Let us start with a look at the dynamic status of Jobs in America.
It seems that we are doing a tango with losses and gains. The bounce back last month is being
met with another 1.5 million people filing in the first week of June. The largest increase in jobs
was the restaurant industry that accounted for almost 50% of the May increase.
Along those lines of the tango, BP the oil company said with the drastic decrease in oil
consumption it is going to let 15% of its 70,000 global work force. CEO Bernard Looney said he
will be trimming down the office staff and senior staff, and no is getting a raise in 2020.
Duncan donuts is offsetting that decrease with a declaration of hiring 25,000 additional
employees and offering all employees a college degree assistance program.
Sticking with the service industry, Starbucks flip flops its previous decision based on threats of
a boycott. The companies long standing policy of no political or religious clothing can we be
worn, which they reiterate earlier this week with regards to the Black Lives Matters
movement, was challenged by protesters who stated that Starbuck flies a rainbow flag and has
LGBTQ specific merchandise for sale throughout Pride Month can be classified as political
support. This resulted in Starbucks changing the policy and sending out hundreds of
thousands Black Lives Matter T-shirts to employees.
Amazon puts a moratorium on the police use of its facial recognition software. That leaves the
police agencies without the technology for 12 months. Amazon said hopefully this will give
congress time to implement appropriate rules for its usage. Amazon stated that it will allow
the continued usage for the assistance of rescuing human tracking victims and assisting in
reuniting lost or missing children with their loved ones.
IBM quickly followed suit by removing their company involvement with facial recognition
technology entirely.
The Dow Jones Industrial Average dropped to its lowest “post pandemic level” since March.
The drop was 1,800 points down at the closing bell. Analysts are attributing the drop to the
announcement of the increased Covid19 cases reported
I know you have a choice where to spend your attention, and I want to thank you for allowing
me to occupy a couple minutes of your week sharing the business news effecting Los Angeles
and the world.
Go leave your mark on the world!
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