Friday’s jobs report showed surprising strength in the labor market, but there are signs that all may not be well for all workers. Quitting in low-wage sectors such as retail, leisure and hospitality is slowing down, said Nick Bunker, an economist at Indeed Hiring Lab. That means people working in those sectors probably have less … Read more
The July jobs report on Friday showed the US economy gained 528,000 jobs last month, with the unemployment rate falling to 3.5% from 3.6%. Economists polled by The Wall Street Journal had expected an addition of 258,000 jobs and unemployment staying at 3.6%. See: Jobs shocker — US adds 528,000 jobs in July and unemployment … Read more
Shares of Alibaba Group Holding Ltd. closed up 1.8% Thursday after the Chinese e-commerce company topped expectations with its latest financials and indicated that business trends improved as the June quarter wore on. The company posted net income of RMB22.7 billion ($3.4 billion), or RMB8.51 per American depositary share, compared with RMB45.1 billion, or RMB16.38 … Read more
Gas prices continue to benefit Costco Wholesale Corp., which reported strong July sales after the market closed on Wednesday. The company’s sales for the month were $16.85 billion, compared with $15.21 billion in the same period last year. Analysts were impressed by the company’s performance. Costco Wholesale Corp. COST, -0.18% shares fluctuated in premarket trading … Read more
Shopify Inc. SHOP 5.23% posted a quarterly loss and warned it would post losses in the rest of the year as e-commerce growth slows, a day after the company said it would cut 10% of its employees. The outlook sent the Canadian company’s shares—which have dropped more than 80% from their November peak—slightly lower in … Read more
Financial market participants completely missed the non-transitory nature of inflation over the past year, failing in what one portfolio manager describes as “spectacular fashion.” Now, as investors and traders worry about the prospects of a US or global recession, they’re staying tuned to profit warnings like the one from Walmart Inc., which demonstrate that inflation … Read more
US stocks edged lower Tuesday, hurt by Walmart Inc. cutting profit guidance ahead of a wave of corporate earnings reports this week, while the International Monetary Fund warned of the potential for a sharp global slowdown. What’s happening The Dow Jones Industrial Average DJIA, -0.33% fell 90 points, or 0.3%, to 31,900. The S&P 500 … Read more
Consumers tend to see red when they’ve been misled by corporate greenwashing, new research finds. So-called greenwashing, when a business tries to leverage for marketing purposes fast-expanding public attention on sustainable practices but fails to meet pledged goals on climate change, renewable energy and more, increasingly sticks in consumers’ minds. That, in turn, chips away … Read more
The numbers: The US services PMI fell to a 26-month low of 47 in July from 51.6 in the previous month, based on a “flash” survey from S&P Global Market Intelligence. Readings below 50 mean contraction. The manufacturing flash PMI slid to 52.3 from 52.7 in June. This was the weakest level in two years. … Read more
Shares of Mattel Inc. headed more than 4% lower in the extended session Thursday after the toy maker swung to a quarterly profit that was above Wall Street expectations but saw sales of its American Girl business drop nearly 20%. Mattel MAT, +2.81% said it earned $66 million, or 18 cents a share, in the … Read more