The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year.Economyread more
Stocks fell for a third straight day on Thursday as Wall Street digested a mixed batch of corporate earnings results.US Marketsread more
It's tempting to view Netflix as a possible replacement for the entire media ecosystem. But execs on its Q2 earnings call showed lower ambitions: It just wants to create the...Technologyread more
Hacker Square at Facebook's headquarters pays homage to the company's early motto of moving fast and breaking things.Technologyread more
Video of the event does not show the president disagreeing with his supporters. Instead, it shows that Trump paused as the chant began, allowing his supporters to continue...Politicsread more
These are the stocks posting the largest moves midday.Market Insiderread more
Jeffrey Epstein, a former friend of Presidents Donald Trump and Bill Clinton, had asked a judge to release him on a bond of as high as $100 million or more.Politicsread more
Netflix blames its content slate, regional price increases and a "pull-forward effect" of its strong Q1 growth for the miss.Technologyread more
Jim Bridenstine, the leader of NASA, told CNBC his predictions for the future of the space industry.Investing in Spaceread more
Nancy Pelosi and House Democrats contend the $15 per hour minimum wage bill will lift workers who have not seen the benefits of a strong economy.Politicsread more
The strengthening of the president's formidable campaign war chest has led his organization, along with the Republican National Committee, to raise over $100 million in the...2020 Electionsread more
Jeff Bezos recently made headlines for becoming the world's richest man. And after the launch of Amazon Go this week, Bezos tacked on another $2.8 billion to his net worth. But there's another story that's not getting as much attention.
Ten percent of Amazon's Ohio workforce is on food stamps, according to a snapshot study done by a nonprofit liberal-leaning policy research group called Policy Matters Ohio. And it was released just days before Bezos' net worth broke the world record at $105 billion.
The report looked at data from the Ohio Department of Job and Family Services. It found that roughly 700 employees, more than 1 in 10, at Amazon's Ohio warehouses received SNAP benefits in August.
SNAP, or the Supplemental Nutrition Assistance Program, helps qualifying families purchase groceries through what's commonly known as "food stamps."
And it turns out, these Amazon employees relying on food assistance cannot use food stamps at the company's new cashier-free store, Amazon Go, the company has confirmed to CNBC.
That's raised further questions about Amazon's demographic priorities. Back in December, Piper Jaffray found that more than 80 percent of the richest U.S. households use Prime, Amazon's paid membership program. Though the company did seem to be making an effort to court a lower-income customer base. It recently launched a monthly payment plan feature, and discounts for people on government assistance.
Here's what Amazon told CNBC in a statement:
"Amazon full-time hourly employees in Ohio earn between $14.50 and $15 an hour as a starting wage with regular pay increases, plus Amazon stock and performance based bonuses. We also provide comprehensive benefits which include health, vision, and dental insurance coverage starting on day one, generous maternity and family leave, tuition for career education, and a network of support to succeed."
In Ohio, Amazon ranked 19th among all the state's employers with workers needing food assistance. And according to Policy Matters Ohio, the company wasn't even in the top 50 just months before.
"Why is it that we have a significant number of employees and family members of a company that is so wealthy, that have to avail themselves of using food benefits?" said Zach Schiller, research director at Policy Matters Ohio.
Many of those employees, both full time and part time, are likely from Amazon's warehouses near Columbus. Though the company also operates data centers, wind farms and Whole Foods stores in the state.
The e-commerce giant wasn't the only big name to make the list. The nonprofit said both Walmart and Target had large numbers of workers relying on food assistance as well.
Walmart and Target did not immediately respond to requests for comment.