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☆ Markets jump higher after softer-than-expected jobs report fuels hopes of an earlier rate cut
▼ + stars: | 2024-05-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

The unemployment rate ticked higher as well, to 3.9% from 3.8% the month before. That’s because the Federal Reserve is working to slow the economy by hiking interest rates — the only tool it has to fight inflation. A still-robust job market means the central bank could continue to keep rates elevated without fear of sending the economy into a recession. If the labor market weakens, the Fed is more likely to consider a rate cut. “We’re also prepared to respond to an unexpected weakening in the labor market,” he said.

Persons: Dow, “, ”, Matt Peron, Janus Henderson, They’re, Jerome Powell, “ We’re Organizations: New, New York CNN, Nasdaq, of Labor Statistics, Wall, Federal Reserve, Janus, Janus Henderson Investors, ”, Treasury, Apple Locations: New York

☆ Restaurants are competing for frugal diners’ dollars
▼ + stars: | 2024-05-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

For some restaurants, it feels like a battle to get them to spend. Olive Garden-parent Darden Restaurants saw same-restaurant sales dip during its most recent quarter. Darden saw sales from households with incomes above $150,000 climb from the prior year. What to expect in Friday’s jobs reportThe US job market has been on a roll for the past three years. That’s about 25,000 more jobs per month than last year and 111,000 more per month than in 2019.

Persons: ”, Laxman Narasimhan, “, we’ve, Ian Borden, Ricardo Cardenas, Scott Sheffield, “ Mr, —, Matt Egan, Read, Alicia Wallace, ” Julia Pollak, ZipRecruiter Organizations: CNN Business, Bell, New York CNN, Starbucks, Darden, OPEC, Federal Trade Commission, Sheffield, Organization of, Petroleum, Saudi Arabia, Regulators, Pioneer Natural Resources, CNN, of Labor Statistics Locations: New York, China, Olive, American, Saudi, Sheffield, Texas, OPEC, Russia

☆ Oil steadies, heads for weekly drop on U.S. economy worries
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: +1 min

Oil prices edged up in early trade on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for weekly losses on U.S. economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas war. Brent headed for a 6.3% weekly decline, while and WTI moved towards a loss of 5.6% on the week. The market is now looking towards U.S. economic data and indicators of future crude supply from the world's top producer. Higher rates typically weigh on the economy and that can reduce oil demand. Also on Friday, energy services firm Baker Hughes is due to release its weekly count of oil and gas rigs, an indicator of future crude output.

Persons: Brent, WTI, Baker Hughes Organizations: Brent, . West Texas, Organization of, Petroleum, U.S . Bureau of Labor Statistics, Federal Reserve Locations: Israel, U.S, Russia

☆ Top 10 most livable small to midsize cities where the median home price is $500,000 or less
▼ + stars: | 2024-05-03 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +2 min

Livability, a media and marketing company that ranks places based on how livable they are, released its annual list of the 100 most livable small to midsize cities in the US this week. AdvertisementThe list is limited to cities with populations under 500,000 people that also have median home values under $500,000. Livability's list of 100 cities is not ranked in order, as you are able to filter and rank the list based on your top priorities. All one 100 cities can also be viewed on a US map, so you can easily search by region or state. AdvertisementThe following ranking of the top 10 best small to midsize cities to live in is based on the overall livability scores.

Persons: — Organizations: Service, Business, Census, of Labor Statistics Locations: Los Angeles and New York, Montana, Miami, Oakland

☆ Here's what to expect from the April jobs report on Friday
▼ + stars: | 2024-05-02 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Allison Joyce | Bloomberg | Getty ImagesHiring likely continued at a brisk pace in April as investors look for any cracks in the labor market that could sway the Federal Reserve. If that top-line number is accurate, it actually would reflect a small step back from the average 276,000 jobs a month created so far in 2024. April's jobs market featured more strength in health care and leisure and hospitality, Glaser added. Beating expectationsIndeed, the labor market has been full of surprises this year, topping Wall Street estimates at a time when many economists expected hiring to have slowed down. "The Goldilocks scenario is an unemployment rate rise with a participation rate rise," Matus said.

Persons: Allison Joyce, Nonfarm payrolls, Dow Jones, Amy Glaser, resiliency, Glaser, we've, Drew Matus, Matus, Jerome Powell Organizations: Brunswick Community College, Bloomberg, Getty, Federal Reserve, MetLife Investment Management, of Labor Locations: Bolivia , North Carolina

☆ Private payrolls increased by 192,000 in April, more than expected for resilient labor market
▼ + stars: | 2024-05-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Private payrolls increased at a faster than expected pace in April, indicating there are still plenty of tailwinds for the U.S. labor market, according to ADP. Companies with 500 or more workers showed the biggest gain in hiring with 98,000. In recent months, ADP has consistently undershot the Labor Department's count, though the numbers were fairly close in March. The department's Bureau of Labor Statistics reported that private payrolls increased by 232,000 for the month versus ADP's 208,000. Friday's report is expected to show growth of 204,000 in total nonfarm payrolls for April, down from March's 303,000, according to the consensus Dow Jones estimate.

Persons: payrolls, Dow Jones, Nela Richardson Organizations: ADP, Labor, department's Bureau of Labor Statistics Locations: March's

☆ After Meta’s ‘year of efficiency,’ industry leaders root for year of innovation
▼ + stars: | 2024-05-01 | by ( Rachel Curry | ) www.cnbc.com time to read: +5 min

With many companies maintaining the "efficiency" mindset, and hiring for tech jobs remaining low, according to the iCIMS Insights April 2024 Workforce Report, innovation is at risk. Madan says companies tend to act based on fear of missing out, but this behavior can stall technological innovation. This process can be messy, which is why experts say any conversation centered around efficiency must also include innovation. Digital transformation is a core pillar of business strategy for 84% of technology and business leaders, according to the TEKsystems report. On the innovation front, he added, "The best organizations are the ones that synthesize human input with AI collaboration."

Persons: It's, Mark Zuckerberg, Ricardo Madan, they've, Zuckerberg, Madan, Chris Duffey, Duffey, Duffy Organizations: Meta, IBM, Tech, Adobe, Google, Bureau of Labor Statistics Locations: Menlo Park, Meta, California, TEKsystems, U.S

☆ Long-predicted consumer pullback finally hits restaurants like Starbucks, KFC and McDonald's
▼ + stars: | 2024-05-01 | by ( Amelia Lucas | ) www.cnbc.com time to read: +5 min

Starbucks announced a surprise drop in same-store sales for its latest quarter, sending its shares down 17% on Wednesday. Pizza Hut and KFC also reported shrinking same-store sales. Starbucks said bad weather dragged its same-store sales lower. Wingstop , Wall Street's favorite restaurant chain, reported its U.S. same-store sales soared 21.6% in the first quarter. This marks the second consecutive quarter that Burger King reported stronger U.S. same-store sales growth than McDonald's.

Persons: It's, McDonald's, it's, Taco Bell, January's snowstorms, we've, Ian Borden, Wall, International's Popeyes, Chris Kempczinski, Laxman Narasimhan, Narasimhan, David Gibbs, Taco, Yum, Burger, – Organizations: Starbucks Workers, D.C, Starbucks, KFC, Yum Brands, Taco, Bureau of Labor Statistics, Taco Bell, Brands Locations: Dupont Circle, Washington, Pizza, U.S, Australia, Canada, Germany, Japan, Taco

☆ Stock market today: Indexes drop as hot labor data adds pressure ahead of Fed meeting
▼ + stars: | 2024-04-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The quarterly measure saw wage and labor costs accelerate, adding pressure on the Fed. Tuesday marks the start of the Fed's meeting of the Federal Open Market Committee. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS equity markets slipped Tuesday as hot labor data stoked fresh bets the Federal Reserve would remain hawkish on monetary policy. The Employee Cost Index, a quarterly measure of wages and benefits, jumped 1.2%, suppressing estimates of a 1% acceleration.

Persons: —, It's Organizations: Fed, Federal, Market, Service, Reserve, of Labor Statistics, Amazon, Apple, Here's, Trump, Bloomberg

☆ Americans’ pay gains rose faster than expected so far this year
▼ + stars: | 2024-04-30 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

The Employment Cost Index rose a seasonally adjusted 1.2% last quarter, faster growth than the 0.9% increase the prior quarter, according to Bureau of Labor Statistics data released Tuesday. On an annual basis, the index that measures changes in wages and benefits was unchanged at 4.2% for the year ending in March. Economists had expected quarterly growth to come in at 0.9% and for annual gains to slow to 4%. The Federal Reserve is closely monitoring the trajectory of wage gains as there’s a concern that accelerated compensation growth may serve as an inflation pressure. The index also includes controls for changes in the composition of employment, essentially measuring wage costs for the same jobs over time.

Persons: ’, Economists Organizations: CNN, of Labor Statistics, Dow, Nasdaq, Federal, Fed

☆ Stock market today: Dow drops 570 points to end worst month of 2024 as traders brace for Fed decision
▼ + stars: | 2024-04-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Stocks dropped sharply as investors readjusted rate cut expectations ahead of the latest FOMC meeting. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks plunged on Tuesday as investors got another dose of inflationary data ahead of the Federal Reserve's next policy decision. For the Fed, that adds even more restraint on its ability to cut interest rates this year, and futures markets now expect only one rate cut in December. AdvertisementThe equity decline that followed only deepened April's market losses, making it the first month of 2024 to end in the red.

Persons: Stocks, —, Bill Adams, Brent Organizations: Service, Federal, of Labor Statistics, Comerica Bank Locations: McDonald's, Israel, Here's

☆ A Cleveland Uber driver who made $109,000 in 2023 but took home only $17,000 shares the 3 reasons he can't quit ride-hailing: 'I continue to run into a brick wall'
▼ + stars: | 2024-04-29 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

A Cleveland Uber driver made over $109,000 in gross earnings last year but took home only $17,000. He said Uber driving had become less profitable but that he wasn't sure he could find a better job. AdvertisementGeorge, a full-time Uber driver in Cleveland, wants to quit his ride-hailing gig. Last year, George made more than $109,000 in gross earnings as an Uber driver, according to documents viewed by BI. But after Uber's commissions, car maintenance, gas, and miscellaneous driving expenses were accounted for, he took home roughly $17,000, about 16% of his gross earnings.

Persons: Uber, —, George, he'd, isn't, that's, There's, He's Organizations: Service, Uber, BI, of Labor Statistics, BLS Locations: Cleveland, Minneapolis, Minnesota, Twin Cities

☆ Is Driving for Uber Worth It? One Driver Says His Pay Is Declining.
▼ + stars: | 2024-04-29 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

A Cleveland Uber driver made over $109,000 in gross earnings last year but only took home $17,000. He said Uber driving has become less profitable but that he's not sure he can find a better job. AdvertisementGeorge, a full-time Uber driver in Cleveland, wants to quit his ride-hailing gig. In 2023, George made more than $109,000 in gross earnings as an Uber driver, according to documents viewed by BI. Many ride-hailing drivers, like George, are actively tracking their income and expenses to make sure driving is worth their time.

Persons: Uber, he's, —, George, haven't, isn't, he'd, that's, There's, He's Organizations: Service, Uber, BI, of Labor Statistics, BLS Locations: Cleveland, Minneapolis, Minnesota, Twin Cities

☆ 29% of households have jobs but struggle to cover basic needs: They are 'one emergency from poverty,' one expert says
▼ + stars: | 2024-04-29 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Stubborn inflation has driven many households near the breaking point, but the pain of high prices has not been shared equally. By most measures, low-income households have been hardest hit, experts say. The Federal Reserve responded with a series of interest rate hikes that took its benchmark rate to its highest level in more than 22 years. The spike in interest rates caused most consumer borrowing costs to skyrocket, putting many households under pressure. Inflation continues to prove stickier than expected, dashing hopes that the Fed will be able to cut interest rates anytime soon.

Persons: ALICE, Brett House, Greg McBride, we've, Jerome Powell, Hoopes Organizations: Columbia Business School, Federal, Labor Department's Bureau of Labor Statistics

☆ Why so many men in the US have stopped working
▼ + stars: | 2024-04-28 | by ( Jacob Zinkula | Andy Kiersz | ) www.businessinsider.com time to read: +10 min

AdvertisementIt could be all about recessionsSince the 1950s, whenever the US economy fell into a recession, the rate of working men tended to suffer a lasting blow. AdvertisementWhy have recessions appeared to have such a lasting impact on working men? The strong recovery of men working after the pandemic recession could be due to the unique nature of this downturn — which tanked an otherwise healthy economy. And of course, some lucky prime-age men aren't working because they've had a lot of financial success — and already retired. Deciphering how much these explanations have fueled the decline of working men could be worthy of further explanation, the economists said.

Persons: —, It's, Abigail Wozniak, Wozniak, David Autor, There's, Jason Furman, Barack Obama's, Elise Gould, Gould, aren't, we've, John M, Coglianese, they've Organizations: Service, Federal Reserve Bank of Minneapolis, Massachusetts Institute of Technology, Washington Post, of Labor Statistics, San Francisco Fed, BLS, Economic, Economic Policy Institute, Federal Reserve

☆ A 32-year market vet warns underlying weakness in the labor market is on the verge of showing up in monthly jobs data — and shares an ominous chart showing why the S&P 500 could be set to fall more th
▼ + stars: | 2024-04-27 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Read previewLooking at the headline numbers, the US labor market is booming. OVOM Research/Bullandbearprofits.comWolfenbarger's views in contextOther market observers have started to warn of a weakening labor market in recent months. Ian Shepherdson, the chief economist at Pantheon Macroeconomics, shared several indicators in a client note earlier this month warning of a job market slowdown ahead. Pantheon MacroeconomicsBut whether the labor market actually weakens materially remains to be seen. AdvertisementIf Wolfenbarger is right and the labor market falls apart in short order, it could catch an exceptionally bullish market off guard.

Persons: —, Jon Wolfenbarger, Merrill Lynch, Wolfenbarger, Louis, Ian Shepherdson, Shepherdson, There's Organizations: Service, JPMorgan, Business, Labor Statistics, Fed, Conference, Treasury, OVOM, Pantheon, National Federation of Independent

☆ Climate change could cost Americans born in 2024 nearly $500,000 in their lifetime
▼ + stars: | 2024-04-26 | by ( Annie Nova | ) www.cnbc.com time to read: +7 min

The October report found that around 13% of Americans reported economic hardship over the prior year due to climate change. Climate change could cost Americans born in 2024 nearly $500,000, due to higher taxes and pricier housing and food, among many other factors, ICF, a consulting firm, recently found in a report commissioned by Consumer Reports. Stan Honda | AFP | Getty ImagesOther health effects of climate change reflect more widespread shifts in global conditions. "There are clear interactions between heat waves and health conditions," said Charles Driscoll, a professor at Syracuse University who studies climate change. Climate change leads to droughts, which lead to crop failures, which cause food price spikes.

Persons: Chandan Khanna, Andrew Rumbach, Eva Marie Uzcategui, Wagner, Rumbach, Stan Honda, Charles Driscoll, Driscoll, Ringo H.W, Chiu, Mark Kantrowitz, Gernot Wagner Organizations: AFP, Getty, U.S . Department of, Treasury, Consumer Reports, Urban Institute, Bloomberg, U.S . Census, Insurance, Swiss Re Institute, Health, Natural Resources Defense, Syracuse University, International Labour Organization, Kaiser Family Foundation, of Labor Statistics, Columbia Business Locations: Fort Lauderdale , Florida, U.S, Fort Myers Beach , Florida, Florida , Louisiana, California, Hurricane, Queens, New York, Malibu, Malibu , Calif

☆ A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
▼ + stars: | 2024-04-25 | by ( Serafina Kenny | ) www.businessinsider.com time to read: +5 min

Joyce Preston, who's from the UK, turned 100 in March. It was also the year that Joyce Preston, who turned 100 years old last month, was born in the British town of Stockport. There, she starts her day by doing yoga or gentle exercise and loves going for walks. Joyce Preston/ Care UKPreston never married, and her biggest tip for reaching 100 is to "stay single." Joyce Preston/ Care UKBe religiousAs a founding member of an independent evangelical church, religion is important to Preston, and she believes it has contributed to her long life.

Persons: Joyce Preston, —, Preston, Bryan Johnson, Paul Dolan, Preston doesn't, Rose Anne Kenny, doesn't, Joseph Maroon, Heidi Tissenbaum Organizations: Service, Care UK's, Court, Abney Court, Abney Court Care, US Bureau of Labor Statistics, Care, London School of Economics, Guardian, gerontology, Trinity College Dublin, LongeviQuest, University of Locations: who's, Ottoman Empire, Soviet Union, Stockport, Preston, Abney, Latin America

☆ You need at least $1 million to retire comfortably in these 10 U.S. states—half are in the Northeast
▼ + stars: | 2024-04-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

On average, Americans believe they should save up around $1.46 million before retiring, per Northwestern Mutual's 2024 Planning and Progress study. But in certain states, like Hawaii, you'd actually need more than that. The minimum amount of savings you'd need to retire in the Aloha state is $2,051,077, according to a GOBankingRates study. It also looked at each state's cost of living through the Missouri Economic Research and Information Center state-by-state cost of living index, based on the Council for Community and Economic Research survey data. Here are the 10 states where you'd need the most to retire comfortably, according to GOBankingRates data shared with CNBC Make It.

Persons: GOBankingRates Organizations: Security, Bureau of Labor Statistics, Survey, Missouri Economic Research, Information Center, Council for Community, Economic Research, CNBC Locations: Northwestern, Hawaii, you'd, Aloha, Missouri

☆ A rate cut in June is still on tap because the job market is weakening, Citi economist says
▼ + stars: | 2024-04-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

It's still likely the Fed will issue its first rate cut this June, Citi economist Veronica Clark said. That's because central bankers will need to support a weakening labor market, Clark told Yahoo Finance. AdvertisementThe Federal Reserve is still likely to cut rates in June in order to prop up the labor market amid a slowdown in hiring, according to Citi economist Veronica Clark. "We have a base case for June still," Clark said of rate cuts, though she noted a July Fed rate cut was also possible. Markets are now pricing in just one or two cuts by December, according to the CME FedWatch tool, down from as many as seven rate cuts projected at the start of 2024.

Persons: It's, Veronica Clark, Clark, —, That's, Powell Organizations: Citi, Yahoo Finance, Service, Bureau of Labor Statistics — Locations: Central

"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

☆ Meet the typical new entrepreneur: A young woman living in the South who's doing it as a side hustle
▼ + stars: | 2024-04-24 | by ( Jacob Zinkula | Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

The newest entrepreneurs are both young and old and looking to grow their wealth through their businesses. The share of new Hispanic entrepreneurs rose from 8% in 2022 to 13% in 2023, Gusto found. Many new entrepreneurs are open to using AI tools and hiring remote workers, per the Gusto survey. The share of entrepreneurs who started a business while juggling another gig rose from 27% in 2022 to 44% in 2023. The Babson report found that most US entrepreneurs, 71%, were motivated by the prospect of boosting their wealth through their businesses.

Persons: They're, —, Ewing Marion, Luke Pardue, Babson, Entrepreneurship isn't Organizations: Service, Bureau of Labor Statistics, Babson College, Midwest Women, Pew Research Center, Ewing Marion Kauffman Foundation, Bureau, Kauffman Foundation, Entrepreneurs, Business Administration, Entrepreneurship Locations: Midwest, New Hampshire, Minnesota, Montana, Northeast, West

It shows a curated look at women embracing domesticity as the antithesis of what other young women are experiencing, who are "working hard and barely scraping by," said Casey Lewis, a social media trend forecaster. Evidence shows this is something few women are actually doing, and it's not a realistic lifestyle to aspire to. Young women, whether they're married or not, are expressing a desire to "take a step out of the professional rat race," Lewis said. "There's a lot of pressure on young women," she said. In cases where men are the primary breadwinners, it's more often women who take on the bulk of the caretaking responsibilities, experts say.

Persons: Casey Lewis, it's, Stacy Francis, Eve Rodsky, tradwives, Rodsky, Francis, Heather Boneparth, they're, Lewis, Julia Pollak, Pollak Organizations: Francis Financial, CNBC's, Berkeley Haas Center for Equity, Gender, Pew Research Center, Intuit, ZipRecruiter, Bureau of Labor Statistics Locations: New York, millennials, U.S

☆ The top 20 fast-growing, high-paying jobs in the US
▼ + stars: | 2024-04-23 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

BI looked at employment projections and median annual wages to create a ranking of similar jobs. 5 on this list of high-paying and fast-growing jobs. AdvertisementSpoiler alert: Software developers tops Business Insider's list of the top 20 high-paying and fast-growing jobs in the US. To get the top 20 job titles, Business Insider looked at jobs projected to see employment increase between 2022 and 2032 and had median annual wages greater than the median annual wage for all jobs in the US, which was $48,060. AdvertisementWe only looked at jobs with specific annual wage estimates.

Persons: — Organizations: Service, Bureau of Labor Statistics

☆ The growing reason people can't afford to own a home
▼ + stars: | 2024-04-20 | by ( Allie Kelly | ) www.businessinsider.com time to read: +5 min

Rising insurance costs could keep homeownership out of reach for many. AdvertisementAdding to that, as the climate crisis escalates, it's likely homeowners insurance will only become more expensive. The climate crisis is causing homeowners' insurance costs to riseThe average American homeowner pays $1,915 a year in insurance costs — about $160 a month — per NerdWallet. For instance, insurance rates increase in states with more severe natural disasters. Have you chosen to rent or move because of homeownership costs?

Persons: Laura Longero, Zers Organizations: Service, Business, Federal Reserve, Insurance, Farm, Allstate, Casualty Insurance, US Bureau of Labor Statistics Locations: Oklahoma, California, California , Florida, Texas, Florida

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