Economy

GM’s Barra says these 2 issues will be tops in 2023 UAW contract talks

General Motors CEO Mary Barra described it as “an incredibly interesting time” for the automaker ahead of contract negotiations with the UAW in the fall of 2023 because of two unknowns: the future of union leadership and the health of the US economy. But Barra, who spoke to the media Thursday at an Automotive Press …

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Turkey stops oil not under Russian sanction, raising energy supply fear

Cargo ships and vessels transit the Bosphorus Strait, a body of water connecting the Black Sea to the Marmara and Mediterranean Seas through Istanbul, Turkey. Above, the Russia-flagged vessel Volga River Taganrog oil tanker passes south through the Bosphorus Straits in October 2022. Nurphoto | Nurphoto | Getty Images Tankers full of Kazakh oil are …

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S&P 500, Nasdaq snap losing streaks after jobless claims rise

Weekly jobless claims rise in line with estimates Moderna, Pfizer up as FDA authorizes updated COVID boosters Exxon climbs after boosting buyback program Indexes up: Dow 0.55%, S&P 0.75%, Nasdaq 1.13% Dec 8 (Reuters) – The S&P 500 (.SPX) ended higher on Thursday, snapping a five-session losing streak, as investors interpreted data showing a rise …

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US states raising minimum wage, with four above $15

FOX Business host Charles Payne compares 1962 to 2022 and provides insight on the importance of investing on ‘Making Money.’ Multiple states are raising their minimum hourly wages next month, with four boosting the minimum hourly rate to $15 or above at the start of the year: California, Connecticut, Massachusetts and Washington, according to FOX …

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How the Russian Oil Price Cap Will Change Global Energy Markets

Text size The towers of the Linden gas-fired combined heat and power plant, also known as the “Three Warm Brothers,” in Hanover, Germany. A European Union ban on Russian seaborne oil imports went into effect on Monday. Krisztian Bocsi/Bloomberg About the author: Abishur Prakash is a co-founder and geopolitical futurist at Center for Innovating the …

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Jobs data are mission warning signs about the economy

Illustration: Lazaro Gamio/Axios When we talk about the labor market every month — like the strong jobs data that came out last Friday — we’re really talking about two different reports in one, based on different surveys. Driving the news: Right now, the two surveys are sending distinct signals about the trend in employment. Initial …

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Over 1,100 New York Times staffers walk out after union talks fail

Photo by Jakub Porzycki/NurPhoto via Getty Images More than 1,100 members of the New York Times union walked out on the job Thursday morning after more than a year and a half of stalled contract negotiations with The Times’ management. Why it matters: The walkout represents a breaking point between the two parties, which have …

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‘The worst is yet to come’: the curse of high inflation

Dec 8 (Reuters) – Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation. And although a peak could be in sight, the effects may still get worse. How did we get here? In two words: pandemic and war. A long and comfortable …

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US weekly jobless claims rise; continuing claims at 10-month high

Weekly jobless claims increase 4,000 to 230,000 Continuing claims rise 62,000 to 1.671 million WASHINGTON, Dec 8 (Reuters) – The number of Americans filing new claims for jobless benefits increased moderately last week, while unemployment rolls hit a 10-month high towards the end of November, suggesting the labor market was gradually slowing down. Still, labor …

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