Employers across the nation planned fewer job cuts in May than in April as energy sector layoffs eased. Outplacement firm Challenger, Gray & Christmas reported that companies across the nation laid off 33% fewer workers in May than in April. Since the year began, there have been 242,830 pink slip handed out. Just recently, JPMorgan Chase said it will be laying off 5,000 workers.
The International Monetary Fund (IMF) chief, Christine Lagarde, said on Thursday that due to low inflation and wage growth, the U.S. Federal Reserve should delay any rate hikes until the first half of 2016. The IMF went on to say that "long term unemployment, subdued participation, and high levels of part-time work point to remaining employment slack." As far as economic growth, the IMF said that the weaker growth in the first few months of 2015 will unavoidably pull down 2015 growth.
Gas prices at the pumps continue to rise as oil prices have jumped from the early 2015 lows. The average price for a regular gallon of gasoline is at $2.79, up from $2.62 a month ago. Since late January, prices at the pump is 71 cents higher and increase 26 out of 31 days in May. In addition, refineries conduct maintenance in the spring to prepare for the busy production of gasoline during the busy summer driving season. With June now on the calendar, prices could begin to decline as refineries complete maintenance.
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