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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Criminals are seizing on a surge in job losses to steal unemployment benefits from Americans nationwide. This complicates an already tough situation for millions of financially strapped Americans and overwhelmed state unemployment offices.
While there’s no exact measure of how many fraudulent claims have been made, states from Washington to Maine say they’ve seen an increase and numerous federal agencies are working to fight it.
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Another 6.6 million U.S. workers filed for unemployment compensation last week as the coronavirus pandemic continues to wreak havoc on the American economy, the U.S. Labor Department reported Thursday.
The new figure pushed the three-week total to more than 16 million workers looking for financial assistance, with millions more laid-off employees expected to file claims in the coming weeks as businesses large and small shut their operations or severely limit them.
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