UPDATE: Minimum Wage, Jobs Report and AT&T & Verizon Communications, Inc.


By Staff Reporters



  • The $7.25 federal minimum wage is now 13 years old after last being raised in July 2009. The value of the minimum wage has fallen by 40% since the 1960s. And, $7.25 in July 2009 would be worth around $10 now after adjusting for inflation.

In the next jobs report, Turn predicted that the unemployment rate will fall to a seasonal low of 3.5% due to a 64.7% increase in hiring in June, a trend that could continue through July. Turn predicted a significant shift away from filling hourly, pandemic-related jobs, such as warehouse positions, after hiring for traditional economic roles likes retail workers and janitorial services surged 210% in June. Turn also predicted a rise in hiring for semi-skilled hourly and salaried jobs in July such as mechanics and nurses. While hiring for these positions accounted for just 11.5% of monthly jobs over the past 12 months, Turn predicted that these jobs will make up 22% of all new hires in July.

AT&T Inc. and Verizon Communications Inc. shocked investors with their second-quarter results last week — the former warning about the high cost of phone giveaways and the latter failing to meet growth targets. The news sparked a sell-off that erased some $40 billion in market value from the three industry leaders. Now T-Mobile US Inc. is cast as the potential Goldilocks in this drama — if its second-quarter results are just right. T-Mobile reports financial results tomorrow before markets open. Investors will be eager to see if the wireless industry is starting to see a slowdown in consumer spending due to decade-high inflation, or if some of the troubles might be more self inflicted.

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