Strong jobs report sends stocks higher…SC Boeing unit unionizes…DraftKings, Resorts Casino join on sports bets
NEW YORK (AP) – Stocks are solidly higher in early trading on Wall Street after the government reported another strong month of hiring. Banks and technology companies are leading the gains, while several retailers are falling after releasing disappointing results or forecasts. Bond prices fell. The yield on the 10-year Treasury rose to 2.91 percent.
WASHINGTON (AP) – U.S. employers extended a streak of solid hiring in May, adding 223,000 jobs and pushing the unemployment to an 18-year low of 3.8 percent. The Labor Department says average hourly pay rose 2.7 percent from a year earlier, a slightly faster annual rate than the previous month. But wage gains remain below the levels that are typical when the unemployment rate is this low.
NORTH CHARLESTON, S.C. (AP) – Flight-line employees at Boeing Co.’s South Carolina plant have voted to unionize in a rare victory for organized labor in the South. News outlets report 104 of the 169 workers who cast ballots yesterday voted to have the International Association of Machinists represent them in collective bargaining. The same union failed to attract enough support to represent all of the plant’s hourly workers last year. Boeing says it believes the “micro-unit” is illegal, and will appeal.
LAS VEGAS (AP) – There appears to be a tentative labor agreement that would cover about a quarter of the 50,000 hotel and casino workers that are threatening to strike in Las Vegas. The Culinary Workers Union Local 226 says in a tweet that the new five-year deal covers about 12,000 workers at nine casino resorts on the Las Vegas Strip. Tens of thousands of bartenders, housekeepers, bellmen and other unionized workers at 34 casino-hotels on the Strip and in downtown Las Vegas have sought a new, five-year contract since February. The current contracts expired at midnight.
ATLANTIC CITY, N.J. (AP) – One of the nation’s largest daily fantasy sports companies has teamed up with an Atlantic City casino in the latest deal seeking to capitalize on the emerging legal sports betting market. DraftKings and Resorts Casino signed a deal this morning to offer sports betting in New Jersey. The pairing highlights the scramble among gambling, bookmaking and technology companies to position themselves to gain a large share of the nascent sports betting market now that the U.S. Supreme Court has cleared the way for it.