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☆ Why a CEO says bosses should embrace 'coffee badging': 'I don't hire people to watch them work'
▼ + stars: | 2024-02-20 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

A lot of workplaces these days have in-office mandates, with bosses who get upset if employees don't physically show up. Frank Weishaupt, CEO of Boston-based video conferencing equipment maker Owl Labs, isn't one of those bosses. He actively encourages his employees to create schedules that work for them, in locations that make sense, he says — even if what makes sense is "coffee badging." I don't hire people to watch them work," Weishaupt says. Coffee badging may seem like an inefficient use of time, but flexible schedules like this can boost efficiency and morale.

Persons: Frank Weishaupt, it's, Weishaupt Organizations: Boston, Owl Labs, Yahoo, Gartner, Disney

☆ These borrowers are likely to be eligible for Biden's new student loan forgiveness plan
▼ + stars: | 2024-02-20 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Sean Rayford | Getty ImagesSince the Biden administration's first student loan forgiveness plan was rejected at the Supreme Court, it has been working on creating a new, legally viable relief package. The alternative plan, which has become known as Biden's "Plan B," could forgive the student debt for as many as 10 million people, according to one estimate. While Biden first attempted to cancel student debt through an executive order, he has now turned to the rulemaking process. Borrowers in repayment for 20 years or moreThose who have been carrying their student debt for decades may also benefit. watch nowStudent loan servicers also earn a fee per borrower per month, which advocates say discourages transparency around loan forgiveness opportunities.

Persons: Joe Biden, Sean Rayford, Biden, Persis Yu, George W, Bush, servicers, Yu Organizations: Flex, Biden administration's, Supreme, U.S . Department of Education, Student, Protection, Education Department, Public, Consumer Financial, Bureau Locations: West Columbia, South Carolina

☆ Job posts for workers without degrees are booming. The actual hiring doesn't always follow
▼ + stars: | 2024-02-19 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +10 min

But as data emerges on degreeless hiring, there are signs that some of these efforts may be falling short. It's based on limited data and doesn't consider alternative pathways that people without degrees use to join organizations, such as through apprenticeships and internships. But it's still a snapshot look at how some of the top employers in the U.S. are doing in their efforts to hire more workers based on skills versus degree attainment. Rather, it implies managers may be reticent to hire people without degrees, absent specific policies to assess these workers' skills. Companies that have been successful with skill-based hiring also articulate clearly the skills they require for a job, even before posting it.

Persons: it's, Matt Sigelman, What's, Sigelman, Schultz, Joseph Fuller, Fuller, Tyson, Lockheed Martin, Kroger, Stellantis, Backsliders, Meijer, Delta Organizations: Burning Glass Institute, Harvard Business School, Glass Institute, Workers, American, Foundation, Walmart, Apple, GM, Koch Industries, General Motors, Target, Tyson Foods, ExxonMobil, Yelp, Bank of America, Oracle, Companies, Lockheed, Stellantis, CNBC, Amazon, Nike, Delta, Uber, HSBC, Novartis, Delta Air Lines, US Foods Locations: U.S, Meijer

☆ The Big Number: 2.7%
▼ + stars: | 2024-02-16 | by ( Marie Solis | ) www.nytimes.com time to read: 1 min

Reporting on the business news of the weekMarie Solis Reporting on the business news of the weekAmerican workers are getting more done. According to the Bureau of Labor Statistics, productivity increased 2.7 percent in 2023. Over the past two quarters, it has been growing at more than double the rate from 2005 to 2019. Here’s how it could affect the economy →

Persons: Marie Solis Organizations: Bureau of Labor Statistics

The number of U.S. workers on strike more than doubled last year. But about half of 2023's total striking workers were on the picket line for more than a month, Thursday's report notes. And the amount of strikes and lockouts with a first contract demand more than doubled compared to 2022, the Labor Action Tracker found. According to Thursday's report, accommodation and food services saw more work stoppages than any other industry last year, accounting for 33.4% of the total strikes and lockouts. But the information industry had the highest number of striking workers and strike days — making up for 34.5% of all workers on strike and 83.8% of strike days.

Persons: Johnnie Kallas, “, ” Kallas, Alexander Colvin Organizations: — Auto, Labor, Cornell University, University of Illinois, Cornell University’s School of Industrial and Labor Relations, U.S . Bureau of Labor Statistics

CHARLESTON, W.Va. (AP) — Cleveland-Cliffs announced Thursday that it is shutting down a northern West Virginia tin production facility indefinitely and plans to lay off 900 workers after the International Trade Commission voted against imposing tariffs on tin imports. The trade commission also voted to stop a duty investigation into tin products shipped from South Korea. Cleveland-Cliffs said it will offer either severance packages or opportunities for workers in Weirton to be relocated to its other facilities. The trade commission ruling was shocking and made it “impossible for us to viably produce tinplate.”Goncalves added that the trade commission’s decision “is a travesty for America, middle-class jobs, and our critical food supply chains. Cleveland-Cliffs' tin facility in Weirton was once a nearly 800-acre property operated by Weirton Steel, which employed 6,100 workers in 1994 and filed for bankruptcy protection in 2003.International Steel Group bought Weirton Steel in federal bankruptcy court in 2003.

Persons: —, Lourenco Goncalves, “, ”, ” Goncalves, ” Sen, Joe Manchin, ” Manchin, Sen, Shelley Moore Capito Organizations: Cliffs, International Trade Commission, U.S . Department of Commerce, United Steelworkers, Weirton, International Steel Group, Weirton Steel, Commerce Locations: CHARLESTON, W.Va, — Cleveland, West Virginia, Canada, China, Germany, United States, South Korea, Cleveland, Weirton, Ohio, Pittsburgh . Cleveland, America, West Virginia’s, Follansbee . Cleveland, Luxembourg, ”

☆ Biden has forgiven $136 billion in student debt. More relief is on the way
▼ + stars: | 2024-02-12 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Andrew Caballero-Reynolds | AFP | Getty ImagesIt's never been a better time to get rid of your student debt. Paul Morigi | Getty ImagesThe Biden administration has tried to reverse the trend of borrowers being excluded from the relief on technicalities. Some 790,000 public servants have gotten their debt erased as a result, amounting to more than $56 billion in relief. Total and Permanent Disability DischargeThe Biden administration has also forgiven the student debt of more than 510,000 disabled borrowers. Borrower defenseAnother 1.3 million borrowers have walked away from their debt over the past few years thanks to the Borrower Defense Loan Discharge.

Persons: Joe Biden, Andrew Caballero, Reynolds, Joe Biden's, James Clyburn, he's, George W, Bush, Paul Morigi, Biden, Kantrowitz Organizations: Air Force, Joint Base Andrews, AFP, Getty, Supreme, CNBC, U.S . Department of Education, Public, Consumer Financial, Studentaid.gov, of Education, Social Security Administration, Department of Veterans Affairs, Education Department Locations: Maryland

☆ Blame inflation if you're still helping your adult kids pay their bills, says 'Shark Tank' investor Kevin O'Leary
▼ + stars: | 2024-02-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewMany young Americans are hitting up their parents for cash because they can't afford the basics following historic inflation, Kevin O'Leary said. A recent Pew survey found that 59% of parents with children aged 18 to 34 said they helped their kids financially. The O'Leary Ventures chairman, nicknamed "Mr Wonderful," underlined the painful impact of historic inflation in recent years. "This has been a particularly tough jolt" for young Americans over the last three years, O'Leary said.

Persons: —, Kevin O'Leary, O'Leary, " O'Leary, Chris Kempczinski, they've, they're Organizations: Service, Business, Fox News, O'Leary Ventures Locations: America

☆ US sends top Treasury officials to China to discuss economy
▼ + stars: | 2024-02-05 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —A team of five US Treasury Department officials is traveling to Beijing this week for a series of meetings on the economy with their counterparts in China, a Treasury official told CNN on Monday. The trip by senior officials comes ahead of a planned return to China by Treasury secretary Janet Yellen later in 2024. Specifically, the Treasury delegation plans to raise China’s use of non-market economic practices and industrial overcapacity, the official said. The visit marks the first time that the economic working group is meeting in Beijing since it was launched last September after Treasury Secretary Janet Yellen’s trip to China. However, there is nothing to suggest the latest US-China meeting is in direct response to the renewed concerns about China’s economy and financial markets.

Persons: New York CNN —, Janet Yellen, Jay Shambaugh, Donald Trump, Yellen, Janet Yellen’s, ” Yellen, “, Jerome Powell, ”, Powell, ” Powell Organizations: New, New York CNN, US Treasury Department, Treasury, CNN, Shanghai, Weibo, The New York Times, China Business Council’s, Federal, United Locations: New York, Beijing, China, Treasury’s, Washington, Hong Kong, Evergrande, United States

☆ More Americans are working remotely for international companies—here's where they live
▼ + stars: | 2024-02-04 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +3 min

The hiring game is getting globally competitive: The number of American workers hired by international companies grew 62% last year, according to the State of Global Hiring Report from Deel, an HR platform that specializes in global hiring. Most of those roles allow Americans to work remotely, and workers in some U.S. cities are more likely to take on the arrangement. Americans who work remotely for international employers tend to live in San Francisco, according to the report. As far as roles go, international companies are eager to hire Americans to fill jobs in research, sales, software engineering, content and product. Check out: U.S. workers are getting scooped up by international companies hiring remote roles

Persons: Alex Bouaziz, Bouaziz Organizations: State, Global, Workers, San, San Francisco New York Chicago Austin Miami Portland Boston Atlanta Seattle Dallas Locations: Deel, San Francisco, Bay, U.S, San Francisco New York Chicago Austin Miami Portland Boston Atlanta Seattle Dallas These U.S, Canada, France, Singapore, Australia

☆ Job Market Starts 2024 With a Bang
▼ + stars: | 2024-02-02 | by ( Lydia Depillis | ) www.nytimes.com time to read: 1 min

The United States produced an unexpectedly sizable batch of jobs last month, a boon for American workers that shows the labor market retains remarkable strength after three years of expansion. Employers added 353,000 jobs in January on a seasonally adjusted basis, the Labor Department reported on Friday, and the unemployment rate remained at 3.7 percent. The report also put an even shinier gloss on job growth for 2023, including revisions that added more than 100,000 to the figure previously tallied for December. All told, employers added 3.1 million jobs last year, more than the 2.7 million initially reported. After the loss of 14 percent of the nation’s jobs early in the Covid-19 pandemic, the labor market’s endurance despite aggressive interest rate increases has caught economists off guard.

Organizations: Employers, Labor Department Locations: States

☆ Opinion: Nikki Haley is right about the Trump tariffs
▼ + stars: | 2024-02-02 | by ( Opinion Edward J. Mccaffery | ) edition.cnn.com time to read: +5 min

Think about that for a second.”Second, Haley is almost certainly right: tariffs can be a regressive tax, borne largely, if not exclusively, by ordinary American workers. The moderate, non-partisan Tax Foundation found that the existing Trump tariffs will bring in a mere $74 billion in revenues over ten years, while costing jobs, lowering growth and depressing American wages. Haley is right. Who is likely to benefit most from any future Trump tax cuts? Haley is right; Trump wins.

Persons: Edward J, McCaffery, Robert C, Donald Trump’s, Nikki Haley, Haley, Trump, Adam Smith, Harris, Smoot, Hawley, Hood, Herbert Hoover, Ronald Reagan Organizations: CNN, Packard, University of Southern, McCaffery, Jobs, South Carolina Republican, Foundation, Tax Foundation, Biden, Trump, Tax, Walmart, Republican, Trump University Locations: University of Southern California, Washington, China

Story highlights Biden goes to Michigan to meet with UAW members a week after receiving the union's endorsement Trump and Biden are battling for the votes of union members. While in Michigan on Thursday, the president will be meeting with UAW members, a Biden campaign official told CNN. The event, at a union hall near Detroit, will feature an “informal” conversation with union members, according to the campaign. In a fiery speech while delivering the group’s endorsement, UAW President Shawn Fain said Biden was the clear choice in a matchup with Trump. Since the group publicly backed Biden, Trump has hit back, slamming Fain as a “dope” and vowing that he could revive the automobile industry in the United States.

Persons: Joe Biden, Donald Trump, Biden, –, Trump, Shawn Fain, “ Joe Biden, ” Fain, ” Biden, “, Fain, Julie Chavez Rodriguez, Dearborn Mayor Abdullah Hammoud, ” Chavez Rodriguez, Rashida Tlaib, Chavez Rodriguez, Biden’s, Karine Jean, Pierre, ”, Jean Pierre Organizations: Washington CNN, United Auto Workers, Michigan, Teamsters, Trump, UAW, Wednesday, Biden, CNN, Democratic Party, Democratic, Dearborn Mayor, ”, White Locations: Michigan, Washington, Detroit, United States, Israel, Gaza, Eastern, California, Virginia

☆ A shorter workweek is gaining ground as another major pilot program prepares to kick off
▼ + stars: | 2024-02-01 | by ( Allie Kelly | ) www.businessinsider.com time to read: +5 min

The four-day workweek has been successful elsewhereThe Dominican Republic will be the first Caribbean country to test a shorter workweek, according to the country's Ministry of Labor. Other lawmakers, like Vermont Sen. Bernie Sanders, have also voiced support for a shorter workweek. AdvertisementMost four-day workweek programs are voluntary for companies, and many countries have no legislation that requires a shorter workweek. With continued positive data, it's possible that the US and other countries could see the shorter workweek implemented into law. Have you been a part of a four-day workweek pilot program or do you work at a company adopting the schedule?

Persons: —, What's, Mark Takano, Vermont Sen, Bernie Sanders Organizations: Employees, Service, International Labor Organization, country's Ministry of Labor, Economic, Revenue, Democratic, Education, Workforce, Labor Locations: Dominican Republic, Latin America, Claro, Caribbean, Australia, United Kingdom, Zealand, Chile, Colombia, Mexico's, Vermont

☆ Symptoms from excessive screen time cost the U.S. $73 billion a year, study finds
▼ + stars: | 2024-01-30 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

American workers are spending too much time looking at screens. As a result, symptoms of "excessive screen time," or more than seven hours of screen time a day, are costing the U.S. $73 billion per year, the report said. The figure was determined by analyzing the direct financial costs incurred by health systems, the symptoms' impact on productivity at work, and their perceived impact on an individual's well-being. Just two hours of screen time per day can induce these symptoms, and if left untreated, the study found they can "lead to decreased productivity, exacerbate other undiagnosed eye conditions and may affect an individual's sleep quality and mental health." The study found that people with excessive screen time exposure could save as much as $1,920 per person by seeing an optometrist and managing their symptoms.

Persons: Ronald Benner Organizations: Deloitte Economics Institute, American Optometric Association, U.S Locations: U.S

☆ The top 3 things bosses should get rid of in 2024, says CEO—remote work isn’t one of them
▼ + stars: | 2024-01-29 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

Over those two decades, and especially since the Covid-19 pandemic, Weishaupt says he's observed and learned from shifts in the workplace. Right now, he is embracing flexible work, believes employees shouldn't be micromanaged and encourages his workforce to dress comfortably, he says. Companies like Amazon and Disney have enacted stringent in-office work policies in recent months, with some citing reasons like office costs and employee productivity. And if I choose to be in the office the remainder of the day to finish my work, I'll do it. Embrace a more casual dress codeFlexible work arrangements may challenge your office's traditional dress code of suits, below-the-knee skirts and dress shoes.

Persons: Frank Weishaupt, he's, shouldn't, Weishaupt Organizations: Boston, Owl Labs, Yahoo, Disney, Gallup Locations: Weishaupt, United States

☆ The 7 most popular countries for U.S. workers moving abroad
▼ + stars: | 2024-01-28 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +3 min

For many Americans, work hasn't just gone hybrid or remote — it's gone global. That's based on 300,000 contracts between Deel customers and workers. The majority, 85%, of Deel's contracts are for remote jobs, but there's also interest among a select few to actually move abroad. Many workers are highly interested in location flexibility, whether they want to move around or simply untether their work from where they live. Want to be smarter and more successful with your money, work & life?

Persons: hasn't, That's, there's, Alex Bouaziz, Bouaziz, FlexJobs, Toni Frana, Frana, that's Organizations: State, Global, Portugal Spain United Kingdom United, CNBC Locations: Deel, Portugal, Emirates Canada Germany France, Southern Europe, Dubai, Expats, Spain, UAE, expats, Malaga, Alicante, Valencia

☆ Workers are paying to get part of their paychecks early. It's 'payday lending on steroids,' one expert says
▼ + stars: | 2024-01-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +12 min

Fotostorm | E+ | Getty ImagesMillions of American workers are paying for early access to their paychecks. So-called "earned wage access" programs, which operate either directly to the consumer or through employers, let workers tap a portion of their wages before payday, often for a fee. Earned wage access has gotten more popularEarned wage access goes by various names: daily pay, instant pay, accrued wage access, same-day pay and on-demand pay, for example. "It's another version of payday loans," Monica Burks, policy counsel at the Center for Responsible Lending, a consumer advocacy group, said of earned wage access. However, a recent study by the U.S. Government Accountability Office found that earned wage access products "generally cost less than typical costs associated with payday loans."

Persons: it's, Marshall Lux, Lux, hasn't, Cherie Chung, EarnIn, MoneyLion, Monica Burks, —, Thad Peterson, There's, EWA, Peterson, Harvard's, we're, Stacy Greiner, Dave, Ben LaRocco, Miranda Margowsky, Margowsky, Atif Siddiqi, Siddiqi, Safwan Shah, Shah, doesn't, Harvard's Chung Organizations: Harvard University, Finance, Harvard Kennedy School, Lux, Harvard, Hilton, Uber, Walmart, Companies, Center for, California Department of Financial Protection, Center for Responsible, U.S, Government, Office, GAO, Datos, Commerce, Economic, Financial Technology Association Locations: Kroger, McDonald's, California, Vermont

☆ Labor unions, with power and popularity rising, are still trailing on one big battle
▼ + stars: | 2024-01-28 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +3 min

High-profile strikes by writers and actors against Hollywood brought the union power to the mainstream as pictures of celebrities holding picket signs flooded social media. But one big win continues to elude labor: the need to translate its rising popularity into an increase in rank-and-file union membership, which has stagnated in recent decades. It's not a lack of support from the public that's holding unions back from making more progress in growing their ranks. Even before the big wins of 2023, polling conducted in recent years showed rising union popularity, with support at its highest level since 1965, according to 2022 data from Gallup. 'The Great Reset'In 2023, it was a banner year for American workers who support the labor movement.

Persons: Biden, —, Heidi Shierholz, I've, Thomas Kochan Organizations: United Auto Workers, UAW, Local, Chrysler Corporate, Division, Hollywood, UPS, Teamsters, Bureau of Labor Statistics, Union, Economic Policy Institute, Gallup, AFL, CIO, MIT Sloan School of Management, Cornell, ILR, SAG, Writers Guild of America Locations: Ontario , California, American, Michigan, America

☆ Younger workers are actually using AI on the job less than Gen X and millennials
▼ + stars: | 2024-01-27 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Digital natives like Gen Z may appear to be more open to using AI than older workers. Gen Xers and millennials employed in the US were found to use ChatGPT at work more than Gen Zers. Surprisingly, the consulting giant found that older American workers appear to be more open to using AI than their younger counterparts. For some Gen Zers, using AI has helped in their jobs. While some studies find that generative AI has saved hours of work, others suggest that using ChatGPT can make workers perform worse.

Persons: Young, Xers, millennials, Zers, —, Ernst & Young, Gen, they've, Marcie Merriman, Merriman, Gen Zers —, doesn't, Z, Dan Diasio, Morgan Young Organizations: Ernst, Service Locations: Americas

☆ The 10 US cities with the longest commute times
▼ + stars: | 2024-01-26 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

East Stroudsburg, Pennsylvania, has the longest average commute time at 36.2 minutes one way. The New York City metro area ranked second, while four California cities were in the top eight. Data from the U.S. Census Bureau shows that residents of East Stroudsburg, a city about 40 miles north of Allentown in Pennsylvania, have the longest commute times of any metro area. The average commute time in East Stroudsburg — sometimes considered the gateway to the Poconos — may be the longest since residents often work in larger metropolitan cities like New York City, Allentown, or Philadelphia. The Riverside-San Bernardino-Ontario area similarly has commute times of nearly 33 minutes as it's near the Los Angeles area.

Persons: — Organizations: New, Service, U.S . Census Bureau, Jersey City, Apple, Cambridge Locations: Stroudsburg , Pennsylvania, New York City, California, East Stroudsburg , Pennsylvania, U.S, East Stroudsburg, Allentown, Pennsylvania, New York, Newark, Jersey, East Stroudsburg —, Philadelphia, Jersey City, York, Stockton, Central, Sacramento, Riverside, San Bernardino - Ontario, Los Angeles, Yuba City, Washington, DC, Arlington, Alexandria, Chicago, Naperville, Elgin, San Francisco, Oakland, Berkeley, Boston, Houston, Great Falls , Montana, Lewiston , Idaho, Manhattan , Kansas, Casper , Wyoming

☆ U.S. workers are getting scooped up by international companies hiring remote roles
▼ + stars: | 2024-01-25 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

The number of American workers hired by international companies grew 62% last year, according to the State of Global Hiring Report from Deel, an HR platform that specializes in global hiring. The report is based on 300,000 contracts between Deel customers and workers for both contractors and full-time employees, and roughly 85% of those contracts are for remote positions. American workers are most likely to be hired by companies in the U.K., Canada, France, Singapore and Australia. The spike in U.S. workers vying for remote jobs headquartered overseas "feels correlated with the elimination of remote roles" stateside, says Deel CEO Alex Bouaziz. By age, roughly half of American workers with contracts via Deel are between 25 and 34 years old; 18% are between 35 and 44, while 25% are 45 years or older.

Persons: Alex Bouaziz, Bouaziz, downsides Organizations: State, Global, Workers Locations: U.S, Deel, Canada, France, Singapore, Australia, San Francisco , New York, Chicago, Austin, Miami

The economy has been a drag on Biden's poll numbers, but there are recent signs of improving consumer sentiment. “Though some forecasters thought a recession last year was inevitable, President Biden and I did not,” Yellen said Thursday at the Chicago Economic Club. Yellen also said Trump’s Tax Cuts and Jobs Act “prioritized tax cuts for corporations, disproportionately benefited top earners and did not fix the broken international tax system that encourages companies to shift jobs and profits overseas.”Political Cartoons View All 253 ImagesYellen said the tax cuts added $2 trillion to the national deficit “while doing little to spur investment." Her visit to Wisconsin comes a day after Biden himself was visiting the state to showcase the administration's infrastructure investments. A bipartisan agreement that would revive a variety of tax breaks for businesses and enhance the child tax credit, though not to pandemic-era levels, is moving through Congress.

Persons: Janet Yellen, Trump, Joe Biden, Donald Trump, Biden, ” Yellen, Biden’s, Yellen, I’m, “ Organizations: WASHINGTON, —, Biden, Chicago Economic, Fox News Locations: Illinois, Wisconsin, Milwaukee, Chicago

☆ Biden has a bridge to reelection – but has to rebuild it first
▼ + stars: | 2024-01-25 | by ( Stephen Collinson | ) edition.cnn.com time to read: +13 min

A decision by such voters that they cannot morally support Biden over this single issue could have a significant impact. “We should … not forget how President Biden beat Trump in 2020. Accepting what liberals see as draconian Trump-style restrictions on asylum would be viewed as a betrayal by many in Biden’s coalition. A CNN survey in November, for example, showed Biden led Trump among Black voters 73% to 23%. Latino voters favored Biden over Trump by only four points in the poll compared to 33 points in the 2020 election.

Persons: Donald Trump’s, Joe Biden’s, —, Trump, Biden, Biden’s, Covid, Quentin Fulks, “, ” Fulks, Donald Trump, MAGA, Israel epitomizes, didn’t, Pramila Jayapal, ” Jayapal, CNN’s Manu Raju, Trump’s, Nikki Haley’s, Lyndon Johnson, ”, Hank Naughton, Naughton, –, ” Naughton, Trump won’t, Kamala Harris, Harris, “ Joe Biden, Shawn Fain, Chuck Morse, officeholder, ” Morse, ” Dominick Lombardi, Lombardi Organizations: CNN, White, Republican, Democratic, Local, Republicans, White House, Trump, GOP, Congressional Progressive Caucus, Biden, Black, Electoral College, South Carolina Gov, America, United Auto Workers, Pew Research Center, Pacific Islander, “, Orange Republican Party Locations: Gaza, New Hampshire, Israel, Trump, Wisconsin, Georgia, Arizona, Florida, Michigan, Washington, New Haven County , Connecticut

☆ Watch live: Treasury chief Yellen touts GDP numbers as a boon to the middle class
▼ + stars: | 2024-01-25 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — Treasury Secretary Janet Yellen praised the positive economic growth numbers on Thursday as a benefit for the middle class. "Instead of contracting, the economy has continued to grow, driven by American workers and President Biden's economic strategy." Economic growth for all of 2023 also beat the Wall Street outlook at the start of the year. Consumer spending, measured by core prices for personal consumption expenditures, also rose 2% in Q4 while the headline rate was 1.7%. The rate of inflation reached record highs in 2022.

Persons: Janet Yellen, Joe, Biden, Yellen, Biden's Organizations: Economic, of Chicago, Commerce Department, Federal Reserve Locations: WASHINGTON

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