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Youth Unemployment Hits 52-Year Low

Data suggest more opportunities are available to some groups that historically struggled to find jobs.

>Andrew Duehren reports: The unemployment rate among young Americans fell to its lowest level in more than 50 years this summer, though the share of young people looking for work remained well below its peak in 1989.

Of Americans between 16 and 24 years old actively looking for work this summer, 9.2% were unemployed in July, the Labor Department said Thursday, a drop from the 9.6% youth unemployment rate in July 2017. It was the lowest midsummer joblessness rate for youth since July 1966.

One of those finding work was Teandre Blincoe, 17, who placed in a job this summer in an information technology division at Humana, a health insurance company based in Louisville, Ky., by KentuckianaWorks, which has partnered with JPMorgan Chase & Co. to place low-income youth in summer jobs.

With his first job under his belt, Mr. Blincoe said he would feel more confident looking for employment in the future. “I have a really solid idea of how I can present myself and actually get a job.”

Low unemployment among young people shows that in a tight labor market more opportunities are opening to groups that historically have struggled to find jobs. Read the rest of this entry »

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Elon Musk’s SpaceX Will Be the Third Most Valuable Private Company in the Country After a $500 Million Fundraising Round

Turns out this space stuff is pretty lucrative. (AP Photo/Jae C. Hong)

Turns out this space stuff is pretty lucrative. (AP Photo/Jae C. Hong)

Elon told you so.

Tim Fernholz writes: Elon Musk’s bet on the future of space transportation is set to be the third-biggest private tech company in the US, behind only Uber and Airbnb, and worth more than $27 billion.

SpaceX filed paperwork in Delaware to raise an additional $500 million in capital, according to Equidate, a stock market for private technology companies that tracks such filings. Once the fundraising round is completed, the company’s value will have increased by approximately 25% in the last nine months, according to Equidate COO Hari Raghavan. It has more than doubled since 2015.

It’s not clear yet which investors will provide the cash, but the company has preferred to retain old investors than add new ones. Fidelity is rumored to be leading the round, and Musk is supposedly set to put up more equity in the company he founded out of his own pocket in 2002.

SpaceX confirmed the fundraising round, but did not share any details about how the capital will be used. Read the rest of this entry »


‘WE OWN YOU: Pay Us For Your Privacy’: New York Post Cover for April 7, 2018

Source: New York Post


The Dirty War Over Diversity Inside Google 

Advocates of greater diversity at Google say they are being harassed and targeted on right-wing websites.

Nitasha Tiku reports: Fired Google engineer James Damore says he was vilified and harassed for questioning what he calls the company’s liberal political orthodoxy, particularly around the merits of diversity.

Now outspoken diversity advocates at Google say that they are being targeted by a small group of their coworkers in an effort to silence discussions about racial and gender diversity.

In interviews with WIRED, 15 current Google employees accuse coworkers of inciting outsiders to harass rank-and-file employees who are minority advocates, including queer and transgender employees. Since August, screenshots from Google’s internal discussion forums, including personal information, have been displayed on sites including Breitbart and Vox Popoli, a blog run by alt-right author Theodore Beale, who goes by the name Vox Day. Other screenshots were included in a 161-page lawsuit that Damore filed in January, alleging that Google discriminates against whites, males, and conservatives.

What followed, the employees say, was a wave of harassment. On forums like 4chan, members linked advocates’ names with their social-media accounts. At least three employees had their phone numbers, addresses, and deadnames (a transgender person’s name prior to transitioning) exposed. Google site reliability engineer Liz Fong-Jones, a trans woman, says she was the target of harassment, including violent threats and degrading slurs based on gender identity, race, and sexual orientation. More than a dozen pages of personal information about another employee were posted to Kiwi Farms, which New York has called “the web’s biggest community of stalkers.”

Meanwhile, inside Google, the diversity advocates say some employees have “weaponized human resources” by goading them into inflammatory statements, which are then captured and reported to HR for violating Google’s mores around civility or for offending white men.

Engineer Colin McMillen says the tactics have unnerved diversity advocates and chilled internal discussion. “Now it’s like basically anything you say about yourself may end up getting leaked to score political points in a lawsuit,” he says. “I have to be very careful about choosing my words because of the low-grade threat of doxing. But let’s face it, I’m not visibly queer or trans or non-white and a lot of these people are keying off their own white supremacy.”

Targeted employees say they have complained to Google executives about the harassment. They say Google’s security team is vigilant about physical threats and that Danielle Brown, Google’s chief diversity and inclusion officer, who has also been targeted by harassers, has been supportive and reassuring. But, they say they have not been told the outcome of complaints they filed against coworkers they believe are harassing them, and that top executives have not responded assertively to concerns about harassment and doxing. As a result, some employees now check hate sites for attempts at doxing Google employees, which they then report to Google security.

Google declined to respond to questions due to ongoing litigation, but a Google spokesperson said the company has met with every employee who expressed concern.

The complaints underscore how Google’s freewheeling workplace culture, where employees are encouraged to “bring your whole self to work” and exchange views on internal discussion boards, has turned as polarized and toxic as the national political debate. Read the rest of this entry »


[VIDEO] Do Sexual Harassment Training Videos Work? 

 


‘Woke Barbie’ Torches Mattel Profits, Company Anticipates ‘Margin Deterioration’ During Disappointing Christmas Holiday 

Chloe Aiello reports: Mattel anticipates “gross margin deterioration,” during what is typically the biggest shopping season of the year.

Struggling to stay afloat, Mattel released updated full year and fourth quarter guidance, anticipating a disappointing holiday season. The toy maker predicts “gross margin deterioration,” during what is typically the biggest shopping season of the year.

“The unfavorable year-over-year gross margin experienced during the first nine months of 2017 is expected to continue throughout the fourth quarter of 2017, as a result of unfavorable product mix, higher freight and logistics expense, and lower fixed cost absorption,” the company said in a filing with the Securities and Exchange Commission. “In addition, continued negative trends in top line performance for the balance of the year could result in additional gross margin deterioration as a result of higher inventory write-downs and discounts offered to clear inventory.”

Mattel said it expects its fourth quarter operating income margin to be significantly lower year-over-year, and anticipates 2017 full-year gross sales will decline by the mid-to-high single digits compared to 2016.

The revised guidance hints at worsening conditions within Mattel, which has watched its margins suffer for years from cheaper imports, competition from big box retailers and the impact of technology on toys.

“Based on preliminary quarter-to-date data for the fourth quarter, Mattel currently anticipates its gross sales during the fourth quarter of 2017 will continue to be negatively impacted by key retail partners moving toward tighter inventory management and by challenges in the Toy Box and certain under performing brands,” Mattel said in the filing. Read the rest of this entry »