• From the Associated Press:
"US employers posted fewer jobs in June, a sign that the red-hot demand for workers that has been a key feature of the post-pandemic economy is cooling a bit.
"Job openings dropped to 9.6 million in June, the Labor Department said Tuesday, down slightly from the previous month but much lower than the 10.3 million in April and the fewest in more than two years. The government’s report also showed that the number of people who quit their jobs in June fell sharply to 3.8 million, from 4.1 million, another sign the job market is slowing.
"The Federal Reserve is seeking to cool hiring because if companies are less desperate to add workers, and fewer people are quitting to seek higher-paying positions elsewhere, then businesses will be under less pressure to raise pay to find and keep workers. Smaller pay hikes could help lower inflation, since businesses won't have to lift their prices to offset higher labor costs.
"Tuesday's report means there are 1.6 jobs for every unemployed worker, down from a peak of 1.9 earlier this year. But that is still much higher than before the pandemic. Since the economy first emerged from the pandemic, job openings have soared — reaching a record 12 million in March 2022. Before the pandemic, they had never topped 7.6 million.
"Overall, Tuesday's report, known as the Job Openings and Labor Turnover Survey, or JOLTs, still paints a picture of a healthy economy, with employers seeking to hire more people. The number of workers quitting is still slightly above pre-pandemic levels, suggesting that many Americans continue to find better-paying opportunities at new jobs."
• Publix Super Markets said that Q2 sales were $14.1 billion, an 8.9% increase from $12.9 billion in 2022. Same-store sales for the period were up 6.2 percent.
Net earnings for the quarter were $1.1 billion, compared to $628 million in 2022, an increase of 74.7 percent.
• Starbucks yesterday reported Q3 results, saying that net revenues were up 12 percent to $9.2 billion, with same-store sales up seven percent in the US and 10 percent globally.
Net income was $1.14 billion for the quarter, up 25% from the same period a year earlier.
The company said that its active membership rewards customer count was up 15 percent to 31.4 million.
• From Eater New York:
"A New Yorker filed a class action lawsuit in the Eastern District Court of New York on Monday, claiming that Taco Bell is misleading customers by offering dishes like its Crunchwraps, with half the filling shown in its advertisements … the inciting incident took place in September 2022, at a Ridgewood, Queens Taco Bell, where the defendant Frank Siragusa claimed he overpaid for a Mexican Pizza that did not match photos … the lawsuit hopes to win $5 million for affected New Yorkers who have been similarly duped."
“Taco Bell’s actions are especially concerning now that inflation, food, and meat prices are very high and many consumers, especially lower income consumers, are struggling financially,” the attorney for Siragusa, stated in the suit.
