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☆ It’s not you, it’s them: Engaged couples are cutting back on lavish weddings
▼ + stars: | 2024-03-17 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

The obsession with lavish weddings grew to a fever pitch in the years following the start of the Covid-19 pandemic. That’s bad news for wedding vendors who provide services like videography, photo booths and catering. Meanwhile, those vendors are facing a more worrisome existential threat: a looming drop in the overall number of weddings. But she said that so far in 2024, weddings are “cooling a bit.”A recent wedding where Gabrielle Stone served as the planner. In another life, some of those would-be couples who never met in 2020 could have gotten engaged this year.

Persons: ”, Shane McMurray, What’s, McMurray, Gabrielle Stone, ” Stone, Stone, Kay, Jared, Gina Drosos, “, Z, ” McMurray, Toni Burrowes, Burrowes, didn't, Toni Burrowes “, Alyssa Young, We've, Alyssa Young “, it’s, ” Young, It’s Organizations: CNN, Signet Jewelers, Kay Jewelers, Signet, Alpha, University of Virginia, Brigham Young University, Bureau of Labor Statistics Locations: Boston, Zales, Central Florida, San Antonio, Texas

☆ Chinese job seekers are turning to this unlikely US app to find jobs
▼ + stars: | 2024-03-16 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

Chinese young people are using Tinder to find jobs amid high unemployment. US users are also turning to dating apps like Grindr for career networking. Related stories"By using dating apps, we can reach more people," Shanghai student Jade Liang told NBC News. AdvertisementTinder is also not keen on prospective job applicants using the app to find a job and, in fact, it's against the app's community guidelines. It's not just Chinese users who have turned to dating apps to find jobs or advance their careers.

Persons: —, Jade Liang, Romy Liu, Liu, Tinder, It's, Grindr Organizations: NBC, Service, of Labor, NBC News, Business Locations: China, Covid, Shanghai

☆ Premarket stocks: Investors are on cloud nine. That could be a bad sign
▼ + stars: | 2024-03-15 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Unsurprisingly, several flashing indicators suggest that investors are feeling good about the market:• CNN’s Fear & Greed Index: The indicator, which measures seven barometers of market sentiment including the VIX, Wall Street’s most well-known measure of expected stock volatility, is in “greed” territory. Market sentiment is often seen as a contrarian indicator. That means that when the herd is optimistic, money managers take it as a sign that stocks will fall, and vice versa. A closely watched gauge of US wholesale inflation rose at its fastest pace in months, according to new data released Thursday. In February, car sales climbed 1.8%, purchases of electronics and appliances increased 1.5% and sales at restaurants rose 0.4%.

Persons: • Charles Schwab, Yardeni, “, Alicia Wallace, Price, Gus Faucher, Read, Bryan Mena Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, Intelligence, Research, Bureau of Labor Statistics, PPI, of Labor Statistics, PNC Financial Services, Retail, Commerce Department, Gas Locations: New York

☆ Car insurance costs are up 21%—but this is 'the worst thing to do' if you're looking for ways to save
▼ + stars: | 2024-03-15 | by ( Ryan Ermey | ) www.cnbc.com time to read: +6 min

One cost pulling the average way up: car insurance, which rose 20.6% over the past 12 months. For drivers, the question isn't why rates are up across the board, but how they can keep their auto insurance costs from breaking the budget. How to keep your car insurance costs downSome reasons for rising premiums are unique to you, experts point out. But if your car insurance costs are going up as a matter of course, there are a few steps you can take to bring things down. "The best way to save money on your car insurance is to compare quotes from multiple companies to make sure you are getting the lowest possible rate," she says.

Persons: Loretta Worters, it's, Mark Hamrick, It's, Rachael Brennan, You'll Organizations: of Labor Statistics, Insurance, Institute, District of Columbia

☆ Bernie Sanders wants to bring in a 4-day workweek, which would see workers paid the same for 8 hours less work every week
▼ + stars: | 2024-03-15 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

Bernie Sanders has introduced a bill to bring in a 32-hour workweek for American workers. Sanders introduced legislation for a four-day workweek on Wednesday, saying people are overworked. The four-day workweek has gained momentum in recent years, with trials showing it makes workers happier and more productive. AdvertisementBernie Sanders introduced new legislation on Wednesday calling for a 32-hour workweek in the US, which would see workers earn the same as they would during a 40-hour workweek. AdvertisementA 2023 McKinsey report found that tasks that make up 30% of people's work hours will be automated by 2030.

Persons: Bernie Sanders, Sanders, workweek, —, Sen, Laphonza Butler, Mark Takano, Bill Cassidy, Sam Altman, I'm, Jo Sims Organizations: Service, Democratic, Wall, Republican, Health, Education, Labor, Pensions, New York Times, US Bureau of Labor Statistics, McKinsey, Business, Case Management Locations: California, Louisiana, Australia

☆ She’s the boss: The ‘she-conomy’ boom continues with new business growth
▼ + stars: | 2024-03-15 | by ( Alicia Wallace | ) edition.cnn.com time to read: +10 min

In 2019, that picture looked quite different: 29% of new business owners were women, according to Gusto. The US Census does not break out new business formation by gender, and the most recent available data on women-owned businesses is from 2021. The business growth and the community impact garnered her a Young Entrepreneur Award from the US Small Business Administration. Filling the (skilled trades) gapYelp also found that in 2023, women opened more new home services businesses than beauty businesses. “There has absolutely been an uptick in interest over the last few years in this [skilled trades] work” by women, Perez said.

Persons: Bernadette Corbeil, “, ”, Corbeil, she’s, ” Tara Lewis, Bernadette Corbeil Yelp, Yelp, Abby Vandenberg, Ventureneer, Geri Stengel, Wells, Marie, Cyr, Marie Saint, leapfrogged, Saint, ” Lewis, workforces, Allie Perez, Perez, didn’t, Blythe Zemel, Ginny Stogner McDavid, Bernadette Corbeil’s, I’ve, ’ ” Organizations: CNN, Artemis Construction, Wells, Marie Saint, Cyr, New York City Public Schools, US Small Business Administration, NYC, of Labor Statistics, National Association of Women, Construction, Alamo City, George Plumbing Company, Texas Women, AFL Locations: Wildwood , Missouri, hyperdrive, ”, New York, SIBSPlace, Rockville Centre , New York, New, Saint, San Antonio, Alamo, happenstance, Harris, In Missouri

☆ Schools are facing a dire teacher shortage. Less competitive pay for Gen Z and young millennials could make it worse.
▼ + stars: | 2024-03-14 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

A new ADP Research Institute report showed how teacher pay compares to the pay of all employees. Teacher pay as a share of the pay for all employees aged 20 to 25 has greatly fallen over the years. AdvertisementThere's a shortage of teachers, and young adults could be shying away from the profession as teacher pay becomes less competitive. And for teachers aged 25 to 30, that has increased from $49,427 in January 2018 to $59,780 in October 2023. Education isn't the only field that may have trouble attracting young job seekers.

Persons: ADP's Nela Richardson, —, Nela Richardson, Jeff Nezaj, Gen Zers, Richardson, Nezaj, Gen, It's, Aaron Terrazas, we've Organizations: ADP Research, Service, Business, Bureau of Labor Statistics, ADP Research Institute, Census, Denver, Denver Classroom

☆ This week provided a reminder that inflation isn't going away anytime soon
▼ + stars: | 2024-03-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

From consumer and wholesale prices to longer-term public expectations, reports this week served up multiple reminders this week that inflation isn't going away anytime soon. Data across the board showed pressures increasing at a faster-than-expected pace, causing concern that inflation could be more durable than policymakers had anticipated. The bad news began Monday when a New York Federal Reserve survey showed the consumer expectations over the longer term had accelerated in February. It continued Tuesday with news that consumer prices rose 3.2% from a year ago, and then culminated Thursday with a release indicating that pipeline pressures at the wholesale level also are heating up. The latest jolt on inflation came Thursday when the Labor Department reported that the producer price index, a forward-looking measure of pipeline inflation at the wholesale level, showed a 0.6% increase in February.

Persons: Steven Blitz, Dow Jones Organizations: New York Federal Reserve, TS Lombard, Labor Department, department's Bureau of Labor Statistics

☆ McDonald's says cash-strapped diners are choosing to eat at home more often
▼ + stars: | 2024-03-14 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Because of this, McDonald's said it will focus on value bundles and app offers. AdvertisementMore low-income consumers are choosing to eat at home instead of dining out after years of fast-food price hikes, McDonald's CFO says. Ian Borden told analysts at the UBS Global Consumer and Retail Conference on Wednesday that lower-income consumers "are just choosing to eat at home more often." Like other fast-food chains, McDonald's increased menu prices significantly during the pandemic amid soaring wage and commodity inflation. McDonald's will focus on value bundles and app offersMcDonald's fries.

Persons: McDonald's, —, Ian Borden, it's, Borden, Erin McDowell Organizations: Service, UBS Global Consumer, Retail Conference, Bureau of Labor Statistics Locations: Germany

☆ What kind of 'Barbie' are you? Here are the Barbieland jobs that most real-life women hold, according to government data
▼ + stars: | 2024-03-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

In the "Barbie" movie, the narrator says, "Barbie has a great day every day." As women's participation in the labor force has increased over the years, the group continues to face hurdles along the way. "We have the tightest labor market for women in the past 20-something years," Bustamante said. "As the labor market gets tighter and tighter and tighter, women's employment rises faster than men's," Pollak said. "To think of just the scale of construction employment and women are still such a marginal piece of that sector," he said.

Persons: Margot Robbie, Barbie, Julia Pollak, R, Bustamante, Pollak, " Pollak Organizations: Mattel, Warner Bros, U.S . Bureau of Labor Statistics, Roosevelt Institute, Census, National Women's Law, Warner Brothers Pictures Locations: New York, U.S

☆ Wholesale inflation rose 0.6% in February, much more than expected
▼ + stars: | 2024-03-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Wholesale prices accelerated at a faster-than-expected pace in February, another reminder that inflation remains a troublesome issue for the U.S. economy. The producer price index, which measures pipeline costs for raw, intermediate and finished goods, jumped 0.6% on the month, the Labor Department's Bureau of Labor Statistics reported Thursday. That was higher than the 0.3% forecast from Dow Jones and comes after a 0.3% increase in January. Another measure that also excludes trade services rose 0.4%, compared with the 0.6% gain in January, and was above the estimate for a 0.2% advance. The PPI is considered a leading indicator for inflation as it indicates costs early in the supply chain.

Persons: Dow Jones Organizations: Labor Department's Bureau of Labor Statistics, Dow, Futures, Commerce Department, Labor Department, PPI, BLS, CPI Locations: U.S

☆ The Big Stay is great for companies and the economy, but workers might just be biding their time
▼ + stars: | 2024-03-14 | by ( Allie Kelly | ) www.businessinsider.com time to read: +5 min

Read previewProductivity for many companies is soaring — all thanks to the "Big Stay." AdvertisementThere are a couple of reasons workers have shifted to the Big Stay, Glassdoor Chief Economist Aaron Terrazas told Business Insider. The US economy added 275,000 jobs last month, but the job market recovery from the pandemic is slowing. The Big Stay has benefits, but they may be short-livedTerrazas said lower quit rates are giving way to high productivity across companies. At the same time, job openings have tumbled since post-pandemic highs, forcing a lot of workers to stay in their roles.

Persons: —, Aaron Terrazas, Terrazas, It's Organizations: Service, Companies, Bureau of Labor Statistics, Business, Employees, The Conference Board, Labor Statistics, Federal

☆ Yet another inflation gauge came in hot for February
▼ + stars: | 2024-03-14 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

CNN —Rising energy prices helped to fuel yet another hot inflation reading for February. A closely watched gauge of US wholesale inflation rose at its fastest pace in months, according to new data released Thursday. While a seasonal energy price surge is at the root of the gain, the latest Producer Price Index is yet another reminder of the arduous process to rein in inflation. The hot PPI report comes two days after a similar reading from the Consumer Price Index, a closely watched gauge of inflation at the retail level. Core PPI rose 0.3% for the month, a slowdown from the 0.5% jump in January.

Persons: Price, we’ve, ” Kyle Anderson, ” Organizations: CNN, PPI, of Labor Statistics, Consumer, Federal Reserve, Indiana University’s Kelley School of Business, ”, BLS

☆ You'll have almost zero competition to land a 'highly paid' job in these 10 cities
▼ + stars: | 2024-03-13 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +3 min

4 city with the least amount of competition to land a "highly paid" job, according to a new analysis from Career.io, a career management platform. 19 Toledo, Ohio, among the biggest least competitive towns with some 269,000 residents, barely one person applies to a highly paid job there every day, on average. The top cities with low competition in the job market have a higher share of these vacancies. On the flip side, the most competitive place to land a highly paid job is Salt Lake City, where every highly paid open job (defined as a salary over $94,515) received roughly 35 applicants every day. Several inland cities, including St. Louis and Denver, showed fiercer competition on the high-paying job market over coastal cities including San Francisco (No.

Persons: Taylor Tomita, Tomita Organizations: LinkedIn, of Labor Statistics, Census, NeoMam Studios, Career.io Locations: Sitka , Alaska, Parkersburg, W.V, Toledo , Ohio, Parkersburg , West Virginia, Nampa , Idaho, , Montana, Sitka, Alaska, , Nebraska, Kearney , Nebraska, Dover , New Hampshire, Laredo , Texas, Morgantown, West Virginia, Olathe , Kansas, Salt Lake City, Louis, Denver, San Francisco, Los Angeles, New York

☆ Asia markets set for positive open after U.S. stocks jump on inflation data
▼ + stars: | 2024-03-13 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Commercial and residential buildings are illuminated at dawn in Seoul, South Korea, on Saturday, Oct. 21, 2023. Asia-Pacific markets were mostly set to rise after Wall Street jumped overnight, following U.S. inflation data that largely met expectations. February U.S. consumer price index climbed 0.4% on the month and 3.2% year over year, the Bureau of Labor Statistics said on Tuesday. Economists polled by Dow Jones had forecast a 0.4% increase month on month and 3.1% year over year. Core inflation, which strips out food and energy from the headline reading, climbed 0.4% in February, compared to a forecast gain of 0.3%.

Persons: Dow Jones Organizations: Wall, of Labor Statistics Locations: Seoul, South Korea, Asia, Pacific

☆ Deflation: Here's where prices fell in February 2024 — in one chart
▼ + stars: | 2024-03-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The U.S. is still grappling with higher inflation, government data released this week shows. This "does not mean prices have come down, it just means that they are increasing at a slower rate," said Brett House, an economics professor at Columbia Business School. "It is reasonable that people continue to be frustrated by high prices," House said. While inflation is an overall increase in prices, that doesn't mean all prices go up, said Eugenio Aleman, chief economist at Raymond James. "Some prices go up, some prices go down," Aleman said.

Persons: Brett House, —, Eugenio Aleman, Raymond James, Aleman Organizations: Columbia Business School, Bureau of Labor Statistics Locations: U.S

Mortgage rates ticked up a little bit in response to Tuesday's slightly hotter-than-expected Consumer Price Index data. But mortgage rates probably won't drop substantially until we get more data showing that inflation is continuing to slow. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: they're, they've, Fannie Mae's, Fannie Mae Organizations: Bureau of Labor Statistics, Federal Reserve, Zillow, Mortgage, Association, ARM Locations: Chevron

☆ Layoffs could be coming as debt-laden firms navigate the pain of higher rates, economists say
▼ + stars: | 2024-03-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

That's because aggressive Fed rate hikes haven't been fully felt across the economy. AdvertisementA wave of layoffs could be coming as companies deal with the reality of higher interest rates, economists say. The peak unemployment rate during the Great Recession was 10% in 2009. Following revisions to the prior two months' figures, the unemployment rate also rose to 3.9% in February, its highest level in two years. The unemployment rate is a classic lagging indicator."

Persons: David Rosenberg, —, what's, Steve Briggs, Briggs, Rosenberg Organizations: Service, Rosenberg Research, Briggs, Bureau of Labor Statistics, Fitch

Rising gasoline and housing prices led inflation to increase 0.4% in February, the Bureau of Labor Statistics reported on Tuesday. The food index was unchanged in February, as was the food at home index. Meanwhile, a recent report on consumer spending from Mastercard found that retail sales excluding autos were up in February, with online retail sales up more than 9.1%. The Census Bureau is scheduled to release retail sales for February on Thursday with analysts looking for a strong 0.8% increase after January's drop. “A dip in retail sales to start the calendar year is common, however, this year January retail sales marked the biggest decline since March of last year,” said Chip West, retail and consumer behavior expert at Vericast.

Persons: ” Joseph Brusuelas, ”, Chip Organizations: of Labor Statistics, Federal, “ Services, RSM, Mastercard, Apparel, Bureau, Federal Reserve Bank of, Blue Locations: Federal Reserve Bank of Atlanta

☆ Inflation unexpectedly creeps up
▼ + stars: | 2024-03-12 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

CPI also increased 0.4% month over month. AdvertisementConsumer price index data released by the Bureau of Labor Statistics Tuesday showed inflation, by this measure, unexpectedly accelerated slightly in February. AdvertisementCore CPI only increased 0.4% from January to February, or matching the previous surge of 0.4%. The food index slowed from a year-over-year increase of 2.6% in January to an increase of just 2.2% in February. The energy index saw another year-over-year decline, a decline of 1.9% in February following a decline of 4.6%.

Persons: —, That's, It's, Nick Bunker Organizations: CPI, Service, Bureau of Labor Statistics, BLS, of Labor Statistics

☆ Polls Missing US Economy's Strength Will Make the Next Recession Worse
▼ + stars: | 2024-03-12 | by ( George Pearkes | ) www.businessinsider.com time to read: +12 min

By underweighting the experience of certain groups — especially lower-income or frontline workers — policymakers could learn the wrong lessons from the post-pandemic economy. The Great DivergenceIf you ask Americans how the economy is doing, the general sentiment can be summed up in one word: bad. Similarly, the Conference Board's consumer confidence data isn't quite at its post-Great Recession lows, but it's far below its 2017-19 average. The ASEC data uses a very large sample to provide the best possible insight into households' economic well-being, with more than 75,000 households participating. Similarly, the focus on the prospect of a recession soared, even outdoing the period in 2020 when the economy was actually in a recession.

Persons: it's, —, Pew Organizations: University of, Conference, Labor Statistics, Government, Bureau of Labor Statistics, NFL, Minnesota Vikings, Green Bay Packers, Chicago Bears, BLS, Census, Federal Locations: telemarketers, nonresponses

☆ Prices ticked higher in February, but there’s good news at the grocery store
▼ + stars: | 2024-03-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Overall, the closely watched inflation gauge showed that prices rose by 3.2% for the 12 months ended in February, the BLS said Tuesday. That monthly pace was right in line with the 0.4% increase that economists were expecting, according to FactSet consensus estimates. Still, there was some good news for Americans: For the first time since April 2023, overall food prices did not rise. Grocery prices held flat, while “food away from home” (restaurants) ticked up last month by just 0.1%. On an annual basis, overall food price inflation slowed to 2.2%, the lowest rate since May 2021.

Persons: That’s, Stocks Organizations: New, New York CNN, Bureau of Labor Statistics, Federal Reserve, BLS, Dow, Nasdaq Locations: New York

☆ Undocumented immigrants are boosting the labor market and helping the US avoid recession, experts say
▼ + stars: | 2024-03-12 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

Undocumented immigration has boosted the labor market, helping steer the US away from a recession, some experts say. Morgan Stanley's chief US economist has also recently cited undocumented immigration as a positive labor-market force. AdvertisementHere's a question that's been lurking beneath the stellar economic resilience in the US: how has the labor market stayed so strong? "It has boosted the labor force, it has boosted supply for labor, it has boosted job gains. AdvertisementThe labor market has recorded gains stronger than that, posting an addition of 275,000 jobs in February.

Persons: Morgan Stanley's, —, Wendy Edelberg, Tara Watson, Watson, Ellen Zentner, Zentner Organizations: Brookings Institution, Service, Congressional, Office, Bureau of Labor Statistics, Bloomberg, Brookings

☆ Now comes the hard part for the Fed to achieve its goal of getting inflation to 2%
▼ + stars: | 2024-03-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Core services costs excluding housing services — "supercore" inflation, as it has become known — remain elevated but at least the pace of increase, at 0.5%, has eased. "The 'last mile' problem for the central bank is the inflation in service prices, which is partly attributed to the tight labor market in sectors such as healthcare, leisure, hospitality, and construction. "This type of inflation, often termed 'cost-push inflation,' may not react straightforwardly to changes in interest rates." "Wage growth was significantly slower, the labor market wasn't as tight," PNC's Faucher said. "It wasn't that long ago, but it was a different economy than it is now, with some of those [current] post-pandemic effects of the tight housing market and the tight labor market."

Persons: Gus Faucher, Dow Jones, Sung Won Sohn, PNC's Faucher, Faucher, JPMorgan Chase, Jamie Dimon, That's Organizations: Federal, PNC Financial Services, CPI, Bureau of Labor Statistics, Loyola Marymount University, SS Economics, Fed, JPMorgan, Monday

☆ Here’s the inflation breakdown for February 2024 — in one chart
▼ + stars: | 2024-03-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Inflation is down from its hottest point in 2022, but is still warm, considering the Federal Reserve's 2% inflation target. Real wages are on the rise, said Hamrick, which means people are seeing wages adjusted for inflation. When interest rates may subsideOne factor that affects how well Americans are doing — for better or for worse — is interest rates. The Federal Reserve is expected to cut interest rates this year, after having executed a series of rate increases to tamp down inflation. "We don't perceive there to be like an imminent pressure on the Fed to cut rates," such as a recession or sudden rise in unemployment, Doyle said.

Persons: Elijah Nouvelage, Mark Hamrick, David Doyle, Doyle, Hamrick Organizations: Kroger, AFP, Getty, Bureau of Labor Statistics, Federal Reserve, Federal Locations: Atlanta, Macquarie

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