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☆ Retailers are hoarding labor even as tech layoffs mount
▼ + stars: | 2023-02-14 | by ( Avery Hartmans | Dominick Reuter | ) www.businessinsider.com time to read: +6 min

Some retailers are bucking the trend of layoffs and holding on to workers. But on the store level, retailers are holding on tight to their workers, even seasonal workers who they typically would have dismissed by now, in a practice known as "labor hoarding." "The concept of labor hoarding is alive and well," Kenneth Kim, a senior economist at KPMG, told Insider. Anna Moneymaker/Getty ImagesThose layoffs don't seem to be an emerging trend in the retail sector, Kim from KPMG said. And while there were 417,000 job cuts in January, the official models were accounting for a lot more, since that's when many retailers typically begin laying off seasonal workers.

☆ The 'singles tax': People who live alone are paying thousands more on rent than their coupled-up counterparts
▼ + stars: | 2023-02-14 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +6 min

It costs to be single: Americans living alone are facing a "singles tax" that costs thousands. A recent Zillow analysis compares how much more single Americans are paying to live alone in a one-bedroom place, compared to couples in the same spots. The results: On average, solo Americans are paying a "singles tax" of almost $7,000 every year. Those three all have singles tax of above $10,000 per Zillow's analysis on one-bedrooms. Silvia Tergas, a financial planner with Prudential, told Insider the singles tax is also reflected in the actual tax system, which largely benefits married couples who file jointly.

☆ Fed still has work to do on inflation but it doesn't derail our view we're in a bull market
▼ + stars: | 2023-02-14 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

We think the market is looking past these readings to what Federal Reserve Chairman Jerome Powell recently highlighted as the central bank's main focus, core services excluding housing or so-called super core. Super core inflation Keying in on this sub-index is going to be crucial if we are going to try and think about additional rate hikes from here from the perspective of a Fed official. Here are the top services components in the CPI data outside of food, energy, and housing and how they're trending. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Traders work on the floor of the New York Stock Exchange (NYSE) on February 14, 2023 in New York City.

☆ Inflation stays stubbornly high in January
▼ + stars: | 2023-02-14 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

US inflation leaped 6.4% in January, above the forecast of 6.2%. The consumer price index (CPI) leaped 6.4% in January from a year ago in January 2022, according to unadjusted data out Tuesday from the Bureau of Labor Statistics. That means the year-over-year change surpassed the median forecast of 6.2%. Additionally, this means CPI in January from a year earlier was just short of December's year-over-year change of 6.5%. Tuesday's data showed inflation continued to come down amid a strong labor market in January where a surprising 517,000 jobs were added.

☆ U.S. weekly jobless claims increase, labor market remains tight
▼ + stars: | 2023-02-09 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The jobs market has remained resilient despite growing economic headwinds from the Federal Reserve's interest rate increases. While labor market strength keeps the U.S. central policy on its monetary policy tightening path, it also suggests that a much anticipated recession is nowhere near. The four-week moving average of claims, considered a better measure of labor market trends as it strips out week-to-week volatility, fell 2,500 to 189,250, the lowest level since last April. "But even so, the job market remains remarkably strong." "There is no sign of easing of labor market tightness here."

He noted that a process of "disinflation" seemed to be taking hold so far without throwing employment off course - a hoped-for outcome if it can continue but one that might prove unsustainable if job growth doesn't slow. The full impact of the Fed's already-anticipated rate increases still has not been felt on the economy, meaning the current strength in the job market and elsewhere may in fact begin to wane, Kamin said. Though job growth has remained remarkably strong, the economy is by many estimates still perhaps a million or more positions short of what would have been reached given job growth trends before the onset of COVID-19, suggesting more room for growth. "The data overran the Fed last week, and Powell and his colleagues are falling behind the curve again. Reporting by Howard Schneider; Additional reporting by Andrea Shalal; Editing by Dan Burns and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

HONG KONG/MUMBAI, Jan 30 (Reuters Breakingviews) - Gautam Adani’s financing options are narrowing fast. That leaves it dependent on a safety net provided by Indian banks. Those concerns exploded after Hindenburg Research last week declared the Indian group was making extensive use of tax havens and “pulling the largest con in corporate history” – allegations Adani dismissed as “misinformation” and “stale, baseless and discredited”. Lending more to the group would protect the capital that banks already have at risk in projects under construction. Shares of Gautam Adani’s listed companies have lost a combined $48 billion in market capitalisation since Jan. 25.

☆ BMO says this stock taking gene therapy to the 'next level' can more than double
▼ + stars: | 2023-01-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Shares of 4D Molecular Therapeutics could more than double as the biotechnology company revolutionizes gene therapy treatment, according to BMO Capital Markets. Analyst Kostas Biliouris initiated coverage of the stock with an outperform rating, saying in a Monday note to clients that 4DMT's utilization of a protein engineering method known as directed evolution can help take "gene therapy to the next level." "4DMT has built a powerful gene therapy platform that has been validated in clinic and is generating transformative therapies leading to potential multibillion dollar commercial opportunities," he said. "4DMT's gene therapy for wet AMD addresses the above key challenges, while its early clinical data point to a potential best-in-class profile that can drive > $5B in (risk-unadjusted) peak sales," Biliouris wrote. With a solid cash runway and just 140 employees working on five gene therapy programs, 4DMT's operating efficiencies differentiate it from competitors, he added.

Employees of American Airlines help check in passengers at Ronald Reagan Washington National Airport on January 11, 2023 in Arlington, Virginia. American Airlines ' fourth-quarter profit beat analysts' expectations as strong travel demand and high fares buoyed results during a turbulent holiday season. Quarterly revenue of $13.19 billion was up 16.6% from the same period in 2019, before the pandemic stymied travel. American earlier this month raised its revenue and profit estimates for its fourth quarter. Airline executives at Delta and United were similarly upbeat about 2023 bookings despite concerns about layoffs at major U.S. companies and economic weakness.

The balance shown in the unredacted BlockFi filing includes $415.9 million worth of assets linked to FTX and $831.3 million in loans to Alameda. Both of Bankman-Fried's firms were wrapped into FTX's November bankruptcy, which sent the crypto markets reeling. Bankrupt crypto lender BlockFi had over $1.2 billion in assets tied up with Sam Bankman-Fried's FTX and Alameda Research, according to financials that had previously been redacted but were mistakenly uploaded on Tuesday without the redactions. In all, the crypto lender has unadjusted assets worth almost $2.7 billion, with close to half tied to FTX and Alameda, the presentation shows. After all adjustments, BlockFi has just shy of $1.3 billion in assets, only $668.8 million of which is described as "Liquid / To Be Distributed."

☆ One chart shows how inflation is slowing down even faster than you think
▼ + stars: | 2023-01-12 | by ( Madison Hoff | Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The annualized 3-month change in the CPI has recently been lower than the year-over-year change. The following chart shows how the year-over-year change in the Consumer Price Index compares to that of the annualized 3-month change over time:After rising from 0.7% in September to 2.4% in October, the annualized 3-month change then dropped to 2.1% in November. While the unadjusted data shows the annualized 3-month change was flat in December, the 3-month annualized inflation rate was 1.8% when looking at seasonally-adjusted data, which still suggests a dramatic cooling off of inflation in the last few months. Blinder wrote that "when the inflation rate changes abruptly, 12-month averages can leave you watching recent history rather than current events." "So is today's true inflation rate a mere 2.5%, meaning that Jerome Powell and the Federal Reserve can relax?

☆ Walgreens Boots Alliance (WBA) Q1 earnings 2023
▼ + stars: | 2023-01-05 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +4 min

Walgreens Boots Alliance on Thursday reported fiscal first quarter earnings beat Wall Street's estimates Thursday after an early flu season boosted demand for cough and cold medicine. The company said it also raised its full-year revenue outlook due in part to its U.S. health care segment's just-sealed acquisition of Summit Health. The company is in the process of acquiring CareCentrix, which coordinates home care for patients after they're discharged from the hospital, and Shields Health Solutions, a specialty pharmacy company. The acquisition led Walgreens to increase its full year sales guidance to $133.5 billion to $137.5 billion. The company is also maintaining its full-year earnings per share guidance of $4.45 to $4.65, compared to estimates of $4.50.

Holiday meals were also more expensive, and food prices outpaced inflation throughout the year. But while some items saw massive double-digit increases in 2022, others were a deal. In the year through November, several major electronics got cheaper: Smartphone prices plunged 23.4%, TV prices dropped 17% and computers got 4.4% less expensive. Elijah Nouvelage/AFP/Getty ImagesIn the year through November, food got 10.6% more expensive, outpacing overall inflation. Food away from home became 8.5% more expensive in 2022, with many restaurants hiking up menu prices in order to mitigate their own higher input costs.

☆ U.S. retail sales fall after hefty gains; labor market still tight
▼ + stars: | 2022-12-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Economists also noted that goods prices tumbled in November, which could have weighed on retail sales last month. Retail sales fell 0.6% last month, the biggest drop since December 2021, after an unrevised 1.3% jump in October. Online retail sales decreased 0.9%, which was at odds with reports of strong Black Friday sales. Sales at food services and drinking places, the only services category in the retail sales report, increased 0.9%. Data for October was revised lower to show these so-called core retail sales increasing 0.5% instead of 0.7% as previously reported.

☆ Inflation cooled again in November to the slowest pace in a year
▼ + stars: | 2022-12-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

Inflation as measured by the Consumer Price Index soared 7.1% year-over-year in November, lower than the year-over-year increase of 7.7% in October. November's increase comes in below the 7.3% increase economists surveyed by Bloomberg forecasted, and is the lowest year-over-year rate since December 2021. Over the month, CPI increased by a seasonally adjusted 0.1% in November, below the 0.3% expected to be seen this month by economists. This index soared 13.1% year-over-year when looking at unadjusted figures, a slower increase than October's year-over-year increase. US Treasury Secretary Janet Yellen recently said on "60 Minutes" that she thinks "inflation will be lower."

☆ U.S. weekly jobless claims rise; continuing claims at 10-month high
▼ + stars: | 2022-12-08 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

SummarySummary Companies Weekly jobless claims increase 4,000 to 230,000Continuing claims rise 62,000 to 1.671 millionWASHINGTON, Dec 8 (Reuters) - The number of Americans filing new claims for jobless benefits increased moderately last week, while unemployment rolls hit a 10-month high towards the end of November, suggesting the labor market was gradually slowing down. Still, labor market conditions remain tight, keeping the Federal Reserve on course to continue increasing interest rates as it fights inflation. "Overall, the labor market remains tight and demand for workers is strong," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics in White Plains, New York. Initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 230,000 for the week ended Dec. 3. The unemployment rate for people on jobless benefits increased to 1.2%, the highest since March, from 1.1% in the prior week.

☆ Canada's Ivey PMI shows activity growing at faster pace in November
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: 1 min

TORONTO, Dec 6 (Reuters) - Canadian economic activity expanded at a faster pace in November and a measure of price pressures cooled, Ivey Purchasing Managers Index (PMI) data showed on Tuesday. The seasonally adjusted index rose to 51.4 in November from 50.1 in October. The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers from across Canada. The gauge of employment dipped to an adjusted 54.3 from 54.6 in October, while the prices index was at 63.5, down from 69.8. The unadjusted PMI edged up to 51.5 from 51.4.

☆ U.S. weekly jobless claims at 3-month high; equipment spending resilient
▼ + stars: | 2022-11-23 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

"While this could be interpreted as evidence of a softening labor market, we would caution against this. They were boosted by a 5,024 jump in California, likely reflecting the technology sector job cuts. Economists, however, did not expect the technology sector layoffs would be a major drag on the labor market and the overall economy. These so-called core capital goods orders decreased 0.8% in September. Shipments of core capital goods jumped 1.3% after dipping 0.1% in September.

☆ Gap beats on third-quarter revenue, but tempers expectations for holiday season
▼ + stars: | 2022-11-17 | by ( Melissa Repko | ) www.cnbc.com time to read: +6 min

Gap on Thursday beat Wall Street's quarterly revenue expectations, but gave a cautious outlook for the holiday season. Old Navy, known for casual clothing for adults and kids: comparable sales fell 1%. Banana Republic, known as a destination for suiting and dresses: comparable sales rose 10%. comparable sales rose 10%. Athleta, an activewear brand: comparable sales were flat, as shoppers shifted to buying more outfits for occasions and for work.

☆ Euro zone trade gap smaller than expected, Russia deficit surges
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

Economists polled by Reuters had expected the deficit to reach 44.5 billion euros in September. Adjusted for seasonal factors, the trade gap was even slightly higher at 37.7 billion euros, though declining from 47.6 billion euros in August and 40.5 billion euros in July. In the first eight months of this year, the deficit with Russia was 115.0 billion euros. The EU's deficit in energy trade rocketed to 491.4 billion in the first nine months of this year from 179.6 billion in the same period of 2021. The trade gap with China, Europe's biggest trading partner, almost doubled to 300.2 billion euros in the January-September period from 166.5 billion euros in the same period a year earlier.

☆ Restaurant sales are going up. But dining out is on the decline
▼ + stars: | 2022-11-15 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +6 min

Restaurant traffic is dipping as consumers make food at home. In that month, traffic at fast food restaurants fell 1.2%, dipped 1.7% for fast casual and dropped 4.7% in full service eateries. Fast food traffic bounced back slightly in September and October, but fast casual and full service traffic remained negative. Restaurant prices increased by 8.6%. But groceries are generally cheaper than restaurant meals.

☆ Indonesia Q3 GDP growth picks up, but below forecast
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

JAKARTA, Nov 7 (Reuters) - Indonesia's economic growth accelerated in the third quarter to 5.72%, the fastest in more than a year, but below market expectation, official data showed on Monday. The second quarter growth rate was 5.44%. Economists in a Reuters poll had expected gross domestic product in the July-September quarter to be 5.89% bigger than the same period last year. Unadjusted for seasonal factors, GDP expanded 1.81% from the previous three months, compared with the poll's forecast of 1.62%. Reporting by Stefanno Sulaiman, Gayatri Suroyo and Fransiska Nangoy; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. labor market unwavering despite stiff interest rates hikes
▼ + stars: | 2022-11-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

But annual revisions to the data showed productivity much stronger in 2020 and 2021 than previously reported. Unit labor costs - the price of labor per single unit of output - increased at a 3.5% rate after accelerating at a pace of 8.9% in the second quarter. Unit labor costs advanced at a 6.1% rate from a year ago. Growth in unit labor costs was much slower than previously estimated in 2020 and 2021. Labor costs"Both productivity growth and labor cost growth may be understated," said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.

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