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☆ Warren Buffett says one question posed by AI has stumped economists for a century
▼ + stars: | 2024-05-07 | by ( Michelle Castillo | ) www.cnbc.com time to read: +8 min

Calling AI profound, Buffet said that the technology is like a "genie" — once it gets let out of the bottle, it could have disastrous effects. It's a question, he said, that has riddled the best economists for a century. Warren Buffett is the first to admit he doesn't know much about artificial intelligence. This rebound has led to questions from corporate executives about factors that could be at play, from AI to return-to-office mandates. "Every company is looking at AI and deciding where it will help them," he said during a recent interview on CNBC's "Money Movers."

Persons: Buffett, Buffet, Warren Buffett, it's, couldn't, John Maynard Keynes, Keynes, Gary Cohn, Cohn, Dev Ittycheria, Elon Musk, Mark Zuckerberg, Sam Altman, Robert Solow, Berkshire Hathaway Organizations: Apple, Berkshire Hathaway, Berkshire, IBM, National Economic, CNBC, Nvidia, McKinsey, Harvard Business Locations: Omaha, Berkshire

☆ 'Big downside revisions coming': A famed economist who called the 2008 recession warns jobs data will shockingly turn sour in the next 6 months — and says a stock-market AI bubble is starting to unrav
▼ + stars: | 2024-05-04 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Over that time, the non-farm payrolls survey showed that the US economy gained 640,000 jobs. In addition to believing jobs data is distorted, Rosenberg has said in recent months that stock prices and valuations are disconnected from the macroeconomic picture. The chart below shows the AI boom — represented by the yellow line — with AI stocks climbing several hundred percent since 2022. Rosenberg ResearchDownturn or no downturnRosenberg has been notoriously bearish over the last couple of years, repeatedly warning of a recession. Pantheon MacroeconomicsAs Rosenberg points out, the longer the Fed keeps rates elevated, the higher the risk of a recession becomes.

Persons: David Rosenberg, Rosenberg, Merrill Lynch's Organizations: Labor Statistics, Business, Rosenberg Research, BLS, Dynamics, Federal Reserve, Nvidia, Bloomberg, Treasury

☆ Fast food feels more expensive than ever before, and people are sick of it. Here's why.
▼ + stars: | 2024-05-04 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

Analysts say fast-food prices feel particularly painful because they're rising faster than grocery prices. Fast-food prices have been shooting upRestaurant prices are determined by "two major categories" — food costs and labor costs, Citi analyst Jon Tower told BI. Related storiesFast-food chains put up their menu prices to reflect the higher food costs and payrolls. AdvertisementGrocery inflation is coolingFast food seems particularly expensive right now because grocery inflation is cooling much more rapidly, analysts BI spoke to said. AdvertisementBut the inverse is also true — grocery stores benefit much more than restaurants when food inflation cools.

Persons: —, Jim Sanderson, Jon Tower, Sharon Zackfia, William Blair, Price, Danilo Gargiulo, Bernstein, Gargiulo, they've, Garguilo, Sara Senatore, Chad Frye Organizations: Analysts, Service, Northcoast Research, Citi, US Bureau of Labor Statistics, Bank of America Locations: Russia, Ukraine, California

☆ A Cleveland Uber driver who made $109,000 in 2023 but took home only $17,000 shares the 3 reasons he can't quit ride-hailing: 'I continue to run into a brick wall'
▼ + stars: | 2024-04-29 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

A Cleveland Uber driver made over $109,000 in gross earnings last year but took home only $17,000. He said Uber driving had become less profitable but that he wasn't sure he could find a better job. AdvertisementGeorge, a full-time Uber driver in Cleveland, wants to quit his ride-hailing gig. Last year, George made more than $109,000 in gross earnings as an Uber driver, according to documents viewed by BI. But after Uber's commissions, car maintenance, gas, and miscellaneous driving expenses were accounted for, he took home roughly $17,000, about 16% of his gross earnings.

Persons: Uber, —, George, he'd, isn't, that's, There's, He's Organizations: Service, Uber, BI, of Labor Statistics, BLS Locations: Cleveland, Minneapolis, Minnesota, Twin Cities

☆ Is Driving for Uber Worth It? One Driver Says His Pay Is Declining.
▼ + stars: | 2024-04-29 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

A Cleveland Uber driver made over $109,000 in gross earnings last year but only took home $17,000. He said Uber driving has become less profitable but that he's not sure he can find a better job. AdvertisementGeorge, a full-time Uber driver in Cleveland, wants to quit his ride-hailing gig. In 2023, George made more than $109,000 in gross earnings as an Uber driver, according to documents viewed by BI. Many ride-hailing drivers, like George, are actively tracking their income and expenses to make sure driving is worth their time.

Persons: Uber, he's, —, George, haven't, isn't, he'd, that's, There's, He's Organizations: Service, Uber, BI, of Labor Statistics, BLS Locations: Cleveland, Minneapolis, Minnesota, Twin Cities

☆ Why so many men in the US have stopped working
▼ + stars: | 2024-04-28 | by ( Jacob Zinkula | Andy Kiersz | ) www.businessinsider.com time to read: +10 min

AdvertisementIt could be all about recessionsSince the 1950s, whenever the US economy fell into a recession, the rate of working men tended to suffer a lasting blow. AdvertisementWhy have recessions appeared to have such a lasting impact on working men? The strong recovery of men working after the pandemic recession could be due to the unique nature of this downturn — which tanked an otherwise healthy economy. And of course, some lucky prime-age men aren't working because they've had a lot of financial success — and already retired. Deciphering how much these explanations have fueled the decline of working men could be worthy of further explanation, the economists said.

Persons: —, It's, Abigail Wozniak, Wozniak, David Autor, There's, Jason Furman, Barack Obama's, Elise Gould, Gould, aren't, we've, John M, Coglianese, they've Organizations: Service, Federal Reserve Bank of Minneapolis, Massachusetts Institute of Technology, Washington Post, of Labor Statistics, San Francisco Fed, BLS, Economic, Economic Policy Institute, Federal Reserve

☆ U.S. wage growth is cooling, but some jobs are still seeing relatively big annual raises
▼ + stars: | 2024-04-15 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Among them, it's highest in the legal profession: Indeed found that average workers saw their paychecks grow at a 5.7% pace in March 2024 versus a year earlier. Strong wage growth doesn't necessarily translate to a high salary, though. By comparison, software developers make $66.40 an hour and $138,110 annually on average, according to BLS data. For example, workers in accommodation and food services saw annual earnings growth peak at 16.1% in December 2021, according to ZipRecruiter data. By comparison, it found that those in the information sector saw growth peak at 7.8% in September 2022.

Persons: Julia Pollak, Allison Shrivastava, Pollak Organizations: Maskot, Workers, Finance, it's, CNBC, U.S . Bureau of Labor Statistics

☆ What the new Goldilocks job market means for you
▼ + stars: | 2024-04-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

Business Insider looked at how components of the labor market have settled down, like wage growth. And that more boring but steady labor market could be great news for workers and job seekers. The US could be in a Goldilocks job market. Job switchers are seeing higher wage growth than people staying, according to the 12-month moving average of median wage growth from the Atlanta Fed's Wage Growth Tracker. So what will happen to the Goldilocks job market?

Persons: Nick Bunker, Bunker, —, That's, Julia Pollak, ZipRecruiter's, " Pollak, Pollak, Job, Julie Su, switchers, Eugenio Alemán, Raymond James, Juliana Kaplan Organizations: Service, North America, BLS Locations: Atlanta

☆ Accounting jobs are in high demand—many pay over $100,000 and can be done from home
▼ + stars: | 2024-04-12 | by ( Morgan Smith | ) www.cnbc.com time to read: +5 min

Many accountants resign due to inadequate pay and limited opportunities for career advancement, according to a recent report from The Institute of Management Accountants (IMA) and Robert Half, which surveyed over 1,200 current and former accounting and finance professionals. Britton says accountants leaving the field are often moving into jobs in finance and technology. To alleviate the talent shortage, more companies are increasing entry-level salaries for finance and accounting roles, offering referral bonuses and hiring temporary workers, the IMA and Robert Half report found. Many of these jobs offer remote or hybrid options, Robert Half found. Britton anticipates that the percentage of accounting jobs that are remote or hybrid will likely grow in the coming months as employers adjust their recruitment strategies to attract more talent.

Persons: Robert Half, Brandi Britton, Britton, they're, you've, Deloitte —, Julia Pollak, — Organizations: Wall Street, The Institute of Management Accountants, IMA, Public, BLS, Accountants, Bloomberg, Big, KPMG, PWC, EY, Deloitte, CNBC Locations: U.S, FlexJobs

☆ Wholesale prices rose 0.2% in March, less than expected
▼ + stars: | 2024-04-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

A measure of wholesale prices increased less than expected in March, providing some potential relief from worries that inflation will hold higher for longer than many economists had expected. Excluding food and energy, the core PPI also rose 0.2%, meeting expectations. The release comes a day after the BLS reported that consumer prices again rose more than expected in March, raising concerns that the Federal Reserve will be unable to lower interest rates anytime soon. However, wholesale prices for final demand food and goods less food and energy climbed 0.8% and 0.1%, respectively. That contrasted with the consumer price index, which showed gasoline up 1.7% on the month.

Persons: Dow Jones Organizations: Dow, Labor Department's Bureau of Labor Statistics, PPI, BLS, Federal Reserve, Labor Department, Group

☆ Cost of gas and housing pushed up US inflation in March
▼ + stars: | 2024-04-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Gas and shelter costs contributed more than half of that monthly increase, according to the BLS. Economists were expecting a 0.3% monthly increase and an annual rate of 3.4%, according to FactSet consensus estimates. The Fed has been wanting to see meaningful progress on inflation before it starts cutting rates. Excluding gas and food prices, categories that tend to be more volatile, core inflation rose 0.4% from the month before, bringing the annual rate to 3.8%, the same as February’s reading. Economists had anticipated a 0.3% monthly gain and for the annual rate to inch lower to 3.7%, according to FactSet.

Persons: ” Greg McBride, Bankrate, Economists Organizations: CNN, Federal Reserve, Bureau of Labor Statistics, BLS

☆ Here’s the inflation breakdown for March 2024 — in one chart
▼ + stars: | 2024-04-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

"The big rock in the way here is the cost of shelter," Zandi said. In fact, underlying inflation after stripping out shelter costs is already back to target, Zandi said. watch nowThe increase is largely attributable to higher oil prices. "For most Americans, the thing that bothers them the most about inflation is high food prices." Americans' buying patterns also simultaneously shifted away from services — like entertainment and travel — toward physical goods since they stayed at home more, driving up demand and fueling decades-high goods inflation.

Persons: Eric Thayer, That's, Mark Zandi, Zandi, It's, Hamrick, They're, Sarah House Organizations: Bloomberg, Getty, U.S . Labor Department, Moody's, of Labor Statistics, U.S, Energy Information Administration, BLS, Wells, Wells Fargo Economics Locations: U.S, Wells Fargo

☆ 10 U.S. states where Americans earn the lowest incomes—only 2 aren't in the South
▼ + stars: | 2024-04-06 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Throughout the U.S., workers earn a median annual wage of about $48,080, according to the latest available data from the Bureau of Labor Statistics. But in the three states where workers earn the least, the median annual wage sits below $40,000 a year. Check out the map below to see the median wage in every U.S. state. Mississippi has the lowest-earning population in the U.S. with a median annual wage of just $37,500, according to the BLS. These are the 10 states with the lowest median annual wages.

Persons: Louis, Louis Fed Organizations: Bureau of Labor Statistics, BLS, Louis Fed, Mississippi, CNBC Locations: . Mississippi, U.S, Mississippi, Massachusetts

☆ Job growth zoomed in March as payrolls jumped by 303,000 and unemployment dropped to 3.8%
▼ + stars: | 2024-04-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Job creation in March easily topped expectations in a sign of continued acceleration for what has been a bustling and resilient labor market. The unemployment rate edged lower to 3.8%, as expected, even though the labor force participation rate moved higher to 62.7%, a gain of 0.2 percentage point from February. "This report and the February report showed some broadening in terms of job creation, which is a very good sign." Stocks have tumbled this week amid concerns that a strong labor market and resilient economy could keep the central bank on hold for longer than expected. Correction: The unemployment rate edged lower to 3.8%.

Persons: Nonfarm, Dow Jones, Lauren Goodwin, Jerome Powell Organizations: Dow, Labor Department's Bureau of Labor Statistics, Wall, Retail, New York Life Investments, Federal Reserve, Stock

☆ March jobs report comes in hot: The US economy added 303,000 positions last month
▼ + stars: | 2024-04-05 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Instead, on Friday, yet another jobs report defied expectations. “Today’s jobs report raises the possibility that rather than slowing down, job growth might be holding steady,” Nick Bunker, Indeed Hiring Lab’s economic research director for North America, said in a statement. Last month’s job growth was driven by industries such as health care (+72,300 jobs); government (+71,000 jobs); leisure and hospitality (+49,000 jobs); and construction (+39,000 jobs). President Joe Biden touted March’s jobs report Friday. With today’s report of 303,000 new jobs in March, we have passed the milestone of 15 million jobs created since I took office.

Persons: Nick Bunker, Joe Biden, “, ” Biden, —, Greg Daco, ”, ” Daco, we’ve, Erica Groshen, ” Brett House, Daco, Price Organizations: New, New York CNN, of Labor Statistics, Federal Reserve, North, ”, CNN Business, Cornell University, CNN, Brookings Institution, Congressional, Columbia Business School, Fed, Labor Locations: New York, North America, EY, United States

☆ Here's where the jobs are for March 2024 — in one chart
▼ + stars: | 2024-04-05 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Health care and social assistance were the top sector for job gains — a common theme in recent years — adding 81,300 jobs. The U.S. labor market surprised economists with its strength once again, adding more than 300,000 jobs in March, with a few key sectors continuing to fuel its growth. Within health care, ambulatory services and hospitals combined to add 55,000 jobs, according to the Bureau of Labor Statistics. The Bureau of Labor Statistics noted that the labor force participation has changed little in the past year despite consistent upside surprises for job gains. It's been the key to rebalancing the labor market.

Persons: It's, we've, Stephanie Kelton Organizations: Bureau of Labor Statistics ., BLS, Labor Statistics, Brook University Locations: U.S

☆ What to expect from the March jobs report
▼ + stars: | 2024-04-04 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

ET, when the Bureau of Labor Statistics releases its March jobs report. February brought the unemployment rate within spitting distance of 4%, rising to 3.9% from 3.7% in January. What could come from Friday’s jobs reportFebruary’s jobs report came as yet another surprise to economists. For instance, last month January’s job gains were revised down to 229,000 from the blowout 353,000 that kicked off 2024. The unemployment rate went up by half a percentage point from the post-pandemic low of 3.4% last April.

Persons: lockdowns, it’s, Michael Strain, ’, February’s, Andy Challenger, ”, Allison Joyce, Aaron Sojourner, they’ve, Sojourner, Luke Sharrett Organizations: New, New York CNN, Bureau of Labor Statistics, American Enterprise Institute, BLS, Federal, US, Challenger, “, Department of Labor, Bloomberg, . Upjohn Institute, Employment Research, CNN, Federal Reserve, Getty Locations: New York, outplacement

☆ Gen Xers think they'll need $1.56 million to live comfortably in retirement, a survey found
▼ + stars: | 2024-04-04 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

According to the survey, Americans set their sights on $1.46 million as the magic number to make them feel comfortable in retirement. And it differs by generation — both Gen Z and millennials said they would feel comfortable retiring with over $1.6 million, Gen X thinks $1.56 million, and boomers think $990,000. For example, the majority of Gen Z, millennials, and Gen X survey respondents expect the US will enter a recession this year — with one-third of adults saying they don't feel financially secure. Gen X is also facing their own tough economic plight as the "forgotten generation." Millennials and Gen Zers both started saving earlier for retirement than their Gen X peers and are more confident that they'll be financially prepared for retirement.

Persons: —, millennials, X, Gen X, That's, X's, Gen Z, it'll, Xers, that's, it's, Millennials, Zers, Gen Xers Organizations: Service, Northwestern Mutual, Business, Fidelity Investments, Wall Street, Social Security, Security

☆ America's 'deskless' hourly wage workers will reveal the most about how AI changes jobs
▼ + stars: | 2024-03-30 | by ( Rachel Curry | ) www.cnbc.com time to read: +7 min

In that majority lies a pressing question: How will the introduction of artificial intelligence impact hourly workers? 'Deskless workers' and technologyRegardless of the perspective, hourly workers and the people who manage them are actively seeking technology solutions to help streamline their workflow. For example, robotics-enabled sorting and small item picking is infiltrating the logistics industry, which is traditionally staffed by hourly workers on the warehouse floor. "This will be the decade of hourly workers that are focused on delivery of services that require human touch," she said. One thing that hourly workers, like all workers, aim for is a sense of meaning on the job.

Persons: Silvija Martincevic, Doug Hammond, Hammond, Martincevic, haven't, isn't, packer —, —, there's Organizations: Bureau of Labor Statistics, Industries, Randstad USA, Hardware, Bros, Organisation for Economic Co Locations: upskilling

☆ Yet another inflation gauge came in hot for February
▼ + stars: | 2024-03-14 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

CNN —Rising energy prices helped to fuel yet another hot inflation reading for February. A closely watched gauge of US wholesale inflation rose at its fastest pace in months, according to new data released Thursday. While a seasonal energy price surge is at the root of the gain, the latest Producer Price Index is yet another reminder of the arduous process to rein in inflation. The hot PPI report comes two days after a similar reading from the Consumer Price Index, a closely watched gauge of inflation at the retail level. Core PPI rose 0.3% for the month, a slowdown from the 0.5% jump in January.

Persons: Price, we’ve, ” Kyle Anderson, ” Organizations: CNN, PPI, of Labor Statistics, Consumer, Federal Reserve, Indiana University’s Kelley School of Business, ”, BLS

☆ Schools are facing a dire teacher shortage. Less competitive pay for Gen Z and young millennials could make it worse.
▼ + stars: | 2024-03-14 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

A new ADP Research Institute report showed how teacher pay compares to the pay of all employees. Teacher pay as a share of the pay for all employees aged 20 to 25 has greatly fallen over the years. AdvertisementThere's a shortage of teachers, and young adults could be shying away from the profession as teacher pay becomes less competitive. And for teachers aged 25 to 30, that has increased from $49,427 in January 2018 to $59,780 in October 2023. Education isn't the only field that may have trouble attracting young job seekers.

Persons: ADP's Nela Richardson, —, Nela Richardson, Jeff Nezaj, Gen Zers, Richardson, Nezaj, Gen, It's, Aaron Terrazas, we've Organizations: ADP Research, Service, Business, Bureau of Labor Statistics, ADP Research Institute, Census, Denver, Denver Classroom

☆ Wholesale inflation rose 0.6% in February, much more than expected
▼ + stars: | 2024-03-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Wholesale prices accelerated at a faster-than-expected pace in February, another reminder that inflation remains a troublesome issue for the U.S. economy. The producer price index, which measures pipeline costs for raw, intermediate and finished goods, jumped 0.6% on the month, the Labor Department's Bureau of Labor Statistics reported Thursday. That was higher than the 0.3% forecast from Dow Jones and comes after a 0.3% increase in January. Another measure that also excludes trade services rose 0.4%, compared with the 0.6% gain in January, and was above the estimate for a 0.2% advance. The PPI is considered a leading indicator for inflation as it indicates costs early in the supply chain.

Persons: Dow Jones Organizations: Labor Department's Bureau of Labor Statistics, Dow, Futures, Commerce Department, Labor Department, PPI, BLS, CPI Locations: U.S

☆ Undocumented immigrants are boosting the labor market and helping the US avoid recession, experts say
▼ + stars: | 2024-03-12 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

Undocumented immigration has boosted the labor market, helping steer the US away from a recession, some experts say. Morgan Stanley's chief US economist has also recently cited undocumented immigration as a positive labor-market force. AdvertisementHere's a question that's been lurking beneath the stellar economic resilience in the US: how has the labor market stayed so strong? "It has boosted the labor force, it has boosted supply for labor, it has boosted job gains. AdvertisementThe labor market has recorded gains stronger than that, posting an addition of 275,000 jobs in February.

Persons: Morgan Stanley's, —, Wendy Edelberg, Tara Watson, Watson, Ellen Zentner, Zentner Organizations: Brookings Institution, Service, Congressional, Office, Bureau of Labor Statistics, Bloomberg, Brookings

☆ Inflation unexpectedly creeps up
▼ + stars: | 2024-03-12 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

CPI also increased 0.4% month over month. AdvertisementConsumer price index data released by the Bureau of Labor Statistics Tuesday showed inflation, by this measure, unexpectedly accelerated slightly in February. AdvertisementCore CPI only increased 0.4% from January to February, or matching the previous surge of 0.4%. The food index slowed from a year-over-year increase of 2.6% in January to an increase of just 2.2% in February. The energy index saw another year-over-year decline, a decline of 1.9% in February following a decline of 4.6%.

Persons: —, That's, It's, Nick Bunker Organizations: CPI, Service, Bureau of Labor Statistics, BLS, of Labor Statistics

☆ Consumer prices rose 0.4% in February and 3.2% from a year ago
▼ + stars: | 2024-03-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The consumer price index, a broad measure of goods and services costs, increased 0.4% for the month and 3.2% from a year ago, the Labor Department's Bureau of Labor Statistics reported Tuesday. Excluding volatile food and energy prices, the core CPI rose 0.4% on the month and was up 3.8% on the year. Food costs were flat on the month, while shelter rose another 0.4%. With home prices expected to rise this year and rents falling only slowly, the long-awaited fall in shelter prices isn't coming to the rescue any time soon," said Robert Frick, corporate economist at Navy Federal Credit Union. Patrick T. Fallon | AFP | Getty ImagesAirline fares posted a 3.6% increase, apparel prices rose 0.6% and used vehicles were up 0.5%.

Persons: Dow Jones, Robert Frick, February's, Patrick T, Fallon, Jerome Powell, Paul Ashworth Organizations: Federal Reserve, Labor Department's Bureau of Labor Statistics, Dow, BLS, Navy Federal Credit Union, AFP, Getty, North, Capital Economics Locations: Redondo Beach , California, North America

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