Americans are increasingly taking advantage of a tight labor market to find new, often higher-paying jobs. That could help push wages up broadly across the economy.
The Labor Department said Tuesday that the number of job openings rose 1.7 percent to 6.9 million, the most on record dating back to late 2000. The number of people leaving their jobs jumped 3 percent to 3.58 million, also a record. Workers’ leaving jobs is typically a reliable sign that jobs are plentiful, because people usually quit when they have other jobs or are confident they can find others.
With the unemployment rate at 3.9 percent, near an 18-year low, businesses are increasingly desperate to find workers. Even as the number of available jobs rose, overall hiring in July was essentially flat, with about 5.7 million people finding jobs, the report showed.
The data is from the government’s Job Openings and Labor Turnover survey.
— Associated Press
China seeks billions in sanctions against U.S.
China told the World Trade Organization (WTO) on Tuesday it wants to impose $7 billion a year in sanctions on the United States in retaliation for Washington’s noncompliance with a ruling in a dispute over U.S. dumping duties.
The request for authorization from the WTO to introduce the sanctions is likely to lead to years of legal wrangling over the case for the penalty and the amount.
China initiated the dispute in 2013, complaining about U.S. dumping duties on several industries including machinery and electronics, light industry, metals and minerals, with an annual export value of up to $8.4 billion at the time.
China’s request for authorization, published by the WTO, said the latest available data showed it had suffered $7.043 billion in damages annually and therefore requested permission to raise trade barriers on U.S. goods to the same amount, as allowed under WTO rules.
China won a WTO ruling in the dispute in 2016, and that judgment was confirmed by an appeal last year.
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Tesla will eliminate some color options for its electric cars to streamline production, CEO Elon Musk tweeted Tuesday, as the company intensifies its efforts to increase production. Tesla currently offers seven colors for its vehicles that include top variant Model S, the mid-level Model X and its most affordable vehicle, Model 3 sedan.
A federal safety agency is recommending that all new motorcycles built for road use in the United States have anti-lock brakes and electronic stability control as standard equipment. The National Transportation Safety Board says that while the technology is required on passenger cars, it has lagged for motorcycles. The recommendations go to the National Highway Traffic Safety Administration.
Nearly 20 percent of marijuana products in California have failed tests for potency and purity since the state started requiring the checks July 1, a failure rate some in the industry say has more to do with unrealistic standards and technical glitches than protecting consumer safety.
Striking Chicago hotel workers spent a fifth day on picket lines as the walkout grew to 26 downtown hotels. Some visitors say hotels have scrambled to clean rooms and check in guests. The strike has targeted large chains including Hyatt, Hilton and Marriott. A main demand of the hotel workers' union, Unite Here Local 1, is for year-round health insurance.
Ryanair Holdings pilots and flight attendants in Germany will walk out Wednesday, meaning many of the carrier's services in and out of the country may not operate. The latest strike will follow the scrapping by Europe's biggest discount carrier of more than 400 flights on Aug. 10 amid walkouts in five countries.
8:30 a.m.: Labor Department releases the Producer Price Index for August.
2 p.m.: Federal Reserve releases beige book, an analysis of economic activity.
— From news services