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For years after she moved to Connecticut from New York, Roz Chast had recurring dreams about her beloved post-college apartment on West 73rd Street. The storyline and set design of those reveries varied, but she was always on the street where she had lived. “Or the building had been turned into a hotel. Or there was a marble staircase. Or I had an apartment that had this giant hole in the middle where I could look into the apartment below.
Persons: Roz Chast, , Chast, Locations: Connecticut, New York, The
Kevin Lamarque | ReutersThe messy race to elect the next Republican speaker of the House of Representatives is injecting chaos into the typically genteel world of high-dollar GOP fundraising, threatening to disrupt a vital element of the Republican strategy to maintain its House majority. One faction of wealthy donors is intent on exacting revenge on the eight Republicans who voted with Democrats to oust former speaker Kevin McCarthy, according to people familiar with the matter. They're all saying, 'don't give, don't raise any money,'" a Republican fundraiser said. "If you have scheduled a fundraiser for any Republican House member who refuses to vote for Scalise, cancel it. Losing Kevin McCarthy will be damaging for fundraising," a longtime Wall Street Republican fundraiser said.
Persons: Kevin McCarthy, Kevin Lamarque, Andy Sabin, Sabin, Matt Gaetz, McCarthy, Nancy Mace, Win Mcnamee, Steve Scalise, Scalise, Eric Levine, Saul Loeb, Eiseman Levine, Levine, Joanne Zervos, McCarthy's, Zervos Organizations: Capitol, Republicans, GOP, Republican, CNBC, U.S, Getty, Republican House, AFP, New, Wall Street Republican, U.S . Rep, U.S . House Locations: Washington , U.S, Florida, South Carolina, California, Washington , DC, Louisiana, New York
Consumers fell prey to inflation that remains high, especially for life’s necessities like food and gasoline, according to the latest monthly survey from the University of Michigan. The consumer sentiment survey fell by 7% overall to 63 from 68.1 in September, while the current conditions reading dropped to 66.7 from 71.4 and the future expectations was at 60.7, down from 66 a month ago. Notably, expectations for the annual rate of inflation a year from now rose to 3.8% from 3.2% in September. “Assessments of personal finances declined about 15%, primarily on a substantial increase in concerns over inflation, and one-year expected business conditions plunged about 19%,” said Joanne Hsu, survey director. “Owners remain pessimistic about future business conditions, which has contributed to the low optimism they have regarding the economy,” said Bill Dunkelberg, NFIB chief economist.
Persons: , Joanne Hsu, Sam Bullard, Joe Brusuelas, Tuan Nguyen, NFIB, Bill Dunkelberg, JP Morgan Chase, Jamie Dimon Organizations: University of Michigan, Monetary Fund, Federal Reserve, Federal Reserve Bank of Atlanta, Wells Locations: U.S, Washington
Washington, DC CNN —Persistently high inflation took a toll on Americans’ attitudes this month as many began to pay back student loans following a three-year hiatus. The University of Michigan’s consumer sentiment index fell 7% in October from the prior month, according to a preliminary reading released Friday. October marks the first month of Americans paying back their student loans since the pandemic-related pause. The pause gave relief to more than 43 million Americans who have student loans, with the vast majority owing less than $40,000 and nearly one-third owing less than $10,000. Expectations can worsen, the longer inflation remains elevated, so the upward pressure from higher gas prices on headline inflation can make Americans more pessimistic about inflation.
Persons: DC CNN —, , Joanne Hsu, Organizations: DC CNN, University of, Consumers, Federal Reserve Locations: Washington, Wells Fargo
In the American workplace of 2023, a new labor market trend has taken over where "quiet quitting" left off. Quiet cutting. "Quiet cutting is what some people consider a subcategory of quiet firing," said Nadia De Ala, a leadership and negotiation coach. "Quiet cutting suggests that the balance is shifting, with employers gaining more control." Watch the video above to learn more about quiet cutting and what this workplace trend tells us about the U.S. job market and the overall economy.
Persons: Nadia De, we've, Joanne Lipman Organizations: Yale University Locations: American, Nadia De Ala
Game-changing female leadership is a topic that is close to my heart, and I'm thrilled to announce a new annual list at CNBC, Changemakers: Women transforming business. The list will highlight 40 trailblazing women who have accomplished meaningful achievements in the past year, women from companies and organizations across all sectors of the economy, including philanthropic organizations. Together, we will highlight how today's successful women leaders are taking novel approaches to old business problems and identifying new business opportunities. To help us identify a diverse and inclusive list, we have created an advisory board of experienced leaders across the business and philanthropic space. CNBC Changemakers are the new icons rewriting the rules and shaping the dynamic business landscape.
Persons: I'm, I've, — Joanne Bradford, Desiree Gruber —, Marcela Miguel Berland, Tory Burch, Burch, Emma Carrasco, Corporate Affairs Srikant Datar, Harvard Business School Dean Karen Finerman, Beth Ford, Ken Frazier, Desiree Gruber, Kris Jenner, Oscar Munoz, Laurene Powell, Emerson, Sheryl Sandberg, Stacy Smith Organizations: CNBC, Fortune, Tory, NBCUniversal, Corporate Affairs, Harvard Business School, Metropolitan Capital, Catalyst's Health, Merck, United Airlines, OptionB.org, Annenberg, CNBC Changemakers Locations: Silicon
Washington, DC CNN —Americans are taking notice of a possible government shutdown and the uncertainty of ongoing labor strikes, according to the University of Michigan’s latest consumer sentiment survey. The university’s Consumer Sentiment Index edged lower by 1.4 points in September, according to a final reading. That would mean some federal workers become furloughed and agencies operate with skeleton crews, hamstringing agencies’ ability to provide crucial government services. The ongoing United Auto Workers strike is also not expected to end soon. With so much turmoil, Americans will likely feel uneasy in the coming weeks, which could affect their spending.
Persons: , Joanne Hsu, There’s Organizations: DC CNN, University of Michigan’s, , Republicans, United Auto Workers, UAW, Ford, GM, Kaiser Permanente, Commerce Department Locations: Washington, Kaiser, California , Colorado , Oregon, Washington , Virginia, Las Vegas, Reno
Sept 19 (Reuters) - The acting president of Temple University in Philadelphia, JoAnne Epps, fell ill on Tuesday while attending a memorial service on campus and died a short time later, the school said in a statement. Epps appeared to have "suffered a sudden episode" and was "promptly attended to by emergency medical" personnel at the scene, Dr. Daniel del Portal, chief clinical officer for the Temple University Health System, told an afternoon news conference. She was then taken to Temple Hospital, "where resuscitation efforts continued but were unfortunately unsuccessful," del Portal said. "Temple has been a part of my life for as long as I can remember," Epps said in a statement when she was appointed acting president in April. Reporting by Steve Gorman in Los Angeles and Kanishka Singh in Washington; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.
Persons: JoAnne Epps, Epps, Charles Blockson, Daniel del, Jason Wingard, Steve Gorman, Kanishka Singh, Michael Perry Organizations: Temple University, Local, Temple University Health System, Temple Hospital, university's, Thomson Locations: Philadelphia, Los Angeles, Washington
The U.S. seemed to be winning its battle against inflation, but the latest consumer price index data showed inflation rose more than expected. The University of Michigan's consumer sentiment August survey indicated consumers' one-year inflation expectations were at 3.3%, marking three consecutive months of stability. Inflation expectations, or the rate at which consumers expect prices to rise or fall in the future, can influence higher prices in the economy. Inflation expectations play a crucial role in the decisions made by the Federal Reserve. But consumer expectations of inflation are still above the Fed's 2% inflation rate target.
Persons: Joanne Hsu, It's, Hsu, Claudia Sahm, Jerome Powell's, Powell, Barry Glassman Organizations: University of Michigan, The University of, Consumers, CNBC, Federal Reserve, Sahm Consulting, Federal, Kansas City, Wealth Services Locations: U.S, Jackson Hole , Wyoming
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow inflation expectations and consumer behavior can manifest higher pricesWhat people believe may happen to prices in the future can influence actual inflation. "People behave in accordance with their expectations and with their sentiment and attitudes towards the economy," Joanne Hsu, director of the Surveys of Consumers at the University of Michigan, told CNBC. Watch the video above to learn more about how inflation expectations are measured, why the Federal Reserve cares so much about what Americans predict and how consumer behavior can manifest higher prices.
Persons: Joanne Hsu Organizations: Consumers, University of Michigan, CNBC, Reserve
Americans are feeling gloomier about the economy
  + stars: | 2023-09-15 | by ( Bryan Mena | ) edition.cnn.com   time to read: +1 min
Washington, DC CNN —Americans aren’t feeling gloomy about higher gas prices just yet, but they’re still on edge about inflation and the economy’s direction — and concerns are starting to surface about the possibility of a government shutdown. Consumer sentiment tracked by the University of Michigan edged down in September from the prior month by 1.8 points, according to a preliminary reading released Friday. “Both short-run and long-run expectations for economic conditions improved modestly this month, though on net consumers remain relatively tentative about the trajectory of the economy,” said the University of Michigan’s Surveys of Consumers Director Joanne Hsu in a release. Sentiment fell to its lowest level on record last summer when gas prices topped $5 a gallon and inflation reached a four-decade high. Consumers’ expectation of inflation rates in the year ahead fell to a 3.1% rate in September, down from 3.5% in the prior month.
Persons: they’re, , Joanne Hsu Organizations: DC CNN, University of Michigan, University of Michigan’s, AAA Locations: Washington
Consumer sentiment dipped slightly in September, indicating Americans are tentative about the direction of the economy, according to the latest survey-based index from the University of Michigan. The overall consumer sentiment index, released on Friday, retreated to 67.7 from 69.5 in August, while the current conditions assessment dropped to 69.8 from 75.7 and the forward-looking expectations index increased to 66.3 from 65.5. “Sentiment this month was characterized by divergent movements across index components and across demographic groups with little net change from last month. There was improvement in how consumers see inflation going forward. That means workers are keeping just ahead of inflation, although prices for necessities such as groceries and gasoline have increased.
Persons: , Joanne Hsu, , ” Hsu, ” Bernard Baumohl, Baumohl, “ They’re, Joe Biden, – Ford, Peter Berezin Organizations: University of Michigan, Consumers, San Francisco Federal Reserve Bank, Economic Outlook, Supreme, United Auto Workers, General Motors, Senate, Fed, BCA Research, Global Locations: Saudi Arabia, Russia, U.S
Nvidia can't stop stunning Wall Street and the investing community in 2023, but portfolio managers say don't let the excitement overshadow other potential AI winners. "Theme after theme, transition after transition, the strong usually gets stronger," said Paul Meeks, portfolio manager at Independent Solutions Wealth Management. Some retail and professional investors seemed to interpret the news as a sign that it's "game over" for some of the other AI chipmakers, Forrest said. Forrest, who's on the hunt for growth at a reasonable price, points to companies like Advanced Micro Devices, Micron Technology . On the AI chip theme, Meeks also points to Broadcom , Marvell Technology and Taiwan Semiconductor , a major supplier for Nvidia, as other ways to play the trend.
Persons: Paul Meeks, there's, Kim Forrest, Forrest, who's, Meeks, chipmaker, Capital Management's JoAnne Feeney, Feeney, it's Organizations: Nvidia, Independent Solutions Wealth Management, Intel, Devices, Broadcom, Marvell Technology, Bokeh Capital Partners, Micron Technology, AMD MU, AMD, MU, Taiwan Semiconductor, Capital, Google
78% of global consumers said they will be more loyal to businesses that help them through difficult times. of global consumers said they will be more loyal to businesses that help them through difficult times. These activities not only help make businesses more competitive, they also show workers that employers care about their professional growth. Here are three strategies businesses are using to help consumers navigate economic instability. 5 Le Parisien, Carrefour launches an online 'anti-inflation button' to help consumers buy cheaper, Nov 2022.
Persons: Joanne Hsu, upskilling, there's, that's, Agrobank, PwC, Kantar Organizations: PayPal, TrendWatching, Consumers, University of Michigan, Carrefour, Entrepreneurship, Insider Studios Locations: verticals, Malaysia
Minneapolis CNN —Americans’ attitudes toward the US economy appear to be growing more tepid. The University of Michigan’s closely watched consumer sentiment index measured 69.5 in August, down slightly from July. “Consumers perceive that the rapid improvements in the economy from the past three months have moderated, particularly with inflation, and they are tentative about the outlook ahead,” Joanne Hsu, director of the university’s Surveys of Consumers, said in a statement. Inflation expectations for the year ahead ticked down to 3.3% from 3.4% in July, showing “remarkable stability” but still trending higher than pre-pandemic expectations, which ranged in the 2.3% to 3% range. Inflation expectations are crucial data points for the Federal Reserve.
Persons: ” Joanne Hsu, Hsu, ” Hsu, Organizations: Minneapolis CNN, University of Michigan’s, Consumers, Federal Reserve Locations: Minneapolis, Michigan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommercial real estate should not be a deciding factor in return-to-office: Yale's Joanne LipmanHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Yale's Joanne Lipman, Brian Sullivan, Organizations: CNBC
The Power of Reinvention in Life and Work," about how to navigate change and find meaning in the way we live and work. It was a scary few years that followed, but he's never been happier, despite earning much less. He credits his successful career change to two things: setting the groundwork before quitting and being vulnerable enough to seek guidance. He didn't know it at the time, but this groundwork would later be essential to building a happy life after BlackRock. Hy's life coach gave him the tools to navigate his emotions and helped him explore questions like, "Why am I so obsessed with work?"
Persons: Hy, he's, Jeff Bezos Organizations: Yale, BlackRock Locations: New York, California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're excited about the bargain-hunting consumer for TJX, Walmart, says Advisors Capital's FeeneyJoAnne Feeney, Advisors Capital Management partner and portfolio manager, joins 'Squawk on the Street' to discuss how Feeney's firm is positioning for the second half of the year, how Feeney calculates a squeezed consumer, and whether international exposure is wise.
Persons: Capital's Feeney JoAnne Feeney, Feeney Organizations: TJX, Walmart, Capital Management
Patrick deWitt Would Like to Eat Sushi With Emily Dickinson
  + stars: | 2023-08-17 | by ( ) www.nytimes.com   time to read: +2 min
What’s the last great book you read? I loved the pair of Gwendoline Riley novels NYRB put out last year, “My Phantoms” and “First Love.” I enjoy reading about awful, sickening people, and these books are filled with them. But they’re awful and sickening in a way that, while not unfamiliar to my life experience, felt new — they’re awful and sickening in a way I’d not seen in literature before. Can a great book be badly written? I bought a book called “The Loser,” by William Hoffman Jr., based on its incredible cover (Funk & Wagnalls hardcover edition circa 1968).
Persons: Gary Indiana, Joanne Kyger, , Lucy Sante, Dodie Bellamy, , William Gardner Smith, Bill Berkson, Frank O’Hara, Joe LeSueur, Andy Kaufman, Julie Hecht, What’s, Gwendoline Riley, NYRB, William Hoffman Jr, It’s, Hoffman, Luck Organizations: Phantoms Locations: Japan, India
In contrast, nearly $1 billion went into emerging market ex-China mutual funds, according to Refinitiv data that Reuters cited. Here are some alternatives to China and the stocks to invest in, according to the pros. Japan Japan stocks have been an investor favorite this year, seeing the highest inflows in 20 years, according to Eastspring Investments. Demand for Japan funds has surged among European investors, according to data from research firm Cerulli. The bank screened for Japan stocks with the following attributes: resilient earnings, price-to-book (P/B) ratio below 1.5, and potential P/B upside relative to return on equity.
Persons: Morningstar, , , Derrick Irwin, there's, Oliver Lee, BofA, Joanne Peng, Allspring's Irwin, Irwin, Fomento, He's, Morgan Stanley, Will, ” Irwin, Cerulli’s Peng Organizations: Morningstar, CNBC Pro, Reuters, Allspring Global Investments, CNBC, , Eastspring Investments, Ivailo, Mitsui & Co, Honda Motor, Nomura, Kansai Electric Power, Mitsubishi Motors, Panasonic, Mexicano, HDFC Bank, HDFC Locations: European, China, India, Beijing, Japan Japan, Japan, Europe, Vietnam, Asia, Indonesia, Malaysia, Southeast Asia, Mexico, America, Will China
(Photo credit RAVEENDRAN/AFP via Getty Images) Raveendran | Afp | Getty ImagesIndia is taking major strides to expand its influence in Southeast Asia, a move that will allow countries to counter China's dominance in the region. "India certainly is becoming more ambitious in Southeast Asia. "This is particularly salient to the maritime sphere, namely the South China Sea, where overlapping sovereignty disputes threaten regional stability and openness," he added. "It continues to maintain a very independent streak in its foreign policy, which suits a large number of Southeast Asian countries." While China remained the most influential and strategic power in Southeast Asia, its standing has diminished, the Southeast Asia survey from February showed.
Persons: Pant, Subrahmanyam Jaishankar, Narendra Modi's, Satoru Nagao, Nagao, Derek Grossman, Modi, Xi Jinping, Ted Aljibe, Enrique Manalo, Rand's Grossman, Joanne Lin, Lin, ISEAS's Lin Organizations: Indian, Getty, Afp, Observer Research Foundation, CNBC, Southeast, Hudson Institute, Vietnam Air Force, Rand Corporation, TED ALJIBE, Initiative, ASEAN Studies, Yusof Ishak Institute, Observers, Pant Observer Research, China -, Wilson Center, ASEAN Wonk, U.S, ASEAN Studies Centre, Yusof, Ukraine, U.S ., New Delhi's Observer Research Foundation Locations: New Delhi, AFP, Southeast Asia, India, China, Beijing, Vietnam, Tokyo, China —, Manila, Philippine, Delhi, The Hague, Philippines, Malaysia, Brunei, ISEAS, Singapore, Asia, Europe, China - U.S, U.S, New
Washington, DC CNN —Americans became slightly less optimistic about the economy this month, following two straight months of growing confidence. Sentiment had been on an upswing throughout the summer, mostly due to slower inflation, and is well above the record lows reached this time last year. Signs of cooling inflationGas prices, which are highly visible indicators of inflation for consumers, have risen in recent weeks, which could weigh on sentiment in the future. Still, consumers face the resumption of student loan payments later this year, and that could weigh on household budgets. US consumers opened up their wallets this summer, with many flocking to the smash-hit “Barbie” movie, attending concerts by Taylor Swift or Beyoncé, or traveling abroad.
Persons: , , Joanne Hsu, Ryan Sweet, bode, Kieran Clancy, Barbie, Taylor Swift Organizations: DC CNN, University of Michigan, University of Michigan’s, University, Oxford Economics, Federal Reserve Bank of San, Pantheon, Consumer, Commerce Department, Federal, Atlanta Locations: Washington, June’s, Federal Reserve Bank of San Francisco, Michigan
Aug 10 (Reuters) - Coach parent Tapestry (TPR.N) will buy Michael Kors owner Capri Holdings (CPRI.N) in a deal valued at $8.5 billion, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market. Thursday's deal will also bring under one roof Tapestry's more affordable luxury brands Kate Spade, Stuart Weitzman and Capri's Jimmy Choo and Versace labels. That compares with about $87 billion for LVMH last year and roughly $23 billion for another European rival Kering (PRTP.PA). The deal will help Capri revive its Michael Kors brand under "better management" at Tapestry after weak sales in the past few quarters, analysts said. In the same year, Capri, formerly known as Michael Kors, acquired British shoemaker Jimmy Choo for $1.2 billion.
Persons: Michael Kors, Tiffany, Louis Vuitton, Thursday's, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Morningstar, Jelena Sokolova, Tapestry, Neil Saunders, Capri, Joanne Crevoiserat, Kering, Valentino, LVMH, Aishwarya Venugopal, Savyata Mishra, Deborah Sophia, Chandni Shah, Sonia Cheema Organizations: Capri Holdings, Dior, Capri, Thomson Locations: Paris, U.S, Capri, Bengaluru
Tapestry , the fashion conglomerate behind Coach and Kate Spade, will acquire competitor Capri Holdings in a $8.5 billion deal announced on Thursday. It brings together six fashion brands: Tapestry's Coach, Kate Spade and Stuart Weitzman and Capri's Versace, Jimmy Choo and Michael Kors. Shares of Capri surged 58% in premarket trading to just under the per-share deal price, while shares of Tapestry roughly 4%. It's started to run a similar playbook with Kate Spade. Tapestry has also looked other parts of the world to drive growth, such as chasing higher sales in China.
Persons: Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Michael Kors, Kirsten Dunst, It's, We've, Joanne Crevoiserat, John Idol, Morgan Stanley Organizations: Capri Holdings, Capri, Disney, Bank of America Locations: American, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTapestry CEO on acquisition of Capri Holdings: This deal brings tremendous value to consumersJoanne Crevoiserat, Tapestry CEO, joins 'Squawk on the Street' to discuss the company's decision to buy Capri Holdings, whether there are regulatory hurdle concerns with the deal closing, and more.
Persons: Joanne Crevoiserat Organizations: Email, Capri Holdings
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