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Read previewInflation and interest rates are still high, but Americans shouldn't count on any relief just yet. Advertisement"The status of the battle against inflation requires that interest rates remain elevated in the near-term," Hamrick said. "The first quarter in the United States was notable for its lack of further progress on inflation," Powell said during the panel. But while job seekers and workers may find this cooldown concerning, that moderation is also welcome and the labor market is still strong. "Paired with high borrowing costs — like high interest rates on your credit cards — and the current economy can feel quite uncomfortable," Renter added.
Persons: , That's, Mark Hamrick, Hamrick, Jerome Powell, Powell, Joanne Hsu, Nick Bunker, Ted Rossman, Rossman, Elizabeth Renter, Renter, it's Organizations: Service, Federal Reserve, Bureau of Labor Statistics, CPI, Business, Federal, University of Michigan, North America Locations: Amsterdam, United States,
OpenAI co-founder Ilya Sutskever said Tuesday that he's leaving the Microsoft -backed startup. The departure comes months after OpenAI went through a leadership crisis involving co-founder and CEO Sam Altman. In November, OpenAI's board said in a statement that Altman had not been "consistently candid in his communications with the board." OpenAI has announced new board members, including former Salesforce co-CEO Bret Taylor and former Treasury Secretary Larry Summers. In 2015, Altman and Tesla CEO Elon Musk, another OpenAI co-founder, wanted Sutskever, then a research scientist at Google , to become the budding startup's top scientist, according to the lawsuit Musk filed against OpenAI in March.
Persons: Sam Altman, Ilya Sutskever, OpenAI, he's, Sutskever, OpenAI's, Altman, Helen Toner, Tasha McCauley, Adam D'Angelo, Ilya, Jakub Pachocki, Bret Taylor, Larry Summers, WilmerHale, Sue Desmond, Hellmann, Melinda Gates, Nicole Seligman, Fidji Simo, Greg, Sam, Greg Brockman, Mira Murati, Murati, Elon Musk, Musk, Dr Organizations: Tel Aviv University, Microsoft, Street, OpenAI's, Sony, Sony Entertainment, Tesla, Google, OpenAI Locations: Tel Aviv, OpenAI
CNN —Many adults heard the phrase “Robux” for the first time last holiday season when the virtual currency of gaming platform Roblox landed on the top of most wish lists. And it will have to prove to Wall Street there’s more growth up ahead. In its fourth quarter of 2023, Roblox revenue was $750 million, up 30% year-over-year – but had a net loss of $323.7 million. Like Fortnite, Roblox is also moving ahead with a“payout to creators” business model. “It’s clear that [Roblox] intends to go after younger gamers in 2024 and 2025,” Ward said.
Persons: , Roblox, Matilda Beinat, Lindsey Nicholson, UCG, David Baszucki, Ralph Lauren, Mike Proulx, Forrester, , ” Proulx, Michael Nagle, ” Beinat, Lewis Ward, ” Ward, Ward Organizations: CNN, Investors, ABI Research, , Gaming Center, Costco, Brookhaven RP, Nike, Walmart, New York Stock Exchange, Bloomberg, Getty, Apple’s, IDC, Disney, Pixar, Marvel, Star Wars Locations: Asia, Roblox, New York, Fortnite
Disney posted its earnings for the first quarter on Tuesday. The entertainment giant beat Wall Street forecasts for the fourth consecutive quarter. Related storiesThe stock was up close to 30% this year at Monday's close, but a combination of the revenue miss and weaker-than-expected subscriber numbers for Disney's streaming business probably sparked the early-morning sell-off, according to analysts. Disney expects its streaming business, Disney Plus, to turn a profit for the first time in the fourth quarter, but total subscriber numbers of 153.6 million fell short of analysts' expectations. Streaming losses narrowed to just $18 million, down from $659 million this time last year.
Persons: , Bob, Iger, Kathleen Brooks, Nelson Peltz Organizations: Disney, Service Locations: Refinitiv, Monday's
Job growth in April was concentrated in traditionally low-paying sectors like healthcare and retail. Wage growth, though slower, still outpaces inflation, which is still a boon for workers. That's because the industries that led job growth in April are traditionally low-paying. Indeed, job growth is concentrated in industries that are historically low-paying — and continue to pay less than the average across private industries. As Pollak notes, "wage growth has come down sharply, but it's mostly come down in industries where it was very rapid before."
Persons: , it's, Jobs, that's, Labor Julie Su, Julia Pollak, It's, Kate Bahn, Insider's Aki Ito, Pollak, ALICE, They're, Nick Bunker, Bunker Organizations: Service, Federal Reserve, Labor, Healthcare, Institute for Women's, North, Business Locations: Bahn, North America
Counterpoint Research: A lot of optimism on Apple earnings
  + stars: | 2024-05-03 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCounterpoint Research: A lot of optimism on Apple earningsTarun Pathak, research director at Counterpoint Research, discusses the tech giant's second-quarter results and its $110 billion share buyback announcement.
Persons: Tarun Pathak Organizations: Counterpoint Research
CNN —Even though Apple has silenced critics and beaten existential crises before, some fans of its minimalist products and investors in its maximalist stock are nervous. Analysts are expecting low sales figures for the quarter ending March 31 – despite the company beating expectations in the last four quarters. This will be its first earnings report since the launch of its biggest new product in years, its $3,499 mixed reality Vision Pro headset. Market research firm IDC said Apple’s smartphone shipments tumbled a stunning 10% globally in the first quarter of this year. All eyes on AIAccording to David McQueen, research director at tech intelligence firm ABI Research, the company could spark sales growth soon.
Persons: Apple, Ming, Chi Kuo, , , Nabila Popal, David McQueen, OpenAI Organizations: CNN, Apple, IDC, Huawei, Xiaomi, Samsung, ABI Research, Developers Conference, ChatGPT Locations: China, Hollywood
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSamsung's memory business will get a lift when AI PCs hit the shelves, advisory firm saysOlivier Blanchard, research director at The Futurum Group, discusses Samsung's results and says the company "had a pretty rough 2023, so it's good to see them climb out of it, and climb out of it pretty quickly."
Persons: Olivier Blanchard
Strained Chinese cities struggle to pay home buying subsidies
  + stars: | 2024-04-30 | by ( ) www.cnbc.com   time to read: +2 min
Chinese cities have promised subsidies and other incentives to prop up the ailing property sector but have failed to deliver, frustrating potential homebuyers. The 30-year-old now pays 6,000 yuan of her 8,000 monthly salary on the mortgage for the 1.1 million yuan apartment and another 1,800 yuan to rent another one, relying on her parents for other basic expenses. Weifang, with a population of more than 9 million and an economy larger than Croatia's, and dozens of other Chinese cities, have promised subsidies and other incentives to homebuyers to prop up the ailing property sector. But the real estate downturn also affects the ability of cities to lease land to developers, a key revenue source. This meant some local governments were unable to raise funds to pay the promised subsidies, frustrating buyers and casting doubts over future support measures.
Persons: Amy Wang, Wang, Christopher Beddor, Gavekal Organizations: People's, Communist Party Locations: Hangzhou city, Zhejiang province, China, Weifang, Shangqiu
US stock futures climbed in premarket trading on Monday ahead of a big week of earnings reports. US GDP and inflation data could also move markets this week. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementInvestors will hope that the tech giants can give the market a much-needed boost, with artificial intelligence likely to be in focus.
Persons: Tesla, , Johnson, Kathleen Brooks Organizations: Microsoft, Service, Nasdaq, Dow Jones, ExxonMobil, Johnson
Read previewLinkedIn released its annual US list of the best big employers for career growth this week, and JPMorgan Chase & Co. ranked No. A few kinds of employers emerge among LinkedIn's top 15 large companies for US career growth including financial-services giants like JPMorgan and Wells Fargo, telecom companies AT&T and Verizon, and the Big Four accounting firms Deloitte and PwC. This story is available exclusively to Business Insider subscribers. "This year's honorees are proving that investment in the employee experience is vital in today's workplaces," the report said. "Our methodology uses LinkedIn data to rank companies based on eight pillars that have been shown to lead to career progression," the report said.
Persons: , Wells, it's, Nick Bunker Organizations: Service, JPMorgan Chase &, JPMorgan, AT, Verizon, Big, Deloitte, PwC, Business, North America Locations: Wells Fargo
iPhone sales are plunging. Here’s why
  + stars: | 2024-04-15 | by ( Samantha Murphy Kelly | ) edition.cnn.com   time to read: +3 min
CNN —Apple’s smartphone sales tumbled 10% last quarter, according to market research firm IDC, as sales in China fell sharply. Apple took the crown last year – but only for one quarter, as Samsung took the spot back. Samsung occupied about 20.8% of market share (or 60.1 million shipments) during the quarter, followed by Apple with 17.3% (50.1 million shipments). China remains an important market for Apple as it is the largest market behind the US. “As the overall smartphone market recovers this year, with a strong focus on AI, Samsung is in good position to grow further this year,” she added.
Persons: , , Nabila Popal, “ It’s, ” Popal, Xiaomi, Loren Elliott, Huawei’s, Popal, “ We’re Organizations: CNN, IDC, Apple, Samsung, Android, Galaxy, Huawei Locations: China, San Jose , California, U.S, China . China, United States
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe market served up another reminder of its indifference to geopolitics on Monday, as traders seemingly shrugged off the potential impact of Iran's strikes on Israel. Signs that the conflict between the two countries won't escalate any further have calmed the market's nerves, XTB research director Kathleen Brooks said on Monday. "The dollar opened the week fairly muted and US bond yields are slightly higher, suggesting that there was no flight to safe havens." Anyone who's been following markets for the past two years won't be surprised at traders' muted reaction to the latest tensions in the Middle East.
Persons: , pare, Kathleen Brooks, Joe Biden, Brooks, who's, Jamie Dimon, Ray Dalio, Neal Shearing, Shearing, isn't Vladimir Putin, Xi Jinping, Ali Khamenei —, Jerome Powell Organizations: Service, Brent, West Texas, Business, JPMorgan, Bridgewater, Capital Economics, Federal Reserve, Fed Locations: Israel, Iran, Tehran, OPEC
From late October through March, the S&P 500 enjoyed a virtually uninterrupted 27.6% rally based on better-than-expected earnings and economic data. And while it's still well below the dot-com bubble levels, it's still too close for comfort for many investors. Related story"Those higher rates are starting to push back on elevated valuations for stocks right now," Saglimbene said. "They're all much cheaper on an earnings basis than those Magnificent 7 companies," Saglimbene said. "So I think if we avoid a recession this year, the narrative will change to a broadening of companies and sectors that can participate in earnings growth this year."
Persons: aren't, Anthony Saglimbene, Rick Pitcairn, Pitcairn, it's, we've, Raheel Siddiqui, Neuberger Berman, Siddiqui, Jon Wolfenbarger, Albert Edwards, Bill Smead, James Ragan, DA Davidson, Ragan, Saglimbene, Indrani, she's, De, Davidson, Siddiqui's Organizations: Ameriprise, Business, DA, FTSE Russell, Investors Locations: Ameriprise
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
That idea of guaranteed income is receiving renewed interest as AI becomes an increasing threat to Americans’ livelihoods. As more Americans’ jobs are increasingly at risk due to the threat of AI, Tubbs and other proponents of guaranteed income say this could be one solution to help provide a safety net and cushion the expected blow AI will have on the labor market. “Then, when we have to deal with that job displacement, we’re better positioned to do so.”Silicon Valley’s infatuation with guaranteed incomeThe idea of a guaranteed income is not new. AFP/Getty ImagesDecades after King’s death, the idea of guaranteed income went on to see a resurgence of support emanating out of Silicon Valley. Other tech industry tycoons, including Twitter co-founder Jack Dorsey, have also thrown immense financial support behind guaranteed income programs.
Persons: CNN — Michael Tubbs, Tubbs, , , ” Michael Tubbs, Nick Otto, ” Tubbs, Nathan Frandino, Let’s, Martin Luther King, Jr, I’m, ” King, King, Elon Musk, Mark Zuckerberg, Sam Altman —, Musk, Rishi Sunak, Zuckerberg, ” Altman, Altman, Sam Altman, Justin Sullivan, Elizabeth Rhodes, Jack Dorsey, Dorsey, Ken Paxton, ” Paxton, overreach, ‘ It’s, ’ Tomas Vargas Jr, Vargas, I’ve, that’s, ” Tomas Vargas Jr, Tomas Vargas Jr, ” Vargas Organizations: CNN, Getty, Global, Monetary Fund, Reuters, Stockton, Civil Rights, Washington DC, Elon, , UK, Harvard, Facebook, YCombinator, Twitter, UPS Locations: Stockton , California, Silicon Valley, Big, America, Stockton, AFP, San Joaquin, U.S, Washington, Alaska, YCombinator, San Francisco , California, United States, Texas, Harris, Harris County
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'It's all upside' for TSMC and other chipmakers over the next decade, advisory firm saysOlivier Blanchard, research director at The Futurum Group, says "it's a good time to be a chip manufacturer, and it's a really good time to be TSMC," and discusses how a Trump presidency might affect the Taiwanese chip giant's outlook.
Persons: Olivier Blanchard, Trump
"That whole process flow is designed to help radiologists get through their task with assistance more quickly," Kurian said in an interview. Google Cloud and Bayer are not the only companies exploring AI applications for medical imaging. Google Cloud has been working with Bayer on the radiology platform for around five years. The foundation was built using existing Google Cloud solutions like Vertex AI, Healthcare API and BigQuery, and Kurian said the platform's data is encrypted. Google Cloud and Bayer are exploring a number of different pricing models for the platform, he said.
Persons: Thomas Kurian, radiologists, Kurian, Keith Kirkpatrick, there's, Kirkpatrick, Bayer, Guido Mathews, Mathews Organizations: Google, Bayer, Tuesday, CNBC, Radiological Society of North, American College of Radiology's, Google Cloud, Philips, Amazon Web Services, GE HealthCare Locations: U.S, Radiological Society of North America, Netherlands
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
The labor market has been resilient despite economic headwinds like higher interest rates. "There's still strong, broad-based job growth and real wage growth has been restored," Pollak said. The labor market is in a 'sweet spot'Employers added 303,000 jobs to payrolls in March, the U.S. Bureau of Labor Statistics reported Friday. Job growth in the first three months of 2024 — 274,000, on average — beats the 2019 pre-pandemic average by more than 100,000. "The labor market is settling into a sweet spot," said Nick Bunker, economic research director for North America at job site Indeed.
Persons: Lindsey Nicholson, Julia Pollak, There's, Pollak, Nick Bunker Organizations: Getty, U.S . Bureau of Labor Statistics, North America Locations: Queens , New York, U.S
There were around 8.8 million job openings in the US in February. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Openings for jobs have dropped from a rate of 6.0% in February 2023 to a rate of 5.3% this past February. Tuesday's news release from the Bureau of Labor Statistics said February job openings "changed little at 8.8 million" since January. Across industries, here are the roles with a multitude of openings, or an urgent need to hire.
Persons: , Nick Bunker Organizations: BI, Service, Bureau of Labor Statistics, Bloomberg, North America, Business
Read previewA group of California-based graduate students has developed an AI-powered tool to catch congressional insider trading as soon as possible. Though in its infancy, the program could be a revolutionary way for journalists, researchers, and the general public to hold public officials accountable. This story is available exclusively to Business Insider subscribers. Shah explained that PoliWatch works by feeding its system publicly available congressional stock filings, hearing schedules, committee assignments, and sponsored travel. Congress' thorny trading historyAs Business Insider's far-reaching "Conflicted Congress" investigation found in 2021, lawmakers regularly violate the federal Stop Trading on Congressional Knowledge (STOCK) Act with little consequence.
Persons: , Mats Dodd, Aditya Shah, Jocelyn Thai, Connor Yen, Dodd, Shah, Robert Maguire, " Maguire, Nancy Pelosi, Alex Wong, PoliWatch Organizations: Service, UC Berkeley, Business, Department of Justice, Citizens, Progress Locations: California, Washington, Congress
There were about 8.8 million job openings in the US in February. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Openings for jobs have dropped from a rate of 6% in February 2023 to 5.3% this past February. Tuesday's news release from the Bureau of Labor Statistics said February job openings "changed little at 8.8 million" since January.
Persons: , Nick Bunker Organizations: Business, Service, Bureau of Labor Statistics, Bloomberg, North America
Read previewGoldman Sachs analysts kicked off the new month and quarter by revealing their favorite investing ideas. AdvertisementHow to successfully select stocksThe directors' cut list consists of 20 to 25 stocks beloved by Goldman's research analysts. But a promising outlook alone isn't enough to make the directors' cut list. Kron and company also look for stocks that Goldman Sachs analysts are more bullish about than their peers are. AdvertisementBelow are the 22 companies on the "directors' cut" version of Goldman Sachs' US conviction stock list.
Persons: , Goldman Sachs, Steven Kron, Kron, Chris Hussey, John Marshall, Stocks Organizations: Service, Business, Goldman, Citigroup, Royal Caribbean Cruises, TPG, Blue Owl, TE, Chevron
CNN —Republican lawmakers and activists in several presidential battlegrounds are pushing ballot measures to change how elections are run in their states. And in Arizona, a so-called ballot referral moving through the Republican-controlled Legislature would upend the state’s widely used, no-excuse vote-by-mail system. Constitutional amendments in Wisconsin and ballot referenda in Arizona are not subject to the approval of governors in those states. “Wisconsin’s status as a swing state makes election integrity measures important locally, nationally and internationally.”If approved, the Wisconsin measures would be in effect for this year’s elections. Katie Hobbs has vetoed a raft of legislation – ranging from efforts to get rid of red-light cameras to prohibiting ranked-choice voting in the state’s elections.
Persons: , Jay Heck, Donald Trump, Joe Biden, Sen, Eric Wimberger, Mark Zuckerberg, Priscilla Chan, Zuckerberg, Tony Evers, Will Flanders, , who’s, Debra Cronmiller, Katie Hobbs, Hobbs ’, Alex Gulotta, , Wendy Rogers, Rogers, Wisconsin’s, noncitizens Organizations: CNN, Republican, GOP, Silver State, Tuesday ., White House, Center for Tech, Republicans, Democratic, National Conference of State Legislatures, Wisconsin Institute of Law and Liberty, Badger State, League of Women Voters of, Phoenix New Times, Phoenix, Clark County Republican Party, Wisconsin, New, New York City Locations: Wisconsin, Nevada, Silver, Arizona, Tuesday . Arizona, League of Women Voters of Wisconsin, Maricopa County, ” Arizona, Clark, New York City, York, New York
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