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The U.S. economy has been an enigma over the past few years. The job market is booming, and consumers are still spending, which is usually a sign of optimism. But if you ask Americans, many will tell you that they feel bad about the economy and are unhappy about President Biden’s economic record. And while a measure of sentiment produced by the Conference Board improved in May, the survey showed that expectations remained shaky. More than half of registered voters in six battleground states rated the economy as “poor” in a recent poll by The New York Times, The Philadelphia Inquirer and Siena College.
Persons: Biden’s Organizations: University of Michigan, Conference Board, The New York Times, Philadelphia Inquirer, Siena College, Federal Reserve Locations: U.S
But despite the vast improvements in battery technology, EV charging still can't hold a candle to the 5-minute stop to fill a gas tank. Related storiesCar companies hoped the public charging infrastructure would improve along with them as they built more range into their vehicles. AdvertisementWhat no one can seem to agree on is who is responsible for building out public charging infrastructure. All these industry efforts have helped to feed an EV charging infrastructure boom in recent years. The Biden Administration has set aside $7.5 billion for charging infrastructure with a vow to add 500,000 EV charging stations by 2030.
Persons: , Biden Organizations: Service, Business, EV, GM, Pew Research, Department of Energy, Biden Administration, University of Michigan Transportation Research Institute
Miss Kim brought in $1.89 million in sales in 2023 and made a net profit of $101,553 for the fiscal year from August 2022 to July 2023. "I started wondering, if I had Korean food or Asian food and I was able to tell this story…what would that look like?" In the fiscal year from August 2016 to July 2017, Miss Kim brought in $699,877 in sales, according to Kim. Doing away with tippingToday, Miss Kim is profitable and thriving, with total sales of $1.89 million in 2023. When Miss Kim first opened, "we decided that we're going to do away with tipped credit and pay people living wage."
Persons: Ji Hye Kim, Kim, Ann Arbor, Miss Kim, Young Kim, Hye Kim Kim, Paul Saginaw, Ari Weinzweig, Zingerman's, Hye Kim, she'd, It's, Kim didn't, Zach Green, Marisa Forziati Organizations: CNBC, U.S, University of Michigan, Dancing Sandwich Enterprises, Miss Locations: South Korea, New Jersey, Ann, Zingerman's, Ann Arbor, Michigan, New York, Saginaw, Korea, Ann Arbor , Michigan, gochujang, U.S, United States, Miss
Her book “Over the Influence: Why Social Media Is Toxic for Women and Girls — And How We Can Take It Back” was recently published by Alcove Press. Unsurprisingly, the game has resulted in many calls to 911, car crashes, a school evacuation and dangerous confrontations with actual gun owners. Of course, it’s easy to see why kids are playing “senior assassin”: they’re trying to connect with one another. Their generation spends less time with friends and more on social media. As police have warned, someone who thinks they’re in danger from an actual gun might meet a kid playing this game with deadly violence.
Persons: Kara Alaimo, , , , Kaylin Gillis, It’s, shouldn’t, what’s, I’ve, toymakers Organizations: Fairleigh Dickinson University, Women, Press, Facebook, CNN, USA, YouTube, University of Michigan’s, Pew Research, Twitter Locations: New York
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 11, 2023. Stock futures were little changed on Thursday evening, following the worst session in more than a year for the Dow Jones Industrial Average. S&P 500 futures ticked up by 0.04%, while Nasdaq 100 futures pulled back 0.02%. The Dow suffered a 1.53% decline for its worst session since March 2023, weighed down by a 7.6% drop in Boeing. To that end, the S&P 500 is tracking for a weekly loss of 0.7%, while the Dow is on pace to drop about 2.4%.
Persons: Dow, Jamie Cox, Dow Jones Organizations: New York Stock Exchange, Stock, Dow Jones, Dow, Nasdaq, Intuit, Ross Stores, Nvidia, Boeing, Harris Financial, Federal Reserve, University of Locations: New York City, U.S
U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., May 1, 2024. Federal Reserve officials grew more concerned at their most recent meeting about inflation, with members indicating that they lacked the confidence to move forward on interest rate reductions. Minutes from the April 30-May 1 policy meeting of the Federal Open Market Committee released Wednesday indicated apprehension from policymakers about when it would be time to ease. The meeting followed a slew of readings that showed inflation was more stubborn than officials had expected to start 2024. The Fed targets a 2% inflation rate, and all of the indicators showed price increases running well ahead of that mark.
Persons: Jerome Powell, Christopher Waller, FOMC, Stocks Organizations: Federal, Committee, Federal Reserve, Market, Fed, University of Michigan, New York Fed Locations: Washington , U.S
But some older adults may be unaware of the strength of today’s weed, and little is known about the health effects of legalizing edible cannabis on older adults — the age group with the largest growth in overall cannabis use a year after dried cannabis flower was legalized in Canada, Stall said. Jamie Grill/Tetra images RF/Getty Images“There’s a bit of an age-related bias that many health care practitioners, and frankly society, hold that older adults are not using drugs. During the eight-year study period, there were 2,322 emergency department visits for cannabis poisoning in older adults who were age 69 on average. Products older adults intentionally use should have dosing information with specific guidance for older adults, “recognizing that the amount of drug they may need is a lot less than younger populations,” Stall said. Health care providers should also have open and judgment-free conversations with older adults about cannabis use and its benefits and risks, he added.
Persons: edibles, Nathan, Jamie Grill, , , , Lona Mody, Sharon K, Inouye, weren’t, Amanda Sanford Hickey, Ann Arbor . Inouye, Arthur Marcus, ” Mody Organizations: CNN, Sinai Health, Getty, Ontario Ministry, Internal Medicine, University of Michigan, Aging, for Aging Research, Harvard Medical School Locations: Canada, , Sinai, Ontario, Ann Arbor, Boston
Wealthy Americans are starting to spend more carefully
  + stars: | 2024-05-19 | by ( Bryan Mena | )   time to read: +7 min
A robust stock market coupled with rising home values have boosted Americans’ wealth from 2019 through 2022, according to a Federal Reserve report on household finances. There’s been some evidence of wealthy Americans growing cautious in the latest round of company earnings results. Federal Reserve officials Michael Barr, Christopher Waller, Philip Jefferson and Raphael Bostic deliver remarks. Federal Reserve officials Christopher Waller, John Williams, Raphael Bostic, Michael Barr, Loretta Mester and Susan Collins deliver remarks. The Federal Reserve release minutes from its May policymaking meeting.
Persons: they’ve, , ” Nanette Abuhoff Jacobson, There’s, ” Jonathan Akeroyd, Moet, The Beverly Hilton, Michael Kovac, LVMH Moët Hennessy Louis Vuitton, , Jacobson, ’ Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, Matt Egan, Read, Michael Barr, Christopher Waller, Philip Jefferson, Raphael Bostic, John Williams, Loretta Mester, Susan Collins, Robin, Ralph Lauren, Booz Allen Hamilton, Buckle Organizations: CNN Business, Bell, Washington CNN, Federal, Fed, Hartford Funds, CNN, Burberry, The Beverly, The Beverly Hilton Hotel, Walmart, Royal Caribbean Cruises, Jackson State University, Federal Reserve Bank of New, Palo Alto Networks, Urban Outfitters, NVIDIA, National Statistics, National Association of Realtors, Reserve, Intuit, US Labor Department, Chicago Fed, Global, US Commerce Department, Atlanta Fed, Booz, University of Michigan Locations: Washington, British, Americas, Beverly Hills , California, Jackson , Mississippi, Federal Reserve Bank of New York, Palo, Ross, Burlington
Why Americans might be getting worried about the job marketIn some ways, Americans' growing pessimism in the job market is perplexing. That's because the job market has become more challenging than it was a couple of years ago, when the Great Resignation was at its peak. So, it's possible that some Americans in certain industries are facing a job market where openings are far from abundant. For example, there's some evidence that the job market for high-wage roles has cooled over the past year. Julia Pollak, the chief economist at ZipRecruiter, told Business Insider earlier this month after April's labor market figures were released by the Bureau of Labor Statistics that it is "no longer a white-hot labor market" or a job "candidate's market in every industry where workers can get whatever they want."
Persons: , they'd, hasn't, What's, Joanne Hsu, Julia Pollak Organizations: Service, York Fed's Survey, Consumer, Business, NY, of Labor Statistics, Bureau of Labor Statistics, New, Fed, LinkedIn, NY Fed, University of, Labor Locations: York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumers have given up on long-term saving goals, says University of Michigan's Joanne HsuJoanne Hsu, University of Michigan director of the surveys of consumers, joins 'Power Lunch' to discuss the psychology behind consumer spending.
Persons: Michigan's Joanne Hsu Joanne Hsu Organizations: Consumers, Michigan's, University of Michigan
Read previewInflation and interest rates are still high, but Americans shouldn't count on any relief just yet. Advertisement"The status of the battle against inflation requires that interest rates remain elevated in the near-term," Hamrick said. "The first quarter in the United States was notable for its lack of further progress on inflation," Powell said during the panel. But while job seekers and workers may find this cooldown concerning, that moderation is also welcome and the labor market is still strong. "Paired with high borrowing costs — like high interest rates on your credit cards — and the current economy can feel quite uncomfortable," Renter added.
Persons: , That's, Mark Hamrick, Hamrick, Jerome Powell, Powell, Joanne Hsu, Nick Bunker, Ted Rossman, Rossman, Elizabeth Renter, Renter, it's Organizations: Service, Federal Reserve, Bureau of Labor Statistics, CPI, Business, Federal, University of Michigan, North America Locations: Amsterdam, United States,
Royal Caribbean Group and Norwegian Cruise Line Holdings aim to source their foods more sustainably. In 2023, the cruise giants Royal Caribbean Group and Norwegian Cruise Line Holdings accommodated more than 10.3 million travelers. Both companies have been increasingly shopping localBoth Norwegian and Royal Caribbean want to be net zero emissions by 2050. Royal Caribbean did not respond to an inquiry about its beef initiatives or plans to expand its plant-based offerings. That's not to mention all the heat that cruise companies already take for operating ships that are bad for the environment.
Persons: , Brittany Chang, Linken D'Souza, Royal Caribbean's, Bambi Semroc, it's, Ravi Anupindi, Anupindi, Royal, Semroc Organizations: Royal Caribbean Group, Cruise Line Holdings, Chain Management, Service, Norwegian, Royal, Business, Royal Caribbean's, Conservation, University of Michigan's Ross School of Business, Marine Stewardship Council, Aquaculture, Council, Global Animal Partnership, Regent Seven Locations: buffets, Royal Caribbean, Europe, Seattle, Vancouver, Florida, California, New York City, Norwegian, Oceania
Dow crosses 40,000 for the first time
  + stars: | 2024-05-16 | by ( Nicole Goodkind | )   time to read: +8 min
New York CNN —The Dow broke past the 40,000 threshold Thursday morning for the first time ever, fueled by an encouraging inflation report. It also highlights a notable contrast between sentiment on Wall Street and Main Street. Dow 100: The Dow first closed in triple digits in January 1906. The Dow nearly matched that in 2017, rising 25%. Dow 30,000: Nov. 24, 2020: Covid sent the stock market plunging in the spring of 2020.
Persons: Dow, stoking, , Gary Pzegeo, John Williams, Tom Barkin, ” Tyler Schipper, Thomas, Hogan, Teddy Roosevelt, Richard Nixon, Trump, Covid Organizations: New, New York CNN, Markets, Federal Reserve, Bureau of Labor Statistics, CIBC Private Wealth, , Walmart, Airlines, Big Tech, York Fed, Reuters, Richmond Fed, Dow, University of Michigan, CNN, CPI, University of St, Riley Financial, Wall, Microsoft, Chevron, Traders, New York Stock Exchange, Getty, Federal, Woolworth, Eastman Kodak Locations: New York, United States, Minnesota, Chevron —, AFP
Evans is the founder of Exceptional Capital, which launched in 2022 among the many emerging VC firms that sprouted during the fundraising boom years. Before pursuing a life in venture capital and tech, Evans hoped to make it to the NFL as a linebacker at the University of Michigan. And then in 2022, Evans decided to launch Exceptional Capital and invest as a solo VC. Exceptional CapitalBecause he's been able to increase the size of his fund, Evans has been able to expand his team. "I could see that for Marell as well, just his work with Exceptional Capital and kind of his determination there."
Persons: , Marell Evans, Evans, he's, Dave Brandon, Brandon, Ben Horowitz, Andreessen Horowitz, Horowitz, A16z, Okta, Owen Van Natta, Hustling, Melissa Morano Aurigemma, Graham Stoddard, Andrew Van Nest, I've, Cody Coleman, Coleman, what's Organizations: Service, Exceptional, Business, NFL, University of Michigan, NCAA, IBM, Facebook, Vision, SV Angel, A16z, Exceptional Capital Locations: Miami, Michigan, San Francisco, Okta, Silicon Valley, SoftBank, , Bessemer
Going to an Ivy League school for college may help you earn a competitive salary down the line. The average tuition price across the Ivy League colleges is $64,829 — and that's before factoring in housing, food, books and other fees, according to the schools' latest available listed prices. Often, as is the case with Ivy League schools, private colleges can offer better financial aid packages through institutional grants and scholarships. These are the 10 new Ivies with the lowest average net price, according to Department of Education data:1. University of Michigan—Ann ArborOut-of-state tuition: $27,864 (figure reflects 2023-24 tuition price, 2024-25 price not available)Average net price: $16,7928.
Persons: University of Texas — Austin Organizations: Ivy League, Princeton University, Harvard College, Department, Education's, Forbes, , CNBC, of Education, University of Florida, University of North, Georgia Institute of Technology, Rice, University of Illinois, University of Maryland —, University of Michigan, University of Wisconsin —, University of Texas —, Johns Hopkins Locations: University of North Carolina, University of Illinois Urbana — Champaign, Ann Arbor
AdvertisementSo who is Larry Page and how did he get to where he is today? AdvertisementPage and Sergey Brin create GoogleGoogle co-founders Sergey Brin and Larry Page met as students at Stanford. Google's parent company, Alphabet, has developed self-driving cars through Waymo, the company formerly known as the Google Self-Driving Car project. Page's personal lifeGoogle cofounder Larry Page and his wife, the scientist Lucinda Southworth C Flanigan/FilmMagicThroughout it all, Page has kept information about his personal life closely guarded. Life after GoogleGoogle cofounder Larry Page bought Cayo Norte, an island in Puerto Rico.
Persons: , Larry Page, Sergey Brin, Page, Sundar Pichai, Gloria, Carl Page —, Larry, what's, Nikola Tesla, he's, Brin's, BackRub, Brin, Eric Schmidt, Schmidt, Andy Rubin's, he'd, Andrew Kelly, Sergey, Lucinda Southworth C, Lucinda Southworth, Richard Branson, Page's, Carl Victor Page, Carl Page, He's, Hugh Langley Organizations: Service, Google, Business, Michigan State University . Education, Getty, Michigan State University, The, Montessori, Google Google, Stanford, Associated Press, University of Michigan, Labs, Reuters Page, Virgin Group, Investments, Carl Victor Page Memorial Foundation, Zee Aero, Pacific, Virgin Island, Atomic Locations: Michigan, Waymo, Toronto, Stanford, Caribbean, Palo Alto, Cayo Norte, Puerto Rico, Koop, Tavarua, Fiji
New York CNN —If voters return former President Donald Trump to the White House, he’s promised to launch an unprecedented crackdown on immigration and even conduct mass deportations. Trump recently told Time that he would aim to deport 15 million to 20 million people, perhaps by using the National Guard. Even though consumer prices are no longer skyrocketing, the cumulative impact of three years of high inflation is painful. “Most Americans view high inflation and high prices as unfair. But immigration remains a major concern for voters in the 2024 election and Trump has made it a centerpiece of his campaign.
Persons: Donald Trump, he’s, Trump, , Mark Zandi, “ It’s, Joe Brusuelas, ” Brusuelas, You’d, , Karoline Leavitt, Joe Biden “, ” Leavitt, , Joe Biden, Zandi, Trump’s, criminologists, Biden, Jerome Powell, Brusuelas, Goldman Sachs, ” Goldman Sachs, Wendy Edelberg, Edelberg, that’s Organizations: New, New York CNN, White, National Guard, Federal Reserve, CNN, RSM, Trump, Social Security, University of Michigan, Labor Department ., The Hamilton, , Hamilton, Security, Congressional, Office, The Hamilton Project, Brookings Institution Locations: New York, China, Covid, Mexico, United States
On a one-year basis, the expectation increased to 3.3%, up 0.3 percentage point from March and the highest since November 2023. However, expected increases in housing prices are particularly troublesome for policymakers who expected shelter costs to ease this year. Along with expected higher home costs, respondents see rents rising 9.1%, up 0.4 percentage point from the prior month. They expect food prices to increase 5.3% (up 0.2 percentage point from a month ago), gasoline to rise 4.8% (up 0.3 percentage point); and college education to increase by 9%, a 2.5 percentage point surge. Economists surveyed by Dow Jones expect the all-items CPI to show a 3.4% increase for April from the prior year, down 0.1 percentage point from March.
Persons: Philip Jefferson, Dow Jones Organizations: Costco, Consumers, New York Federal Reserve, University of Michigan, Labor Locations: Novato , California, New, New York
ET, the yield on the 10-year Treasury was down by nearly 2 basis points at 4.485%. The 2-year Treasury yield was last at 4.844% after falling by more than 2 basis points. U.S. Treasury yields fell slightly Monday as investors looked to key inflation data and comments from Federal Reserve officials slated for the week. Investors awaited key economic data due this week, including April's consumer price index, which is expected Wednesday and will provide fresh insights into whether consumer inflation is easing or sticky. April's producer price index, which tracks inflation on a wholesale level, is also due this week.
Persons: Dow Jones Organizations: Treasury, U.S, Federal Reserve, University of Michigan Survey
Consumers aren't buying it, per the latest monthly survey of how Americans feel about the economy. These charts show how gloomy Americans feel, despite the numbers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIndicators be damned: US consumers are still gloomy about the state of the economy. This story is available exclusively to Business Insider subscribers.
Persons: , Joanne Hsu Organizations: Consumers, Service, University of Michigan, Business
Additionally, consumers are bracing for even higher price increases in the year ahead compared to readings from prior months, the survey found. However, the latest reading is still better than last May, when inflation was running at 4%, versus the latest reading of 3.5%. Long-run inflation expectations also rose, to 3.1% from 3.0% in April. Since inflation expectations can effectively control the pace of price hikes, businesses take those expectations into account when pricing goods and services. The survey suggests that the recent optimism consumers had about the state of the economy is waning.
Persons: Biden, FactSet, it’s, they’re, Joanne Hsu Organizations: New, New York CNN, University of Michigan, Federal Reserve, Fed, Consumers Locations: New York
Consumer sentiment slumped as inflation expectations rose, despite otherwise strong signals in the economy, according to a closely watched survey released Friday. The University of Michigan Survey of Consumers sentiment index for May posted an initial reading of 67.4 for the month, down from 77.2 in April and well off the Dow Jones consensus call for 76. Along with the downbeat sentiment measure, the outlook for inflation across the one- and five-year horizons increased. The inflation readings represent the biggest pitfall for policymakers as the Federal Reserve contemplates the near-term path of monetary policy. The next important data point for inflation comes Wednesday when the Labor Department releases its consumer price index report for April.
Persons: Dow Jones, Joanne Hsu, Paul Ashworth, Jeffrey Roach, it's, Jerome Powell Organizations: The University of Michigan Survey, Dow, North, Capital Economics, Federal Reserve, LPL, Fed, Labor Department Locations: North America, Michigan
Some are practicing something called "AI washing," which Securities and Exchange Commission chair Gary Gensler explained in a video includes "false claims to investors by those purporting to use those new technologies." In reality, what AI washing leads to is a breakdown of confidence between vendors and their consumers, enterprise partners and investors. Bates says so-called button-pushing applications are AI washing, too. "These prompts that are being sold as AI companies, they have to be maintained and monitored and adjusted in order to work." Stewart says even 80–90% gross profitability for a fully AI company with limited human intervention is standard.
Persons: they're, Gary Gensler, It's, it's, Michael Stewart, Timothy Bates, Bates, Toby Coulthard, Coulthard, Microsoft's, Stewart Organizations: Securities, Exchange, SEC, Inc, University of Michigan, Flint College of Innovation & Technology, Lenovo, General Motors
First-class travel has exhibited special strength, though management noted that can be tied in part to a resurgence of business trips. People taking these loans are more likely to be lower-income with no more than a high school diploma, Lanier said. Daniel Acker | Bloomberg | Getty ImagesFrozen food maker Tyson Foods has seen consumers shifting more to eating at home than the quick-service restaurants it supplies. It's also important to remember that lower-income Americans were feeling financial pressures before the pandemic, said Tyler Schipper, an associate professor of economics at the University of St. Thomas in Minnesota. Airbnb touted interest in travel to events like the Paris Olympics and the European Cup in Germany this summer.
Persons: there's, It's, Christophe Le Caillec, underscoring, Blair Lanier, Lanier, McDonald's, Tyson, Daniel Acker, Tyson Foods, Stanley Black, Decker, Jane Fraser, CNBC's Sara Eisen, Fraser, Nancy Lazar, Piper Sandler, Tyler Schipper, Thomas, Schipper, Eric Thayer, We've, Cliff Pemble Organizations: TSN, American Express, Federal Reserve, CNBC, People, University of Michigan, San Francisco Federal Reserve, U.S, PepsiCo, Bloomberg, Getty, Tyson, Management, Adobe Analytics, Furniture, Citigroup, University of St, Airlines, Delta Air Lines, JetBlue Airways, Caribbean . Booking Holdings, Paris Olympics, European, Ticketmaster, Cedar Fair, Flags, Wayfair, Garmin Locations: America, U.S, Minnesota, New York, Germany, Valencia , California
Financials also did well, with Club stocks Morgan Stanley and Wells Fargo trading at new 52-week highs. Portfolio name Starbucks should take a page out of this book, lowering its price of coffee and food to attract more customers. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, they've, Lael Brainard, Financials, Morgan Stanley, Wells, McDonald's, Cramer, Jim Cramer's, Jim, Robert Gauthier Organizations: CNBC, University of Michigan Survey, National Economic Council, Club, Bloomberg, Starbucks, Disney, Comcast, Hulu, Jim Cramer's Charitable, McDonalds, Rte, Los Angeles Times, Getty Locations: Wells Fargo, United States, Azusa , CA
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