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July 23 – The number of Americans filing for unemployment benefits for the first time fell sharply last week, indicating that the U.S. job market remains stable and that Federal Reserve officials need to continue focusing on curbing inflation. The U.S. Labor Department said Thursday that initial jobless claims for the week ending July 18 fell by 22,000 to 187,000, compared to expectations of 212,000. Thursdays report is the latest sign of continued stability in the labor market. The unemployment rate unexpectedly fell to 4.2% in June, a one-year low, but this decline was more due to a decrease in the labor force than job growth. The U.S. job market exhibits an unusual balance: limited labor supply, slow job creation, and relatively limited layoffs have kept the unemployment rate at historically low levels. This situation has prompted more and more Federal Reserve policymakers to focus on inflation, which remains well above the 2% target, rather than showing more concern for the strong job market.Allianz Chief Advisor El-Erian: The newly released weekly initial jobless claims data provides further evidence of the resilience of the U.S. labor market. Initial jobless claims fell by 22,000 to 187,000, far below the market consensus of 210,000.Total Energy CEO: Refining margins were $35 per barrel in July.On July 23, Ed Hutchings, Head of Developed Markets Rates at Aviva Investors in London, stated that overall, the European Central Banks primary task is very clear: to address the inflationary environment. Therefore, the markets assessment that further interest rate hikes will continue is reasonable. However, with one rate hike already completed and the market having priced in more than two further hikes, have market expectations gone too far? Currently, it seems that signs of this are indeed beginning to emerge.European Central Bank President Christine Lagarde will hold a monetary policy press conference in ten minutes.

Analysis-Amazon Win Offers Unions Hope, But Problems Remain

Haiden Holmes

Apr 02, 2022 09:27

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The news on Friday that the United States' first-ever union would be joining the country's second-largest private employer ricocheted across labor organizations, as they started to see a road forward for enlisting employees and reversing decades of decline in their numbers.


Amazon now seems to be a more manageable target for them, albeit it remains a difficult one. Around 55% of votes cast at the Staten Island site went to the Amazon Labor Union (ALU), a newly formed organization led by former Amazon employee Christian Smalls.


The corporation said that it may submit objections and that regardless of whether or not the ALU's victory is formalized, it must still win a contract.


This may be as difficult as winning an election, according to Gregory DeFreitas, a Hofstra University professor of labor economics.


According to a federal document, Amazon spent more than $4 million on labor consultants in 2021 to attempt to convince employees.


"Amazon just has enormous resources for fighting unions and an enormous willingness to do whatever it takes to stay union-free," said John Logan, a San Francisco State University professor who researches anti-union operations.


Duplicating Amazon's success may be challenging. Local expertise and warehouse experience aided the ALU's leadership, which at times attempted to disassociate themselves from the efforts of national labor organizations.


"What succeeds are the leaders who employees know and trust," said Burt Flickinger, managing director of retail consultant Strategic Resource Group, who assisted several unions on organizing Amazon. Flickinger anticipates union organizing efforts to concentrate on more warehouses and Amazon-owned Whole Foods Market locations, noting that unions will need to rebuild depleted financial coffers in order to organize.


The victory in New York follows numerous previous victories at Starbucks coffee outlets. Additionally, it contributes to the perception that the labor movement is evolving. According to Joshua Freeman, a history professor at the CUNY School of Labor and Urban Studies, the ALU used creative organizing strategies, gaining momentum via social media.

The ALU solicited funds through a GoFundMe page.

Simultaneously, established unions are attempting to assist ALU leader Smalls. The Service Employees International Union (SEIU) is extending "any assistance we can," according to Mary Kay Henry, the union's president.

'SPREAD LIKE A BURNING FIRE'

On Friday, the renewed purpose was obvious among union leaders.


The Teamsters, who have been a stalwart opponent of Amazon's refusal to unionize one of its US locations for years, are continue their struggle "on the work floor, at the negotiating table, and on the streets," General President Sean O'Brien stated after the ALU's triumph.


At the SEIU's national headquarters, people cheered and leapt with excitement.


In an interview, Henry said, "This will spread like wildfire." "It's a great source of encouragement for employees opposing the five main airline businesses, for workers battling Starbucks."


Though not finalized, a lost union vote at Amazon's Bessemer, Alabama warehouse prompted some to fear that the ALU's triumph would be limited to labor-friendly states such as New York. That is not the case, according to Logan, the labor professor.


The next battleground will be on Staten Island this month at a second Amazon facility, but some of the company's food workers, as well as other employees and contractors, are mobilizing in Seattle.


"Suddenly, attempting to create a union at Amazon does not seem so pointless," Logan said, adding, "If you can win at Amazon, you can win elsewhere."