1 US jobs growth faster than forecast (BBC) US
employment rose by more than expected last month, but wage growth remained
subdued, latest figures show. The economy added 222,000 jobs in June, the US
Department of Labor said, and job creation in April and May was higher than
previously estimated.
However, despite the job gains and a low 4.4%
unemployment rate, wage growth remained tepid. Average wages rose 2.5%
year-on-year, which analysts said was a sign the market still had room to
improve.
Economists have expected job growth to slow and
wages to rise, as more people are employed and firms have a harder time hiring.
Some of the strongest employment growth in June came in the fields of health
care and social assistance, financial activities and mining. Government
employment also increased.
But there are still more than five million Americans
working part-time who would like to have full-time work, according to the Labor
Department's report.
2 South Africa sees retail job losses (Palesa
Vuyolwethu Tshandu in Johannesburg Times) As retail and consumer businesses
continue to see margins freeze, industry pundits warn that job losses may be on
the horizon for what were once the darling stocks of the JSE.
Rod Salmon, a consumer and retail analyst at
Barclays, said the retail industry was expected to see job cuts. "If you
look at how many jobs Edcon cut, they are going to have the same in Woolworths,
Truworths and TFG ... everyone will cut jobs to become more efficient."
He added that for retailers the two biggest costs
were rent and staff and to create greater efficiencies retailers would now have
to start shedding in those key areas. Edcon CEO Bernie Brookes has not been
immune to job losses, having closed down 100 stores last year, with 150 more
expected to close this year.
Retail is one of the biggest employers in the
country, with consumption contributing about 63% of the country's GDP. According
to the Quarterly Labour Force Survey, in the first quarter 3.2 million people
were employed in the trade sector. This makes the sector the second-largest
employer after the government.
On a quarterly basis 15 000 jobs were lost in the
sector, which could be an early indication of worse to come or could be
explained by a temporary increase in seasonal workers over the festive season.
On an annual basis 49 000 more people were employed in the trade sector.
Andre Kriel, general secretary at the South African
Clothing and Textile Workers' Union (Sactwu), said the organisation was
concerned about the state of retail, as most of Sactwu's members were in
manufacturing and were affected by retail's struggles.
3 GM back as US’ most valued carmaker (Khaleej
Times) After three months as the nation's most valuable automaker, a bad week
in an otherwise stellar year has knocked Tesla from the top perch. Over the
first six months of the year, Tesla shares gained more than 50 per cent and the
electric car company passed General Motors and Ford in market cap.
But shares have plunged almost 15 per cent this week,
translating to lost market value of $8.7 billion. GM has regained the top spot
with a value of $52.67 billion compared with $50.74 billion for Tesla. Tesla
has been hit by a trifecta of bad news.
Tesla's gains this year are still noteworthy. The
shares are still up more than 40 per cent. GM shares gained about two per cent
in the same period, while Ford's have declined.
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