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The bottom 20% of American earners have been left out of the economic boom, Jamie Dimon said. 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 . One reason is they've largely missed out on the boom times, Jamie Dimon says. Advertisement"There's parts of society who's kind of struggling, parts of society who's not," Dimon said.
Persons: Jamie Dimon, , who's, Dimon Organizations: JPMorgan, Service, Wall, New York Times Locations: America
"It resonates with both millennials and Gen Zers, which I think indicates that Gen Z is feeling the same 'girl-boss' pressures that millennials famously grew up with," said Casey Lewis, a social media trend forecaster. "I'm a millennial and I grew up like I needed to maximize every minute of the day," Lewis said. And yet, even in cases where women are now breadwinners, the division of labor at home has barely budged, the Pew report found. "But we also live in an environment of layoffs and rising costs, so not being productive isn't really an option," she added. Even though you're not reading the news, you're still seeing how the economy is impacting peers.
Persons: Taylor Swift, “ Midnights, Kevin Mazur, Gen Zers, millennials, Casey Lewis, Eve Rodsky, Taylor, Lewis, That's, Heather Boneparth, Gen Organizations: Crypto.com Arena, Poets Department, Pew Research Center, U.S . Bureau of Labor Statistics Locations: Los Angeles
Amazon is also staffing up for Prime Video sales teams, recently hiring ad veteran and former NBCUniversal sales exec Krishnan Bhatia as VP of global video advertising for Amazon Ads. Advertisers' initial reaction to Prime Video ads was mixedAdvertisers reacted with a mix of excitement and skepticism when Prime Video entered the TV ad market last year. Amazon estimated Prime Video ads would reach 115 million monthly viewers in the US. AdvertisementBut the skepticism was short-lived as Amazon set Prime Video up for success in several ways. Amazon will also have to start regularly sharing data showing advertisers how many people are actually watching Prime Video and for how long.
Persons: , Krishnan Bhatia, Amazon, It's Organizations: Service, Business, YouTube, Hulu, Amazon, Comcast, Disney, Etihad, Best, Samsung's, Prime, Amazon Ads, Netflix, Street Journal
Read previewUS stocks may have already peaked, warns a Morgan Stanley investment chief with a penchant for making successful market predictions. Jim Caron, who oversees Morgan Stanley Investment Management's portfolio solutions group, may want to consider buying a lottery ticket. And considering how much could go wrong in markets, stocks may take a while before rebounding to record highs. Quality stocks in those less-loved sectors should stand out once markets bottom, he said. "The best cure for high yields is high yields because as yields go higher, it becomes like a high-quality hedge to a downturn in the market," Caron said.
Persons: , Morgan Stanley, Jim Caron, Caron, shouldn't, Morgan Stanley's, We're, they'll, We've Organizations: Service, Morgan Stanley Investment, Business, Federal Reserve
Read previewNearly three million more Americans are working than they were in January 2020, but the number of US-born workers has barely budged. Roughly 64% of these recent immigrants were working or looking for work, compared to 62% of US-born workers. Over 16% of recent immigrants worked in the construction industry, compared to 6.4% of US-born workers. Roughly 17% of immigrants worked in the professional and business industry, compared to 12% of US-born workers. AdvertisementAbout 12% of recent immigrants worked in the accommodation and food services industry, compared to 7% of US-born workers.
Persons: , Goldman Sachs Organizations: Service, of Labor Statistics, Business Locations: Mexico, New York, Chicago, US, South America, Central America, Florida , California , Texas, New Jersey , Illinois , Massachusetts, Georgia
Scott Olson | Getty ImagesA closely watched Labor Department report due Wednesday is expected to show that not much progress is being made in the battle to bring down inflation. To be sure, inflation has come down dramatically from its peak above 9% in June 2022. That showed headline inflation running at 2.5% and the core rate at 2.8% in February. For their part, markets have grown nervous about the state of inflation and how it will affect rate policy. "I don't see a whole lot here that is going to move things magically the way they want to go," North said.
Persons: Scott Olson, We're, Dan North, North, they've Organizations: Getty, Labor Department, Federal Reserve, Allianz Trade North America, Fed, Commerce, PCE Locations: Chicago , Illinois
And growth in the percentage of women in senior corporate leadership roles overall barely budged from 2022 to 2023. In 2023, women held just 11.8% of the roughly 15,000 C-suite roles assessed, down from 12.2% the year before, the study found. Gender parity goal imperiledNone of this is to say that there hasn’t been real progress in narrowing the gender gap since 2005. “Across all [senior] roles, women held less than 8% of seats as recently as 2005; versus 22.3% in 2023. If the growth rate remains below average going forward, the goal of reaching gender parity will be much farther out of reach.
Persons: , hasn’t, Organizations: New, New York CNN, P Global Market Intelligence Locations: New York
It makes sense then that just 36.5% of adults say they feel they're better off financially than their parents, according to CNBC's International Your Money Financial Security Survey conducted by SurveyMonkey. A greater share — 42.8% — say they're worse off than their parents, while the remaining 20.7% say they're faring about the same. Here are three ways younger generations are financially worse off than their older counterparts. More equality Younger generations have navigated adulthood with more freedoms than a lot of their parents may have had. Gender and racial pay gaps, along with other barriers to wealth-building, certainly still affect Gen X and millennials.
Persons: they're, Gen, Xers, Clever, Gen X, Tara Unverzagt, I'm, millennials, Louis Fed, Unverzagt Organizations: Financial Security, SurveyMonkey, Education Data Initiative, CNBC, Pew Research Locations: U.S
A Crisis of School Absences
  + stars: | 2024-03-29 | by ( Sarah Mervosh | ) www.nytimes.com   time to read: +1 min
A few years ago, a troubling phenomenon began to spread in U.S. education: Students were not showing up to school. Schools had shut down in the spring of 2020, at the start of the pandemic, and some did not fully reopen until fall 2021. Before the pandemic, about 15 percent of U.S. students were chronically absent, which typically means missing 18 days of the school year, for any reason. By the 2021-22 school year, that number had skyrocketed to 28 percent of students. Last school year, the most recent for which national estimates are available, it held stubbornly at 26 percent.
Persons: Quarantines, Francesca Paris Organizations: Schools
The BOJ will now look to utilize its short-term interest rate as its primary policy tool. It will employ an interest rate of 0.1% to current account balances held by financial institutions at the central bank from March 21, while encouraging the uncollateralized overnight call rate (another interest rate used as a policy lever by the bank) to remain at around 0 to 0.1% — effectively raising interest rates from -0.1% previously. It would resort to "nimble responses" in the form of increased Japan government bond purchases and fixed-rate purchases of JGBs, among other things, if there is a rapid rise in long-term interest rates. Japanese investors have looked elsewhere for better returns given years of artificially depressed interest rates in their home market. The Fed is due to announce its own interest rate decision on Wednesday.
Persons: Japan Alexander Spatari, Kazuo Ueda, Rob Carnell, BOJ, Ueda, Michael Brown, , JGBs, Vishnu Varathan, Hayden Briscoe, Briscoe Organizations: Japan's, Japan Inc, Asia, ING, CNBC, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Mizuho Financial Group, Bank of America, Barclays, U.S . Federal, UBS Asset Management Locations: Dotonbori, Japan, Japan's, U.S, Mizuho's, Asia
Japan's central bank raised interest rates on Tuesday for the first time since 2007, ending the world's last negative rates regime on early signs of robust wage gains this year. The BOJ raised its short-term interest rates to around 0% to 0.1% from -0.1%, according to its statement at the end of its two-day March policy meeting. Japan's negative rates regime had been in place since 2016. The BOJ also announced the abolition of its radical yield curve control policy for 10-year Japanese government bonds, which the central bank has employed to target longer-term interest rates by buying and selling bonds as necessary. The Bank of Japan expects higher salaries to lead to a virtuous spiral with domestic demand fueling inflation.
Persons: BOJ, Kazuo Ueda Organizations: Japan Inc, Bank of Japan Locations: Japan, Japan's
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Ban or no ban, TikTok is under pressure. Now, we're about to enter a new age of experimentation as buyers and sellers start thinking hard about how they'll pay their agents, and how much. More of this week's top readsThe Insider Today team: Matt Turner, deputy editor-in-chief, in New York.
Persons: , TikTok, Bytedance, Biden, Donald Trump, Steven Mnuchin, Anson Chan, sarayut Thaneerat, Tyler Le, Ken Griffin, Ambition, Theresa Sue Mubenga, who's, Matt Turner, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Service, Business, Senate, Apple, Medical Properties Trust, Citadel, Miami, Citadel Securities, Wall, Workers, National Association of Realtors, Oxford Locations: China, Chicago, Miami, New York
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 . DispatchThe mania over Trader Joe's mini tote bags and Stanley cups is indicative of just how fast today's consumer fads can come and go. Instead, it's (checks notes) a $2.99 Trader Joe's miniature tote that has shoppers in a frenzy. Trader Joe's played into a scarcity model too, forcing consumers to scramble to find them.
Persons: , they've, Stanley, Chanel, Gucci, We've, Emily Stewart, They're, Joe's, TJ's, they'll, Gwyneth Paltrow, She's, Taylor, Rebecca Zisser, Gwyneth Paltrow preps, Fiona Chandra, Jenny Chang, Rodriguez, Duff Goldman, Esther Horvath, Getty, Claudia Totir, Elena Veselova, Tyler Le, Duff, Goldman, Jennifer Aniston, Lindsay Lohan, Taylor Swift, Chandra Wilson, Max, it's, Joi, Marie McKenzie, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Business, Service, Dior, tote, Stanley, wilatlak, Chandra Wilson ABC, Disney, Netflix, Nickelodeon Locations: Africa, South Africa, Tanzania, California, wilatlak villette, Getty, Toom, Kirkland, New York
(Photo by Kazuhiro NOGI / AFP) (Photo by KAZUHIRO NOGI/AFP via Getty Images)At Japan's highly anticipated "shunto" spring wage negotiations this year, the world's largest automaker Toyota agreed to the biggest annual pay increase for workers in 25 years. Market speculation reached fever pitch this week as various corporate giants announced robust negotiated salary increments that in some instances exceeded what unions petitioned for. Bank of Japan Governor Kazuo Ueda has repeatedly said the outcome of this year's wage negotiations will influence the central bank's decision on when to exit the world's last negative interest rate policy. Japan's largest trade union grouping, known as Rengo, will announce the first collation of ongoing wage negotiations on Friday. Here's what you need to know about this year's spring wage talks, which takes place annually in March.
Persons: Kazuhiro NOGI, KAZUHIRO NOGI, Kazuo Ueda Organizations: Bank of Japan, The Bank of Japan, Getty, Toyota Locations: Tokyo, AFP
Speculation is swirling that the Bank of Japan may move to exit the world's last negative rate policy as early as next week, when policymakers gather for their March meeting. "We continue to expect that the BOJ will terminate NIRP in April," Goldman Sachs economists led by Tomohiro Ota wrote in a Tuesday note, referring to the negative interest rate policy. "While a March rate hike cannot be ruled out, we believe that the BOJ's communications at this juncture are not clear enough to justify assuming the March hike as the base case scenario." "The Bank of Japan has no right to keep monetary policy where [they are now]. The economy is not in any shape or form to have that ultra-loose monetary policy and quantitative easing, which we have been calling a major policy error," Amir Anvarzadeh, a market strategist at Asymmetric Advisors, told CNBC Tuesday.
Persons: Goldman Sachs, Tomohiro Ota, Kazuo Ueda, Amir Anvarzadeh Organizations: Bank of Japan, Asymmetric Advisors, CNBC Locations: NIRP, Japan
Technically, the seller can promise as little as $0 to the buyer's agent; after all, why pay for someone you didn't hire? But multiple agents told me there are all kinds of ways shady practitioners try to skirt the rules. Critics say the stickiness of the going commission rate is evidence of steering's ubiquity. He said buyers' agents might call and say, "'Why is there no buyer's commission?" There are lots of willing brokers out there; if you suspect steering, agents told me, you've got plenty of options for a second opinion.
Persons: should've, Redfin, Julie —, Julie, Wendy Gilch, Gilch, they're, Doug Miller, Real, Rex, Keller Williams, I'm, Brendon Bowers, we're, Stephen Brobeck, Brobeck, they'll, you've, Rich, they've Organizations: Department of Justice, National Association of Realtors, Business, Facebook, Realtors, NAR, Consumer Federation of America, DOJ Locations: America, Minnesota, Austin, Houston, Kansas City , Missouri, Phoenix
Britain Is Cutting Taxes Again. Why Now?
  + stars: | 2024-03-07 | by ( Eshe Nelson | ) www.nytimes.com   time to read: +1 min
This year, Jeremy Hunt, the chancellor of the Exchequer, had to consider another priority: the upcoming general election. And so on Wednesday, Mr. Hunt announced that he would cut taxes for nearly 30 million workers. It will save the typical employee about 900 pounds ($1,145) a year, Mr. Hunt said. That’s because the tax cuts announced by the Conservative Party are smaller and, crucially, offset partly by some other tax increases. And Mr. Hunt didn’t announce much additional spending.
Persons: Jeremy Hunt, Hunt, Liz Truss, Hunt didn’t Organizations: National Insurance, Conservative Party
I helped raise Diego from the moment he was born until my family moved to another state when he was three years old. However, the experience also made me think, for the first time, about what parenthood entailed and whether I wanted that life for myself. Cristabelle Garcia lived with and helped raise her nephew Diego from when he was born until he was three years old. I know myself well enough to know that I don't even want to try to do it all. And because I had that experience, I can now make a more informed decision, which is a benefit most people don't get.
Persons: Diego, we've, , we'd, caregiving, Cristabelle Garcia, It's, I've, We'd, it's, I'm Organizations: Diego Locations: Florida, Venezuela
The US residential market added $2.4 trillion in value last year, listings site Redfin said. AdvertisementThe housing market in the US added $2.4 trillion last year, jumping to $47.5 trillion. Though housing demand has been dampened by stubbornly high mortgage rates, the total value of the market climbed by 5.3% from December 2022, preliminary data released by Redfin on Wednesday showed. Pandemic-era mortgage rates fell below 3%, driving a frenzy of buying in 2020 and 2021. The combination of elevated mortgage rates, high home prices and a limited pool of homes for sale means homeownership is about as unaffordable as ever.
Persons: Redfin, , aren't, Chen Zhao Organizations: Service Locations: Redfin, New York City, New Jersey, Midwest, Milwaukee, Grand Rapids, New York, Honolulu , Riverside, Denver
Sectors leading: Consumer staples were outperforming, led by Dow stock Walmart 's 3.5% gain. Jim Cramer said, "Walmart has tried to keep prices down, but Costco is lowering across the board. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Jim, Jensen Huang, Eaton, Bausch, Jim Cramer's Organizations: CNBC, Dow, Walmart, Costco, Semiconductor, Computer, Nvidia, Caterpillar, Palo Alto Networks, Realty, Bausch Health Companies, Jim Cramer's Charitable Locations: We're, homebuilding, BLCO
Last October, 21% of the roughly 1,000 Americans surveyed by Gallup said the economy was “getting better,” according to survey data provided to BI. Forty-two percent of respondents said they trusted Donald Trump more than Biden to handle the economy — 31% trusted Biden over Trump. It could mainly be Democrats who are feeling better about the economyThere could be several reasons Americans’ growing optimism about the economy improving hasn’t translated into better polling for Biden. Republicans also seemed more optimistic, with their sentiment growing by nearly 10 points from January to February. The last time Democrats’ sentiment was about as low as Republicans’ February level was in the late summer of 2020.
Persons: , Joe Biden, Joe Biden’s, Donald Trump, Biden, he’s, Paul Krugman, hasn’t Organizations: Service, Business, University of, Gallup, BI, Financial Times, University of Michigan, Biden, Trump, ABC, Republicans Locations: Michigan
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewMany young Americans are hitting up their parents for cash because they can't afford the basics following historic inflation, Kevin O'Leary said. A recent Pew survey found that 59% of parents with children aged 18 to 34 said they helped their kids financially. The O'Leary Ventures chairman, nicknamed "Mr Wonderful," underlined the painful impact of historic inflation in recent years. "This has been a particularly tough jolt" for young Americans over the last three years, O'Leary said.
Persons: , Kevin O'Leary, O'Leary, " O'Leary, Chris Kempczinski, they've, they're Organizations: Service, Business, Fox News, O'Leary Ventures Locations: America
That’s added as much as two weeks to a typical East-to-West journey for container ships, and 18 days for slower bulk carriers and tankers. Global container shipping costs are less than half their level during the coronavirus pandemic, which peaked at $10,380 in September 2021. Even so, he said, container shipping is “very cost-effective” as many goods can be packed into a single shipping container. The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea on November 20, 2023. Fewer oil tankers have avoided the Red Sea than container ships, which the Houthi militants more closely identify with Western countries allied with Israel.
Persons: Richard Meade, Tesla, Peter Sand, Good Hope, That’s, , Lloyd —, , ” Simon MacAdam, ” Maersk, Meade Organizations: London CNN —, Hamas, Lloyds, CNN, Maersk, Hapag, Carriers, Global, Container, Capital Economics, Organisation for Economic Co, Development, Galaxy Leader, Houthi Military Media, Reuters Locations: Iran, Suez, Asia, Europe, Germany, Swedish, Africa, South Africa’s, Good, Sand, Vietnam, Drewry, Shanghai, China, Rotterdam, Netherlands, Xeneta, Israel, United States, Canada
Twenty years after its launch, social media giant Facebook continues to show unprecedented staying power after burying early competitors like MySpace and Friendster and establishing a distinct foothold in the burgeoning social media landscape. Daniel Acker/Bloomberg/Getty ImagesStrong social connection was the linchpin of Facebook, differentiating it from other primordial social media sites. MySpace’s monthly active users had trickled down to an estimated 35 million in mid-2011, according to a Comscore report at the time. In contrast, by September of that year, Facebook was seeing almost 800 million monthly active users. In April 2012, the company acquired photo-centric social media platform Instagram for about $1 billion.
Persons: Harvard University undergrad, Mark Zuckerberg, , , Pablo Boczkowski, alums, ” Zuckerberg, Daniel Acker, Justin Timberlake, Friendster’s, Friendster, Boczkowski, Meta’s, ” Boczkowski, WhatsApp, Meta Organizations: New, New York CNN, Harvard University, Facebook, Communication Studies, Northwestern University, Harvard, New York Times, Bloomberg, Getty, MySpace, Swiss Federal Institute of Technology, Google, Meta, Inc, , TikTok, Twitter Locations: New York, Zurich, India, Brazil, Argentina, Italy
This has been true since the early 2010s, when tech companies began realizing the benefits of influencing policymakers on issues including net neutrality and privacy. This week, Microsoft announced its support for the Kids Online Safety Act, a leading social media bill. Even when lawmakers can agree on what the problem is, they often disagree on how to solve it, creating a smorgasbord of half a dozen or more social media bills floating around Congress. That would be a huge down payment on a future social media law, said Balkam. But even that proposal is still subject to many of the same dynamics that make social media regulation hard.
Persons: Washington CNN —, , Danny Weiss, Ben Thompson, Adam Kovacevich, “ That’s, hasn’t, Republican stonewalling, Weiss, Kovacevich, ” Kovacevich, I’m, ” Weiss, Chuck Schumer, Mike Johnson, Schumer, Nancy Pelosi’s, , Johnson didn’t, Evan Greer Organizations: Washington CNN, Big Tech, Tech, Sense, Microsoft, Kids, LinkedIn, of, Republican, CNN Locations: Washington, United States
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