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About The Bulletin. (Bend, OR) 1963-current | View Entire Issue (June 5, 2021)
A5 B USINESS THE BULLETIN • SATURDAY, JUNE 5, 2021 p DOW 34,756.39 +179.35 BRIEFING Facebook: Trump suspended 2 years Facebook announced Friday that former Presi- dent Donald Trump’s ac- counts will be suspended for two years, freezing his presence on the so- cial network until early 2023, following a finding that Trump stoked vio- lence ahead of the deadly Jan. 6 insurrection at the Capitol. Facebook also an- nounced that it would end a policy that au- tomatically exempted politicians from rules banning hate speech and abuse, and that it would stiffen penalties for public figures during times of civil unrest and violence. The former president called Facebook’s deci- sion on the suspension “an insult.” “They shouldn’t be al- lowed to get away with this censoring and si- lencing, and ultimately, we will win. Our Country can’t take this abuse any- more!” Trump said in a news release. FDA approves obesity drug Regulators on Friday said a new version of a popular diabetes med- icine could be sold as a weight-loss drug in the U.S. The Food and Drug Administration approved Wegovy, a higher-dose version of Novo Nordisk’s diabetes drug semaglu- tide, for long-term weight management. In company-funded studies, participants tak- ing Wegovy had average weight loss of 15%, about 34 pounds. Participants lost weight steadily for 14 months before pla- teauing. In a comparison group getting dummy shots, the average weight loss was about 2.5%, or just under 6 pounds. — Bulletin wire reports PEOPLE ON THE MOVE • Cristina Lamoureux was hired by SELCO Com- munity Credit Union Lamou- as vice reux presi- dent, cash management of- ficer for its Commercial & Business Banking di- vision. Lamoureux will oversee and help ex- pand the credit union’s cash management pro- gram, from sales and service to commercial- ization of new products from the Old Mill branch in Bend. • Terry Skjersaa, prin- cipal broker with the Skjersaa Group, which operates in partnership with Duke Warner Re- alty, has been named secretary and treasurer of the newly formed board of directors serv- ing local nonprofit Fur- nish Hope. • Becker Capital, a fi- nancial com- pany in Seattle and Port- land, has Gueck opened an office in Bend on NW Bond Street. It has hired Sharon Gueck, who has 27 years experience, to head the office. p bendbulletin.com/business NASDAQ 13,814.49 +199.98 p S&P 500 4,229.89 +37.04 q 30-YR T-BOND 2.24% -.05 p CRUDE OIL $69.62 +.81 p p GOLD $1,889.80 +18.60 SILVER $27.88 +.42 p EURO $1.2165 +.0039 Filling jobs is tough, even as hiring is up BY CHRISTOPHER RUGABER The Associated Press WASHINGTON — Hiring in the United States picked up in May yet was slowed again by the struggles of many com- panies to find enough workers to keep up with the economy’s swift recovery from the pan- demic recession. U.S. employers added 559,000 jobs last month, the Labor Department said Fri- day, an improvement from April’s sluggish increase of 278,000. Yet the gain fell well short of employers’ need for labor. The unemployment rate fell to 5.8% from 6.1%. The speed of the rebound, fueled by substantial federal aid and rising vaccinations, has created a disconnect be- tween businesses and the un- employed: While companies are rushing to add workers immediately, many of the un- employed are still holding back. Some of the jobless are likely seeking better positions than they had before the pan- demic triggered widespread layoffs. Or they still lack af- fordable child care. Others still worry about contracting COVID-19 or have decided to retire early. And a temporary $300-a-week federal unemployment bene- fit, on top of regular state job- less aid, has likely led some unemployed Americans to take time to consider their op- tions. That mismatch between employers and job seekers resulted in the sharp slow- down in hiring in April, when Love them or hate them, Crocs are back BY ABHA BHATTARAI The Washington Post T businesses added far fewer jobs than economists had forecast and many fewer than had been hired in March. The disconnect eased somewhat in May. But economists say it will likely persist until early fall, when schools reopen, COVID-19 fades further and federal unemployment bene- fits end. See Hiring / A6 Most vaccinated California workers must keep masks on here’s no more denying it: Emily BY DON THOMPSON The Associated Press Kelley loves Crocs.After years of dismissing them as hideous and pointless, the 27-year-old now wears her white foam clogs everywhere — to breweries, the grocery store and on long walks through her Chicago neighborhood. “During the pandemic, I’ve done a lot of thinking about myself and how I engage with the world,” Kelley said, “and finally realized I can wear whatever I want.” Plus, it doesn’t Mary Kang/The Washington Post Crocs at Moony Hernandez’s house in Austin, Texas, on May 21. hurt that the clogs have become “unmistakably, intergenerationally cool.” Crocs has unexpectedly turned its polarizing crayon-colored shoes into a hip, even glamorous, statement. Sales have skyrocketed during the pandemic — up more than 60% the past quar- ter — as the brand expands its reach to toddlers, trendy teens and their grand- parents. The resurgence, analysts say, stems from a new management team and scrappy reinvention that includes collab- orations with celebrities, designers, even fast-food chains, generating buzz on In- stagram and TikTok. Crocs overhauled its business to focus on its classic clog, which now makes up nearly three-quar- ters of sales, and doubled down on its highly profitable Jibbitz charms, which come in hundreds of styles and pop into the clog’s ventilation holes. Record profits followed, driving Crocs shares up 300% since last year. The company expects another sales spurt this year, from 40 to 50%, to as much as $2.1 billion. “With this revival, they’ve strength- ened their board, completely rotated the executive management team and simplified what they stand for, which is the classic clog,” said Erinn Murphy, an analyst at Piper Sandler. “Some people love them; some hate them, but it’s what they’re known for, and they’ve really leaned into it.” A recent collaboration with singer Justin Bieber — $70 lavender Crocs adorned with chipmunk and teddy bear charms — quickly sold out. Crocs also partnered with Balenciaga on an $850 platform clog, KFC on a $60 fried-chicken-print shoe with drum- stick charms, and Disney-Pixar for a $50 homage to the “Cars” films that lights up. Next: a Hidden Valley Ranch- themed shoe studded with french fries, veggie sticks and pizza; it sold out in presales. Even celebrities without official ties to the company can set off a social me- dia frenzy. Singer Nicki Minaj collected nearly 5 million likes after posting an Instagram photo of herself wearing little more than a pair of neon pink Crocs. “Their playbook isn’t terribly differ- ent from what a lot of other brands are doing — using key influencers to post on social media — but Crocs has done it extraordinary well,” said Jay Sole, an analyst for UBS. “They’ve made the brand cool again.” Now Crocs are turning up at wed- dings, in boardrooms, on the runway, even the Academy Awards, where Questlove sported a gold pair in April. “I became a believer in quarantine last year,” the 50-year-old Roots drummer and “Tonight Show” bandleader said in an Instagram post, saying he’s “tired of suffering while stunting. “Comfort first at this stage in my life.” Moony Hernandez, 25, started wear- ing Crocs — black, with metal spikes and chains — to be ironic, she said, much like she sometimes dons anime streetwear or bunny ears. But now she rotates through five pairs, including a fuzzy, lime green set and the 5-inch platforms with spar- kles and spikes. On the job in Austin, Texas, where she works in tech support, she’s known as “the Croc girl.” “There’s nowhere I wouldn’t wear my Crocs,” she said. “I would wear them to the Met Gala.” See Crocs / A6 Powell’s, union remain at odds over the bookstore’s rehiring practices BY MIKE ROGOWAY The Oregonian Talks on rehiring laid-off workers at Powell’s Books have broken off amid con- tinuing rancor between the landmark Portland bookstore and the union representing its workers. Powell’s employed about 400 union workers across its stores before COVID-19 but laid off 85% of them in March 2020, when the bookstore closed all four of its locations in the pandemic’s early days. Powell’s closed its airport location permanently last year, and its Home & Garden store on SE Hawthorne Bou- levard. But its other three lo- cations reopened months ago. As hiring gradually ramps up, though, and the stores re- turn to regular operations, the company and the union have been unable to come to terms on how to add back staff. Powell’s says that workers’ rights to return to their old jobs had expired under terms of its union contract with ILWU Local 5, and that talks on how to extend those rights for another six months had failed to produce an agree- ment. The union disputes that, but after the two sides failed to reach a deal on the rehiring process, Powell’s be- gan posting open positions publicly in April — meaning laid-off workers had to apply to get their old jobs back. Even without an agreement, Powell’s says its hires are over- whelmingly past employees. The bookstore said Wednes- day it has hired 198 people for union jobs since the begin- ning of the pandemic and that 182 of those had worked at Powell’s previously. Negotiations continued through May, the union said in a statement Wednesday, over how Powell’s would re- call workers and whether they would retain pay levels and va- cation accrual rates that were in place before their layoffs. The union said Wednes- day that Powell’s latest offer required workers to give up labor grievances filed against the bookstore over the past four months. See Powell’s / A6 Conflicted California work- place regulators approved con- troversial rules Thursday night that allow workers to go mask- less only if every employee in a room is fully vaccinated against the coronavirus. But the California Occu- pational Safety and Health Standards Board made clear that the regulations are only a stopgap while the agency considers further easing pan- demic rules in coming weeks or months. The new rules are expected to take effect June 15, the same day the state more broadly loosens mask- ing and other precautions in social settings. The board initially voted 4-to-3 to reject any changes to current rules. But Chairman David Thomas said that would have left employers with existing regulations, which require masks for all employees, along with social distancing and par- titions between employees in certain circumstances. Moments later, the seven- member board unanimously adopted the revised regula- tions while a three-member subcommittee considers more changes. “It’s better than the previous one, because that’s what we’re going back to” if the board didn’t act, Thomas said. “We don’t want to leave the last one in place when this is better than that.” The off-again, on-again de- cisions came after major busi- ness groups and dozens of in- dividuals spent hours urging the board to further lift pan- demic regulations. “We have to create reason- able and enforceable stan- dards,” said board member Nola Kennedy, an initial no vote. “I just don’t think this proposal is there yet.” Kate Crawford also was initially opposed, saying the revision should more closely follow recent guidelines from the U.S. Centers for Disease Control and Prevention. The guidance says fully vaccinated people can now skip face cov- erings and distancing in nearly all situations and the state is set to follow that recommendation on June 15. For some members who ini- tially rejected the revision, the deal-killer was a requirement that employers stockpile the most effective N95 facemasks for employees who want them starting July 1. They reflected criticism by numerous employer groups who said the requirement will be impractical, expensive and tie up millions of masks that are needed by health care workers.
