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☆ Meta’s headset makeover yields a $1,500 toy in search of a purpose
▼ + stars: | 2022-10-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

On Tuesday, Meta unveiled its latest effort in that mission, the Meta Quest Pro headset. But it costs $1,500 — nearly four times that of the company’s cheapest Quest 2 headset. Wages are up an estimated 5% this year in manufacturing — that’s not keeping up with inflation, but it is in line with the national average. “But by and large our manufacturing jobs today are high tech.”Bottom line: The labor story in America remains one where the narrative of recent history doesn’t quite hold. In most downturns, we’ve seen manufacturing decline, giving it a bad rap as a job that’s going extinct.

☆ Over half of Gen Z and millennials could face a retirement crisis as inflation rises and homeownership falls, says a Boston University economist
▼ + stars: | 2022-10-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Over half of Gen Z and millennials could enter retirement with insufficient savings, says a Boston University economist. As of 2017, roughly half of all retirement age Americans had no personal retirement savings, per a January Census Bureau report. While the expectation that young Americans will live longer than the generations before them is a positive development, this also raises the total cost of retirement. "The retirement age will rise and it's been rising," he said, pointing to BLS projections of older workers' labor force participation. To prepare for retirement, Kotlikoff says Gen Zers should be saving 15% of what they earn after taxes, although he adds that that "may well be on the low side."

We don't want surprises right now with the economy and with the labor market," Daniel Zhao, lead economist at Glassdoor, told Insider. The unemployment rate fell to 3.5% through the month, beating the median forecast of 3.7%. After a transcendent recovery and more than a year of a so-called labor shortage, the labor market is easing up. The shift into a more normal labor market will likely charge well into 2023. Still, the central bank's own projections spell out an unappealing outlook for the labor market.

☆ Unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong
▼ + stars: | 2022-10-07 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

The unemployment rate was 3.5% versus the forecast of 3.7% as the labor force participation rate edged lower to 62.3% and the size of the labor force decreased by 57,000. "Obviously, the market is not happy, but the market is not happy in general these days." "This puts the nail in the coffin for another 75 [basis point rate increase] in November," said Jeffrey Roach, chief economist at LPL Financial. A basis point is 0.01 percentage point. Hiring at the state and local level is highly seasonal, so the decline points to a report that otherwise was largely in line with expectations and shows a resilient jobs market.

☆ September job gains affirm that the Fed has a long way to go in inflation fight
▼ + stars: | 2022-10-07 | by ( Jeff Cox | ) www.cnbc.com time to read: +7 min

But a surprising drop in the unemployment rate and another boost in worker wages sent a clear message to markets that more giant interest rate hikes are on the way. Everybody who seems to want a job is getting a job," said Ron Hetrick, senior economist at labor force data provider Lightcast. "But we've been getting into a situation where our low unemployment rate has absolutely been a significant driver of our inflation." A series of central bank rate increases has been aimed at reducing demand and thus loosening up a labor market where there are still 1.7 open jobs for every available worker. It all makes the inflation fight look ongoing, even with a slowdown in payroll growth.

☆ Hispanic unemployment rate falls sharply in September, but fewer workers join labor force
▼ + stars: | 2022-10-07 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Marco Bello | Bloomberg | Getty ImagesThe unemployment rate among Hispanic workers dropped sharply in September, but that could be due to fewer eligible adults looking for a job. Hispanic workers saw their unemployment rate fall to 3.8% from 4.5% in August. But Hispanics saw a sharp decline in labor force participation, which tracks how many people are employed or searching for work. Many Hispanic workers do seek employment in some areas of the market heavily affected by Federal Reserve interest rate hikes, she added. While Hispanic workers saw the biggest declines on a month-to-month basis, she noted that Black women have still seen the sharpest decline in labor force participation since the start of the pandemic.

☆ Jobs report: The US job market remains robust, but is showing signs of cooling
▼ + stars: | 2022-10-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN Business —The fever hasn’t broken yet for America’s employment market, but the temperature is coming down. That, coupled with job openings showing some sharp declines, points to a labor market slowdown — an outcome the Federal Reserve is seeking as it battles decades-high inflation. “The job market is slowing gracefully, moderating jobs and wage growth smoothly as the Federal Reserve searches for signs of cooling inflation,” Daniel Zhao, senior economist for Glassdoor, said in a statement. What could, however, move the needle will be the findings from the inflation data due next week, he said. Job openings outpace job seekers on a 1.7 to 1 ratio, the BLS’ Job Openings and Labor Turnover Survey for August showed.

☆ Opinion: The Fed doesn’t have a choice anymore. Get ready for a recession
▼ + stars: | 2022-10-07 | by ( Gad Levanon For Cnn Business Perspectives | ) edition.cnn.com time to read: +5 min

On the other hand, overall employment growth has been much stronger than normal. Why has employment growth remained so strong? And it’s likely that these represent structural changes to buying patterns that will keep demand high. Employment growth is likely to slow down from its historically high rates, but it will still remain solid in the coming months. The only option that leaves the Fed is to engineer a recession by continuing to raise interest rates.

☆ What to expect from Friday’s jobs report
▼ + stars: | 2022-10-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

The US economy is forecast to have added 250,000 jobs in September, which would be the lowest monthly jobs gain since December 2020. August jobs data already indicated that the historically tight labor market has loosened by a notch. The jobs report for that month found that America added 315,000 positions, a much lower level than the 512,000 average job gains over the past 12 months. The unemployment rate will likely have to rise despite these downward demographic pressures, and that likely would have to come from people losing their jobs. It’s not going to be a painless slow grind.”The September jobs report is among the key economic data that Fed policymaking officials will review when they meet in early November to discuss how to stifle stubbornly high inflation.

☆ Job openings plunged by more than 1.1 million in August
▼ + stars: | 2022-10-04 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

The number of job openings plunged by more than a million in August, providing a potential early sign that the massive U.S. labor gap is beginning to close. One primary area of interest for the central bank has been the ultra-tight labor market, which had been showing about two job openings for every available worker. "Job openings took a major dive in August, falling by more than about 1 million, but they still total more than 10 million. The rate remains one full percentage point below where it was in February 2020, just prior to the pandemic. Markets still expect the Fed to push forward with a fourth consecutive 0.75 percentage point interest rate hike at its next meeting.

☆ Watch CNBC's full interview with Afsaneh Beschloss, RockCreek founder and CEO
▼ + stars: | 2022-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Afsaneh Beschloss, RockCreek founder and CEOAfsaneh Beschloss, RockCreek founder and CEO, joins 'Closing Bell' to counter remarks made by JPMorgan's Mary Callahan Erdoes about growth prospects for China, sharing how ASEAN countries are better poised for growth due to their rich resources and large labor force.

☆ China's growth rate is not sustainable, says Afsaneh Beschloss, RockCreek founder and CEO
▼ + stars: | 2022-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's growth rate is not sustainable, says Afsaneh Beschloss, RockCreek founder and CEOAfsaneh Beschloss, RockCreek founder and CEO, joins 'Closing Bell' to counter remarks made by JPMorgan's Mary Callahan Erdoes about growth prospects for China, sharing how ASEAN countries are better poised for growth due to their rich resources and large labor force.

☆ These 4 trends are keeping Boomers unemployed and holding the US back from a full recovery
▼ + stars: | 2022-09-28 | by ( Ben Winck | ) www.businessinsider.com time to read: +7 min

Older Americans are struggling to rejoin the workforce, and it's weighing on the economy. That drop in older workers could threaten the already-shaky economic recovery, according to a report published by ZipRecruiter on Wednesday. Yet as the recovery progresses, a handful of obstacles are keeping older Americans out of the workforce. Where that's easily accessible for young workers, older Americans face a steeper learning curve just to compete. Older workers' confidence is dismalThe three aforementioned trends have contributed to a simple truth: older workers are immensely discouraged.

☆ Why is everyone crying on LinkedIn?: 'The numbers were very clear'
▼ + stars: | 2022-09-28 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +4 min

"Dominic hit Kai in the face with a broom," begins Kwame Christian's LinkedIn post. 'I was very annoyed people liked the family stuff'Christian started sharing more about his life outside work on LinkedIn about a year ago. "I actually posted it on Facebook first, and someone suggested I post on LinkedIn and I reluctantly did," she says. The most obvious cause for the proliferation of personal LinkedIn posts is the pandemic. Like most trends that cropped up in the last three years, Covid-19 didn't invent the sappy LinkedIn post, it just catalyzed its adoptions.

☆ Nearly 70% of Americans are looking for extra work to combat inflation
▼ + stars: | 2022-09-27 | by ( Jennifer Liu | ) www.cnbc.com time to read: +3 min

Starting this week, Petree will work his full-time job during the week and as a part-time cashier at Lowe's on the weekends. Nearly 70% of Americans are looking for extra work to combat inflation, according to more than 1,000 full-time workers, part-time workers and unemployed workers surveyed by Bluecrew, a workforce-as-a-service platform, in September. In many cases, those looking for work already log 40 hours during the week and are picking up extra shifts or gig work on nights and weekends, Laurinas says. Nearly 5% of employed Americans hold multiple jobs, according to data from the St. Louis Federal Reserve, including 440,000 people who hold two full-time jobs — a record high. What recession concerns could mean for extra work

☆ Take no prisoners: In the Fed’s inflation fight, no one is spared
▼ + stars: | 2022-09-26 | by ( Christine Romans | ) edition.cnn.com time to read: +5 min

Global central banks are jacking up interest rates with no end in sight until high inflation is vanquished. The Federal Reserve is aggressively fighting inflation by lifting its benchmark interest rate five times so far this year. There isn’t.”Higher interest rates make life more expensive for anyone who borrows money. The higher rates ding home affordability but also might be holding back home sales. Higher interest rates make financing a car — when you can find one — even more expensive.

☆ Fed Chair Powell warned of ‘pain’ to come. Seniors on fixed incomes are already feeling it
▼ + stars: | 2022-09-26 | by ( Martha C. White | ) edition.cnn.com time to read: +8 min

“Social Security comes up short by at least $1,000 [a month] in many locations. John Harriger, a resident of Chilhowie, Virginia, suffered a disabling back injury in 1994 and relies solely on Social Security for income. “I get about $1,800 a month [from Social Security] but… when gas and groceries started going up, I couldn’t make it any more. Sites, who relies wholly on Social Security for her income, said she worries what will happen when the mortgage on her home near Asheville, North Carolina, resets. This has a pass-through effect on the financial security of older Americans.

☆ 'India has a big role to play': New Delhi is trying to turn the country into a chip powerhouse
▼ + stars: | 2022-09-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Foundries are facilities that manufacture chips that other companies design. So there aren't many giant Indian chip firms and certainly no leading-edge manufacturing companies. "I have no doubt that India has a big role to play," Kotasthane said. Semiconductor design requires large numbers of skilled engineers and this is where India's strength lies," he added. So now, the next step is the effort to build an ecosystem where there is some Indian IP (intellectual property) by Indian companies," Kotasthane said.

☆ The Fed just confirmed that its self-induced ‘growth recession’ could put more than a million Americans out of work
▼ + stars: | 2022-09-23 | by ( Ben Winck | ) www.businessinsider.com time to read: +3 min

If proven correct, that would mean around 1.5 million more Americans would go unemployed by the end of next year. New projections reveal that, for more than a million working Americans, that pain could be severe. Officials now see the unemployment rate climbing to 3.8% by the end of the year, up slightly from the latest reading of 3.7%. The unemployment rate only counts out-of-work Americans who are still measured as in the labor force and actively looking for a job. If the labor force grows throughout next year, then the 4.4% unemployment rate will equate to even more jobless Americans.

Lauren Taylor Wolfe co-founded Impactive Capital, an activist investment management firm focused on ESG investing for the long run. We've seen a lot of pushback come from some politicians and I think that's simply too risky. Understanding environmental risks and social risks is simply good fundamental analysis and it's simply good investing. We have too many managers, CEOs and boards focus on hitting their quarterly or annual figures and we believe that there's true opportunity to focus on long term returns, long term IRRs. And I think smart ESG initiatives is simply good business.

☆ The Fed's fight against inflation could cost the US 1.2 million jobs
▼ + stars: | 2022-09-23 | by ( Alicia Wallace | Cnn Business | ) edition.cnn.com time to read: +7 min

Assuming no change in the labor force, that would mean around 1.2 million more people will be unemployed. "And it's really, at this point, like telling the tide not to come in -- to expect the labor market to soften." As the unemployment rate rises, workers lose bargaining power for higher wages and households pull back on spending. Powell has said that prolonged and entrenched high inflation would be even worse than moderate increases in the unemployment rate. "If we want to set ourselves up, light the way to another period of a very strong labor market, we have got to get inflation behind us.

LDC is a nonprofit, nonpartisan group focused on reshaping perceptions of U.S. Latinos through data and economic research. In 2020, Latino consumption was measured at $1.84 trillion. Three-quarters of the Latino population were concentrated in just 10 states in 2020: Arizona, California, Colorado, Florida, Georgia, Illinois, New Jersey, New York, North Carolina and Texas. According to the report, Latino growth staved off a decline in the population and labor force in three states — New Jersey, New York and Illinois — from 2010 to 2018. As a result, Latino real GDP contracted a small amount in 2020, by 0.8% compared to 4.4% for non-Latinos.

☆ September 21 is Black Women's Equal Pay Day. It shows how far America has to go to close the gender and racial wage gap.
▼ + stars: | 2022-09-21 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

September 21 is Black Women's Equal Pay Day. The pay gap affects Black women in multiple ways, including their savings for retirement. Equal pay day is calculated based on the size of that wage gap. The over $900,000 in loses over a 40-year career for Black women from the pay gap can negatively impact Black women financially. Mason said the money lost due to the pay gap affects "their ability to build wealth."

A top concern for Americans: Are there layoffs on the horizon? Big companies are already announcing layoffs, including Best Buy, Ford Motor, HBO Max, Peloton, Shopify, Walmart and Wayfair. This comes at a time when the labor market could hardly appear stronger. Not to mention, the labor market is still facing off against the "Great Resignation." "The Federal Reserve is raising interest rates at this point in an effort to slow down the job market, and that's going to mean more layoffs," Zandi said.

From rising inflation to a red-hot job market and the negative gross domestic product in between, economists are divided on the health of the U.S. economy. This comes at a time when the labor market could hardly appear stronger. In July 2022, there were 11.2 million job openings, revealing a shortage of workers for available positions. "The question is how steeply they will fall, how sharply they will fall, if they go back to 7 million [job openings], the level before the pandemic." Not to mention, the labor market is facing off against the "Great Resignation."

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