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The granddaddy of monthly economic reports is the federal reading on the employment situation. To call this a single report is deceptive. It actually has a bunch of moving parts that, on their own or as a group, can move stock and bond markets.
It's easy to think of the report in four parts. The first is non-farm payrolls, which tracks the month-over-month change in the number of jobs in the U.S. that don't involve milking cows or picking lettuce. Then comes the unemployment rate, which is the percentage of unemployed people as it relates to the total workforce.
The third component is the average hourly earnings change, which tracks how much more or less money U.S. workers are making. Finally, there's the average work week, which counts the number of hours non-farmers work.
Like most data reports, the unemployment one has its flaws. For one thing, it tracks non-farm payrolls, which means that a lot of folks who work off the land -- or, more to the point, are not currently working off the land -- are excluded. Also, if you¿re a consultant or small-business owner (a big part of the current economy), you¿re not counted. On the flip side, you can be double-counted if you hold down two jobs. That's one of the reasons why it's common to see non-farm payrolls drop (suggesting higher unemployment) but the unemployment rate shrinking (suggesting higher employment).
The impact of the Employment Situation report often depends on the mood of the markets. Take the wage component. If stock and bond traders are worried about inflation, an unexpected rise in hourly earnings suggests wage inflation and, ergo, can scare people. But, that same spike could be welcome if traders are more worried about a slowdown in consumer spending. Higher earnings mean more spending power.
Look for the employment report on the first Friday of every month at 8:30 a.m. EST.
Home / Markets / Industries / Telecom
Friday, May 02, 2008
Nichols Kaster & Anderson Seeks Certification of a Nationwide Class Action for Retail Employees Who Were Shorted Commissions
Comtex
MINNEAPOLIS, MN, May 02, 2008 (MARKET WIRE via COMTEX News Network) ----On May 2, 2008, Plaintiffs in the lawsuit Sibley et al v. Sprint Nextel Corp. and Sprint/United Management Co., Court File No. 2:08-cv-02063 (U.S. District of Kansas), filed a motion seeking to certify the case as a nationwide class action. The action was brought by several of Sprint Nextel's current and former retail employees who claim that the company did not pay them all their commissions due. They allege that the telecommunications company shorted them commissions they earned for the sale of products and services at its retail stores. They also assert that Sprint Nextel required them to go through a time-consuming internal company process to recover unpaid commissions where they experienced lengthy delays, multiple appeals of the same shortages and improper deductions, and at times a wholesale failure to respond to their appeals. They state that this burdensome and ineffective internal process appears to be intended to cause employees to abandon pursuing their commissions.
If the case is certified, Plaintiffs estimate that it will include thousands of Sprint Nextel retail employees across the country. They estimate these employees have been shorted anywhere from $100 to over $1,000 per month in commissions.
Plaintiffs' attorney Michele Fisher stated, "A few hundred dollars per month may not seem like a lot of money to a large corporation like Sprint Nextel, but these shortages are detrimental to the hard working retail employees who need that money to pay their rent and their bills. We will do everything we can to help these people recover the commissions they earned."
Plaintiffs are represented by Michele Fisher, Paul Lukas, Donald Nichols, and Charles Frohman from Nichols Kaster & Anderson, PLLP, which has offices in Minneapolis, Minnesota and San Francisco, California.
You may find additional information at www.nka.com or by calling Nichols Kaster & Anderson toll free at (877) 448-0492.
Contact: Michele Fisher Nichols Kaster & Anderson 612-256-3200
SOURCE: Nichols Kaster & Anderson, PLLP
Copyright 2008 Market Wire, All rights reserved.
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