The bottom line
▪ Employers who refuse to pay overtime or misclassify workers as exempt from minimum wage rules underpay workers by an estimated $15_billion a year, according to the left-leaning Economic Policy Institute. That’s more than the value of all the property stolen in the U.S. during robberies, burglaries, and auto thefts in a typical year.
▪ Only 20_per cent of U.S. companies allow staff to clock out early for “Summer Fridays,” down from 63_percent in 2012, according to a survey of hundreds of firms. Sixty-two percent offer more flexible schedules in the summertime, down from 75_percent five years ago.
▪ Summer employment for teenagers has been declining steadily for 40 years. In 1978, nearly 3 in 4 teenagers (71.8_percent) held a summer job. Last year, it was 43.2_percent. But fewer than 9_percent of teens without jobs last year said they wanted one.
The Wall Street Journal
▪ Americans’ household debt reached $12.73_tril lion during the first three months of 2017, according to the Federal Reserve Bank of New York, topping a peak of $12.68_trillion in 2008. However, the Fed says that more of today’s debt is held by older, more creditworthy borrowers than during the recession.
▪ Apple’s new campus in Cupertino, Calif., estimated to have cost $5 billion and taken eight years to construct, includes a 100,000-squarefoot fitness center with a two-story yoga room, a 1,000-seat theater, customdesigned door handles, and nearly 9,000 trees planted on 175 acres. It does not have a child-care center.