Outdoor equipment firm to hire 369 in Tennessee
Ariens Company announced Thursday it will invest $38 million in a new manufacturing and warehouse facility to be built in Tennessee.
The outdoor power equipment maker, which is headquartered in Brillion, Wisconsin, will create 369 new jobs in Fayetteville, Tennessee as the company establishes operations in the former Direct Coil Building.
"Ariens Co. isn't just a power equipment company, we're a fifth-generation family business of passionate people dedicated to astounding our customers," Ariens CEO Dan Ariens said in an announcement of the new plant. "This strategic location will bring more of our products to our dealer partners in the fast-growing southern U.S."
Founded in 1933, Ariens Company offers both lawn and garden and snow removal equipment. The company currently employs more than 2,250 people across its operations in Norway, the U.K., Germany and the U.S.
Walmart store managers paid average of $210,000
This may be a good year to get recruited and promoted at Walmart.
Walmart executives said at the company's annual meeting Thursday that it has launched a pilot program to give college graduates and those graduating within a year, including Walmart employees, a jump-start into management.
Through the College2Career program, they're offered a job as an "emerging coach" with a starting salary of at least $65,000 a year. These positions come with the potential to move into store management in as little as two years and into a six-figure salary.
Walmart store managers were paid an average salary of $210,000 last year, and the stores they lead are each like a big business under one roof with average annual sales of $100 million and 300 employees.
The retailer has more than 5,300 U.S. stores and said it has 1,200 new Walmart, Sam's Club and supply chain managers that it's putting through what it's calling an "immersive leadership experience."
Mortgage rates remain elevated
Average long-term U.S. mortgage rates edged down slightly this week, though interest rates on the key 30-year home loan remain elevated.
Mortgage buyer Freddie Mac reported Thursday that the 30-year rate ticked down to 5.09% from 5.1% last week. By contrast, the average rate stood at 2.99% a year ago. Until about six weeks ago, rates hadn't breached 5% in more than a decade.
The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, edged up to 4.32% from 4.31% last week.
Last month, the Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point and signaling more big rate hikes to come. The Fed's move, its most aggressive since 2000, means higher costs for mortgages as well as credit cards, auto loans and other borrowing for individuals and businesses.
Fewer Americans apply for jobless benefits
Fewer Americans applied for jobless aid last week and the number of Americans collecting unemployment remain at historically low levels.
Applications for unemployment benefits fell by 11,000 to 200,000 for the week ending May 28, the Labor Department reported Thursday. First-time applications generally track the number of layoffs.
The four-week average for claims, which evens out some of the weekly volatility, dipped by 500 from the previous week to 206,500. The total number of Americans collecting jobless benefits for the week ending May 21 fell from the previous week, to 1,309,000, the fewest since Dec. 27, 1969.
- Compiled by Dave Flessner