Morning Business Report: Blue-Collar wages climb as economy faces mixed signals
(LILAMAX)- The Trump administration is highlighting recent economic gains for blue-collar workers, pointing to a significant rise in wages over the past few months. According to administration officials, wages for nonsupervisory and production workers — commonly referred to as blue-collar employees — have increased at an annual rate of 1.7% over the last five months. That marks the largest wage gain for blue-collar workers under any administration since 1968. Officials credit the boost to falling inflation, which they say has improved take-home pay and overall living standards.
Despite that positive note, the broader economy is showing signs of strain. Retail sales dropped in May, especially at auto dealerships, gas stations, and among homebuilders. In fact, homebuilder sentiment is nearing pandemic-era lows as consumers grow more cautious amid economic uncertainty.
Meanwhile, JetBlue announced more flight cuts, citing shaky demand and concerns about profitability for the remainder of the year. The airline did not specify which routes will be affected but said Tuesday and Wednesday flights are most likely to be reduced.
Streaming has officially surpassed the combined viewership of broadcast and cable TV for the first time ever, according to a new report from Nielsen. The surge in streaming is being fueled by free ad-supported platforms, the continued rise of YouTube, and efforts by traditional media companies to shift toward digital platforms.
On Wall Street, stocks slid Tuesday amid growing concerns that the conflict between Iran and Israel could intensify. President Donald Trump has renewed his demand for Iran’s unconditional surrender, dampening investor hopes for a quick diplomatic resolution.
U.S. markets will be closed Thursday in observance of Juneteenth.
