Company Highlights: Summer Jobs, Gulf Natural Gas

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Hot summer job market awaits America’s teens as employers sweat

WASHINGTON (AP) — This is expected to be the best summer job market for teens in 15 years. Researchers from the Center for Labor Markets and Policy at Drexel University predicted in a report last month that an average of 33% of young people aged 16 to 19 will be employed each month from June to August this year, the highest rate since 34% in the summer of 2007. And the wages offered to them — $15 or $16 an hour for an entry-level job — are bringing some back into the job market. Teenage employment has already surpassed pre-pandemic levels, even if the overall labor market still hasn’t.

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As natural gas expands in the Gulf, residents fear increased damage

LAKE CHARLES, La. (AP) — There are neighborhoods in southwest Louisiana that have suffered seven federally declared disasters in just two years. These storms are increasingly amplified by climate change, which is fueled by rising emissions. These emissions come from the combustion of coal, oil and natural gas as well as leaks and deliberate releases of natural gas. Yet those same storm-prone neighborhoods are close to building new plants that supercool natural gas for export. The region provides a contrast between the need to phase out fossil fuels to address climate change and the growing global demand for natural gas.

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Stocks shake off wobbly start on Wall Street, end higher

NEW YORK (AP) — The stock market shook off a shaky start and ended broadly higher on Thursday, marking its first gain in this holiday-shortened week. Tech stocks were among the winners as Microsoft erased an early loss. Trading has been choppy in recent days as investors remain concerned about inflation and the interest rate hikes the Federal Reserve is using to fight it. The S&P 500 rose 1.8%. The benchmark is up 7.1% since hitting the edge of a bear market two weeks ago. The Dow Jones Industrial Average rose 1.3% and the Nasdaq 2.7%. The 10-year Treasury yield slipped to 2.91%.

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OPEC+ alliance boosts oil production as energy prices soar

LONDON (AP) — The OPEC oil cartel and allied producing nations, including Russia, will increase production by 648,000 barrels a day in July and August, offering modest relief to a global economy suffering from soaring prices. energy and the resulting inflation. Thursday’s decision quickens the pace of the alliance, known as OPEC+, in restoring cuts made during the worst of the pandemic recession. The group had been steadily adding 432,000 barrels per day each month to gradually restore production cuts from 2020. The decision to ramp up production faster than planned comes as rising crude prices pushed gasoline to a record high in the United States.

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Ford plans to create 6,200 jobs in Ohio, Michigan and Missouri

AVON LAKE, Ohio (AP) — Ford will create 6,200 jobs at factories in Michigan, Missouri and Ohio as it prepares to build more electric vehicles and roll out two redesigned combustion engine models. The company says it will invest $3.7 billion across the tri-state and convert about 3,000 temporary workers to full-time status with benefits. A plant near Cleveland will be expanded so it can build an unidentified new electric utility vehicle, with 1,800 new jobs. A plant in Claycomo, Missouri, near Kansas City, which makes large electric and combustion-engine vans, will get a third shift of 1,100 workers. And in Michigan, the company will create 2,000 jobs at three assembly plants and another 1,200 at other facilities.

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Bankruptcy dates pushed back for Social Security and Medicare

WASHINGTON (AP) — A stronger-than-expected economic recovery from the pandemic has pushed back Social Security and Medicare bankruptcy dates, but officials warn that the current economic turmoil is putting additional pressure on health programs. basic retirement. The Social Security and Medicare trustees’ annual report released Thursday says the Social Security trust fund won’t be able to pay full benefits in 2035, instead of the estimate of 2034 from last year. to 2028 compared to last year’s 2026 forecast.

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Fewer Americans claim unemployment benefits last week

WASHINGTON (AP) — Fewer Americans applied for unemployment assistance last week and the number of Americans receiving unemployment remains at historic lows. Jobless claims fell by 11,000 to 200,000 for the week ending May 28, the Labor Department reported Thursday. The first applications generally follow the number of layoffs. The four-week average for claims, which evens out some of the weekly volatility, fell 500 from the previous week to 206,500. The total number of Americans collecting unemployment benefits for the week ending May 21 fell from the previous week, to 1,309,000, the fewest since December 27, 1969.

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Amazon to close Kindle bookstore in China and suspend device sales

NEW YORK (AP) — Amazon said Thursday it will shut down its Kindle digital bookstores in China and stop selling the device to retailers in the country. The company said in a post on WeChat that the bookstore will stop operating on June 30, 2023. It says customers in China won’t be able to buy new e-books after that day and won’t be able to download books they already have. . bought after a year later. The e-commerce giant’s pullback comes as foreign tech firms pull back or scale back operations in mainland China as a strict data privacy law specifying how companies collect and store data takes effect. However, Amazon said its other China operations will continue.

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Average long-term mortgage rates in the United States have fallen slightly, still above 5%

WASHINGTON (AP) — Average long-term U.S. mortgage rates fell slightly this week, though interest rates on the key 30-year home loan remain at high levels for a decade. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate fell to 5.09% from 5.1% last week. In contrast, the average rate stood at 2.99% a year ago. Rising borrowing rates appear to be slowing the housing market, a crucial sector of the economy. In April, sales of existing homes and new homes showed signs of losing momentum, aggravated by the sharp rise in house prices and a reduced supply of available properties.

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The S&P 500 gained 75.59 points, or 1.8%, to 4,176.82. The Dow Jones Industrial Average rose 435.05 points, or 1.3%, to 33,248.28. The Nasdaq jumped 322.44 points, or 2.7%, to 12,316.90. The Russell 2000 Small Business Index added 42.85 points, or 2.3%, to 1,897.67.

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