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Americans could be on a tight budget this summer
  + stars: | 2024-06-20 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
New York CNN —Americans tend to shell out in the summer as they venture outdoors, book trips and step away from their desks. Consumers plan to spend less on away-from-home entertainment and vacations this summer, according to the 2024 KPMG Consumer Pulse Survey released Tuesday. That’s a contrast to last year when Americans shelled out on the “Barbenheimer” phenomenon, Taylor Swift and Beyoncé concert tickets and getaways. Retailers that offer Americans more bang for their buck including Ross Stores, TJ Maxx and HomeGoods-parent TJX, Dollar General and Walmart have benefitted. Americans are also feeling worse about the economy as they struggle with elevated inflation and high borrowing rates.
Persons: Taylor Swift, It’s, , Duleep Rodrigo, TJ Maxx, Mark Thompson, Henley, ” Hannah White, , OpenAI’s Organizations: CNN Business, Bell, New York CNN, Pulse Survey, Commerce Department, Federal Reserve, Retailers, Ross Stores, Walmart, Abercrombie, Fitch, Williams, University, Michigan’s, Millionaires, Labour, Henley & Partners, Institute for Government, City of, Henley Private Wealth, Nvidia, Microsoft, Apple Locations: New York, Sonoma, Britain, United Kingdom, City of London
Among opposite same-sex couples, about a third are between 25 and 44, while it's 42% for married same-sex couples. Same-sex couples are much more likely to be interracial than opposite-sex couples — 32.2% of same-sex couples are interracial, compared to 18.6% of married opposite-sex couples and 28.6% of unmarried opposite-sex couples. For married same-sex couples, this number jumps to $123,500, compared to $109,700 for married opposite-sex couples. Unmarried same-sex couples own just 48.7% of the time, slightly above 47.9% of unmarried opposite-sex couples. In nearly two-thirds of same-sex couples, both partners are working, though this drops to 61.9% for married same-sex couples.
Persons: Organizations: Service, Survey, Business, Brookings, American, Gay, Gallup Locations: America, DC, Vermont, Massachusetts, Washington, California, Texas
CNN —Many Americans may get hot under the collar when they open their electric bills this summer, but for some, the consequences of rising utility costs can be a lot more serious. He pointed to the National Weather Service’s prediction that much of the country will probably have above-normal temperatures this summer. The difference in projections stems from the association assuming higher rates of usage because of hotter temperatures, Wolfe said. The Low Income Home Energy Assistance Program, known as LIHEAP, has $4.1 billion to help consumers with heating and cooling costs, down from $6.1 billion in the prior fiscal year. “Because of the lack of a coherent policy to address summer cooling, people will die this summer from heatstroke,” Wolfe said.
Persons: Mark Wolfe, , Wolfe, Diana Hernandez, Hernandez, , ” Hernandez, arrearages, ” Wolfe Organizations: CNN, National Energy Assistance, Association, Center for Energy, US Energy Information Administration, Department of Health, Human Services, Energy, Columbia University, Income, Energy Assistance, US Census Bureau, District, Columbia, National Weather Service Locations: Pacific, Chicago, heatstroke
Talking politics at work: If you must, tread carefully
  + stars: | 2024-05-24 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +6 min
Sometimes someone with strong views can be unnerved by a person who thinks nothing is ever a big deal, and vice-versa. Either way, the question is: How can we keep our conversations about any of these lightening rod issues from derailing our ability to work well together? For employers: Stress civility and set guardrailsRegardless of any one hot-button issue, it seems like US culture has become less civil over time. And many polarizing conversations are happening at work in ways they weren’t years ago, according to SHRM, the leading human resources membership association. … Recognize that while his opinion may be contrary to yours, what is the goal of being at work?
Persons: New York CNN —, Donald Trump’s, ’ ”, Christy Pruitt, Haynes, Pruitt, Oliver Brecht, Cindy O’Peka, It’s, ” Pruitt, “ Compartmentalize, , , , ” Brecht, it’s, O’Peka Organizations: New, New York CNN, NeuroLeadership Institute, Consulting Locations: New York, Gaza
CNN —The mix of local residents visiting the Enfield Food Shelf in Connecticut has changed a lot in the last few years. It now seems that one unexpected expense tips people’s finances.”Between 300 and 400 households visit the Enfield Food Shelf in Connecticut each week. Khamphay Khen shops at the Enfield Food Shelf to help feed his family of six. The Enfield Food Shelf serves between 300 and 400 households a week. “Even though there are a lot of jobs available, and the unemployment rate is low, we’re seeing food insecurity increasing,” said East.
Persons: Kathleen Souvigney, Souvigney, , , Jason Jakubowski, Khamphay, he’s, Khen, Honda, it’s, Enfield, Chloe East Organizations: CNN, Enfield Food, Survey, Connecticut Foodshare, Enfield Food Shelf, Urban Institute, The Hamilton, Brookings Institution Locations: Connecticut, Enfield, America
AdvertisementAs a potential US TikTok ban looms, Gen Zers are contemplating what app might take its place. A potential TikTok ban loomsThe US Senate passed a bill on Tuesday that could see TikTok removed from app stores. It's unclear if such AI tools would convince Gen Z to scroll on Instagram and use it more often. AdvertisementJaxson Whittle, an older Gen Z, told BI he holds a different opinion. "No hate to them, but I don't think it's the move for Gen Z at the moment."
Persons: Young, , Zers, Joe Biden, They'd, Gabrielle Yap, Instagram, Josie doesn't, Gen, Hibaq Farah, TikTok, Farah, Tabitha Mae, I'm, I've, Yap, Kat, It's, Sophie Lund, Yates, Hargreaves Lansdown, Jaxson Whittle, TikToker Cassandra Marie, Gen Z, she's Organizations: Service, Senate, Business, Pew Research Center, Meta, Facebook, BBC, YouTube, Gen Locations: TikTok
But a big problem persists as long as the coronavirus continues to spread: long COVID. Long COVID is a condition involving new, returning or ongoing health problems four or more weeks after initial coronavirus infection. “The long COVID community and the COVID cautious community are pretty furious about it,” Hennessy says. And of the people who were aware of long COVID, more than 20% said they at least somewhat agreed with the statements “those with Long COVID may just be depressed” and “Long COVID symptoms are often just the normal aches and pains of life.”“They’re told that their brain fog or other symptoms are not real, and that’s demoralizing,” Rylance said. Young adults and children can also have long COVID, with more than 1% of kids ever having long COVID as of 2022, according to a national survey.
Persons: Long, Long COVID, , Paul Hennessy, ” Hennessy, Mandy Cohen, didn’t, Hennessy, , ” Jamie Rylance, hadn’t, ” “ They’re, that’s, ” Rylance, they’re, , it’s, Lynn Goldman Organizations: World Health Organization, Washington , D.C, Survey, Centers for Disease Control, CDC, PBS, COVID, CDC’s National Center for Health Statistics, U.S . Research, New England, of Medicine, Milken Institute School of Public Health, George Washington University Locations: U.S, Washington, Washington ,
The proposed questions geared toward people age 15 and older will be tested sometime this year. Intersex is an umbrella term for a number of conditions where internal or external sex characteristics aren’t exactly like typical male or female bodies. Rene Coig objected to respondents being asked their sex at birth and then being asked their current gender. Others were disheartened by transgender being separated out as a category from male, female and nonbinary in the gender question instead of including the options of transgender man or transgender female. Several Republicans in the U.S. Senate have objected to some of the proposed questions.
Persons: , Gary Gates, demographer, Gates, , ” Gates, David Ernesto Munar, Rene Coig, Coig, Amy Leite Bennett, Marco Rubio, JD Vance, Robert Santos, Mike Schneider Organizations: Associated Press, American Community Survey, UCLA, Howard Brown Health, University of Washington, Hennepin County Health, Human Services, Survey, American, Republicans, U.S . Senate, Ohio, Rutherford Institute Locations: United States, Chicago, Hennepin, Minneapolis, U.S, Sens, Marco Rubio of Florida
Researchers found more than 6% of U.S. adults reported ever experiencing symptoms of long COVID as of 2022. Extrapolated to the U.S. population, it would mean more than 16 million adult Americans had experienced long COVID symptoms as of the survey. “State-level estimates might also help identify geographic disparities in Long COVID across the United States that could guide interventions to promote health equity.”Symptoms of long COVID can include tiredness, fatigue, difficulty thinking, “brain fog,” shortness of breath, chest pain, dizziness, menstrual changes and post-exertional malaise. The percentage of Americans who have experienced symptoms of long COVID are surely higher now than they were in 2022. Research published last week in the journal Pediatrics estimated that up to 5.8 million children have developed long COVID.
Persons: Long Organizations: U.S, U.S . Virgin, Centers for Disease Control, Pacific, West, Research, Pediatrics Locations: West Virginia, U.S, New England, South, Midwest, , United States
The average American household spends $270.21 per week on groceries. HelpAdvisor analyzed US census data to determine the least expensive states for grocery shopping. Average weekly grocery bills are lowest in Nebraska, Iowa, and Wisconsin. Using findings from the US Census Household Pulse Survey conducted in October 2023, the government benefits resource website HelpAdvisor ranked states in the continental US by their average weekly grocery bills. AdvertisementHere are the 10 states with the lowest average grocery costs in the US.
Persons: Organizations: Service Locations: Nebraska , Iowa, Wisconsin, Alaska, Hawaii
Imagine this: You go to the office to grab your morning coffee and some conversation with your team. This is called "coffee badging," and more bosses should get behind it instead of forcing strict in-office mandates, says Frank Weishaupt, CEO of Boston-based Owl Labs, which makes video conferencing equipment. Employees agree, with 58% of hybrid workers saying they coffee badge, according to Owl Labs' 2023 State of Hybrid Work report. In 2024, great bosses will ditch their outdated workplace practices, according to Weishaupt, who has more than 20 years of executive experience at companies ranging from startups to Yahoo. Here are two other things that great bosses will encourage at work this year, he says:
Persons: Frank Weishaupt, Weishaupt Organizations: Boston, Owl Labs, CNBC, Employees, Yahoo
HelpAdvisor analyzed average grocery spending data from the US Census Household Pulse Survey. The average US household spends $270.21 per week on groceries. AdvertisementThe average US household spends $270.21 per week on groceries, according to US census data. HelpAdvisor, a site that provides resources for navigating US government benefits, analyzed findings from the US Census Household Pulse Survey to determine the states in the continental US with the highest average grocery costs. AdvertisementHere are the top 10 most expensive states to go grocery shopping.
Persons: Organizations: Survey, Service Locations: California , Nevada, Mississippi, Alaska, Hawaii
Andrew Kelly | ReutersAfter years of unbridled consumer spending on everything from home improvement to dream vacations, some companies are now finding the limits of their pricing power. Nike last week lowered its annual sales growth forecast and unveiled plans to cut costs by $2 billion over the next three years. "Goods companies don't have the pricing power they did in the pandemic, and some in the hotel and travel [industries] — they don't have the pricing power they did in the immediate post-Covid," he added. Sales growth for companies in the S&P 500 is on track to average 2.7% this year, according to mid-December analyst estimates posted by FactSet. Consumer spending on apparel and groceries rose 2.4% and 2.1%, respectively, from the year-earlier period, according to the survey.
Persons: Andrew Kelly, Mills, Joe Cavaretta, David Kelly, FactSet, Kelly, isn't, airfare, John F, Bob Jordan, Jordan, Ohsung Kwon Organizations: FedEx, Reuters, Shipping, Airlines, Target, Nike, Spirit Airlines, Hasbro, Fort Lauderdale Hollywood International, South Florida Sun Sentinel, Tribune, Service, Getty, Florida Sun, Morgan Asset Management, FactSet, Mastercard, Starbucks, Airline, U.S . Department of Labor, Kennedy International, Southwest, CNBC, Detroit automakers, Toyota, Cox Automotive, Bank of America Locations: New York, speedier, Fort, South
"Return to the office is dead," Nick Bloom, an economics professor at Stanford University and expert on the work-from-home revolution, wrote this week. The share of paid work-from-home days has been "totally flat" this year, hovering around 28%, said Bloom in an interview with CNBC. "We are three and a half years in, and we're totally stuck," Bloom said of remote work. Why remote work has had staying powerThe initial surge of remote work was spurred by Covid-19 lockdowns and stay-at-home orders. While remote work is the labor market's new normal, there's significant variety from company to company, Pollak said.
Persons: Nick Bloom, Bloom, hasn't, Julia Pollak, Pollak, it's Organizations: Stanford University, Survey, CNBC, Census, Research, Finance, Employers Locations: U.S
Climate change has been described as a ticking time bomb, the threats of which extend beyond ecosystems and biodiversity to big financial impacts on households and the U.S. economy. Here's what to know, according to Rumbach and David Pogue, host of the podcast "Unsung Science" and author of "How to Prepare for Climate Change: A Practical Guide to Surviving the Chaos." Both experts were interviewed by CNBC during a recent discussion about climate change and its impact on personal finance. "Over time, each incremental increase in climate change is going to up the economic cost bit by bit," Rumbach said. But there are also steps they can take to prepare for the worsening effects of climate change.
Persons: Andrew Merry, Andrew Rumbach, David Pogue, Tim Wright, Rumbach, Pogue, There's, Justin Paget, Digitalvision Organizations: CNBC's, Finance, White, Urban Institute, CNBC, Bloomberg Creative, Bloomberg, Census, Getty, Starbucks, Urban Locations: U.S, Florida, Louisiana, New Orleans
It gives us another reason to be confident in the firm's retail business as the holiday online shopping season gets off to a strong start this year. Postal Service remains the largest parcel service by volume, handling packages for its customers as well as all three delivery companies. "People shop every day on Amazon," Jim added. The company's speedy, same-day delivery service is a huge value proposition of the Prime membership — made possible, in part, by Amazon's push to become the U.S. package delivery company in the U.S. The Amazon Prime logo is displayed on the side of an Amazon delivery truck in Richmond, California, June 21, 2023.
Persons: Andy Jassy, Jim Cramer, they've, Jim, Goldman Sachs, Goldman, we've, , Amazon, Jim Cramer's, Justin Sullivan Organizations: Wall, Amazon, United Parcel Service, Journal, FedEx, U.S . Postal Service, Insider Intelligence, Adobe, Mastercard, National Retail Federation, CNBC Locations: U.S, Richmond , California
Shares of GE HealthCare surged roughly 5% Tuesday, to more than $66 apiece. Looking ahead to next year, our thesis is unchanged: GE HealthCare should be one of the big winners from recent advancements in Alzheimer's treatments. Last week, GE HealthCare's Dutch peer Phillips (PHG) said its orders fell 9% in the third quarter, marking its fifth-straight quarter of declines. The wide gap in orders between the two companies suggests to us that GE HealthCare is taking market share in the industry. Guidance GE HealthCare reaffirmed most of its 2023 outlook Tuesday.
Persons: Phillips, Jim Cramer's, Jim Cramer, Jim, Rafael Henrique, Lightrocket Organizations: GE HealthCare Technologies, GE HealthCare, General Electric, GE, Management, CNBC, Getty Locations: China, U.S
The proportion of Americans working from home is at its lowest level since the pandemic started. AdvertisementAdvertisementThe proportion of Americans working from home has fallen to the lowest level since the pandemic started, according to Census Bureau data. Bloomberg reported that the proportion of Americans working from home peaked in March 2021. The fall in the proportion of Americans working from home comes amid a continued return-to-office drive as COVID-19 rates fall and employers debate the productivity of working from home. AdvertisementAdvertisementA recent report from Goldman Sachs showed that research studies have divergent conclusions on the effects of remote work on productivity.
Persons: , Goldman Sachs, Drew Houston, Fortune, Houston, Insider's Rebecca Knight Organizations: Service, Survey, Bloomberg, Trust
Even as inflation cools and the economy stays strong, people still feel uneasy about the current outlook. Now, price growth is slowing down, but not necessarily for the things Americans want. But prices on things Americans want to do — like go to movie theaters, buy alcohol, or care for their pets — are still persistently high. Even with wages going up, inflation is making it more costly to go out to eat or even Netflix and chill. AdvertisementAdvertisementEven as more Americans land jobs, high inflation has left some Americans in dire straits and disproportionately hits the country's lowest earners.
Persons: , there's, Labor Julie Su Organizations: Service, Student, Suffolk University Sawyer Business School, USA, Labor, Bureau of Labor Statistics, Census Bureau, Survey
However, the fall Prime event might have better prices for home goods. In fact, the best prices happened on days that were not key shopping event days. Regardless, the July Prime event offered a deeper discount to shoppers when compared to last year's October Prime sale and Super Saturday. The product did go on sale during last October's Prime member event and this past July's Prime sale, but the discounts were not as deep. Downloads of Amazon's shopping app have declined steadily during each subsequent Prime member shopping event since Amazon's Prime Days in July 2021, according to data intelligence platform Apptopia, which tracks mobile app usage for brands like Amazon.
Persons: Tom Williams, Nick Handrinos, Julie Ramhold, it's, Ramhold, iRobot's, Keurig, AF101, fryer, The Bissell Organizations: Washington , D.C, Cq, Inc, Getty, Adobe, Amazon Prime, Gallup, Finance, Deloitte, CNBC, Electronics, Deal, CoreSight Research, NBC, Scout, Amazon, Sony, Black, Health, Revlon, Philips, July's Locations: Washington ,, Research's U.S
65% of surveyed investors believe the US office market is in for a steep crash, Bloomberg reported. AdvertisementAdvertisementThe US office market is in for a long, steep fall, according to investors surveyed by Bloomberg. In Bloomberg's latest Market Live Pulse survey, 65% of investors said they believed the US office market would only start to perk up after undergoing a serious decline. AdvertisementAdvertisementThe outlook for the broader commercial real estate market is similarly troubled. A crashing office market means banks could incur around $250 billion in losses, according to one hedge fund manager.
Persons: , Goldman Sachs Organizations: Bloomberg, Service, National Association of Realtors, Capital Economics, JPMorgan
The US consumer is starting to crack
  + stars: | 2023-09-28 | by ( Cork Gaines | ) www.businessinsider.com   time to read: +6 min
AdvertisementAdvertisementEven as interest rates skyrocketed over the past 18 months, a good job market and strong consumer spending kept the US economy moving. However, there are growing signs that the strength of the US consumer is starting to crack. Earlier this month, the Fed kept interest rates unchanged, as expected. At the start of the rate increase, borrowers, like existing homeowners, had low mortgage interest rates locked in. Even dollar stores are starting to feel the pressure of more measured spending after initially benefitting from inflation as wealthier people looked for more value.
Persons: , Morgan Stanley, It'll, Jerome Powell, Powell, David Rosenberg Organizations: Service, Federal Reserve, San Francisco Fed, United Auto Workers, National Association of Business Economics, Bank of America, Conference Board, JPMorgan, Bloomberg, Costco Locations: Michigan
The central bank's quest for a "soft landing" of more slowly rising prices and continued economic growth looks increasingly probable. In fact, the U.S. may hit a sweet spot just as the 2024 presidential election campaign crescendos next year. Rather than cheering, though, after years of economic turbulence since the coronavirus pandemic erupted in 2020, Americans grumble, at least if you ask them about the economy. With fast rising prices and the end of an array of pandemic-era government benefit programs, inflation-adjusted household income fell last year, and the poverty rate increased. A Biden adviser said the White House understands that the economy and inflation are a critical issue, and the campaign has a big media push planned on "Bidenomics."
Persons: Sarah Silbiger, Jerome Powell, crescendos, grumble, Joe Biden, Donald Trump, Jimmy Carter's, Ronald Reagan, George H, Bush, Democrat Bill Clinton, Clinton, Biden, They've, that's, Robert Shiller, stupidly, Shiller, Powell, Howard Schneider, Trevor Hunnicutt, Heather Timmons, Paul Simao Organizations: El Progreso Market, Washington , D.C, REUTERS, Rights, . Federal, Reuters, Republican, Biden, Democrat, U.S . Consumer, Yale University, McKinsey & Company, McKinsey, Thomson Locations: Mount Pleasant, Washington ,, U.S
Consumer spending held up the US economy even as many worried about the prospect of a recession. Even as interest rates skyrocketed over the past 18 months, strong consumer spending kept the US economy moving. Higher rates start to biteLet's start with interest rates. Credit-card debt, in contrast, tends to move up and down with interest rates. That COVID cash stockpile helped support the economy despite rising interest rates and historically high inflation.
Persons: Barbie, Taylor Swift, David Rosenberg, Rosenberg, Morgan Stanley, Janet Yellen, Yellen, John David Rainey, Jamie Dimon, Dimon, We've, Piper, Nancy Lazar, Lazar Organizations: Service, Bloomberg, Federal Reserve, Credit, Federal Reserve Bank of New, CNBC, San Francisco Fed, Walmart, Fox News Digital Locations: Wall, Silicon, Federal Reserve Bank of New York, Ukraine
The strong consumer spending propping up the US economy may not last, a Bloomberg survey found. Over half of the respondents said they think US personal consumption will shrink in early 2024. High interest rates and a drawdown of pandemic-era savings could hit consumer spending. Since consumer spending accounts for about 70% of the US economy, any changes in the measure are a big deal. AdvertisementAdvertisementMeanwhile, JP Morgan predicted in an August 17 note that the stock market is set to fall as US consumer spending softens.
Persons: Jim Chanos, Anna Wong, James Knightley, David Rosenberg, JP Morgan Organizations: Bloomberg, Service, Wall, Bloomberg Economics, ING, Federal Reserve Bank of San Locations: Wall, Silicon, Federal Reserve Bank of San Francisco
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