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Consumers aren't buying it, per the latest monthly survey of how Americans feel about the economy. These charts show how gloomy Americans feel, despite the numbers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIndicators be damned: US consumers are still gloomy about the state of the economy. This story is available exclusively to Business Insider subscribers.
Persons: , Joanne Hsu Organizations: Consumers, Service, University of Michigan, Business
Consumer sentiment slumped as inflation expectations rose, despite otherwise strong signals in the economy, according to a closely watched survey released Friday. The University of Michigan Survey of Consumers sentiment index for May posted an initial reading of 67.4 for the month, down from 77.2 in April and well off the Dow Jones consensus call for 76. Along with the downbeat sentiment measure, the outlook for inflation across the one- and five-year horizons increased. The inflation readings represent the biggest pitfall for policymakers as the Federal Reserve contemplates the near-term path of monetary policy. The next important data point for inflation comes Wednesday when the Labor Department releases its consumer price index report for April.
Persons: Dow Jones, Joanne Hsu, Paul Ashworth, Jeffrey Roach, it's, Jerome Powell Organizations: The University of Michigan Survey, Dow, North, Capital Economics, Federal Reserve, LPL, Fed, Labor Department Locations: North America, Michigan
Additionally, consumers are bracing for even higher price increases in the year ahead compared to readings from prior months, the survey found. However, the latest reading is still better than last May, when inflation was running at 4%, versus the latest reading of 3.5%. Long-run inflation expectations also rose, to 3.1% from 3.0% in April. Since inflation expectations can effectively control the pace of price hikes, businesses take those expectations into account when pricing goods and services. The survey suggests that the recent optimism consumers had about the state of the economy is waning.
Persons: Biden, FactSet, it’s, they’re, Joanne Hsu Organizations: New, New York CNN, University of Michigan, Federal Reserve, Fed, Consumers Locations: New York
As experts warn that images, audio and video generated by artificial intelligence could influence the fall elections, OpenAI is releasing a tool designed to detect content created by its own popular image generator, DALL-E. start-up acknowledges that this tool is only a small part of what will be needed to fight so-called deepfakes in the months and years to come. On Tuesday, OpenAI said it would share its new deepfake detector with a small group of disinformation researchers so they could test the tool in real-world situations and help pinpoint ways it could be improved. “This is to kick-start new research,” said Sandhini Agarwal, an OpenAI researcher who focuses on safety and policy. “That is really needed.”
Persons: OpenAI, , Sandhini Agarwal
Warning: Spoilers ahead for "The Fall Guy." But by the end of the movie, director David Leitch blesses us with one more big-name star: Jason Momoa. "The Fall Guy" is set around the production of a big-budget sci-fi epic titled "Metalstorm," which stars Aaron Taylor-Johnson's character, Tom Ryder, and is directed by Emily Blunt's character, Jody Moreno. AdvertisementRyan Gosling and Emily Blunt in "The Fall Guy." "The Fall Guy" is in theaters now.
Persons: Guy, David Leitch, , Ryan Gosling, Emily Blunt, Hannah Waddingham, Winston Duke, Stephanie Hsu, Aaron Taylor, Johnson, Jason Momoa, Tom Ryder, Emily Blunt's, Jody Moreno, Ryan Gosling's, Colt Seavers, Ryder, Moreno, Leitch's, Jason, Conan, Leitch, " Leitch, Momoa, Brad Pitt, Hobbs, Shaw, Kevin Hart, Channing Tatum, Ryan Reynolds Organizations: Service, Universal Sporting Locations: Australia, New Zealand
These are the kinds of questions used by the University of Michigan to calculate the Consumer Sentiment Index, an economic indicator measuring how people feel about the economy. That survey and others show there is a pervasive sense of disconnect between the overall economic picture and how people feel about the economy. Despite slowing inflation, a healthy labor market with record-low unemployment, and stocks that remain in a bull market, consumer sentiment remains below pre-pandemic levels. "People don't tend to think in terms of inflation—economists do," said Paul Donovan, chief economist at UBS Global Wealth Management. Normal people think in terms of price levels."
Persons: Joanne Hsu, Paul Donovan Organizations: University of Michigan, Consumers, UBS Global Wealth Management Locations: U.S
Clients paid upfront fees ranging from $35,000 to more than $100,000 to have their stores run by Wealth Assistants. AdvertisementThe complaint also alleges that Carroll — who was Wealth Assistants' founder and CEO — and the Days violated securities laws because the business opportunity they sold through Wealth Assistants could be considered unregistered securities. Related stories"Plaintiffs' evidence shows that each of the Individual Defendants made intentional misrepresentations in connection with Wealth Assistants' services," the order reads. It follows another lawsuit that was brought against Wealth Assistants in California Superior Court in San Bernardino County in January. Wealth Assistants claimed that the digital bank froze its accounts without warning or explanation in October and is still withholding its funds.
Persons: , — Ryan Carroll, Max K, Michael Day —, Max O, Carroll —, Judge Wesley Hsu, Carroll, Nico Banks Organizations: Service, Court, Central, Central District of, Wealth, Business, Washington, Banks Law Office, Bank Locations: Central District, Central District of California, DC, California, San Bernardino County, Tennessee, mstone@insider.com
An article on a fake online news outlet that Meta has linked to Russia’s information operations attributed the clashes unfolding on American college campuses to the failures of the Biden administration. A newspaper controlled by the Communist Party of China said the police crackdowns exposed the “double standards and hypocrisy” in the United States when it comes to free speech. On X, a spokesman for Iran’s Ministry of Foreign Affairs, Nasser Kanaani, posted a cartoon of the police arresting a young protester in the guise of the Statue of Liberty. As protests over the war in Gaza have spread across the United States, Russia, China and Iran have seized on them to score geopolitical points abroad and stoke tensions within the United States, according to researchers who have identified both overt and covert efforts by the countries to amplify the protests since they began. There is little evidence — at least so far — that the countries have provided material or organizational support to the protests, the way Russia recruited unwitting Black Lives Matter protesters to stage rallies before the 2016 and 2020 presidential elections.
Persons: Biden, Nasser Kanaani, Organizations: Communist Party of, Iran’s Ministry of Foreign Affairs Locations: Communist Party of China, United States, of, U.S.A, Gaza, Russia, China, Iran
Valuations coming down So if earnings are up, why is the S & P off its highs? Today, a month later, 2024 earnings estimates are essentially the same but the multiple has declined to 20.8. The S & P 500 hit a low of 4,117 on Oct. 27 and only recovered when rates came down in early November. There are some big drags on earnings Some companies are seeing large declines in earnings estimates that are weighing on their sectors. When including this one-time item, the S & P 500 earnings growth rate for the first quarter declines to 5.6%, from 8.7%, LSEG has noted.
Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Christopher Suh, Stephen Squeri, Hess, Nick Raich, LSEG, Hal Lawton, Brian Niccol, CNBC's Kate Rogers, Horton, Paul Romanowski, Kimberly, Clark, Michael Hsu Organizations: Companies, Netflix, JPMorgan, GE Aerospace, Caterpillar, Microsoft, Merck, Ford, Waste Management, Royal, Consumer, American Express, Energy, Marathon Petroleum, Apache, Valero Energy, Oil, Occidental Petroleum, Devon Energy, ConocoPhillips, Exxon Mobil, Scout, Bristol Myers Squibb, Karuna Therapeutics, Boeing, Nvidia, Meta, AMD Locations: financials, industrials, Royal Caribbean, North America
Opening arguments in former President Donald J. Trump’s criminal trial will not start until next week, but media coverage of the proceedings has already been met with partisan furor. Jury selection, which began on Monday, produced a full 12-person panel by Thursday and ended Friday with the selection of alternates. Over the course of the week, many conservatives claimed that the selection process had been rigged against Mr. Trump, while some progressives argued that the press was releasing too many details about possible jurors, putting them in potential danger. The judge, Juan M. Merchan, has ordered that the names of the potential and selected jurors remain confidential. The proceedings on Friday kicked off with a warning from a court official to reporters and members of the public attending the trial to follow courtroom rules around filming, photographs and technology.
Persons: Donald J, Trump, Juan M Organizations: Mr Locations: Manhattan
Within days, millions of TikTok videos using music from Universal artists went mute, and since then guessing which side would blink first has become a media-business parlor game. Backing this up, one study found that TikTok users reported experiencing higher levels of flow than Instagram users. Corey Basch, who analyzed 100 popular TikTok videos with the hashtag mentalhealth for a 2022 study, emerged concerned about the looping effect of the algorithm. Cerave Sales increased by more than 60 percent in 2020 after skin care became a lockdown pastime and TikTok users discovered the drugstore mainstay. Cat Crack Catnip It briefly sold out in 2021 after TikTok users posted videos of their cats going crazy for it.
Persons: randos, TikTok, you’ve, Sydney Sweeney, Glen Powell, , “ Wonka, Barbie, “ Oppenheimer, , goofing, cavorting, Sue Fleishman, Z’s Walter Cronkite, Spehar, Donald J, Trump, he’s, Caitlin Clark’s, Joe Biden, Justin Bieber, Abbie Richards, Richards, Britney Spears, Taylor Swift, Olivia Rodrigo, Lil Nas X, Fleetwood Mac, Rodrigo, Billie Eilish, Drake, Swift, ByteDance, can’t, Mark Warner, hasn’t, Al, ear on, Li Organizations: Fleetwood Mac, Facebook, Sony, Universal, Warner Bros, White, Pew Research Center, YouTube, The New York Times, Kansas City Chiefs, Media, Colgate, Universal Music Group, ByteDance, Intelligence Committee, e Locations: United States, Beijing, Biden’s, TikTok, Singapore, View, Calif, China, American
Washington CNN —Americans haven’t felt any better about the economy these past few months, but they haven’t felt any worse either. The Federal Reserve cares whether or not Americans have faith that inflation will eventually return to levels they’re used to. Consumer prices were 3.5% higher in March from a year earlier, a much bigger increase than February’s 3.2% and above what economists were forecasting. On a monthly basis, consumer prices rose 0.4%, also above expectations. The economy is coming into focusEveryday Americans, on the other hand, haven’t fretted about progress on inflation potentially stalling.
Persons: haven’t, , Joanne Hsu, ” Oren Klachkin, Stocks, Goldman Sachs, , ” Goldman Sachs’s, Jan Hatzius, they’re, Joe Biden, Biden, Donald Trump Organizations: Washington CNN, University of Michigan’s, Consumers, Nationwide, CPI, Bank of America, CNN Locations: Pennsylvania, Scranton , Pennsylvania
Riding Rage Over Israel to Online Prominence
  + stars: | 2024-04-11 | by ( Steven Lee Myers | Tiffany Hsu | ) www.nytimes.com   time to read: +1 min
Jackson Hinkle has cultivated an online persona so incendiary that he has been kicked off YouTube, Twitch and Instagram. Along the way, he has employed false or misleading content, promoted manipulated images and made comments that watchdog organizations have denounced as antisemitic. He calls himself an American patriot even as he praises American adversaries, including Vladimir V. Putin, Xi Jinping and Ayatollah Ali Khamenei. “DROP A LIKE if you stand with IRAN in the face of ISRAELI TERRORISM!” he wrote last week on X after an Israeli airstrike in Syria killed several Iranian military officials. A day later he addressed the Houthi leadership in Yemen over video, praising the group for its attacks on shipping in the Red Sea.
Persons: Jackson Hinkle, Vladimir V, Putin, Xi Jinping, Ali Khamenei, Organizations: YouTube Locations: Israel, American, IRAN, Syria, Yemen, Red
China, Russia and Trump
  + stars: | 2024-04-02 | by ( David Leonhardt | ) www.nytimes.com   time to read: +2 min
America’s biggest adversaries evidently want Donald Trump to win the 2024 presidential election. Some of the Chinese accounts impersonate fervent Trump fans, including one on X that purported to be “a father, husband and son” who was “MAGA all the way! !” The accounts mocked Mr. Biden’s age and shared fake images of him in a prison jumpsuit, or claimed that Mr. Biden was a Satanist pedophile while promoting Mr. Trump’s “Make America Great Again” slogan. In today’s newsletter, I’ll explain what China and Russia hope to gain from a second Trump term. Trump has suggested that he will end this support.
Persons: Donald Trump, Vladimir Putin’s, Trump, Tiffany Hsu, Steven Lee Myers, Donald J, Biden, Biden …, , “ MAGA, Mr, Trump’s, Putin Organizations: Trump Locations: Beijing, China, Russia, Ukraine
An A.I. Researcher Takes On Election Deepfakes
  + stars: | 2024-04-02 | by ( Cade Metz | Tiffany Hsu | ) www.nytimes.com   time to read: +1 min
For nearly 30 years, Oren Etzioni was among the most optimistic of artificial intelligence researchers. But in 2019 Dr. Etzioni, a University of Washington professor and founding chief executive of the Allen Institute for A.I., became one of the first researchers to warn that a new breed of A.I. And by the middle of last year, he said, he was distressed that A.I.-generated deepfakes would swing a major election. He founded a nonprofit, TrueMedia.org in January, hoping to fight that threat. The tools, available from the TrueMedia.org website to anyone approved by the nonprofit, are designed to detect fake and doctored images, audio and video.
Persons: Oren Etzioni, Etzioni Organizations: University of Washington, Allen Institute for A.I, TrueMedia.org
CNBC Pro asked three fund managers for their stock picks to to buy now and hold for the longer term. The average price target for PepsiCo is $186.77, according to FactSet data, giving it potential upside of 6.7%. According to Factset data, of 30 analysts, 18 give the stock a buy or overweight rating while 12 have a hold rating. According to FactSet data, of 18 analysts, 14 give the stock a buy or overweight rating, three have a hold rating and one has a sell rating. The average price target for PDD is $180.12, according to FactSet data, giving it potential upside of 54.9%.
Persons: David Dietze, PepsiCo Dietze, Dietze, Bud Light, Michael Field, Edenred, Jason Hsu, Hsu, OpenAI, Elon Musk, Sam Altman, Greg Brockman, Altman Organizations: Wealth Management, CNBC Pro, PepsiCo, Coca Cola, Anheuser, Busch, Brussels Stock Exchange, New York Stock Exchange, Euronext Paris Stock Exchange, Microsoft, Rayliant Global Advisors, OpenAI, Nasdaq Locations: Belgian, U.S, South America, Europe, Edenred, China
Covert Chinese accounts are masquerading online as American supporters of former President Donald J. Trump, promoting conspiracy theories, stoking domestic divisions and attacking President Biden ahead of the election in November, according to researchers and government officials. The accounts signal a potential tactical shift in how Beijing aims to influence American politics, with more of a willingness to target specific candidates and parties, including Mr. Biden. In an echo of Russia’s influence campaign before the 2016 election, China appears to be trying to harness partisan divisions to undermine the Biden administration’s policies, despite recent efforts by the two countries to lower the temperature in their relations. Some of the Chinese accounts impersonate fervent Trump fans, including one on X that purported to be “a father, husband and son” who was “MAGA all the way! !” The accounts mocked Mr. Biden’s age and shared fake images of him in a prison jumpsuit, or claimed that Mr. Biden was a Satanist pedophile while promoting Mr. Trump’s “Make America Great Again” slogan.
Persons: Donald J, Biden, Trump, , “ MAGA, Mr, Trump’s Organizations: Trump, Biden Locations: Beijing, China
An element of that strong defense, experts argue, could be one of the cheapest naval tactics: sea mines. Experts say that naval mines could be very useful for stopping China's People's Liberation Army Navy or, at the very least, creating major headaches during an invasion. "Naval mines are such a capability, complementing various other weapons." AdvertisementThat speaks to larger problems naval mines pose. But, additional capabilities would be required to fully employ a naval mine defense.
Persons: , China's, Jonathan Dorsey, Kelly Grieco, Jennifer Kavanagh, Scott Savitz, Bernd von Jutrczenka, Hsu Shu, Dorsey, Grieco, Kavanagh Organizations: Service, Business, China's People's Liberation Army Navy, PLA, RAND, Getty, Second Mining Operations Squadron, Taiwan Locations: China, Taiwan, Baltic, Latvia, Tamsui, Azov, Ukraine, Russia, Taipei
Kimberly-Clark's CEO explains how the company is innovating on products consumers need most'Mad Money' host Jim Cramer sits down with Michael Hsu, CEO of Kimberly-Clark, to discuss the company's new strategies to drive innovation and growth while optimizing margins.
Persons: Kimberly, Jim Cramer, Michael Hsu, Clark
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPlenty of markets for BYD to pursue growth even when the U.S. is closed to it: Asset management firmJason Hsu of Rayliant Global Advisors says that there will be "fierce" competition and consolidation amongst China's EV players and thinks BYD, Geely and Xiaomi will emerge as the winners.
Persons: Jason Hsu Organizations: BYD, Rayliant Global Advisors Locations: U.S
Even before the deadly toll of the attack on a Moscow concert hall on Friday became clear, officials in Russia linked it to the war against Ukraine and a broader conflict with the West. Ninety minutes after first reports of the attack, Dmitri A. Medvedev, the former president and the deputy chairman of the Kremlin’s security council, darkly hinted at “terrorists of the Kyiv regime.”The claim of responsibility by the Islamic State did little to temper the Kremlin’s narrative, which has unspooled in a torrent of unsupported accusations and baseless, even fanciful conspiracy theories spread across social media. When President Vladimir V. Putin said “radical Islamists” had carried out the attack, he called it “just an element in a series of attempts of those who have been at war with our country since 2014,” an explicit reference to Ukraine and the upheaval that year that led to the illegal annexation of Crimea. “They need a ‘Big Lie,’” said Nina Khrushcheva, a professor of international affairs at the New School in New York, who has written extensively on Russian politics and propaganda.
Persons: Dmitri A, Medvedev, Vladimir V, Putin, , , ’ ”, Nina Khrushcheva Organizations: Ukraine, West, New School Locations: Moscow, Russia, Kyiv, Ukraine, Crimea, , New York
All that changed three years ago, when a global chip shortage and rising geopolitical tension turbocharged growth at TSMC. TSMC set up the Newcomer Training Center inside a sprawling science park in the city of Taichung in central Taiwan in 2021. “After many years, what we want to do is to gradually reduce assignees [and] increase the local hires.”The Newcomer Training Center opened in 2021. The soaring demand, particularly for chips that power AI, has created a shortage of talent for the semiconductor industry. Countries compete for this talent.”TSMC’s Ho said a shortage of talent is one of the main challenges the company faces.
Persons: Taiwan CNN —, , TSMC, Joe Biden, , Marcus Chen, ” Lora Ho, John Mees, Stewart Randall, ” TSMC’s Ho, Ho, Kristy Hsu, , it’s, ” Ho, “ It’s, — CNN’s Juliana Liu Organizations: Taiwan CNN, Moore’s, Apple, Nvidia, AMD, CNN, , Training, Taiwan Semiconductor Manufacturing, IC, Taiwan ASEAN Studies Center, Economic Research Locations: Taichung, Taiwan, TSMC, Arizona, fabs, United States, Japan, Germany, China, Washington, Kumamoto, Phoenix , Arizona, Dresden, Europe
If you like your situation right now — your job, your house, your car — you can keep it. The labor market has cooled off somewhat, making it less advantageous to hunt for a new job. The car market is in a similar situation. Employers are hiring as if there's a relatively weak labor market, not a strong one. Yes, the labor market is strong, but it's not a great time to go looking for a new job.
Persons: Joanne Hsu, there's, they're, , Dana Peterson, that's, it's, Matt Darling, Darling, Tamara Charm, Charm, Emily Stewart Organizations: University of Michigan, Labor Statistics, Conference Board, Companies, Employers, Niskanen, McKinsey, Business
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsus co-CEO says it'd be confident in handling tariffs under a possible second Trump presidencyS.Y. Hsu, co-CEO of the Taiwanese computer hardware manufacturer, says the company will have its production line moved to "some other place" in such a scenario.
Persons: it'd, S.Y, Hsu Organizations: Asus, Trump
CNBC Daily Open: U.S. consumer spending data looms
  + stars: | 2024-03-14 | by ( Sumathi Bala | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Asia stocks mixedAsia markets were mixed Thursday as investors assessed Japan's spring wage negotiations. "If you have a position that does not cost you ever to lose an employee, it's not a position," Karp said in an interview on CNBC. [PRO] China stocks worth the riskChinese stocks are a "risk worth taking," said Jason Hsu, chairman and chief investment officer of Rayliant Global Advisors.
Persons: Topix, Israel, Alex Karp, it's, Karp, Jason Hsu Organizations: CNBC, Nikkei, Bank of Japan, Nasdaq, Dow, Ford Motor, General Motors, Mercedes, Benz, House, U.S . House, Rayliant Global Advisors Locations: Asia, Israel, China
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