Openings outpace jobless for 3rd month
WASHINGTON -- U.S. employers posted slightly more openings in June than the previous month, resulting in more available jobs than unemployed people for the third-straight month, signaling a solid economy.
The Labor Department said Tuesday that job openings barely increased, rising 3,000 to 6.66 million. That's more than the 6.56 million people who were searching for work in June. It's also close to April's figure of 6.8 million, a record high. Overall hiring slipped to 5.65 million from 5.75 million, and the number of people quitting their jobs declined slightly to 3.4 million from nearly 3.5 million in May.
The unemployed typically outnumber job openings, but that reversed this spring during strong demand from employers. Businesses are optimistic about the outlook and stepping up hiring in anticipation of solid growth. The economy expanded at a 4.1 percent annual rate in the April-June quarter, the fastest pace in four years.
Last week, the government said employers added 157,000 jobs in July and the unemployment rate fell to 3.9 percent, near an 18-year low. That figure represents a net gain, while Tuesday's report, known as the Job Openings and Labor Turnover survey, measures total hiring before resignations, layoffs and retirements.
The proportion of workers quitting their jobs is at the highest level in nearly 13 years. That's a sign of confidence in the economy, because workers typically quit when they are sure they can find new ones, or when they already have them, usually at higher pay.
-- The Associated Press
Rate of consumer borrowing lags in June
WASHINGTON -- Americans increased their borrowing in June at the slowest annual pace in three months as the level of credit-card debt fell slightly.
The Federal Reserve said Tuesday that consumer debt rose a seasonally adjusted $10.2 billion in June from the previous month to a total of $3.91 trillion. Consumer borrowing increased at an annual rate of 3.1 percent in June, the slowest annual gain since March.
The category that includes credit cards slipped by $185 million in June after having surged by nearly $9.6 billion in May.
During the April-July quarter, U.S. economic growth accelerated to an annual pace of 4.1 percent. The gain nearly doubled the annual growth rate of 2.2 percent during the first three months of 2018.
The Fed's monthly borrowing report does not include mortgages or any other debt secured by real estate, such as home equity lines of credit.
-- The Associated Press
Lowe's CEO adds Walmart veteran to team
Lowe's Cos. Chief Executive Officer Marvin Ellison is continuing to reshape management at the home-improvement retailer, with the hiring of a former Walmart Inc. executive to oversee a critical area of his plans to bolster the company.
Don Frieson has been named executive vice president of supply chain, effective today, Lowe's said Tuesday. In this role, he'll be responsible for distribution centers, sourcing and delivery services. He's filling a similar position to Brent Kirby, who left the company as its chief supply-chain officer earlier this year.
Ellison, who was named CEO in May and joined July 2, places a lot of value on supply chain as a way for Lowe's to improve how its online and physical stores work together. So does activist investor D.E. Shaw & Co., which began agitating for changes that led to Ellison's hiring and cited shortfalls in that area as one reason its results have trailed Home Depot. Frieson will report directly to the CEO.
Frieson is the latest retail industry veteran to join Ellison in his bid to challenge Home Depot. He most recently served as chief operating officer of Sam's Club, a division of Walmart, part of a career that spanned almost two decades at the world's largest retailer.
-- Bloomberg News
Revenue up but SeaWorld to cut 125 jobs
ORLANDO, Fla. -- SeaWorld Entertainment is eliminating 125 positions, despite recent increases in attendance and revenue.
The theme park company announced the cuts Tuesday.
Interim Chief Executive Officer John Reilly noted in the company's earnings report Monday that the company had identified $50 million of "additional cost reductions."
SeaWorld spokesman Travis Claytor said the restructuring affects all of the company's theme parks as well as corporate offices in Orlando.
Besides SeaWorld parks, the company has Sesame Place and Busch Gardens parks.
SeaWorld said affected workers would get severance benefits.
The company cut 350 positions last fall.
SeaWorld attendance fell for years after the 2013 documentary Blackfish argued against keeping orcas in captivity. The company later announced that it would no longer breed killer whales and would stop using them in shows.
Attendance and revenue are up by 8 percent this year.
-- The Associated Press
Brewing of Dixie Beer returns to Big Easy
NEW ORLEANS -- Nearly 13 years after Hurricane Katrina laid waste to a landmark brewery, plans have been announced for Dixie Beer to be brewed in New Orleans again.
The brand, established in 1907, never left. And it has enjoyed a resurgence in the city since Saints owner Tom Benson purchased the Dixie Brewing Co. last year.
But it has been brewed out of state since the 2005 storm.
Benson's widow, Gayle Benson, attended a news conference Tuesday where it was announced that the new brewery will be in eastern New Orleans. She said her husband had intended to return production to New Orleans after purchasing the brand.
Dixie's old brewery on Tulane Avenue is gone. Part of it, including its distinctive metal dome, was incorporated into a new medical complex.
-- The Associated Press
Mississippi Power rates set to go up 9%
JACKSON, Miss. -- Mississippi Power Co. customers will see electricity rates go up about 9 percent starting in September.
The state Public Service Commission on Tuesday approved general rate increases as well as specific increases tied to environmental compliance costs. The unit of Atlanta-based Southern Co. will collect about $77 million more through the end of 2019, in a settlement meant to cover 2018 and 2019.
A residential customer who uses 1,000 kilowatt hours of electricity per month would see bills rise from $128 monthly to more than $139.
The increase is lower than the company originally sought, in part because of federal corporate tax cuts approved last year.
-- The Associated Press
Business on 08/08/2018