Jobless claims decline; BofA bumps up wages
California unemployment claims dropped last week after three weeks of climbing applications.
Workers in California filed 68,200 initial claims for unemployment benefits during the week ending Oct. 2, down 10,500 from the 78,700 claims they filed in the week that ended Sept. 25, the U.S. Labor Department reported Thursday.
Nationwide, jobless claims totaled 326,000 last week, a decline of 38,000 from the prior week. These figures were adjusted for seasonal variations.
Using numbers that weren’t adjusted for seasonal volatility, unemployment claims nationwide totaled 258,900 last week, down 41,400 from the prior week.
California’s most recent unemployment claims represent a 26.3% share of all the claims filed nationwide, using comparable figures that weren’t adjusted for the seasonal variations. California accounts for just 11.7% of the nationwide labor pool.
“Employers throughout the state, especially in direct service, retail and hospitality jobs, report that they are not getting job applicants,” said Michael Bernick, an employment attorney and a former director of the state Employment Development Department. “Similarly, the state’s 45 local workforce boards report that they are not seeing an uptick in job seekers.”
Wages climbing again at BofA
Bank of America is bumping its minimum hourly wage to $21, taking another step toward a goal of paying $25 by 2025.
The move, announced Wednesday, nudges pay up from $20, a level the firm had enacted last year ahead of schedule. A $21 wage translates to a full-time annualized salary of $43,680. It extends a series of hikes lifting the firm’s base pay from $15 in 2017.
“Responsible growth requires that we provide a great place to work,” Sheri Bronstein, who oversees human resources at the Charlotte, North Carolinabased lender, said in a statement. “We make broad-ranging investments to attract and develop talented teammates who serve our clients and local communities every day, and who can build long, successful careers with our company.”
Retailers, restaurants and ride-hailing services are among businesses that have been raising pay, trying to lure or hold onto employees as the economy bounces back from a pandemic slump. Many employers are trying to staff up simultaneously, with customers returning to shop, bank and attend in-person events.
In May, Bank of America required its U.S. vendors to pay their workers dedicated to the bank at least $15 per hour.
If Bank of America hits its target for 2025, its minimum hourly wage will have climbed by almost $14, or more than 120%, since 2010, according to the firm.
More vegan fare for Nestle brands
Nestle is introducing plant-based alternatives for eggs and shrimp as the world’s largest food company attempts to beat rivals in expanding further in protein substitutes.
The vegan versions of egg and shrimp can be used in cooking and meals just like the original products, the Swiss food giant said Wednesday. They will be introduced in a limited number of stores in a few European markets under the Garden Gourmet brand.
The egg substitute, which is in liquid form, contains soy protein and omega-3 fatty acids, while the faux-shrimp is made of seaweed, peas and a plant called konjac found in Asia.
Nestle, the maker of Nespresso coffee and DiGiorno pizza, has been doubling down on its efforts to expand its plantbased offerings after initially lagging rivals in joining the vegan trend. While upstart companies like Beyond Meat Inc. made meat substitutes mainstream, Nestle is counting on its vast distribution network to bring its products to consumers via supermarkets around the world.
Chief Executive Officer Mark Schneider said Nestle’s ambition is to have a plantbased protein to “replace every animal protein out there.”