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☆ High-earning, workaholic men are cutting their work hours the most right now
▼ + stars: | 2023-04-06 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

Men who used to work the most cut their work weeks by three hours on average since 2020. At a conference last week, Yongseok Shin, a Washington University in St. Louis professor who worked on the study, said those groups are educated young men, high-earning men, and men who previously worked the most hours. It contrasts with another important trend for young men in the workforce: even though educated, highly paid men are working fewer hours, they're still working. Having access to remote and hybrid work opportunities likely convinced men making more money that they didn't need to work so hard, Shin said. Men who previously worked 55-hour weeks are paring backIn the NBER study, Shin said, men in the "top hours decile" reduced their hours from 55 hours per week in 2019 to 52 in 2022.

☆ The 10 worst US cities for job growth and earning potential in 2023
▼ + stars: | 2023-04-06 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

HR firm Checkr ranked the worst US cities for employment opportunities and earning potential. Cities based around agriculture and manufacturing have seen slower job growth and lower salaries. Earning potential was based on each city's real per capita personal income, 10-year income growth, and percentage of households that make over $200,00 a year. "The findings show that the current state of the US job market varies in big and small cities," Korelevich said. Jackson, Toledo, El Paso, and Lakeland also have a "less healthy job market," per US News.

The move to integrate FedEx Ground, its outsourced package delivery arm, with the FedEx Express overnight air delivery business was announced almost a year after activist investor D.E. FedEx Express is already handling FedEx Ground's pickup and deliveries in Alaska and Hawaii - fueling concerns that Ground contractors in the lower 48 states could be let go. John Smith will become president and CEO of U.S. and Canada ground operations at FedEx Express and assume leadership of surface operations across the FedEx Express, FedEx Ground and FedEx Freight businesses from April 16. FedEx Freight will continue to provide freight transportation services as a standalone company under the Federal Express Corp banner, the company added. Shares in FedEx, which also announced a 10% dividend boost on Wednesday, were up about 2% in mid-morning trade.

☆ The Fed could easily drive Black unemployment much higher than the overall jobless rate
▼ + stars: | 2023-04-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

However, the jobless rate isn’t expected to be that low for long. While that’s a small improvement from the central bank’s previous 4.6% jobless rate estimate, economists say it’s possible the unemployment rate could rise above the Fed’s expectations. It can be difficult to slow an unemployment spiralEconomists say it’s hard to guess the trajectory of the unemployment rate this year, noting it could very well exceed the Fed’s estimate. As such, the Fed’s tightening efforts could easily drive the Black unemployment rate much higher than the overall jobless rate, said William Spriggs, an economics professor at Howard University and chief economist to the AFL-CIO. The Black unemployment rate will easily get to 9% in that scenario.”One other likely consequence of growing unemployment is slowing wage growth, Bivens said.

☆ Vimeo CEO: Highly successful Gen Zers use these 3 tactics to improve their workplaces
▼ + stars: | 2023-04-02 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

The definition of Gen Z is sometimes contested, but is roughly considered anyone born between 1997 and 2012. It's one example of how Gen Z, after more than three years of a global pandemic, has a heavy hand in shaping the next new normal. Here's how the most successful Gen Zers are already doing it, according to Sud. A lot of Gen Zers are used to quickly internalizing large amounts of information in short periods of time, for example, especially with the boom of short-form content on platforms like TikTok. "[The way we] communicate and interact in our personal lives is going to translate to work," Sud said.

Michael M. Santiago | Getty ImagesThere's one group of people that's being disproportionality hurt by high inflation: women. First, a jump in child care prices has started to pressure women out of the workforce. Child care inflation, which has increased 214% from 1990 to 2022, has outpaced average family income gains, which have risen 143%. Surprisingly, over 50% of parents spend over 20% of their income on child care in the US." Women and minorities are underrepresented in higher-wage industries, such as technology or finance, that are more insulated from inflation pressures, Gosai noted.

☆ India has big manufacturing plans. Goldman names 2 global stocks to benefit — giving one 60% upside
▼ + stars: | 2023-03-30 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

The investment bank called the plan, known by its Production-Linked Incentive Schemes, as a "substantial opportunity" for Greater China tech firms. The initiative incentivizes foreign companies to start manufacturing in India and encourages local firms to expand their production and exports there. Goldman said tech represents more than half of the opportunity. Under the IT hardware initiative, for instance, Greater China tech firms represent 76% of potential capital expenditure contribution. Stock picks Goldman named two buy-rated stocks that it said stand to benefit from India's big manufacturing plans.

WASHINGTON, March 29 (Reuters) - Almost all of the remaining shortfall in U.S. labor force participation is the result of demographic and other trends that predate the COVID-19 pandemic, according to new research that suggests little chance that growth in the number of workers will help ease a tight American job market. After accounting for factors such as population aging and changes in education that influence people's willingness to work, the study showed that U.S. labor force participation was only about 0.3 percentage points short of where it would have been without the pandemic - equivalent to around 700,000 "missing" workers. Still, the figures suggest a winnowing down of COVID-related impacts on the labor force, a significant conclusion for U.S. policymakers hoping labor force participation rates could rebound to pre-pandemic levels. As of February, about 62.5% of U.S. adults were either working or looking for work, 0.8 percentage points below where it was in February of 2020, according to government figures. It has been in a steady decline for nearly a quarter century after peaking at 67.3% in April 2000.

☆ Canada's plugging its labor shortage with 1 million people moving to the country last year, while Biden is maintaining Trump-like policies that keep immigrants out
▼ + stars: | 2023-03-29 | by ( Jason Lalljee | Madison Hoff | ) www.businessinsider.com time to read: +7 min

It's part of an effort to address the country's labor shortage, Canada's immigration minister said. The US could solve its labor shortage too, experts told Insider, but Biden would have to be bolder. President Joe Biden's current course of action could mean that the labor shortage in the US is never really solved. Biden is replacing Trump-like anti-immigration policies with his ownThat's a major reason why the persisting labor shortage will likely never resolve. It's in direct opposition to the kind of policy changes that Peri said the US needs to make to address the labor shortage.

☆ World Bank warns of 'lost decade' in global growth without bold policy shifts
▼ + stars: | 2023-03-27 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

But concerted efforts to boost investment in sustainable sectors, cut trade costs, leverage growth in services, and expand labor force participation could boost potential GDP growth by up to 0.7 percentage point to 2.9%, the report said. The average GDP growth rate is a sort of "speed limit" for the global economy, charting the maximum long-term rate at which it can grow without sparking excess inflation. Low investment will also slow growth in developing economies, with their average GDP growth dropping to 4% for the rest of the 2020s, from 5% in 2011-2021 and 6% from 2000-2010. To change the trajectory, policymakers should prioritize taming inflation, ensuring financial-sector stability and reducing debt, while promoting climate-friendly investments that could add 0.3 percentage point to annual potential growth. Expanding exports of digital services could result in big productivity gains, while raising labor force participation rates for women and others could raise global potential growth rates by as much as 0.2 percentage point a year by 2030.

☆ Germany is overhauling its immigration rules to bolster a rapidly shrinking workforce
▼ + stars: | 2023-03-27 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +8 min

Currently, only people with EU passports, or those who have one parent from Germany, are eligible to hold German citizenship. Immigration reforms based on Canada's points system, meanwhile, will make it easier for skilled workers to enter the country without having professional qualifications recognized in Germany. A January survey showed that more than half of German companies are struggling to fill vacancies due to a lack of skilled workers. The number of people who can come and set up businesses will be huge and a huge benefit for the country. "The number of people who can come and set up businesses will be huge and a huge benefit for the country."

☆ What the banking crisis means for your job
▼ + stars: | 2023-03-24 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

The Fed’s latest economic projections, released on Wednesday, were largely in line with those from its last forecast, in December. “We are in a situation with inflation elevated and now a banking crisis on top of that,” Brusuelas told CNN. “I think that the Fed’s going to move toward an above 5% unemployment rate forecast, either in June or by September,” he said. “But the costs of failing are much higher.”A new wild cardThen there’s also the scenario that the Fed could get an assist from an unlikely bedfellow — the banking crisis. I do think the odds of a recession have increased in the wake of this banking sector crisis,” he said.

☆ Job search platform Indeed to cut 2,200 jobs
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - U.S.-based job search platform Indeed said on Wednesday it will cut about 2,200 jobs, or 15% of its workforce, joining a host of companies rationalizing their labor force following a pandemic-fueled hiring boom. Chief Executive Chris Hyams, who will take a 25% cut in base pay, said future job openings in general were at or below pre-pandemic levels and that the company was too large. Meta Platforms Inc (META.O) and Amazon.com Inc (AMZN.O) have announced a second round of layoffs as they look to cut costs. Indeed's revenue from human resource technology will decline in fiscal 2023 and 2024, Hyams said, adding that U.S. job openings will likely fall to pre-pandemic levels of 7.5 million or even lower in the next two to three years. Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Record international migration spurs historic rise in Canadian population
▼ + stars: | 2023-03-22 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

Total population grew by a record 1.05 million people to 39.57 million in the twelve months to Jan. 1, 2023, and about 96% of the rise was due to international migration, the statistics agency said. In 2022, Canada welcomed 437,180 immigrants and the number of non-permanent residents increased by a net 607,782 people. The agency counts both permanent and non-permanent residents in addition to net new births in calculating population figures. Canada has been experiencing an upward trend in total employment since September, and the statistics agency has previously said that non-permanent residents are a notable contributor to that gain. Immigration accounts for almost 100% of Canada's labor force growth and by 2036 immigrants are projected to be about 30% of Canada's population, up from 20.7% in 2011, according to Canada's immigration ministry.

☆ ChatGPT will most likely impact your job if you work in tech, went to college, and make up to $80,000 a year, research says
▼ + stars: | 2023-03-22 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Most American jobs are at risk of being impacted by AI like ChatGPT, researchers found. Educated, white-collar workers making up to $80,000 a year will be most affected by AI, per the study. Some jobs likely to be impacted include financial analysts, accountants, and writers. More specifically, the researchers wanted to find out which jobs are most likely to be "exposed" to the model's capabilities. The impact of AI on jobs increases as salaries gets closer to $80,000.

☆ Elon Musk sees 'serious risk' of another Great Depression if the Fed doesn't stem the collapse of regional banks after SVB failure
▼ + stars: | 2023-03-20 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Elon Musk sees danger ahead for the US economy if the Fed doesn't contain the regional banking crisis. Financial blog Zero Hedge said on Twitter that unchecked pain among smaller banks could lead to a great depression. "This is a serious risk," Musk tweeted in response. "This is a serious risk," Musk responded to Zero Hedge. First Republic Bank has emerged as a high-profile hot spot in the unfolding regional banking crisis.

☆ Obama wants companies to strip degree requirements from more six-figure jobs to address the labor shortage
▼ + stars: | 2023-03-20 | by ( Jason Lalljee | Ethan Dodd | ) www.businessinsider.com time to read: +5 min

Former President Barack Obama said more states should drop degree requirements for government jobs. It's an example of "a smart policy that gets rid of unnecessary college degree requirements and reduces barriers to good paying jobs," Obama said on Twitter. In recent years, states have eliminated four-year degree requirements to shore up their understaffed governments, and Republican governors have led the way. Arizona and Oregon have temporarily loosened degree requirements to address a teacher shortage. Georgia and Alaska are considering dropping degree requirements to fill government vacancies as well.

☆ BlackRock CEO Fink warns of financial risks, persistent inflation
▼ + stars: | 2023-03-15 | by ( Ross Kerber | ) www.reuters.com time to read: +4 min

[1/2] Larry Fink, Chief Executive Officer of BlackRock, stands at the Bloomberg Global Business forum in New York, U.S., September 26, 2018. Fink wrote that after the regional banking crisis, the financial industry could see what he termed "liquidity mismatches." “It’s too early to know how widespread the damage is,” Fink wrote. BlackRock has previously said its diversified products "have limited exposure to Silicon Valley Bank." "The monetary and fiscal tools available to policymakers and regulators to address the current crisis are limited, especially with a divided government in the United States," Fink wrote.

☆ The pay gap has stalled and parenthood is a big reason why
▼ + stars: | 2023-03-14 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

Caregiving and parenthood could be contributing to the gap in earnings between men and women. It provides a striking way of thinking about the gender pay gap. Pew Research Center also looked at how the pay gap has evolved over time and found that it has stalled. For instance, a research paper from Patricia Cortés and Jessica Pan found that "by the 2010s, child-related inequality accounted for nearly two-thirds of the overall gender pay gap in the U.S." Additionally, according to a fact sheet from NWLC, there's a pay gap between mothers and fathers. A Pew Research Center survey asked US adults why they think the pay gap persists.

☆ Inflation cooled down again in February as the Fed wrestles with the Silicon Valley Bank failure
▼ + stars: | 2023-03-14 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

The consumer price index rose 6.0% year-over-year in February, less than January's year-over-year change of 6.4%. The cooldown should be welcome news to the Fed as it prepares for its interest rate decision next week. According to Tuesday's consumer price index (CPI) report from the Bureau of Labor Statistics, CPI soared 6.0% year-over-year in February. More specifically, the change for the index for food at home was 10.2%, higher than the year-over-year change of 8.4% for food away from home. The Fed will also have to confront a new round of financial turmoil after regulators recently closed Silicon Valley Bank and Signature Bank.

☆ Op-ed: Biden's American Rescue Plan props up underserved communities with jobs, education
▼ + stars: | 2023-03-11 | by ( U.S. Deputy Treasury Secretary Wally Adeyemo | ) www.cnbc.com time to read: +6 min

This started with policies like the Advance Child Tax Credit, which under the Rescue Plan offered monthly payments to families and helped lift 3.5 million children out of poverty. Expanding our labor force is another area where efforts to support communities of color and other underserved communities is helping to unleash economic gains for all Americans. Last year, I visited Orlando, Florida, where the mayor took me on a tour of a workforce training center funded by the President's American Rescue Plan. The benefits of this effort will be particularly powerful in underserved communities. For too long, racism and discrimination have limited the ability of underserved communities to fully contribute to our civic and economic advancement.

☆ Takeaways from the February jobs report
▼ + stars: | 2023-03-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

Minneapolis CNN —February’s jobs report had a little something for everyone. In February, the construction industry added 24,000 jobs, marking 12 consecutive months of employment growth. Friday’s report showed that “a modicum of slack crept back into the jobs market,” wrote Wells Fargo economists Sarah House and Michael Pugliese. However, Friday’s jobs report likely won’t spur a more dovish turn from the Fed, said Sean Snaith, an economist and director of the University of Central Florida’s Institute for Economic Forecasting. “We didn’t go from a four-alarm fire to a five-alarm fire with this data report, but the inflation flames aren’t out either,” he wrote in a note Friday.

☆ India's rural women are 'bearing the brunt' of climate shocks
▼ + stars: | 2023-03-10 | by ( Sumathi Bala | ) www.cnbc.com time to read: +7 min

India's rural women are bearing the brunt of climate related shocks like severe drought and extreme weather events, Universal Images Group | Getty ImagesIndia's rural women are bearing the brunt of climate related shocks like severe drought and extreme weather events, which are drastically affecting their daily livelihoods. The climate fund will allow women and communities to fight climate change and help provide new livelihood resources and education, said Clinton. Having access to clean water makes a huge difference in tackling the overall health issues for rural women, she added. In the latest economic survey released in February, the government said rural women were increasingly participating in economic activity. Government schemes and policies have helped rural women, said Akanksha Khullar, a visiting fellow with the Observer Research Foundation in New Delhi.

☆ Premarket stocks: The Fed wants to limit wage growth. That's particularly bad for women
▼ + stars: | 2023-03-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

What’s happening: Never-married women earned just 92% of what never-married men did last year, according to the Wells Fargo report. Those wage gaps are “persistently disappointing,” ADP’s Chief Economist Nela Richardson told CNN on Thursday. Markets suffer: Companies with smaller gender pay gaps tend to be rewarded by their shareholders. “The gender pay gap is informing investment strategies,” wrote Refinitiv analysts in a recent report. “Our recent analysis shows that [shares of] companies with no gender pay gap outperform companies with pay gaps between male and female employees,” wrote Refinitiv.

The U.S. unemployment rate ticked up to 3.6% in February as more workers entered the labor force, and wage gains slowed to 0.2% from 0.3% in January, the Labor Department's report showed. "This report screams soft landing and looks to be a pretty good one for the Fed," said Omair Sharif of Inflation Insights. After the report, futures tied to the Fed policy rate pointed to a quarter-point rate hike as the most likely outcome of the central bank's meeting this month. Traders also slashed expectations for the Fed to ultimately raise rates any higher than 5.5%. "However, the February CPI report will also weigh heavily in the Fed’s deliberations of whether to raise rates 25bps or 50bps.

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