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☆ CNBC's Inside India newsletter: A $270 billion gamble on green?
▼ + stars: | 2024-04-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Solar panels stand at the Welspun Energy solar power plant in Neemuch, Madhya Pradesh, India. One sector in particular — electrical power transmission — will see $270 billion in financial benefits, according to Goldman Sachs. While utilities like the Power Grid Corporation of India may be perceived as unsexy, compared to growth stocks like Tesla, India plans to promote renewable energy without the taxpayer spending a single rupee. The country has added about 70 gigawatts of solar power capacity over the past decade without piling on further costs by simply maximizing the grid's usage. Currently, state governments in India levy surcharges and taxes on every unit of carbon-intensive energy transmitted through the grid.

Persons: Vivek Prakash, Elon Musk, Narendra Modi, Goldman Sachs, It's, Vinay Dwivedi, India Anna Dravida, Vinay, Modi, Mohamed Muizzu's, Jamie Dimon, Modi's Organizations: Bloomberg, Getty, U.S, Power Grid Corporation of India, Goldman, Companies, Reliance Industries, Adani Enterprises, Tamil Nadu —, Dravida Munnetra Kazhagam, India Anna Dravida Munnetra Kazhagam, CNBC, Modi's Bharatiya Janata Party, Vodafone Idea, Vodafone, West, Economic, of New, JPMorgan, CNBC Pro, we'll Locations: Neemuch, Madhya Pradesh, India, Tamil Nadu, Dravida, New Delhi, Maldives, China, Beijing, West Indies, Pakistan, U.S, of New York

☆ India's high unemployment is a 'ticking bomb,' opposition says as election battle with Modi's BJP heats up
▼ + stars: | 2024-04-23 | by ( Vinay Dwivedi | ) www.cnbc.com time to read: +4 min

India's unorganized sector, which is made up of millions of small businesses that are privately owned, make up about 93% of the country's total workforce. As many as 32% of the respondents said increasing unemployment was the key reason why they would not elect the BJP again. India's Labour Ministry did not immediately respond to CNBC's queries pertaining to the country's unemployment situation. Rajan, who was speaking about how to make India an advanced economy at the George Washington University, said: "Unemployment numbers are high, disguised unemployment is even higher. A slowdown in hiring in India's huge information technology sector is also to blame for the lack of well-paying, white-collar jobs.

Persons: Rahul Gandhi, Narendra Modi, Modi, Gandhi, —, Manmohan Singh, Arun Kumar, Lokniti, joblessness, Kumar, Raghuram Rajan, Rajan Organizations: DELHI, International Labour Organisation, Institute of Human, Goods, Services Tax, Jawahar Lal Nehru, CNBC, ILO, Bharatiya Janata Party, Indian National Congress, BJP, Modi, India's Labour Ministry, Former Reserve Bank of India, George Washington University, Labor Locations: India, Bihar, New Delhi

☆ Nvidia is in a bubble, stocks will disappoint for a decade, and a recession will strike this year, markets guru warns
▼ + stars: | 2024-04-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Nvidia is in a bubble, stocks will falter, and a recession will hit this year, Jesse Felder said. The markets guru said the microchip frenzy would fade, and stock-market returns would drop off. 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 . AdvertisementNvidia hype is a bubble that will burst, stocks will disappoint for the next decade or longer, and a recession will strike this year, Jesse Felder said.

Persons: Jesse Felder, —, outsize, Felder, Jeff Bezos, Meta's Mark Zuckerberg, Jamie Dimon Organizations: Nvidia, Service, Micron

☆ What 'vibecession'? Some 80% of people in Singapore say they're bullish about the economy
▼ + stars: | 2024-04-10 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +3 min

Almost 80% of Singaporeans are optimistic about the economy, according to SurveyMonkey's 2024 poll. Damircudic | E+ | Getty ImagesMajority of the residents in Singapore are bullish about where the economy is headed and confident that the government will be able to support them during their retirement. The results in Singapore buck the global trend, where less than half the adults polled are positive about where their economy is going. The survey gathered results from over 4,300 adults living across Australia, France, Germany, Mexico, Singapore, Spain, Switzerland, the United Kingdom and the United States between March 8 and 25. That's despite predictions by the International Monetary Fund that the global economy is approaching a "soft landing" and that inflation is slowly moderating.

Persons: SurveyMonkey, Eric Johnson, joblessness Organizations: Getty, CNBC, International Financial Security, International Monetary Fund, United Locations: Singapore, Mexico, U.S, Australia, Germany, France, Spain, Switzerland, United Kingdom, United States, States

☆ Recessions Actually Make People Live Longer
▼ + stars: | 2024-03-19 | by ( Aki Ito | ) www.businessinsider.com time to read: +6 min

Recessions, it would seem, help us stay fitter, and live longer. The new paper, along with other research into recessions, provides an important reminder that economic growth isn't — and shouldn't be — the only measure of our collective well-being. If recessions save lives, that comes with a corollary: Boom times cost lives. Sure, economic growth provides jobs. If the new research tells us anything, it's that we still have a long way to go in striking a healthy balance between economic growth and social welfare.

Persons: grads, Amy Finkelstein, didn't, that's, Aki Ito Organizations: Business Locations: Japan, San Francisco

☆ Wall Street titans like Jamie Dimon, David Solomon, and Jeffrey Gundlach are still worried about a recession — and warn investors are too complacent
▼ + stars: | 2024-03-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Here's a roundup of recent recession warnings from six experts:This story is available exclusively to Business Insider subscribers. Jamie Dimon, JPMorgan Chase CEOAdvertisementThere's a long history of investors being caught off guard by sudden downturns, Dimon told CNBC this week. AdvertisementSteve Hanke, Johns Hopkins professorThe US economy is headed for a recession if history is any indication, Hanke told Business Insider this week. AdvertisementPaul Dietrich, B. Riley Wealth Management's chief investment strategist"We're still on the path to recession," Dietrich told Business Insider in a recent interview. AdvertisementJeffrey Gundlach, DoubleLine Capital CEO"I think recession is closer than most people think," Gundlach said in a recent YouTube video.

Persons: —, Jamie Dimon, There's, Dimon, David Solomon, Goldman Sachs, Solomon, Ellen Zentner, Morgan Stanley's, Zentner, Steve Hanke, Johns Hopkins, Hanke, Paul Dietrich, Riley Wealth, We're, Dietrich, Jeffrey Gundlach, Gundlach Organizations: Service, Federal Reserve, Business, JPMorgan, CNBC, UBS, DoubleLine Locations: American, Russia, Ukraine, Israel

☆ A trusted indicator is fueling recession warnings from Jeremy Grantham and other gurus. What you should know about the Leading Economic Index.
▼ + stars: | 2024-02-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

The Leading Economic Index fell for the 22nd consecutive month in January. This story is available exclusively to Business Insider subscribers. The Leading Economic Index brings all of those together to gauge the future state of the economy across multiple dimensions, from growth and unemployment to consumer demand and homebuilding. Here's a screenshot showing the index's historic decline, from The Conference Board's latest release:AdvertisementThe Leading Economic Index has consistently declined ahead of previous recessions. There's no guarantee these four market veterans are right about the Leading Economic Index.

Persons: —, Here's, joblessness, David Rosenberg, Merrill Lynch, Jeremy Grantham, Jeffrey Gundlach, Gary Shilling, There's Organizations: Service, Business, Conference Board, Treasury, Manufacturers, Institute, Supply, The Conference, Board, Rosenberg Research, North, DoubleLine, Conference Locations: North American

☆ China rolled out a new measure of youth unemployment. It shows the nation's labor market is still a mess, think tank says
▼ + stars: | 2024-02-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: 1 min

AdvertisementChina's youth unemployment rate is once again available to the world, after a six-month blackout period where no new figures were published. Joblessness looks to have dropped considerably since the data was last released in June. But the new figure isn't exactly comparable to previous months — it now excludes full-time students from the calculation. On its face value, youth unemployment in December stood at 14.9%, whereas it touched 21.3% in the summer. This story is available exclusively to Business Insider subscribers.

Organizations: Business

☆ Three Lessons From a Surprisingly Resilient Job Market
▼ + stars: | 2024-02-14 | by ( Ben Casselman | ) www.nytimes.com time to read: +1 min

The pandemic created an economic crisis unlike any recession on record. So perhaps it shouldn’t be surprising that the aftermath, too, has played out in a way that almost no economists expected. Instead, the recovery in the labor market has been, by many measures, the strongest on record. Others were skeptical: Similar predictions in recent years — in some cases from the same forecasters — had failed to come true. Instead, the central bank has raised rates to their highest level in decades, and the job market is holding steady, or perhaps even gaining steam.

Persons: — Organizations: Federal Reserve

Toni Irizarry recognizes that the economy has improved. Compared with the first wave of the pandemic, when Las Vegas went dark, and joblessness soared to levels not seen since the Great Depression, these are days of relative normalcy. Ms. Irizarry, 64, oversees a cafe at the Orleans Hotel and Casino, a property just off the Las Vegas Strip that caters mostly to locals. Guests have returned, filling the blackjack and roulette tables amid the cacophony of jingling slot machines — the sound of money. Her paychecks have allowed her to purchase a home, raise three children and buy each of them their first car.

Persons: Toni Irizarry, Irizarry Organizations: Las Vegas, Orleans, Vegas Locations: Casino

☆ January Jobs Report U.S. Job Growth Expected to Be Solid
▼ + stars: | 2024-02-02 | by ( Lydia Depillis | ) www.nytimes.com time to read: +2 min

PinnedThe labor market is looking more like 2019 every month, and that’s not a bad place to be. The share of people quitting their jobs, which surged during the pandemic, is back to 2019 levels. A broad measure of wages, salaries and benefits known as the Employment Cost Index has been falling since early 2022. Employment growth has been narrowing, with sectors like education, health care and government, which vary less with economic cycles, powering most of the gains. Most of those displaced workers have shifted to positions where their skills are still needed, keeping joblessness in check — so far.

Persons: that’s, “, ”, Satyam Panday Organizations: Labor Department, Bureau of Labor Statistics

☆ Donald Trump claims he's responsible for stocks hitting record highs
▼ + stars: | 2024-01-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Donald Trump claimed credit for the stock market's surge to record highs this month. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "THIS IS THE TRUMP STOCK MARKET," Trump said in a Truth Social post on Monday. The benchmark S&P 500, tech-heavy Nasdaq Composite, and venerable Dow Jones Industrial Average have notched record highs in recent days. AdvertisementTrump is presumably aware of the key drivers fueling the stock market's advance, and knows they probably don't include his possible reelection.

Persons: Donald Trump, Trump, Biden, —, Joe Biden, you've, Stocks, joblessness, Bob Michele, Ray Dalio, Jamie Dimon Organizations: Service, TRUMP, BIDEN, WIN, Nasdaq, Dow Jones, Reserve

What It Took Young People in China to Get Their Jobs Not long ago, China’s economy was the envy of the world. We spoke to five young Chinese about what it took to find their jobs amid such uncertainty. Now, those boom years are fading, as are many young people’s hopes — with unpredictable consequences for China and the world. Ethan Yi, Class of 2022Qilai Shen for The New York TimesLooking back, Ethan Yi thinks he had been a little entitled, or at least naive. “I think it’s not good for young people to be too comfortable,” she said.

Persons: ”, hesitating, —, people’s, Nadia Yang, Fiona Qin, Qilai Shen, Ethan Yi, Yi, “, Phoebe Liu, Gilles Sabrié, Liu, ” Tsuki Jin, The New York Times Tsuki Jin, Jin, Ms Organizations: The New York Times Locations: China, Beijing, Shanghai

☆ After 3 years of pain, America has finally achieved economic nirvana
▼ + stars: | 2023-12-03 | by ( Neil Dutta | ) www.businessinsider.com time to read: +11 min

The October jobs report — with the economy adding just 150,000 jobs and the unemployment rate ticking up to 3.9% — was a disappointment. Of particular notice, the unemployment rate has increased by half a percentage point over the past six months. A simple way to show that things are still in balance is to look at Okun's law, a relationship between movements in the unemployment rate and economic activity. The historical record shows that once it rises half a percentage point, the unemployment rate tends to rise even more. The unemployment rate is already above the Fed's year-end forecast of 3.8% — the first time that's happened since March 2022.

Persons: Jerome Powell, it's, It's, we're, What's, what's, Neil Dutta Organizations: Federal Reserve, Fed, Macro Locations: joblessness, nonfarm payrolls

Periods of high inflation would offset those when inflation was low as occurred between the financial crisis and the pandemic. Those concerns may not matter anymore if the pandemic has driven inflation and interest rates chronically higher. Speaking at a Boston Fed labor market conference in November, Kohn said the new framework showed the risks of not keeping inflation at bay to begin with. "Probing" for maximum employment "can't ignore...inflation risks," Kohn said, calling for a return to a strategy disavowed in the last review. "I think preemptive tightening is best-practice central banking, and I hope they return to allowing that."

Persons: Joshua Roberts, Jerome Powell, There's, Miesha Williams, Powell, Charles Evans, Evans, Fed, Loretta Mester, Austan Goolsbee, Goolsbee, Donald Kohn, Kohn, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Federal Reserve, REUTERS, Rights, U.S, Federal, Spelman College, Reuters, Chicago Fed, Chicago, Cleveland Fed, Boston Fed, Thomson Locations: Washington , U.S, Atlanta

[1/3] An employee hiring sign is seen in a window of a business in Arlington, Virginia, U.S., April 7, 2023. So far, he said at a Boston Fed labor market conference earlier this month, measures like the employment-to-population ratio largely have not behaved differently for key racial groups, for women versus men, or among those with different education levels. Research has since tended to suggest that there may be untapped pools of labor that only become available when the job market is tight - an argument for keeping monetary policy looser than not. The labor market recovery so far has been "remarkably equitable," she said. Pandemic-era programs threw a safety net under many families, and the tight job market that has since developed helped many get a foothold, Rouse said.

Persons: Elizabeth Frantz, William M, Rodgers III, Rodgers, Torsten Slok, Jerome Powell, quartile, Chris Wheat, Cecilia Rouse, Joe Biden, Rouse, what's, we're, Howard Schneider, Dan Burns, Paul Simao Organizations: REUTERS, Rights, Institute for Economic Equity, St, Louis Federal Reserve, Boston Fed, Blacks, Apollo Global Management, JPMorgan Chase Institute, Workers, Reuters Graphics, of Economic Advisers, Brookings Institution, Thomson Locations: Arlington , Virginia, U.S, joblessness

☆ US weekly jobless claims fall; business spending on equipment softening
▼ + stars: | 2023-11-22 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Though the weekly jobless claims report from the Labor Department on Wednesday also showed unemployment rolls declining for the first-time since mid-September, they remained near the highs for this year. The claims data covered the period during which the government surveyed businesses for the nonfarm payrolls component of November's employment report. Continuing claims fell 22,000 to 1.840 million during the week ending Nov. 11, the claims report showed. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dipped 0.1% last month, the Commerce Department's Census Bureau said. Business spending on equipment spending contracted in the third quarter.

Persons: Andrew Kelly, Nancy Vanden Houten, Unadjusted, Lucia Mutikani, Paul Simao Organizations: REUTERS, Labor Department, Oxford Economics, Reuters, Fed, Bank of America Institute, Commerce Department, Commerce, Data, Thomson Locations: Manhattan , New York City, U.S, WASHINGTON, New York, California, Kentucky , Oregon , Kentucky, Illinois, Texas, Commerce Department's

☆ Alibaba’s U-turn casts dark clouds over China tech
▼ + stars: | 2023-11-17 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

Alibaba (9988.HK) scrapped the spinoff of its prized cloud computing business, blaming U.S. curbs on advanced chips. The U-turn dashes market expectations of stability among technology companies after the end of Beijing’s years-long regulatory crackdown. Add in so-so results from Alibaba’s main businesses, also reported on Thursday, and it is hard to see a silver lining in the dark clouds gathering over China’s technology sector. The technology giant reported revenue of 224.8 billion yuan ($31 bln) in the three months to September, up 9% year-on-year, and in line with market estimates. Alibaba posted a net profit attributable to shareholders of 27.7 billion yuan versus a net loss of 20.6 billion yuan, due to an increase in the value of its equity investments.

Persons: Lisi Niesner, Daniel Zhang, Zhang, Alibaba, Francesco Guerrera, Thomas Shum Organizations: IFA, REUTERS, Rights, Reuters, HK, Thomson Locations: Berlin, Germany, Rights SINGAPORE, Hong Kong, U.S, China

Research prepared for a Boston Federal Reserve labor market conference found that whether driving for Uber to make ends meet or taking piecework jobs in retirement, casual contract workers sometimes don't consider themselves "employed" or even a part of the labor force. The research involved reexamining the detailed responses to a New York Fed survey of "informal work" from 2015 through 2022. Other research looked at how job training and policies towards employing those with a criminal record might help. Their research found many gig workers want additional hours of formal employment, suggesting more untapped labor supply. "And the higher levels of activity and participation can benefit those brought into the labor market, contributing to a vibrant economy that works for all."

Persons: Mike Segar, Uber, Anat Bracha, Mary A, Burke, Bracha, rehashed, Jerome Powell, Susan Collins, Collins, Howard Schneider, Dan Burns, Paul Simao Organizations: REUTERS, Rights BOSTON, Federal, Boston Federal Reserve, Hebrew University Business School, Boston Fed, Fed, New, Labor, Boston, Thomson Locations: New York City , New York, U.S, Jerusalem

☆ US weekly jobless claims at three-month high; import prices tumble
▼ + stars: | 2023-11-16 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Job growth slowed in October and the unemployment rate climbed to 3.9%, the highest level since January 2022. Import prices dropped 0.8% last month after rising 0.4% in September. Economists had forecast import prices, which exclude tariffs, falling 0.3%. In the 12 months through October, import prices declined 2.0% after decreasing 1.5% in September. Excluding fuels and food, import prices dropped 0.2% after dipping 0.1% in September.

Persons: Andrew Kelly, Nancy Vanden Houten, Unadjusted, Goldman Sachs, Lou Crandall, Wrightson, Lucia Mutikani, Andrea Ricci Organizations: REUTERS, Labor Department, Oxford Economics, Reuters, Goldman, Treasury, Fed, Reuters Graphics, Labor Department's Bureau of Labor Statistics, Consumer, Thomson Locations: Manhattan , New York City , New York, U.S, WASHINGTON, New York, Massachusetts, Oregon, Georgia, United States, China

Liu got the librarian job after a government-led campaign to secure temporary work for graduates, which analysts describe as a short-term solution to preserve social stability in a slowing economy with little on offer for young Chinese. Such "welfare jobs," as they are known in China, include roles as receptionists, office administrators, security guards and community workers. Various government institutions offer such jobs every year, but they had usually drawn applications from disadvantaged groups, such as elderly or disabled people. But state media editorials have also encouraged young graduates to take lower skilled jobs. Reuters GraphicsThe total take-up of short-term jobs and internships remains unknown, but social media posts commenting on the selection process and discussing career options are frequent and analysts expect such roles will be in demand in a slowing economy.

Persons: Peter Liu, Liu, Wang Jun, joblessness, Mao Zedong, Chen, Graphics Liu, Kripa Jayaram, Ellen Zhang, Shri Navaratnam Organizations: Reuters, Human Resources, Social Security, Huatai Asset Management, Graphics, Beijing, Thomson Locations: BEIJING, HONG KONG, Beijing, Henan, China, Chongqing

☆ New US jobless claims edge down; continued claims on the rise
▼ + stars: | 2023-11-09 | by ( Dan Burns | ) www.reuters.com time to read: +3 min

Some economists contend the rise in continuing claims reflects difficulties adjusting the data for seasonal fluctuations. That would be consistent with the latest hiring data showing the job market is cooling. A separate report showed that there were 1.5 job openings for every unemployed person in September, down from around 2-to-1 when the job market was the most tight last year. The claims data adds to the case for the U.S. Federal Reserve to keep interest rates on hold for now, economists said. Vanden Houten, however, said she expects job market conditions to soften slowly, and now expects the first Fed rate cut to happen in September rather than May as she had previously forecast.

Persons: Brian Snyder, Nancy Vanden Houten, Dan Burns, Paul Simao, Franklin Paul Organizations: Taylor Party, Equipment Rentals, REUTERS, Labor Department, Reuters, U.S . Federal Reserve, Oxford Economics, Fed, CME Group's, Franklin Paul Our, Thomson Locations: Somerville , Massachusetts, U.S, Vanden Houten

☆ Reuters NEXT White House's Bernstein upbeat on economy despite Mideast war, shutdown threat
▼ + stars: | 2023-11-08 | by ( Jeff Mason | Thomson Reuters | Jeff Mason Is A White House Correspondent For Reuters. He Has Covered The Presidencies Of Barack Obama | ) www.reuters.com time to read: +3 min

"On the headwind side, certainly being in a higher rate environment is something we have to be mindful of. Bernstein said the U.S. economy was outperforming virtually all its competitors and urged Congress to pass the necessary appropriations bills to keep the government running. We've got a very strong backdrop to a U.S. economy that's outperforming virtually all our competitors," he said. Asked about recent negative polls reflecting concern about President Joe Biden's handling of the economy, Bernstein said Americans had to reset their price expectations given an increase in their buying power. Bernstein said the Biden administration had taken a series of steps to ease prices while maintaining a strong labor market.

Persons: Jared Bernstein, Amanda Andrade, Rhoades, Washington, Bernstein, We've, Joe Biden's, Biden, Jeff Mason, Eric Beech, Andrea Shalal, Dan Burns, Richard Chang Organizations: of Economic Advisers, Banking, Housing, Urban Affairs, Capitol, REUTERS, U.S . Council, Economic, Reuters NEXT, Thomson Locations: Washington , U.S, Israel, Gaza, U.S, New York, joblessness

☆ Kentucky's Democratic Gov. Andy Beshear fights for a second term in Trump country
▼ + stars: | 2023-11-07 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Andy Beshear speaks during a press conference at the Kentucky state Capitol in Frankfort, on Jan. 19, 2023. Beshear, 45, has led Trump-backed Cameron, 37, for most the campaign, but the latest polling showed the candidates in a dead heat. Beshear has sought to convince conservative voters that he governs above partisan politics. Cameron has attacked Beshear for supporting abortion and LGBTQ rights, betting that the governor's positions are out of synch with Kentucky voters. Beshear has stood his ground on those issues, putting Cameron on the defensive when it comes to abortion.

Persons: Andy Beshear, Ryan C, Daniel Cameron, Beshear, Donald Trump, Cameron, Mitch McConnell, joblessness Organizations: Kentucky Gov, Lexington Herald, Tribune, Service, Getty Images, Democrat, Republican, Kentucky, Trump, American Locations: Kentucky, Frankfort, U.S, synch

☆ For China’s Jobless Young People, Hostels Are the Place to Be
▼ + stars: | 2023-11-01 | by ( Vivian Wang | ) www.nytimes.com time to read: +1 min

“Why can’t I, a college graduate, find a job?” Mr. Yi lamented as he sat in the hostel’s common room after a day of unsuccessful interviews. “Why is it only jobs that pay just $400 or $500 a month that want me? Sometimes I wonder, how can it be this hard?”That is the question being asked in hostels across China. As joblessness among young Chinese has reached record highs, hostels have become refuges for young people trying their fortunes in major cities, who need a place to crash between back-to-back interviews, to strategize on their next networking meeting or to fire off yet another résumé. They have become concentrated hubs for people’s anxiety, hopes, despair and ambitions, all packed into bunk beds that go for a few dollars a night.

Persons: Ethan Yi, Mr, Yi Locations: Shanghai, China, strategize

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