Business
Here we bring you business news affecting both our economy and our daily lives. ___________________________________________________________________________________________
Private sector adds 122,000 jobs in May, above expectations, ADP says
Companies in the private sector added 122,000 jobs in May, payroll processing firm ADP said in its latest report on Wednesday.
The figure is above economists’ estimates of a gain of 117,000 jobs. The prior month’s payrolls number was revised lower to a gain of 105,000 from an initially reported gain of 109,000.
Education and health services added 57,000 positions, leading job creation in May. Trade, transportation and utilities added 36,000 and professional and business services added 11,000. Leisure and hospitality and construction each added 8,000 positions in the month.
Financial activities added 7,000, other services added 4,000 and manufacturing added 3,000.
On the negative side, information lost 9,000 jobs while natural resources and mining lost 3,000.
Large businesses – those with 500 or more employees – gained 40,000 jobs in May. Read more here.
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McDonald’s unveils new growth strategy to win back customers
Eric Revell / FOXBusiness
McDonald’s announced on Monday that it’s rolling out a new corporate strategy that aims to make its stores easier to run for franchisees.
The announcement, called “McDonald’s > NEXT,” focuses on increasing automation, raising standards for hospitality, leaning on social media for marketing and making its food items taste better.
It comes as the fast food giant tries to hold on to lower-income consumers who’ve cut back on restaurant visits amid years of elevated prices.
McDonald’s CEO Chris Kempczinski outlined the new strategy in a message sent to the McDonald’s System and said that it aims to “unlock our next phase of growth and productivity, by bringing in more customers more often and improving unit economics.”
“NEXT is the what. Our shared destination. You’ll write the how, with your own path shaped by your market, your customers, and your crew,” Kempczinski wrote. Read more here.
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Tax-weary Americans flee blue states for Republican-led southern havens
Americans are voting with their feet, leaving high-tax blue states for lower-cost, Republican-led states and reshaping the nation’s economic and political map, according to new Census Bureau data.
As states battle for residents and businesses, low-tax red states are attracting jobs, investment and population growth. Democratic-led states continue relying on higher taxes to fund public services and social programs, even as companies and wealthy residents move elsewhere.
With affordability set to dominate the 2026 midterms, the migration trend points to continued appeal for Republican-backed economic policies, despite Democrats’ attempts to pin economic frustrations on President Donald Trump.
If the trend persists, it could also reshape the political landscape, increasing the influence of faster-growing states in both state capitals and Washington. Read more here.
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Americans split on how to save Social Security from insolvency as 2032 deadline looms, poll finds
Eric Revell / FOXBusiness
Social Security is projected to become insolvent in 2032 and trigger automatic benefit cuts according to the most recent estimates, and Americans are split on the best way to reform the entitlement program to secure its future, a new nonprobability-based poll finds.
The Ronald Reagan Institute’s Reagan National Economic Survey, reviewed exclusively by FOX Business, asked voters how they think Social Security’s shortfall should be closed to prevent benefits from being cut when the program is no longer to pay out full benefits in 2032.
“Americans fall into two different camps: those who want to do something about it and those who want to push this off to the next generation,” Dan Rothschild, director of the Center for Civics, Education, and Opportunity at the Reagan Institute, told FOX Business in an interview.
The survey asked registered voters about three specific policy options that could improve Social Security’s fiscal outlook – raising taxes on workers, reducing…Read more, and see video here.
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