Economic and jobs news thread

weatheriscool
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Aldi Plans to Hire 20,000 U.S. Workers in Holiday-Season Ramp-Up
New hires will earn average of $15 an hour for store jobs and $19 an hour for warehouse jobs
Employers Competing for Workers Turn to Signing Bonuses and Freebies

By Matt Grossman
https://twitter.com/mattgrossman
matt.grossman@wsj.com
Updated Aug. 16, 2021 9:48 am ET
Discount supermarket chain Aldi aims to hire more than 20,000 workers in the U.S. this year as its network grows and as it prepares for holiday shopping, the company said Monday.

Jobs that Aldi is hiring for include cashiers, stockers and associates at its more than 2,100 American stores and its 25 warehouses. The company will be drawing from a tight U.S. labor market in which openings have recently exceeded the number of people looking for work.

Against that backdrop, wages have been rising, including for low-skilled workers. Following a recent internal wage rise at Aldi, workers in the new positions will earn a national average of $15 an hour for store jobs and $19 an hour for warehouse jobs, the company said. The jobs come with healthcare and retirement plans and paid time off, Aldi said.

Other large retailers have cited hiring as a challenge in recent months.

“We’re seeing some pressure on labor in certain markets and in some of our distribution centers,” Albertsons Cos. Chief Executive Vivek Sankaran told analysts on a call last month. “The way we’re seeing the pressure there is more from turnover and the ability to fill jobs.”
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Read more: https://www.wsj.com/articles/aldi-plans ... 1629120174
weatheriscool
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Automobile shortages, spending shift to services hurt U.S. retail sales

Lucia Mutikani
Tue, August 17, 2021, 8:38 AM · 4 min read
WASHINGTON (Reuters) - U.S. retail sales fell more than expected in July as shortages depressed motor vehicle purchases and the boost to spending from the economy's reopening and stimulus checks faded, suggesting a slowdown in economic growth early in the third quarter.

The weak sales reported by the Commerce Department on Tuesday also reflected a rotation in spending back to services from goods. Retail sales mostly capture the goods component of consumer spending, which accounts for a smaller share, with bulky services such as healthcare travel and hotel accommodation making up the rest.

The school year gets into full swing later in August and most education districts are reverting to in-person learning. As such, consumer spending is likely to remain strong and keep the economy growing, though rising COVID-19 cases and a recent plunge in consumer sentiment are wild cards.

{snip}

Retail sales dropped 1.1% last month. Data for June was revised up to show retail sales increasing 0.7% instead of rising 0.6% as previously reported. Retail sales are 17.2% above their pre-pandemic level.

Economists polled by Reuters had forecast retail sales slipping 0.3%. Sales increased 15.8% compared to July last year.

Receipts at auto dealerships fell 3.9% after declining 2.2% in June. Motor vehicle production has been hampered by a global shortage of semiconductors.
{snip}

Read more: https://finance.yahoo.com/news/u-retail ... 09800.html
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caltrek
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Surge in Number of New Homes Under Construction
by Sam Ro
August 19, 2021

https://www.axios.com/home-construction ... 9f3d3.html

Introduction:
(Axios) The number of new homes under construction has soared — to levels not seen since the housing market crash 14 years ago.

Why it matters: Home prices have been surging as the demand for houses has outpaced supply. Homebuilders are doing what they can to keep up, but supply chain bottlenecks have led some to turn away buyers as they try to catch up.

Driving the news: There were 689,000 single-family homes under construction in July, the highest number since July 2007.
  • "This is clearly a positive sign given the remarkably low levels of inventory on the market," Mortgage Bankers Association chief economist Mike Fratantoni says.
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caltrek
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and while we are on the subject of new home construction:

Diamond Age Raises Eight Million Dollars to Speed Up Home Construction With 3D Printing and Robot Arms
by Brian Heater
August 19, 2021

https://techcrunch.com/2021/08/19/diamo ... obot-arms/

Introduction:
(TechCrunch) Bay Area-based Diamond Age this week announced that it has raised $8 million. The seed round is led by Prime Movers Lab and Alpaca VC and features a slew of additional firms, including Dolby Family Ventures, Calm Ventures, Gaingels, Towerview Ventures, GFA Venture Partners and Suffolk Construction.

The startup looks to put a slew of key emerging technologies to work in service of building houses with fewer workers in a significantly truncated time frame. Diamond Age claims that when, fully realized, its tech will be able to reduce manual human labor by 55% and shrink the construction time on a single family home from nine months to 30 days. Part of this funding will go toward putting the processes in place to construct a 1,100-square-foot “demonstration house” as proof of concept.

“We need to build high-quality affordable single-family homes for the next generation striving for the American dream,” co-founder and CEO Jack Oslan said in a release, “and the only way we can solve this problem is with automation.”

Specifically, the company relies on robotic and 3D printing solutions. The former involves a set of 26 different robotic arm attachments to assist with the construction. That tech is coupled with a gantry-based 3D printing technology designed to construct interior and exterior walls for the structure.

Specifically, the company is looking to target the housing crunch in its Bay Area backyard. The systems will be available to construction companies through a RaaS (robotics as a service) rental model. Pricing specifics for the system have not been revealed.
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weatheriscool
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Re: Economic and jobs news thread

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Existing-home sales jump 2% in July as inventory of properties for sale grows

Published: Aug. 23, 2021 at 10:05 a.m. ET

By Jacob Passy
Existing-home sales rose 2% in July from the month prior, the National Association of Realtors reported Monday.(1) Sales occurred at a seasonally-adjusted annual rate of 5.99 million. Compared to July 2020, sales were up 1.5%. The total inventory of homes for sales rose 7.3% on a monthly basis, though it's still down significantly from a year ago.
{that's all for now}

(1) https://www.nar.realtor/research-and-st ... home-sales

Read more: https://www.marketwatch.com/story/exist ... 2021-08-23
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caltrek
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Valuations for Venture-backed Companies at Record Highs
by Dan Primack
August 23, 2021

https://www.axios.com/vaulations-ventur ... d5857.html

Introduction:
(Axios) Valuations for U.S. venture-backed companies are at record highs, per data released this morning by PitchBook.

Between the lines: It's the new normal, in which nontraditional investors are traditional, unicorns are pigeons and startups are in the driver's seat.

Inside the numbers: Valuation creep can be seen across all stages of the VC ecosystem, from seed to pre-IPO. It's also showing up in both the medians and averages, and also across quartiles, reflecting how this isn't just a few big deals skewing the data.
  • Early-stage valuations hit all-time records in Q2 2021 of $50 million (median) and $105.4 million (average).
  • Late-stage valuations also hit new highs, with the trendline suggesting that average late-stage valuations could top $1 billion by year-end
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U.S. economy grew slightly faster 6.6% pace in second quarter, new GDP figures show

Published: Aug. 26, 2021 at 8:52 a.m. ET
By Jeffry Bartash
The numbers: The U.S. grew a bit faster in the spring than previously estimated, but not enough to change the underlying growth trend in an economy that’s recovered quite rapidly from the pandemic.

Gross domestic product, the official scorecard for the U.S. economy, rose at a revised 6.6% annual pace in the second quarter, the government said Thursday.

The slight increase in GDP reflected somewhat stronger consumer spending and U.S. exports than initially reported.

The revised GDP report also included the first look at corporate profits in the second quarter. Adjusted pretax profits jumped at a 9.2% annual rate and suggest businesses have plenty of capital to continue to invest and hire.

Indeed, the economy was still expanding at a robust pace in the third quarter even as the delta variant of the coronavirus flared up and government stimulus had mostly evaporated.

Economist polled by the Wall Street Journal estimate third-quarter GDP will increase by 7%.
{snip}

Read more: https://www.marketwatch.com/story/u-s-e ... 1629982344
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American Manufacturers Have Some Work to Do Due to Order Backlogs
by Sam Ro
August 26, 2021

https://www.axios.com/american-manufact ... d99aa.html

Introduction:
(Axios) Orders for durable goods stalled unexpectedly in July. But manufacturers have plenty of backlogs to work through.

Why it matters: There are a lot of businesses across the economy with empty shelves as they wait for manufacturers to ship the goods. This has been crimping sales while also driving inflation.

Order backlogs offer a snapshot of how much stuff manufacturers have yet to deliver.

By the numbers: Unfilled orders — the backlog — of manufactured goods grew 0.3% month over month to $1.23 trillion in July, according to Census Bureau data released Wednesday.

This was the sixth consecutive month of gains.
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US home prices soar at record pace in June
Source: AP

By CHRISTOPHER RUGABER
WASHINGTON (AP) — U.S. home prices jumped by a record amount in June as homebuyers competed for a limited supply of available houses, the latest evidence that the housing market remains red-hot.

The S&P CoreLogic Case-Shiller 20-city home price index soared 19.1% in June compared with a year earlier, the largest increase on records dating back to 2000. The annual price gains in June were higher in all 20 cities than they were in May. Prices are now at record highs in 19 of the 20 cities, with the exception of Chicago.

“The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country,” said Craig Lazzara, managing director of index investment strategy at S&P DJI.

There are signs that the high prices are cooling sales a bit. Sales of existing homes rose 1.5% in July from a year earlier, a separate report showed last week. That’s a much slower pace than the previous month. And the number of contracts signed to buy homes, a leading indicator of final sales, has fallen for two straight months.


Read more: https://apnews.com/article/business-pri ... 32c38c673d
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August private payrolls rose by 374,000, missing estimates: ADP

Emily McCormick · Reporter
Wed, September 1, 2021, 8:17 AM·3 min read
U.S. private employers added back far fewer jobs than expected in August as the Delta variant's spread began to take its toll on the pace of the labor market's recovery.

Private payrolls rose by 374,000 in August, ADP said in its closely watched monthly report on Wednesday. Consensus economists were looking for private payrolls to grow by 625,000, according to Bloomberg data. In July, private sector jobs increased by 326,000, according to the firm's revised monthly print.

By sector, high-contact service-providing areas again posted the biggest private payroll gains, with leisure and hospitality jobs rising by 201,000. This was followed by a wide margin by education and health services positions with a gain of 59,000 jobs. Professional and business services payrolls also rose by 19,000.

In the goods-producing sector, overall payrolls increased by 45,000, led by construction industries with job gains of 30,000. Mining and manufacturing jobs each also rose, but by much smaller sums.

ADP's report adds to a slew of mixed labor market data out for August, when a resurgence in COVID-19 cases began to stem the pace of the recovery after a strong start to the summer. Last week, IHS Markit's latest purchasing managers' indices showed that employment activity in both the domestic services and manufacturing sectors decelerated sharply in August. And consumer confidence indices have also retreated, raising the specter of a slowdown in hiring if consumers' propensity to spend deteriorates and demand for goods and services pulls back.

Still, however, the overall trend in the data has pointed toward an ongoing, if slowing, recovery. The U.S. Labor Department's "official" monthly jobs report on Friday is expected to reaffirm that message, with job growth still coming in well above pre-pandemic levels for August but pulling back compared to July.
{snip}

Read more: https://finance.yahoo.com/news/adp-priv ... 01411.html
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