Job growth revised down by 300K, revealing slightly less booming labor market
Happy Wednesday, Daily Money readers! It’s Paul Davidson bringing you the latest headlines.
Job growth was strong last year − just not quite as booming as believed.
The U.S. economy added 306,000 jobs fewer than first estimated in the 12 months ending this past March, according to the Bureau of Labor Statistics’ annual benchmark revision. Thus, during that period, average monthly job gains averaged a still robust 311,500 instead of 337,000.
The latest tally is based mostly on state unemployment insurance records that reflect actual payrolls while the prior estimate was from surveys that produce data for the monthly jobs report. Wednesday’s estimate is preliminary and will be finalized early next year.
UPS and Teamsters avert strike
Good news: There will be no disruption in your Amazon package deliveries.
Teamsters members have voted to ratify a collective bargaining agreement with UPS that averts what would have been the largest single-employer strike in U.S. history.
The five-year contract provides higher wages as well as about 60 other changes and improvements.
The Teamsters, which represent about 340,000 UPS workers nationwide, voted 86.3% to ratify the agreement.
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Oscar Mayer has released its version of a hot dog straw.
A year ago, a New York baseball fan took a hot dog, carved it out to make a straw and dipped it into a beer glass to sip his brew. The incident was record and went viral, making Internet history.
The Oscar Mayer Hot Dog Straw, commemorating the event, is available for pre-order nationwide while supplies last.
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