U.S. labor markets continued showing signs of weakening as job openings fell to 7.6 million in July, the lowest level since Feb. 2021. Job openings are now 4.6 million below their March 2022 high of 12.2 million, a more than 37 percent drop.
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The U.S. Department of Labor issued notice Wednesday of a proposal to increase the threshold for required overtime payments to salaried workers whose weekly or annual wages are considered low income.
If enacted, the proposed rule would guarantee overtime pay for most salaried employees earning less than $1,059 per week, or about $55,000 per year. It also calls for an “escalator” that automatically updates the salary threshold every three years to reflect current earnings data. The Labor Department estimates the rule could apply to about 3.6 million workers nationwide.
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The Consumer Price Index for May was 8.6%, compared to 12 months ago, the Labor Department reported Friday.
The monthly increase is the highest since 1981, as was the March number.
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