Must Read Money Stories for Thursday, June 16

by June 16, 2016

Must Read Money Stories
Hold Steady.

The Federal Reserve decided not to raise interest rates at its meeting yesterday. Reuters reports Fed Chair Janet Yellen said they hoped to still raise interest rates twice more this year, but they’re not sure beyond that. Economic growth has slowed, and uncertainty about the economy has Fed board members worried about raising rates too quickly or too high. FiveThirtyEight digs into one of the economic indicators that has Fed officials worried: worker productivity in the U.S. is trending downward.

Dream job gone bad.

Apparently it’s a job to watch movies for Netflix and help choose the best still images and tags to help Netflix users choose what they want to watch. And, apparently, it’s not as awesome as it sounds. The Hollywood Reporter says Netflix is currently being sued by two workers in the program – named “Project Beetlejuice” – who allege they’ve been wrongly classified as contractors rather than employees. The employees are suing for overtime, health care and holidays, among other things. Netflix argues the employees signed agreements to not sue the company. It says the issue should be handled in private arbitration.

State of the news biz.

The Atlantic writes up a new report on the State of the Media from Pew Research. And, hoo boy, it is not looking good. Just 6 percent of people in the U.S. say they have a lot of confidence in the media, and Facebook increasingly stands at the gate between news organizations and the people they hope to reach. Ad revenue for companies like Facebook and Google are soaring, but that’s not translating into more revenue for news orgs. So what happens if Facebook ever decides it doesn’t need the news sites anymore?

Trouble for Whole Foods.

Whole Foods got a stern letter from the Food and Drug Administration after the agency found multiple food safety issues at one of the company’s facilities in Massachusetts. The New York Times says the F.D.A. notified the grocer of the problems immediately after its inspection of the facility. But, the F.D.A. claims, the company did not fix the problems. The company told the New York Times it’s now working to resolve the issues.

United States Federal Reserve System” by flickr user “kjgarbutt” CC license CC by 2.0.