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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Great PNW and Ranier hosting event Saturday

The Great PNW and Rainier are celebrating the launch of their annual clothing collaboration with an event on Saturday at Esmeralda Golf Course.

The celebration kicks off with the “6-Pack Classic” invitational golf tournament at 3933 E. Courtland Ave. Proceeds from the tournament will benefit local arts nonprofit Terrain.

The Great PNW and Rainier’s clothing launch party, held from 5-10 p.m., will feature live music, a beer garden, long drive contest, mini-putt and a driving range.

Chef Chad White is serving fare from TT’s Old Iron Brewery & BBQ and Uno Mas at the event.

Limited edition Rainier and The Great PNW gear will also be available on-site.

Jobless claims broadly rise during last week in May

Applications for U.S. state unemployment insurance rose by the most in nearly a year during the week that included the Memorial Day holiday.

Initial unemployment claims climbed broadly across states by 27,000 to 229,000 in the week ended June 4, Labor Department data showed Thursday.

The figure topped all estimates in a Bloomberg survey of economists. On an unadjusted basis, claims rose by about 1,000.

Continuing claims for state benefits held at 1.3 million in the week ended May 28.

The jobless claims data, which can be choppy from week to week, tend to be especially volatile around holidays.

The four-week moving average, which smooths out such swings, rose by 8,000 to 215,000. It’s been creeping higher.

“Claims data can be noisy around holidays,” said Nancy Vanden Houten, lead U.S. economist at Oxford Economics. “However, while we think labor markets are still currently quite tight, we can’t totally dismiss the notion that the rise in claims is a sign of a modest rise in layoffs.”

While initial claims continue to hold near pre-pandemic levels, the marked jump in applications, if sustained, could signal a softening in the job market in the coming months.

By increasing interest rates, the Federal Reserve is trying to cool demand broadly in the economy – including for labor – in an effort to curb decades-high inflation, which could increase unemployment.

The claims data follow last week’s jobs report, which showed US employers hired at a robust clip in May while wage gains held firm, suggesting the economy continues to power forward and that firms had success filling open positions.

Georgia, Florida and Pennsylvania posted the largest increases in unadjusted applications.

Disney CEO Chapek retains support of board

Walt Disney Co. Chairman Susan Arnold said Chief Executive Officer Bob Chapek retains the support of the board following the entertainment giant’s abrupt firing of Peter Rice from his job as head of the company’s TV division.

“The strength of the Walt Disney Company’s businesses coming out of the pandemic is a testament to Bob’s leadership and vision for the company’s future,” Arnold said Thursday in an emailed statement.

“In this important time of business growth and transformation, we are committed to keeping Disney on the successful path it is on today, and Bob and his leadership team have the support and confidence of the board.”

Chapek’s leadership has come under scrutiny over the past year as he wrestled with challenges that included a high-profile dust-up with Florida Gov. Ron DeSantis over a new law limiting discussion of sexual identity in classrooms.

Disney shares are down 32% this year, more than double the decline of the S&P 500, as Wall Street grows disillusioned with ongoing losses from streaming at Disney and the industry as a whole.

In Rice’s place, Disney elevated Dana Walden, a Fox alum.

“Dana is a dynamic, collaborative leader and cultural force who in just three years has transformed our television business into a content powerhouse that consistently delivers the entertainment audiences crave,” Chapek said.

Rice was fired from his role as head of TV content, one of the top positions at the entertainment giant.

The 55-year-old was chairman of general entertainment content and oversaw a vast swath of shows carried across Disney’s various networks, including ABC and the Disney Channel.

He came to Disney with the acquisition of 21st Century Fox entertainment assets in 2019, and was once considered a possible CEO for the company.

Chapek took over in February 2020 right before the pandemic began its march across the U.S.

He’s made some decisions that are unpopular internally, such as taking the authority for approving new TV shows and movies away from creative executives like Rice and putting them in the hands of new group of distribution-focused managers.

Shares of Disney fell 2% to $105.25 in New York

Rice was ousted by Chapek in a meeting Wednesday, the New York Times reported, citing people briefed on the matter who said he didn’t fit in with Disney’s culture.

From wire and staff reports