minimum wage will remain at $10.10, and will not increase to reflect what was in the initial version of the 2018 proposal......
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ap215
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Private payroll growth slowed to 106,000 in January as weather hit hiring, ADP says

Job creation in the private sector plunged in January as weather-related issues sent workers to the sidelines, payroll processing firm ADP reported Wednesday.

Companies added just 106,000 new workers for the month, down from an upwardly revised 253,000 the month before. Economists surveyed by Dow Jones had been looking for a gain of 190,000.

https://www.cnbc.com/2023/02/01/adp-job ... 2022-.html
Motor City
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Post by Motor City »

https://www.youtube.com/watch?v=NR6n7ANHbu4
How the Debt Ceiling Benefits the Rich & Powerful
As House Speaker Kevin McCarthy and President Biden prepare for their first face-to-face meeting this week to discuss raising the debt ceiling, we speak with Marxist economist Richard Wolff about why the limit on the federal government’s borrowing lets politicians avoid making hard choices about taxing the wealthy.

House Republicans are pushing for major spending cuts as part of any deal to raise the federal government’s $31.4 trillion borrowing limit. “It’s 99% theatrics,” says Wolff, professor emeritus at the University of Massachusetts Amherst and a visiting professor in the Graduate Program in International Affairs of The New School. Wolff also discusses the economic impact of the Ukraine war.
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Drak
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Wow.

Reuters @Reuters
JUST IN: U.S. economy adds 517,000 jobs in January, compared with a consensus estimate of 185,000

https://twitter.com/Reuters/status/1621502094921580545
"Some of those that work forces,
Are the same that burn crosses"

- Rage Against the Machine
ap215
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Re: Labor/Economics

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Mortgage rates drop to the 5% range for the first time since September

The average rate on the 30-year fixed rate mortgage has fallen to 5.99%, according to Mortgage News Daily.

The housing market hasn’t seen the rate with a five handle since a brief blip in early September. Before that, it was in early August.

https://www.cnbc.com/2023/02/02/mortgag ... ember.html
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Drak
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Post by Drak »

Unemployment also dropped to 3.4 percent


Bloomberg Markets @markets
·
1h
BREAKING: The US jobs report for January is in.

-Payrolls increase 517,000 (vs. estimates of 188,000)
-US unemployment rate falls to 3.4% (vs. estimates of 3.5%)
http://trib.al/tGuuVNv
"Some of those that work forces,
Are the same that burn crosses"

- Rage Against the Machine
Glennfs
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Re: Labor/Economics

Post by Glennfs »

Drak wrote: Fri Feb 03, 2023 8:45 am Unemployment also dropped to 3.4 percent


Bloomberg Markets @markets
·
1h
BREAKING: The US jobs report for January is in.

-Payrolls increase 517,000 (vs. estimates of 188,000)
-US unemployment rate falls to 3.4% (vs. estimates of 3.5%)
http://trib.al/tGuuVNv
One thing I will never understand is why numbers like that are considered bad news to the fed
" I am a socialist " Bernie Sanders
gounion
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Re: Labor/Economics

Post by gounion »

Glennfs wrote: Fri Feb 03, 2023 8:16 pm One thing I will never understand is why numbers like that are considered bad news to the fed
Lowest unemployment rate since 1969! Way to go Joe!
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Number6
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Glennfs wrote: Fri Feb 03, 2023 8:16 pm One thing I will never understand is why numbers like that are considered bad news to the fed
I believe the rational is higher numbers of people working overheats the economy because people have more money to spend causing demand to go up and when demand goes up prices go up causing inflation. When unemployment is high there are fewer people working decreasing the amount of money people have to spend causing demand to go down as well as prices.

That's been the thinking for decades but that's not what is happening today. While inflation is higher in 2021 (7%) and in 2022 (6.5%), we're now seeing higher employment numbers and inflation is dropping which is counter to traditional thinking.
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ZoWie
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Post by ZoWie »

Most politicians advocate solutions to economic cycles that involve supply and demand. They are basically doing Keynesian economics, though for the most part they aren't doing economics at all, they're doing rhetoric and buzzwords.

The Fed, however, goes by a monetarist model. They work by tightening or loosening the availability of credit. It's hard to understand unless you actually do it.
"We must remember that we cannot abandon the truth and remain a free nation." --Liz Cheney, Republican, 7/21/22
Motor City
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Re: Labor/Economics

Post by Motor City »

Some of the created Jobs are jobs that are dangerous, harmful, abusive and exploitative to children

Culver's franchise in Wixom fined $13K by feds for overworking 14- and 15-year-olds
.....The labor department said it investigated Union Pacific Foods and concluded it was in violation of the the Fair Labor Standards Act, by scheduling workers ages 14 and 15 more than three hours on a school day, more than 18 hours during a school week, and more than eight hours on a nonschool day, later than 7 p.m. during the school year and later than 9 p.m. from June 1 through Labor Day......
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Motor City
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Post by Motor City »

ZoWie wrote: Sat Feb 04, 2023 11:55 am Most politicians advocate solutions to economic cycles that involve supply and demand. They are basically doing Keynesian economics, though for the most part they aren't doing economics at all, they're doing rhetoric and buzzwords.

The Fed, however, goes by a monetarist model. They work by tightening or loosening the availability of credit. It's hard to understand unless you actually do it.
On the one hand congress demands weapons for and spending on Ukraine at a furious pace and the other the fed holds in contempt regular folks trying to live and not get swallowed up into homelessness and poverty. Cause this economy, the one they say is greatest ever and of anywhere doesn't work unless people are trapped and oppressed into it.
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Motor City
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Re: Labor/Economics

Post by Motor City »

https://twitter.com/marwilliamson/statu ... 5878122504
Authoritarianism is posing as progress.

This country is walking backwards.

A new Iowa bill would roll back child labor laws, allowing 14 to 17-year-olds to work in mining, meatpacking, demolition, operating guillotine shears, and other dangerous jobs. Under the business-backed bill, employers wouldn't be civilly liable if kids are injured or killed.
Orwellian title even
The good and the bad of Iowa's bill that would bring big changes to child labor laws

The extremes employers going to not have to pay their fair share. Fighting vulnerable workers so hard with concentrated wealth, lobbying and corruptions.

Michigan nursing home owner ordered to pay nearly $70,000 for not paying managers overtime
...... the owner and operator of the three nursing homes, denied 45 managers their full wages by regularly alternating the managers' status from hourly to salary in an attempt to evade overtime obligations. Patel paid the managers hourly wages when they worked fewer than 40 hours in a workweek and paid salaried wages when they exceeded 40 hours, the investigation found....

....."Business operators cannot casually decide to pay workers as salaried in some weeks and hourly in others," Timolin Mitchell, director of the wage and hour division district in Detroit, said in a news release. "By doing so, Patel clearly violated federal laws by denying workers at her healthcare facilities all their hard-earned pay."
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ZoWie
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Re: Labor/Economics

Post by ZoWie »

^word
"We must remember that we cannot abandon the truth and remain a free nation." --Liz Cheney, Republican, 7/21/22
Motor City
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Re: Labor/Economics

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https://www.theguardian.com/business/2022/oct/03/un-accuses-richest-nations-of-imprudent-gamble-in-inflation-fight wrote:UN accuses richest countries of ‘imprudent gamble’ in inflation fight
Report says policies of high interest rates and austerity risk triggering global recession that will hit developing nations hardest
The interest rate rises and austerity the world’s richest nations are using to fight sky-high inflation risk a painful global recession that would hurt developing countries most, the UN has warned.

In its annual trade and development report, the UN Conference on Trade and Development (Unctad) said a drive by major central banks to ramp up rates in response to soaring prices represented an “imprudent gamble” that could dangerously backfire.

The UN agency said an urgent “course correction” was required to prevent a cascading series of crises of debt, health, and climate emergency for poorer countries struggling to cope with the economic hit from the Covid pandemic and Russia’s war in Ukraine......
Calls for a course correction from inappropriate 70s and 80s hawkish economic system shocks
...However, Unctad said political leaders and central bankers in advanced economies were making the mistake of harking back to hawkish policies used in the 1970s and 80s to squeeze inflation out of the system, which it said were inappropriate for the world’s current juncture.
to....
...The report said measures including strategic price controls, windfall taxes, anti-trust measures and tighter regulations on commodity speculation were needed to combat inflationary pressures at source without pushing poorer countries over the precipice....
Goes on to explain that its a distributional crisis.
.......“The real problem facing policymakers is not an inflation crisis caused by too much money chasing too few goods but a distributional crisis with too many firms paying too high dividends, too many people struggling from pay cheque to pay cheque and too many governments surviving from bond payment to bond payment,” said Richard Kozul-Wright, the head of the team in charge of the report.........
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ap215
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Inflation rose 0.5% in January, more than expected and up 6.4% from a year ago

Inflation turned higher to start 2023, as rising shelter, gas and fuel prices took their toll on consumers, the Labor Department reported Tuesday.

The consumer price index, which measures a broad basket of common goods and services, rose 0.5% in January, which translated to an annual gain of 6.4%. Economists surveyed by Dow Jones had been looking for respective increases of 0.4% and 6.2%.

https://www.cnbc.com/2023/02/14/consume ... 2023-.html
ap215
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Re: Labor/Economics

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Now go after Tesla & other companies who are pulling this stupid corrupt corporate stunt against Labor workers.

Judge issues nationwide order barring Starbucks from firing union supporters

A federal judge has issued an order to bar Starbucks from firing workers who are trying to unionize and order the company to rehire an employee who alleges she was fired over union organizing.

U.S. District Judge Mark Goldsmith ruled on Friday that Hannah Whitbeck, who was fired from her position as a shift supervisor in April, must be offered her position on an interim basis or a “substantially equivalent position” if her original post no longer exists without any prejudice to the rights and privileges she previously had.

https://thehill.com/regulation/court-ba ... upporters/
ap215
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Post by ap215 »

Good!

Companies can't enforce silence for severance pay, Labor Board rules

Companies can no longer offer severance agreements that prevent employees from making disparaging remarks about their former employer, the National Labor Relations Board ruled Tuesday.

https://www.axios.com/2023/02/21/severa ... d-off-nlrb
gounion
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Re: Labor/Economics

Post by gounion »

ap215 wrote: Wed Feb 22, 2023 5:09 pm Good!

Companies can't enforce silence for severance pay, Labor Board rules

Companies can no longer offer severance agreements that prevent employees from making disparaging remarks about their former employer, the National Labor Relations Board ruled Tuesday.

https://www.axios.com/2023/02/21/severa ... d-off-nlrb
Free speech for corporations, none for employees, according to the corps. Good for the NLRB.
Glennfs
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Post by Glennfs »

gounion wrote: Wed Feb 22, 2023 5:14 pm Free speech for corporations, none for employees, according to the corps. Good for the NLRB.
Won't that lead to no severance deal at all
" I am a socialist " Bernie Sanders
gounion
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Re: Labor/Economics

Post by gounion »

Glennfs wrote: Thu Feb 23, 2023 6:02 pm Won't that lead to no severance deal at all
I don’t agree with a gag order for severance. Workers EARNED that severance.

But it just says the corporation has something to hide.
Glennfs
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Re: Labor/Economics

Post by Glennfs »

gounion wrote: Thu Feb 23, 2023 6:05 pm I don’t agree with a gag order for severance. Workers EARNED that severance.

But it just says the corporation has something to hide.
Good point
" I am a socialist " Bernie Sanders
ap215
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Re: Labor/Economics

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Key Fed inflation measure rose 0.6% in January, more than expected

A measure the Federal Reserve watches closely to gauge inflation rose more than expected in January, indicating the central bank has more work to do to bring down prices.

The personal consumption expenditures price index excluding food and energy increased 0.6% for the month, and was up 4.7% from a year ago, the Commerce Department reported Friday. Wall Street had been expecting respective readings of 0.5% and 4.4%. The core PCE gains were 0.4% and 4.6% in December.

https://www.cnbc.com/2023/02/24/key-fed ... ected.html
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