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    Cleveland-Cliffs Signals a Possible New Bid for U.S. Steel

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    The company’s renewed interest comes after the Biden administration blocked Nippon Steel from acquiring the onetime American powerhouse.A possible new takeover bid for U.S. Steel emerged on Monday, teeing up more turmoil over the once-dominant company’s future after President Biden’s decision to block its acquisition by a Japanese company.Lourenco Goncalves, the chief executive of an American competitor, Cleveland-Cliffs, said his company had “an All-American solution to save the United States Steel Corporation,” stressing that acquiring U.S. Steel was a matter of “when,” not “if.” But he offered no details of the bidding plans.The renewed expression of interest from Cleveland-Cliffs comes less than two weeks after Mr. Biden blocked a $14 billion takeover of U.S. Steel by Nippon Steel, arguing that the sale posed a threat to national security. Cleveland-Cliffs tried to buy U.S. Steel in 2023, an offer that was rejected in favor of Nippon’s higher bid.CNBC reported on Monday morning that Cleveland-Cliffs would seek to take over U.S. Steel and sell off its subsidiary, Big River Steel, to Nucor, another American producer. But Mr. Goncalves, at a news conference later in the day, would not confirm any partnership with Nucor on a bid.U.S. Steel and Nucor did not immediately respond to requests for comment.Investors seemed pleased by the potential bid, sending shares of U.S. Steel up as much as 10 percent on Monday when CNBC reported the potential offer. Shares of U.S. Steel finished about 6 percent higher on Monday but are down 23 percent over the past year, including Monday’s spike.But the fate of Nippon’s proposed takeover remains in limbo. U.S. Steel and Nippon sued the United States government last week in the hopes of reviving their merger, accusing Mr. Biden and other senior administration officials of corrupting the review process for political gain and blocking the deal under false pretenses.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    U.S. Employers Add 256,000 Jobs in December

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    A December gain of 256,000 blew past forecasts, and unemployment fell to 4.2 percent. But markets recoiled as interest rate cuts seemed more distant.Employers stuck the landing in 2024, finishing the year with a bounce of hiring after a summer slowdown and an autumn marred by disruption.The economy added 256,000 jobs in December, seasonally adjusted, the Labor Department reported on Friday. The number handily beat expectations after two years of cooling in the labor market, and the unemployment rate edged down to 4.1 percent, which is very healthy by historical standards.The strong result — unclouded by the labor strikes and destructive storms of previous months — may signal renewed vigor after months of reserve among both workers and businesses. Average hourly earnings rose 0.3 percent from November, or 3.9 percent over the previous year, running well above inflation.“This employment report really crushes all expectations,” said Scott Anderson, chief U.S. economist at BMO Capital Markets. “It kind of wipes out the summer slump in payrolls we saw from June to August before the big Fed rate cut in September.”The apparent turnaround in employment growth, however, dampens chances of further interest rate cuts in the coming months. Investors already expect Federal Reserve officials to hold steady at their meeting in late January. For monetary policymakers, the robust growth means that additional easing could reignite prices and stymie progress on inflation.“The Fed is like, ‘We think this is a good labor market, we want to keep it that way, we don’t want it cooling further,’” said Guy Berger, director of economic research at the Burning Glass Institute. “What they haven’t said is, ‘We want to heat the labor market back up.’”Unemployment rate More

  • 138 Shares199 Views

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    Retailers may be taking a more staggered approach to holiday hiring.

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    Every year, retailers race to hire workers to staff their stores and distribution centers to meet the demand that comes with millions of Americans shopping for Christmas and other winter holidays.This seasonal hiring is often seen as a measure of the health of the retail industry and the U.S. economy more broadly.On Wednesday, November data released by the Labor Department showed that seasonal hiring in 2024 in the retail trade sector was lower than a year earlier. But that may also reflect changes in how companies go about it.The struggle to hire workers as the economy reopened in late 2020 and early 2021 led several retailers to start spreading out their hiring throughout the year, relying less on bringing on help rapidly in the weeks immediately before the holiday shopping season. Other retailers have said that they focus on offering their current workers more shifts before hiring seasonal workers.Ahead of the 2024 holiday shopping season, major retailers like Target and Bath & Body Works said they expected their hiring of seasonal workers to be on a par with the year before. Macy’s said it aimed to hire 31,500 workers, slightly down from its target in 2023. Amazon said in October that it would hire 250,000 people to support its fulfillment and transportation operations, in line with its goal from the previous year. At Amazon, the jobs included full-time, part-time and seasonal positions.For retailers, seasonal hiring does not take place just within stores. During the Covid pandemic, as a response to the boom in e-commerce shopping, retailers increasingly focused on hiring people to work within distribution centers that handled online orders.Seasonal hiring has implications beyond December, as many retailers convert a certain percentage of temporary workers to permanent positions. Gap Inc., which also owns Banana Republic and Athleta, said one in 10 of its seasonal workers in 2024 was hired into a full-time position. More than half of Target’s seasonal workers were hired for full-time positions after the 2023 holiday shopping season. More

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    Can Low Unemployment Last Under Trump?

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    Hiring has slowed, but joblessness remains at levels defying economic norms. Big policy changes under a new administration could test that resilience.For a time, not too long ago, it was the central question animating economic forecasts and bets laid by investors in financial markets: Will the U.S. economy avoid a recession?Now, for many in the business world, that question feels almost passé, part of an earlier, more fretful era of narratives.After a superlative run of hovering below 4 percent for more than two years, the unemployment rate — at 4.2 percent — has ticked up since last spring. But only by a bit so far; the December reading will come on Friday. While hiring has slowed, layoffs remain low by long-term standards.Inflation, having calmed substantially, is still being eyed warily by the Federal Reserve, which began steeply raising interest rates in 2022 to combat price increases. But at three consecutive meetings in the final months of 2024, the Fed slightly lowered the key interest rate it controls — an attempt to surgically take some pressure off commercial activity and support employment.Predictions of a downturn, once omnipresent, were mostly absent from the year-ahead forecasts that major financial firms typically send around to clients over the holidays.Near the start of 2024, Jeremy Barnum, the chief financial officer at JPMorgan Chase, told listeners asking about U.S. economic vitality during a conference call, “Everyone wants to see a problem — but the reality is we aren’t seeing any yet.”

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    Unemployment rate
    Note: Data is seasonally adjustedSource: Bureau of Labor StatisticsKarl RussellWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 125 Shares149 Views

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    SEIU Joins Forces With AFL-CIO Ahead of New Trump Era

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    A marriage between the service employees union and the A.F.L.-C.I.O. could better equip organized labor to deal with a less-friendly administration.Two prominent labor groups are joining forces in an attempt to expand union membership and protect members’ interests as they face the likelihood of a less union-friendly federal government under Donald J. Trump.The Service Employees International Union, which represents nearly two million workers in industries like home health care and janitorial services, said on Wednesday that it would become part of the A.F.L.-C.I.O., an umbrella group of more than 50 unions that represent more than 12.5 million workers.The boards of the two groups formally approved the affiliation arrangement earlier in the day.April Verrett, the service employees’ president, said in an interview that the union had begun discussing the possibility of joining the A.F.L.-C.I.O. almost two years ago, and that discussions with the federation and its president, Liz Shuler, accelerated early last year.In a statement, the two groups said the partnership would help them push for changes to local, state and federal rules that made it easier for workers to join unions, and help them support “multiunion, multisector” campaigns to organize workers.The move suggests how forces largely aligned with the Democratic Party might try to reposition themselves to deal with the coming administration and a Republican-controlled Congress.Ms. Verrett and Ms. Shuler said the alliance was unrelated to the result of November’s presidential election, but they acknowledged that it would help organized labor fend off potential threats from the Trump administration.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 150 Shares119 Views

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    Port Workers Could Strike Again if No Deal Is Reached on Automation

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    Cargo could stop flowing at East and Gulf Coast ports, which handle most imports, if a union and an employers’ group can’t agree on the use of machines that can operate without humans.Ports on the East and Gulf Coasts could close next week if dockworkers and employers cannot overcome their big differences over the use of automated machines to move cargo.The International Longshoremen’s Association, the union that represents dockworkers, and the United States Maritime Alliance, the employers’ negotiating group, on Tuesday resumed in-person talks aimed at forging a new labor contract.After a short strike in October, the union and the alliance agreed on a 62 percent raise over six years for the longshoremen — and said they would try to work out other parts of the contract, including provisions governing automated technology, before Jan. 15.If they don’t have a deal by that date, ports that account for three-fifths of U.S. container shipments could shut, harming businesses that rely on imports and exports and providing an early test for the new Trump administration.“If there’s a strike, it will have a significant impact on the U.S. economy and the supply chain,” said Dennis Monts, chief commercial officer of PayCargo, a logistics payments platform.The union is resisting automation because it fears the loss of jobs at the ports. President-elect Donald J. Trump lent his support to the union’s position last month. “I’ve studied automation, and know just about everything there is to know about it,” he said on his website Truth Social. “The amount of money saved is nowhere near the distress, hurt, and harm it causes for American Workers, in this case, our Longshoremen.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 188 Shares159 Views

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    Trump Backers, Including Elon Musk, Clash With Far Right Over Immigrant Workers and H-1B Visas

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    A fierce dispute erupted in the president-elect’s camp between immigration hard-liners and tech industry leaders including Elon Musk.Weeks before President-elect Donald J. Trump is to take office, a major rift has emerged among his supporters over immigration and the place of foreign workers in the U.S. labor market.The debate hinges on how much tolerance, if any, the incoming administration should have for skilled immigrants brought into the country on work visas.The schism pits immigration hard-liners against many of the president-elect’s most prominent backers from the technology industry — among them Elon Musk, the world’s richest man, who helped back Mr. Trump’s election efforts with more than a quarter of a billion dollars, and David Sacks, a venture capitalist picked to be czar for artificial intelligence and cryptocurrency policy.The tech industry has long relied on foreign skilled workers to help run its companies, a labor supply that critics say undercuts wages for American citizens.The dispute, which late Thursday exploded online into acrimony, finger-pointing and accusations of censorship, frames a policy quandary for Mr. Trump. The president-elect has in the past expressed a willingness to provide more work visas to skilled workers, but has also promised to close the border, deploy tariffs to create more jobs for American citizens and severely restrict immigration.Laura Loomer, a far-right activist and fervent Trump loyalist, helped set off the altercation earlier this week by criticizing Mr. Trump’s selection of Sriram Krishnan, an Indian American venture capitalist, to be an adviser on artificial intelligence policy. In a post, she said she was concerned that Mr. Krishnan, a naturalized U.S. citizen who was born in India, would have influence on the Trump administration’s immigration policies, and mentioned “third-world invaders.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 113 Shares189 Views

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    California Economy Feels the Pain of Hollywood Studio Troubles

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    The struggles have become a painful, recurring story line in Hollywood.A script supervisor visiting a food bank every other week. The cinematographer who moved to Georgia for better filming opportunities. An art department coordinator applying for administrative jobs to cover rent.The economic outlook of the Los Angeles area, with a population larger than most states, has been clouded in recent years by events that have upended the entertainment industry. Market saturation led to a shakeout among direct-to-streaming providers. Then the Covid-19 pandemic shut down production. And strikes by writers and actors last year went on for months, giving studios time to explore filming elsewhere, in regions that offer hefty tax incentives.When the strikes ended, workers in Hollywood hoped their schedules would finally fill up again. But for many people, things only got worse.In the third quarter of 2024, film production levels declined 5 percent from the same stretch in 2023, based on a report from FilmLA, the official film office of the City and County of Los Angeles.Warner Bros. Studios in Burbank, Calif. Strikes by writers and actors last year went on for months, giving studios time to explore filming elsewhere.Stella Kalinina for The New York TimesPaul Audley, the organization’s president, said in the report that even a few months ago many had thought they would see gains — hoping for a rebound from what he called “the strike effect.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More