The nation’s employers kept hiring briskly in November despite high inflation and a slow-growing economy — a sign of resilience in the face of the Federal Reserve’s aggressive interest rate hikes. The economy added 263,000 jobs, while the unemployment rate stayed 3.7%, still near a 53-year low, the Labor Department said Friday. November’s job growth … Read more
The owner of United Furniture Industries has been noted for his philanthropic efforts in past years — even as he has landed in legal scraps and contentious bankruptcy proceedings, according to news reports and court documents. David Belford — who made headlines last week for abruptly yanking jobs and health insurance for his 2,700 workers … Read more
The owner of United Furniture Industries — which last week fired 2,700 workers through texts and emails while they slept — has disappeared after squabbling with the company’s board and bankers over whether to file for bankruptcy, The Post has learned. David Belford, a wealthy Ohio businessman, has kept mum since the layoffs of his … Read more
As creditors in the FTX bankruptcy case look to claw back cash from the fallen crypto giant, an uncomfortable spotlight is focusing on a well-connected Hollywood insider with ties to the Clintons, the Kardashians and Elon Musk. Michael Kives — a former Tinseltown agent who has served as an aide to Bill and Hillary Clinton, … Read more
Morgan Stanley has finally succeeded in bringing its employees back to their desks five days a week, sources told The Post — and the threat of layoffs proved to be an effective incentive. On Thursday, the Wall Street giant’s CEO James Gorman disclosed in an interview that the mega-bank was making “modest cuts all over … Read more
CNN boss Chris Licht has gutted sister network HLN, terminating all live programming as part of ongoing layoffs and budget cuts, sources told The Post. Licht slashed HLN’s “Morning Express with Robin Meade,” as well as “Weekend Express,” a source close to the situation said. Meade and HLN’s live news programming staffers will be let … Read more
Initial claims for state unemployment benefits dropped 16,000 to a seasonally adjusted 225,000 for the week ended Nov. 26. That unwound some of the surge in the prior week, which had boosted claims. While some of the rise reflected a surge in layoffs in the technology sector, claims also tend to be volatile at the start of the holiday season as … Read more
The average long-term US mortgage rate ticked down for the third week in a row and have fallen more than a half-point since hitting a 20-year high less than a month ago. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.49% from 6.58% last week. A year … Read more
Tyson Foods Chief Financial Officer John R. Tyson pleaded not guilty to charges of criminal trespassing and public intoxication on Thursday – despite being caught on video attempting to sleep in a stranger’s bed prior to his arrest. Tyson will face the charges at trial on Feb. 15, the Wall Street Journal reported. The 32-year-old … Read more
Morgan Stanley is making modest job cuts across the globe, Chief Executive James Gorman said, as Wall Street comes under pressure with dealmaking slowing down. “Some people are going to be let go,” Gorman said at the Reuters NEXT conference, without specifying numbers. “We’re making some modest cuts all over the globe. In most businesses, that’s what you do … Read more