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☆ Markets tried to fight the Fed on rate cuts. It didn’t work
▼ + stars: | 2024-01-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Now there’s roughly a 50/50 chance that the Fed could either cut rates or hold them steady in March, according to futures. A few developments this past week tempered investors’ optimism, and now the possibility of a rate cut in March could be completely thrown out the window, according to economists. He echoed other Fed officials who’ve recently said that beginning to cut rates in March is just not realistic. In addition to officials’ comments, recent economic data also doesn’t bode well for a March rate cut. Markets are expecting twice as many rate cuts this year than what Fed officials themselves estimated in their latest economic projections released in December.

Persons: ’, Christopher Waller, ”, who’ve, Loretta Mester, “, Mary Daly, it’s, Daly, bode, Waller, ” Bill Adams, ” Daniel Altman, Jerome Powell’s, Donald Trump, Christine Lagarde, couldn’t, Jamie Dimon, Trump, Joe Biden, Bank of America’s Brian Moynihan, OpenAI’s Sam Altman, Johnson, Lockheed Martin, Levi Strauss, Booz Allen Hamilton, CNN’s Elisabeth Buchwald Organizations: CNN Business, Bell, DC CNN — Federal Reserve, Fed, Brookings Institution, ” Cleveland Fed, Bloomberg, ” San Francisco Fed, Fox Business, Commerce Department, Labor Department, Employers, Comerica Bank, CNN, Biden, Trump, Economic, European Central Bank, ”, JPMorgan, Bank of America’s, United Airlines, The Bank of Japan, Netflix, General Electric, Procter, Gamble, Johnson, Verizon, Lockheed, Haliburton, Tesla, IBM, Bank of Canada, Global, American Airlines, Southwest Airlines, Alaska Airlines, Co, Visa, Intel, Mobile, Comcast, Capital, US Commerce Department, Chicago Fed, US Labor Department, American Express, Colgate, Palmolive, Booz, National Association of Realtors Locations: Washington, ” San, East, Iran, Davos, Switzerland, Iowa, Swiss, United States

☆ Opinion | Making Changes to U.S. Immigration Policy
▼ + stars: | 2024-01-19 | by ( ) www.nytimes.com time to read: +1 min

That includes balancing the two principal objectives of immigration policy: to meet our legal and moral humanitarian obligations to persecuted individuals and to bolster our work force.”These two objectives need not be at odds. Pathways for displaced people who have skills needed by U.S. employers can benefit displaced people, employers and the communities that welcome new neighbors. The United States could adopt a program, modeled on Canada’s Economic Mobility Pathways Pilot, to address specific needs in states, cities and industries, while offering lasting refuge to displaced people. In fact, the Biden administration could adopt many changes to facilitate displaced people’s access to employment opportunities without legislation. But a humanitarian employment program should be additional to, and must not replace, systems of asylum and resettlement.

Persons: Jan, Steven Rattner, Maureen White, Biden Locations: United States

☆ A career coach shares the top industries hiring Gen Z and millennials in 2024 — and where layoffs might happen
▼ + stars: | 2024-01-18 | by ( Elle Hardy | ) www.businessinsider.com time to read: +7 min

Eliana Goldstein is a career coach for millennial and Gen Z workers. AdvertisementThis as-told-to essay is based on a conversation with Eliana Goldstein, a 35-year-old career coach from New York City. As a career and success coach who predominantly works with millennials and Gen Zers, I help people create careers that don't make them dread Monday morning . From there, we work on strategies to determine the right career path for them, then execute and land the job. Hospitality companies collect data on their guests, such as booking information and reviews, while tech companies collect data on consumer spending habits, among other things.

Persons: Eliana Goldstein, —, millennials, Gen Zers, it's, We've, It's, They're Organizations: Service, Tech, Hospitality, Employers, Technology Locations: New York City

☆ It Won’t Be a Recession—It Will Just Feel Like One
▼ + stars: | 2024-01-14 | by ( Harriet Torry | Anthony Debarros | ) www.wsj.com time to read: 1 min

Economists said U.S. employers are likely to continue adding jobs this year, but at a much slower pace. Photo: Eric Thayer/Bloomberg NewsThe good news is the probability of a recession is down sharply, according to The Wall Street Journal’s latest survey of economists. The bad news is that, for a lot of people, it is still going to feel like a recession. Business and academic economists surveyed by the Journal lowered the probability of a recession within the next year, to 39% from 48% in the October survey.

Persons: Eric Thayer Organizations: Bloomberg

☆ After big tech layoffs, Silicon Valley may have lost its monopoly on workers
▼ + stars: | 2024-01-14 | by ( Rachel Curry | ) www.cnbc.com time to read: +6 min

According to Dice's 2023 Tech Sentiment Report, 60% of tech workers in general are interested in leaving their jobs in 2024, which is up from 52% the year prior. According to Art Zeile, CEO of tech careers marketplace Dice, tech workers are most in demand in the aerospace, consulting, health care, financial services and education industries. Zeile says it's in spaces like these — non-tech enterprises with major tech branches — that tech workers can find better work-life balance and more stability than the tech leaders can provide. In corporate America outside of big tech, he said, "There is more of a dedication to making sure that the project gets fulfilled." Tech job growth geographicallyUltimately, Zeile says recent layoffs have induced a jarring disruption in two decades of growth in big tech.

Persons: Justin Sullivan, Jeff Spector, Spector, I'm, CBRE, Art Zeile, Zeile Organizations: Google, Tech, Meta, Microsoft, MGM Studios Locations: Mountain View , California, Silicon Valley, Seattle, America, India

WASHINGTON (AP) — The Supreme Court on Friday agreed to hear an appeal from Starbucks in a dispute with the National Labor Relations Board over efforts by workers to unionize at a store in Memphis, Tennessee. The case has been among the most closely watched in the more than 2-year-old effort to unionize Starbucks' company-owned U.S. stores. Workers United, the union organizing Starbucks workers, said the company is trying to weaken the labor board's ability to hold companies accountable. “There’s no doubt that Starbucks broke federal law by firing workers in Memphis for joining together in a union,” Workers United said. “The district court determined that, and the decision was affirmed by one of the most conservative courts in the nation.”The Memphis store did eventually vote to unionize.

Persons: —, “ Organizations: WASHINGTON, Starbucks, National Labor Relations Board, NLRB, Sixth U.S, Circuit, Appeals, Supreme, . Workers United, ” Workers Locations: Memphis , Tennessee, Memphis, Seattle

☆ Consumer prices are cooling, but BlackRock bets on inflation-protected bonds for the long term. Here's why
▼ + stars: | 2024-01-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Inflation-protected bonds may be the last thing on investors' minds amid cooling prices, but BlackRock is betting on the securities for the longer term. Due to that, BlackRock named inflation-protected securities one of its top 2024 strategic calls for those with a time horizon of five to 10 years. "We see inflation going through a roller coaster over a longer term," Li said. Buying TIPS Investors can buy TIPS in five-year , 10-year and 30-year terms through the TreasuryDirect website . BlackRock, which has a traditional TIPS ETF, also recently launched a suite of defined maturity TIPS ETFs last fall.

Persons: Wei Li, Li, BlackRock, We've Organizations: BlackRock, Bank of America Securities, U.S . Bureau of Labor Statistics, Federal Locations: redemptions, U.S

☆ Dollar falls as traders focus on data for Fed policy clues
▼ + stars: | 2024-01-08 | by ( ) www.cnbc.com time to read: +2 min

The greenback initially bounced on Friday after data showed that U.S. employers hired 216,000 workers in December, above economists' expectations in a Reuters poll, while average hourly earnings rose 0.4%, which was also above expectations. The U.S. currency then dropped, however, as investors focused on some underlying factors in the jobs report that showed less strength. It declined further after a separate report showed the U.S. services sector slowed considerably in December, with a measure of employment dropping to the lowest level in nearly 3-1/2 years. The release on Thursday of the consumer price inflation report for December will be the main piece of economic data this week. Fed funds futures traders are pricing in rate cuts beginning in March, though the odds of a move that soon have fallen.

Persons: Helen, Raphael Bostic Organizations: Federal Reserve, greenback, Monex USA, New York Fed, Traders, Atlanta Fed Locations: U.S, Washington

☆ Gold posts weekly decline as dollar, yields climb
▼ + stars: | 2024-01-05 | by ( ) www.cnbc.com time to read: +2 min

Spot gold rose 0.1% to $2,044.21 per ounce after falling and then rising by about 1% earlier in the session. "First, the nonfarm payrolls data came in stronger than expected, due to which we saw some pressure applied to gold ... Both the U.S. dollar and 10-year Treasury yields hit their highest levels in three weeks, heading for their best weeks since July and October, respectively. On the physical front, gold buying in major consumer India rose this week, as domestic prices fell back from record highs. Palladium fell 0.9% to a three-week low of $1,027.11 in its ninth consecutive session of declines and was down 6.4% on the week.

Persons: David Meger, Saxo, Ole Hansen Organizations: Singapore Gold, Institute for Supply Management, High, U.S ., U.S . Federal Locations: Singapore, India

☆ A 401(k) rollover is 'the single largest transaction' many investors make, expert says. What to know before doing it
▼ + stars: | 2023-12-05 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

That's largely because IRA investors are "retail" investors while 401(k) savers often get access to more favorable "institutional" pricing. "Are you able to pay less by staying in your 401(k) plan?" The bottom line: Compare annual 401(k) fees — like investment "expense ratios" and administrative costs — to those of an IRA. And your current employer may not accept rollovers into your 401(k) from a previous employer's plan. Many 401(k) plans may not allow retirees as much flexibility.

Persons: Ellen Lander, Lander, Carolyn McClanahan, Ted Jenkin, Jenkin, you'd Organizations: Investment, IRA, Renaissance, Planning Partners, CNBC's FA, of America, Company, Workers Locations: IRAs, Jacksonville , Florida, CNBC's, Atlanta

TOKYO (AP) — Asian shares declined Tuesday on heavy selling of property and technology shares. A key report on Japanese inflation showed core consumer prices in Tokyo, which excludes volatile food prices, rose 2.3% from a year ago, slowing from previous months' increases. Hopes that inflation is easing enough to allow the Federal Reserve to stop raising interest rates have pushed shares higher in recent weeks. The sector is a key component in the U.S. economy and accounts for the majority of the nation’s jobs. The government’s monthly jobs report for November is due on Friday.

Persons: Hang Seng, Australia's, Biden, Uber, Brent Organizations: TOKYO, Shanghai, Nikkei, Dow Jones, Nasdaq, Treasury, Technology, Microsoft, Nvidia, Netflix, Alaska Air Group, Hawaiian Airlines, Spotify, Federal Reserve, Institute for Supply Management, FactSet, U.S . Locations: Tokyo, U.S

Still, despite the sharp drop in October, job openings remain at historically high levels. And the unemployment rate has come in below 4% for 21 straight months, the longest such streak since the 1960s. The unemployment rate is expected to have remained at 3.9%, according to a survey of forecasters by the data firm FactSet. Though unemployment remains low, 1.93 million Americans were collecting unemployment benefits in the week that ended Nov. 18, the most in two years. The cooling of the job market could mean a lessening of inflation pressures and less need for the Fed to keep interest rates high.

Persons: —, Rubeela Farooqi, ” Organizations: WASHINGTON, —, Labor, Federal Reserve, The Labor Department, Hollywood, Fed Locations: — U.S

☆ Frontline workers who can't work from home are fighting for more control over their schedules
▼ + stars: | 2023-12-04 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Many frontline workers are demanding more flexibility in determining their schedules. New data shows the fight among frontline workers for better pay and independence hasn't slowed much. Nearly three-fifths of US workers can't adopt hybrid work due to the in-person nature of their jobs, and on average, these on-site, non-remote-capable workers are less engaged (29%) than fully remote or hybrid workers (38%), according to the Gallup survey. AdvertisementGallup researchers found that frontline workers aren't regretting not having the benefits of remote or hybrid work. According to the survey, frontline workers overall preferred having the ability to select what days to work, alongside more PTO and a four-day workweek.

Persons: hasn't, — Organizations: Service, Gallup, Workers, McKinsey

☆ Competition will make obesity drugs successful
▼ + stars: | 2023-12-01 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

In an interview with the Financial Times, he proposed spreading reimbursements over time if the medication proves to be successful. There’s some practical grounding in that solution, but the path of other similar drugs suggests that a competitive market is a better way to make it successful. Snag is, the drugs cost several thousand dollars per patient annually, even after discounts. Medicare, which covers 66 million seniors, can’t pay for weight loss drugs under current law. While it makes more sense for insurers or governments to pay over time if the drugs benefits last, schemes like the one that Jørgensen suggests can only do so much.

Persons: Lars Fruergaard Jørgensen, Jørgensen, “, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Novo Nordisk, Financial Times, Centers for Disease Control, Prevention, North Carolina, The New England, of Medicine, Employers, Thomson Locations: U.S, The, United States, Danish

Tom Werner | Digitalvision | Getty ImagesIf you elected not to participate in your company's 401(k) plan, your employer may have other ideas. The concept of 401(k) plan "reenrollment" has been gaining traction. Most companies, about 85%, direct workers' savings into target-date funds if they're automatically enrolled, according to PSCA data. Workers receive a notification from their employer ahead of reenrollments and have the chance to opt out or reduce their contribution. Employers' hope is that inertia will cause workers to stay in the plan rather than opt out.

Persons: Tom Werner, Digitalvision, reenrollments, Sean Deviney, they're Organizations: of America, Workers, Employers Locations: Fort Lauderdale , Florida, reenrollments

☆ With tipping, wages are 'shifted onto the customer'—here's why we do that in the U.S.
▼ + stars: | 2023-11-30 | by ( Gili Malinsky | ) www.cnbc.com time to read: +5 min

While many industries have adopted the practice, tipping is most entrenched in the restaurant industry, where workers rely on gratuities to make up much of their wages. Here's how tipping came to America in the first place, and how it became institutionalized in food services, specifically. But the company that "really institutionalized" tipping, Zagor says, was the Pullman Company, which built and operated railroad cars. But when restaurants were added in 1966, they weren't covered under the typical minimum wage as other industries ultimately were. 'The whole thing is shifted onto the customer'These days, tipping is deeply embedded in the restaurant industry.

Persons: Kerry Segrave's, Stephen Zagor, Zagor, Franklin D, Roosevelt, what's, Harry Holzer, Jena Ellenwood Organizations: Columbia Business School, Employers, Pullman Company, Pullman, Library of Congress, Workers, Companies, Labor, Georgetown University, Brookings Locations: America, Europe, U.S

Slightly more Americans filed for jobless claims last week, but the overall number of people in the U.S. collecting unemployment benefits rose to its highest level in two years. Applications for unemployment benefits rose by 7,000 to 218,000 for the week ending Nov. 25, the Labor Department reported Thursday. However, 1.93 million people were collecting unemployment benefits the week that ended Nov. 18, about 86,000 more than the previous week and the most in two years. Jobless claim applications are seen as representative of the number of layoffs in a given week. It was the lowest year-over-year inflation rate in more than 2 1/2 years.

Persons: it’s Organizations: Labor Department, Employers, Federal, Commerce Department

☆ The US economy grew by 5.2% in the third quarter, even faster than previously estimated
▼ + stars: | 2023-11-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year. Wednesday’s latest reading reflects an even faster pace of growth than the blistering 4.9% rate the department initially estimated. Nonresidential fixed investment, or business spending, was revised up to a growth rate of 1.3% in the third quarter from a decline of 0.1%. Fourth-quarter spending likely won’t be as piping hot, however. Fed officials pay close attention to various facets of the US economy when deliberating monetary policy, including growth.

Persons: ”, Gregory Daco, “, Christopher Waller, American Enterprise Institute . Waller, Michelle Bowman Organizations: DC CNN, Gross, Commerce, Consumer, Adobe Analytics, Institute for Supply Management, Employers, Atlanta Fed, Federal, ”, American Enterprise Institute ., Fed Locations: Washington, EY, Salt Lake City

☆ More employers offer a Roth 401(k) — and a Secure 2.0 change may prompt more workers to use it
▼ + stars: | 2023-11-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

That share has increased significantly over the past decade: Just 58.2% of employers made a Roth 401(k) available in 2013, PSCA found. Workers pay tax up front on 401(k) contributions, but investment growth and account withdrawals in retirement are tax-free. High earners may also mistakenly think there are income limits to contribute to a Roth 401(k), as there are with a Roth individual retirement account. Those that don't already do so must allow Roth contributions to facilitate this change, or disallow catch-up contributions, according to Principal. When Roth 401(k), IRA savings makes senseRoth 401(k) contributions may not be wise for all workers.

Persons: Roth, PSCA, Hattie Greenan, —, Greenan, Ted Jenkin, Jenkin Organizations: Getty, of America, Finance, Workers, Companies, Employers, CNBC, CNBC's

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell sharply last week, a sign that U.S. job market remains resilient despite higher interest rates. The Labor Department reported Wednesday that jobless claims dropped by 24,000 to 209,000. The four-week moving average of claims, which smooths out week-to-week volatility, fell by 750 to 220,000. Overall, 1.84 million Americans were receiving unemployment benefits the week that ended Nov. 11, down by 22,000 from the week before. The job market and economic growth remained surprisingly resilient, defying predictions that the economy would slip into a recession this year.

Persons: —, it's, ″, Rubeela Farooqi Organizations: WASHINGTON, Labor Department, Federal, Employers Locations: United States

An upswing in the use of GLP-1 drugs has had a notable impact on the higher growth of pharmacy benefit costs under such health insurance plans, Mercer said. GLP-1 drugs, which work by suppressing hunger and making a person feel full longer, are typically priced around $1,000 per patient per month. While employers cover the use of GLP-1 drugs as a treatment for diabetes, the debate around providing coverage for them as an obesity treatment lingers. "It may take another couple of years for price increases stemming from higher healthcare sector wages and medical supply costs to be felt across all health plans." Despite rising health-plan costs, large employers have avoided shifting additional costs to employees through higher deductibles, co-pays, or out-of-pocket maximums in 2023.

Persons: Victoria Klesty, Mercer, Health Actuary, Sunit Patel, Eli Lilly's, Patel, Beth Umland, Khushi Mandowara, Leroy Leo, Pooja Desai Organizations: REUTERS, U.S . Food, Drug, Health, Reuters, Novo Nordisk's, Mercer, Thomson Locations: Oslo, Norway, August31, Victoria, United States, Bengaluru

☆ Fed's Cook says economic risks two-sided, 'soft landing' possible
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

"I believe that a 'soft landing' is possible, with continued disinflation and a strong labor market, but it is not assured," Cook said in remarks prepared for delivery to a San Francisco Fed conference on Asian economic policy. "I see risks as two-sided, requiring us to balance the risk of not tightening enough against the risk of tightening too much." Meanwhile, Cook noted, other global central banks have also tightened policy rapidly. "But in a world of uncertainty it is hard to judge the exact size of these spillovers." Reporting by Ann Saphir; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Lisa Cook, Jonathan Ernst, Cook, bank's, there's, Ann Saphir, Paul Simao Organizations: Federal Reserve, of Governors, Capitol, REUTERS, FRANCISCO, Federal, San Francisco Fed, U.S, Thomson Locations: Washington , U.S, U.S

More Americans filed for jobless claims last week and while the labor market remains broadly healthy, there have are growing signs that it may finally be cooling. Applications for unemployment benefits rose by 13,000 to 231,000 for the week ending Nov. 11, the Labor Department reported Thursday. Jobless claim applications are seen as representative of the number of layoffs in a given week. The Federal Reserve has been tapping the brakes on the economy and the labor market for nearly two years, trying to stem what was the highest inflation in four decades. It was the sixth straight week that continuing claims rose.

Persons: ”, Rubeela Farooqi, Nancy Vanden Houten, Jerome Powell Organizations: Labor Department, Federal Reserve, Fed, “, Oxford Economics, ”

☆ The Elusive Soft Landing Is Coming Into View
▼ + stars: | 2023-11-15 | by ( David Harrison | Jeffrey Sparshott | ) www.wsj.com time to read: 1 min

Over the three months through October, U.S. employers added an average of 204,000 jobs a month, a marked slowdown from earlier in the postpandemic period. Photo: Justin Sullivan/Getty ImagesThe U.S. economy is approaching what most economists had thought either unlikely or impossible: inflation returning to its prepandemic norm without a recession or even much economic weakness, a so-called soft landing. “What we are expecting now is a soft landing,” said Nancy Vanden Houten , lead U.S. economist at Oxford Economics. “We expect the economy to weaken quite a bit but it does look like we’ll avoid an outright contraction” in gross domestic product.

Persons: Justin Sullivan, ”, Nancy Vanden Houten Organizations: Oxford Economics

☆ The U.S. has lost thousands of tech workers to Canada — here's why
▼ + stars: | 2023-11-14 | by ( Sydney Boyo | ) www.cnbc.com time to read: +3 min

As of last month, the Canadian government says more than 6,000 U.S. H-1B visa holders had arrived in Canada so far this year. That's after massive layoffs left high-skilled foreign H-1B holders in limbo. The H-1B program targets highly educated and specialized foreign workers in fields such as tech and health care. The study also shows that Canada now has 1.1 million tech workers, and Toronto and Vancouver ranked among the top 10 tech cities in the U.S. and Canada. To learn more about how Canada is targeting H-1B visa holders, watch the video.

Persons: Annie Beaudoin, Harnoor Singh, Frederick Anokye, Kubeir Kamal, I'm, Marc Miller wasn't Organizations: Google, Microsoft, Meta, Apple, U.S . Citizenship, Immigration Services, Micron, College of Immigration, Citizenship, Canada's Tech, Vancouver, Canadian Locations: Canada, Canadian, U.S, India, Ghana, Toronto

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