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☆ Premarket stocks: Welcome to the 'rolling recession' economy
▼ + stars: | 2023-02-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Yet US manufacturing has likely already contracted into a recession, housing sales have plummeted, tech layoffs keep coming and corporate earnings growth is souring. “We continue to think the economy will suffer from rolling recessions, evidenced by the fact that corporate earnings growth is now entering its downturn,” wrote Sonders in a note on Wednesday. For five straight weeks, the bank’s clients have been big buyers of individual stocks and sellers of ETFs, she wrote. Disney revenue in the quarter rose 8% to $23.5 billion, edging past estimates of $23.4 billion from analysts surveyed by Refinitiv. The company reported revenue of $8.6 billion for the quarter, beating Wall Street’s estimates and marking a 49% increase from the prior year.

☆ It's time to chill with al the recession talk
▼ + stars: | 2023-02-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +8 min

New York CNN —In 2021, a bunch of economists and policy makers underestimated the inflation that was taking root around the world. In 2022, as inflation hit 40-year-highs and the Fed ramped up interest rates, many of those commentators went full-on gloomy — predicting a recession was all but inevitable. And that makes it hard, if not impossible, to imagine a recession anytime soon. “Any concern the economy is in recession or close to a recession should be completely dashed by these numbers,” Moody’s Analytics chief economist Mark Zandi told CNN on Friday. “The economy is further away from recession than ever,” wrote Christopher Rupkey, chief economist at Fwdbonds.

☆ Tech, housing, and manufacturing might already be in a recession. They could bring the US economy down with it.
▼ + stars: | 2023-02-04 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

But the tech, housing, and manufacturing industries might be already. "We have a manufacturing recession, a housing recession, a tech recession," she said in a Bloomberg post last week. In this scenario, parts of the economy would "take turns suffering rather than simultaneously" — and the broader economy would never reach recession status. There were over 55,000 reported tech layoffs during the first 20 days of January, more than the entire first half of 2022. It's led some to declare that a "tech recession" is already upon us.

☆ 3 key takeaways from the jaw-dropping January jobs report
▼ + stars: | 2023-02-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Earlier this week, the consensus estimate among economists was that the US economy likely added about 185,000 jobs in January. But the economy had other ideas, adding more than half a million jobs in January. Here are three key things to take away from Friday’s jobs report. The report shocked Wall Street economistsThe headlines that came at 8:30 am ET Friday left economists stunned: America added 517,000 jobs last month. Much of that speculation centered on the Federal Reserve’s monetary tightening, which aimed to wring inflation from the economy.

☆ The Taliban requires that all mannequins' heads be covered or cut off. Interviews with locals and eerie photos of storefronts offer a glimpse of Afghanistan's new reality.
▼ + stars: | 2023-01-31 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +1 min

In Kabul, the capital of Afghanistan, mannequins were once a symbol of fashion and culture. But in the past year, shop owners have resorted to displaying them headless or covered in cloth, just to keep their stores open. AP Photo/Ebrahim NorooziIn August 2021, the Taliban announced that shop owners must remove the heads of their mannequins, or do away with them all together. But several shop owners pleaded with the Taliban to let them keep their mannequins intact. Azizi told Insider that the Taliban forced locals to deface banners displaying photos of fashion models before trying to totally ban the use of mannequins.

☆ The Taliban requires all mannequins' heads be covered or cut off. Eerie storefront photos offer a glimpse of Afghanistan's new reality.
▼ + stars: | 2023-01-31 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +1 min

☆ Strong U.S. economic growth expected in fourth quarter, outlook darkening
▼ + stars: | 2023-01-26 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Retail sales have weakened sharply over the last two months and manufacturing looks to have joined the housing market in recession. While the labor market remains strong, business sentiment continues to sour, which could eventually hurt hiring. According to a Reuters survey of economists, GDP growth likely increased at a 2.6% annualized rate last quarter after accelerating at a 3.2% pace in the third quarter. Trade, which accounted for the bulk of GDP growth in the third quarter, was seen either making a small contribution or subtracting from GDP growth. While the labor market thus far has shown remarkable resilience, economists argue that deteriorating business conditions will force companies to slow hiring and lay off workers.

☆ Some economists see a 'rolling recession' ahead. Here's what that means
▼ + stars: | 2023-01-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Termed "rolling recessions," the idea is that rather than contract broadly and all at once, the economy could see different sectors decline in succession, one after the other. I think we will see rolling recession in the future." Sonders is a proponent of the "rolling recession" theory and noted that stocks can perform well even in downturns. A traditional recession looms To be sure, there are detractors to the "rolling recession" theory. "Have we ever had a period where both housing and manufacturing were in recession at the same time and we didn't have a recession?"

☆ Even as New York nurses return to work, more strikes could follow
▼ + stars: | 2023-01-13 | by ( ) www.cnbc.com time to read: +7 min

NYSNA nurses walk off the job, to go on strike at Mount Sinai Hospital in New York City, U.S. Jan. 9, 2023. Last year, six unions representing a total of 32,000 nurses launched strikes outside of hospital systems around the country, according to the Bureau of Labor and Statistics. Those strikes represented about a quarter of all the major strikes in the U.S. last year, an increase from the year before. The number of nurses working in the profession is starting to rebound to pre-pandemic levels, said Dave Auerbach, the director of research at the Massachusetts Health Policy Commission. April Hamilton, a 55-year-old food writer, cooking teacher and mother from Baton Rouge, La., will walk into her first class when that new nursing program starts Tuesday.

☆ U.S. inflation subsiding as consumer prices fall; labor market still tight
▼ + stars: | 2023-01-12 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Cooling inflation could allow the Federal Reserve to further scale back the pace of its interest rate increases next month. "To be sure, the efforts by the Fed have begun to bear fruit, even though it will be a while before the promised land of a 2% inflation rate is here." Food prices climbed 0.3%, the smallest gain in nearly two years, after rising 0.5% in the prior month. Fruit and vegetable prices fell as did those for dairy products, but meat, poultry and fish cost more. The labor market remains tight, with the unemployment rate back at a five-decade low of 3.5% in December, and 1.7 jobs for every unemployed person in November.

☆ U.S. inflation cooling as consumer prices fall; labor market still tight
▼ + stars: | 2023-01-12 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The report could allow the Federal Reserve to further scale back the pace of its interest rate increases next month. "To be sure, the efforts by the Federal Reserve have begun to bear fruit, even though it will be a while before the promised land of a 2% inflation rate is here." Food prices climbed 0.3%, the smallest gain since March 2021, after rising 0.5% in the prior month. Excluding the volatile food and energy components, the CPI climbed 0.3% last month after rising 0.2% in November. The labor market, which has remained tight, will be key in this regard.

☆ ExxonMobil's secret projections of the climate crisis were astonishingly accurate, and a legal expert says that's 'a stick of dynamite' for the oil giant's court battles
▼ + stars: | 2023-01-12 | by ( Morgan Mcfall-Johnsen | Paola Rosa-Aquino | ) www.businessinsider.com time to read: +8 min

ExxonMobil scientists knew about the coming climate crisis in precise detail, a Harvard study found. The analysis is "dynamite" for an array of lawsuits against ExxonMobil, legal experts told Insider. A growing wave of 'unassailable' evidence suggests Exxon lied about what it knewDespite having accurate predictions about global warming, the oil giant denied it would happen. That's exactly the track global warming is on right now. Those "stranded assets" are now a real possibility, due to global climate goals outlined in the Paris Agreement.

☆ Why Michelle Yeoh's 'shut up' at the Golden Globes was profound for Asian women
▼ + stars: | 2023-01-11 | by ( Kimmy Yam | Kimmy Yam Is A Reporter For Nbc Asian America. | ) www.nbcnews.com time to read: +4 min

Yeoh's moment was refreshing for Jeon, a self-proclaimed assertive Asian American woman. And for Asian women, who contend with historical pressures from within the community and beyond to make themselves small, Yeoh’s quip had a deeper meaning. She simultaneously represented other Asian women who are more compelled to speak their minds. Jeon, for example, said that she has often been reminded by loved ones to tone down her personality in spaces within the Asian American community. While many women are taught to downplay their strengths, particularly in front of men, Yeoh flexed her might in those five words.

☆ Strong U.S. jobs, wages growth expected in December
▼ + stars: | 2023-01-06 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

However, job growth would far exceed the pace needed to keep up with growth in the working-age population, comfortably in the 150,000-300,000 range that economists associate with tight labor markets. Household employment decreased in October and November, leading some economists to speculate that overall job growth was overstated. Yet the household survey tends to be volatile and most economists expect household employment would be revised toward nonfarm payrolls. "We would not be surprised to see an even larger rebound in household employment in December or over the coming months." But the trend in employment growth could slow significantly by mid-year.

Ulloa had been discussing ways to work with Latino Media Network's owners Stephanie Valencia and Jess Morales Rocketto, Castro said. Valencia and Morales Rocketto called Ulloa "a true trailblazer in Latino media." "He saw the value and promise of the Latino media industry before many others did. He's got that kind of money and he's very committed to the community,'" Castro said. “I am heartbroken by the sudden passing of my friend, Walter Ulloa, a trailblazer who has helped transform Spanish-language media,” Ruiz, the outgoing chairman of the Congressional Hispanic Caucus, said in a tweet Tuesday.

Both would be setbacks for the Biden administration. In another immigration-related case, the court has yet to rule on the Biden administration’s attempt to implement its immigration enforcement priorities. For Solicitor General Elizabeth Prelogar, the administration’s top advocate at the court, arguing before such a conservative court is a constant uphill battle. The government similarly failed to convince the conservative majority not to expand gun rights in another major ruling issued that month. The Biden administration can point to some hard-fought victories.

☆ 'People need to temper their expectations': A former top TD Ameritrade technical analyst says stocks have another 19% to fall before bottoming as recession looms and investors wrongly anticipate a Fed
▼ + stars: | 2022-12-10 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Year-to-date the S&P 500 is down 17% as the Fed tightens policy to rein in inflation. Bierman is the chief market technician at TheoTrade, and held the same position at TD Ameritrade between 2007-2015. The Fed has been tightening policy this year at the fastest pace in decades in an effort to cool the highest inflation rates since the early 1980s. The second problem is that the US economy is already in a recession, Bierman says. But the number one indicator for Bierman that the US economy is in recession is the yield curve.

☆ Syracuse University is preparing to revoke Rudy Giuliani's honorary law degree
▼ + stars: | 2022-12-09 | by ( Hanna Kang | ) www.businessinsider.com time to read: +4 min

Syracuse University is preparing to implement a process for revoking honorary degrees. "Now that we're moving to implement, we have to wait to formally introduce it through committees and the University Senate." These recommendations were submitted to Syverud and the University Senate, and were combined into a report presented to the Board. The University is reviewing the resolution recently passed by the University Senate to rescind Rudy Giuliani's honorary degree." Apart from Syracuse University — President Joe Biden is a graduate of the Syracuse University College of Law, incidentally — the hold-outs include St. John Fisher University in New York, Loyola University Maryland, The Citadel in South Carolina, and Georgetown University in Washington, DC.

☆ These recently elected trans lawmakers say anti-LGBTQ bills inspired them to run
▼ + stars: | 2022-11-30 | by ( Julie Moreau | ) www.nbcnews.com time to read: +9 min

Zooey Zephyr, the first out transgender woman elected to the Montana Legislature, was inspired to run after her state passed three pieces of legislation targeting the LGBTQ community. 'Real, tangible effects on trans people'State legislatures have increasingly become battlegrounds over LGBTQ rights. Republicans began introducing legislation targeting queer rights at an increased clip in the wake of the 2015 Supreme Court ruling in Obergefell vs. Hodges, which legalized same-sex marriage nationally. In 2017, Republicans introduced 129 bills targeting LGBTQ rights, many of which focused on issues of religious freedom. However, she believes bills targeting LGBTQ rights are ultimately a losing strategy.

☆ Top 25 roundup: Rasir Bolton helps No. 2 Gonzaga defeat No. 4 Kentucky
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +6 min

4 Kentucky on Sunday night at Spokane, Wash.Drew Timme added 22 points and Julian Strawther had 20 points and 14 rebounds for Gonzaga (3-1). Reigning National Player of the Year Oscar Tshiebwe had 20 points and 15 rebounds for Kentucky (3-2). Jacob Toppin scored 16 points, Cason Wallace had 14 points and four steals and Antonio Reeves scored 10 points off the bench for the Wildcats. Jaime Jaquez Jr. scored 15 points in the loss, while Campbell finished with 12 points. Mekhi Lairy and Julian Lewis each scored 12 points in defeat for Miami (1-5), which dropped its third straight.

☆ Some colleges are so desperate for new students that they're offering slots to high schoolers who may not have even considered applying
▼ + stars: | 2022-11-12 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

The cost of a college education has led many young Americans to explore other options. These colleges work with third-parties to launch or expand "direct admission" programs, which allow schools to send admission offers to students who haven't undergone the traditional application process. George Mason, Loyola University New Orleans, Iona, and St. Thomas are among the schools already using direct admission to recruit some students. College enrollment has fallen over 1% since last fall, according to a report from the National Student Clearinghouse. As well as helping to boost enrollment numbers, direct admission advocates argue the process can expose young people to colleges — and lower tuition prices — they may never have known existed.

☆ A record number of LGBTQ candidates claim victory in another 'rainbow wave'
▼ + stars: | 2022-11-10 | by ( Jo Yurcaba | Jo Yurcaba Is A Reporter For Nbc Out. | ) www.nbcnews.com time to read: +8 min

A record number of LGBTQ candidates won their midterm races this year, creating what some advocates are calling yet another “rainbow wave.”Many races are still too close or too early to call, but as of Thursday afternoon, at least 400 out LGBTQ candidates had won their elections, according to the LGBTQ Victory Fund, which supports queer people running for office. “With so much at stake this election, from the future of marriage equality to abortion, LGBTQ candidates’ grit and exceptional grassroots support is paying off.”National firstsQueer candidates celebrated a number of notable victories and firsts across the country. Alaska is one of four states with zero out LGBTQ state lawmakers, according to the LGBTQ Victory Institute. Magni said the results prove that LGBTQ candidates can successfully compete in both blue and red states. “This is a powerful message, saying, ‘Hey, LGBTQ candidates can win elections and can win elections in many states and many districts across the country.’” he said.

☆ L.A. sheriff’s deputy charged in 2021 fatal shooting of man who was already on the ground
▼ + stars: | 2022-11-10 | by ( Julianne Mcshane | ) www.nbcnews.com time to read: +5 min

A Los Angeles sheriff's deputy was charged Wednesday for an on-duty, unlawful fatal shooting of a man who was holding a knife last year outside his family's East L.A. home. L.A. County Sheriff's Deputy Remin Pineda, 38, was charged with one felony count each of assault with a semiautomatic firearm and assault under color of authority following the March 2021 fatal shooting of David Ordaz, Jr., L.A. County District Attorney George Gascón announced Thursday. The deputies’ union, Association for Los Angeles Deputy Sheriffs, did not immediately return a request for comment. In August, another L.A. County sheriff's deputy, Sean Essex, 51, was indicted on charges of sexually assaulting four girls in a case that prosecutors had declined to pursue a decade ago. Last year, a state civil rights investigation was opened into the sheriff’s department over allegations of excessive force.

Proposition 26, which sought to bring point spreads to Native American casinos, was being rejected by 70.1% to 29.9%, tallies showed Wednesday night. Meanwhile, Proposition 27, the measure that sought to legalize online sports betting, was going down to even greater defeat by 83.3% to 16.7%. Proposition 26 garnered $120.7 million in donor support and $43.8 million in opposition efforts, according to the California secretary of state's contribution records. Meanwhile, Proposition 27 drew $169.5 million in support and $237.8 million in opposition. Proposition 27's backers didn't strongly oppose Proposition 26, whose backers aggressively fought the former measure in hopes of bringing Native American casinos a near-monopoly in sports betting.

☆ Meet 5 of Goldman Sachs' newest partners, including a top fintech dealmaker and a structured trader from Honduras whose 3 brothers also work on Wall Street
▼ + stars: | 2022-11-09 | by ( Dakin Campbell | Alex Morrell | Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

It also includes a star fintech banker and leading voice on the Black experience on Wall Street. Here are 5 top names who will help shape the Wall Street of tomorrow. In the 12 years that he's been at Goldman, Watkins has helped Goldman advise on some of the technology industry's biggest transactions. He has also been a leading voice in discussing the Black experience on Wall Street. After graduating in 2010, he went to work for the Global Electronic Trading Co., known on Wall Street as GETCO.

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