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☆ The world's biggest chipmaker is making a multi-billion dollar investment in the US even though it'll cost way more to make chips there. Here's why it decided to do it anyway.
▼ + stars: | 2022-12-17 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

Taiwan-based TSMC, the world's biggest chipmaker, announced a $40 billion investment in Arizona last week. That's despite TSMC's founder previously calling US chip production an "expensive exercise in futility." In the event China — which claims the island as its own — invades the island and chip production screeches to a halt, there could be trillions of dollars in economic losses. First, the cost of chip production in the US might not ultimately be "50% more expensive." The factories will be partially subsidized by the US government through the CHIPS and Science Act, a package passed in August that provided $52 billion to boost US semiconductor chip production.

☆ Nearly half of all Gen Z and millennial workers did freelance work this year as the Great Resignation continued, inflation remained sky high, and people wanted work flexibility
▼ + stars: | 2022-12-15 | by ( Madison Hoff | Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Young Americans led the way — over 40% of Gen Z workers and almost 50% of millennial workers freelanced. The record share this year signals more Americans are turning to freelance work amid continued employer struggles to find workers. According to the survey, 43% of Gen Z workers and 46% of millennial workers performed freelance work in 2022, compared to 35% of Gen X workers who said the same. Thirty-seven percent said they provide "unskilled" services, while 31% said they sell goods as part of their freelance work. Per the report, 17% of US freelancers generate "income from a mix of traditional employment and freelance work."

☆ Biden is touting a multi-billion-dollar chip factory in Arizona as a way to save the global economy from China threats — but an invasion of Taiwan would still wreak chaos
▼ + stars: | 2022-12-15 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Experts disagree on how much this will protect the US economy in the event of a Chinese invasion of Taiwan. "These investments are helping us build and strengthen the supply chain here in America," Biden said, adding that "American manufacturing is back." "That's the definition of supply chain resilience. "Ultimately, creating a more resilient supply chain for semiconductors involves more than fab plants." To truly achieve supply chain resilience, Rasser says, the US must only boost production further, but needs similar investments in all areas of the chips supply chain, from raw materials to packaging.

☆ How to live in NYC on just $100 a month, from a 27-year-old comedian who went viral on TikTok documenting his journey
▼ + stars: | 2022-12-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

The comedian decided to see how long he could get by on just $100 in New York City. The 27-year-old worked as a truck driver until late last year, when he moved to New York City to pursue stand-up comedy. Even before beginning his $100 challenge, Hoy avoided New York City's high rents by living in a van he parks for free in Queens. Not counting his vehicle insurance, here's how Hoy got by day-to-day for a month on just $100. "If you drink coffee every day, think about how much money that's saving you," he said.

☆ Major car companies like Ford, Tesla, and Toyota are at 'high risk' of sourcing parts made by Chinese forced labor, a report finds: 'It's an industry-wide problem'
▼ + stars: | 2022-12-10 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

A new report found "massive and expanding" links between major car companies and China's Xinjiang region. A year ago, the Uyghur Forced Labor Prevention Act was signed into law, which banned US imports of products made wholly or partly in the Xinjiang region, unless the company could prove they were not using forced labor. "It is not impossible to audit one's supply chain to identify risks"The auto industry's supply chains are "closer to a ball of spaghetti than a linear chain," Simon Croom, professor of supply chain management at the University of San Diego, told Insider. The average automaker may have links to as many as 18,000 suppliers, including their direct suppliers, the suppliers of those suppliers, and so on. Per Croom, while many companies claim to lack full insight into their supply chains, "it is not impossible to audit one's supply chain to identify risks."

☆ It's the best time to buy a used car in 16 months — as long as you don't have to take out a big loan
▼ + stars: | 2022-12-08 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +4 min

Used car prices have fallen to their lowest level since August 2021. As the Federal Reserve has raised interest rates in an effort to cool inflation, interest rates on car loans have risen in tandem. In October, the average annual percentage (APR) rate on used car loans rose to 9.6%, the highest level in over a decade. For those less reliant on financing for their car purchases, however, this could be their best chance to buy an affordable car in over a year. While the new car market is expected to cool off as well, used car prices continue to be where the best bargain is.

☆ Millennials are once again moving in with their parents. This time it's due to crumbling finances as inflation takes its toll.
▼ + stars: | 2022-12-08 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

Nearly 25% of millennials are living with their parents, per a new survey. Nearly one in four millennials said they were living with their parents as of December 1, and half of them moved in over the past year. 51% of millennials surveyed said "saving money" was among the key reasons they made the move, while 39% said they "couldn't afford rent." It's left many millennials to conclude moving in with their parents is their best option. Are you a millennial who's willing to share your story of moving in with your parents over the past year?

☆ Americans don't seem interested in saving money right now, despite a looming recession
▼ + stars: | 2022-12-07 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

With a recession looming, some Americans may wish they had built more of a financial cushion. The personal savings rate — the share of Americans' income saved in a given month — fell to 2.3% in October, the Bureau of Economic Analysis reported last Thursday. But sky-high prices aren't the only reason Americans' savings are dwindling. Experts expect the US to enter a recession next year, which is expected to coincide with falling job openings and a rising unemployment rate. Inflation isn't expected to go away quickly either, leaving Americans with wage bumps that may continue to lag inflation.

☆ Gen Z wants equality, diversity, and flexibility at work, but it may cause them to sacrifice financial security
▼ + stars: | 2022-12-06 | by ( Alexandra York | Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Some Gen Zers are focusing on a company's mission and job security during their job searches. As a recession looms, Gen Zers might want to consider their financial futures when applying for their next role. Additionally, over half of Gen Z could enter retirement without sufficient savings due to savings challenges and rising costs, Boston University economist Laurence Kotlikoff previously told Insider. In fact, the typical annual salary for Gen Z employees was $32,500 in 2021, according to research from the personal finance site GoBankingRates. To be sure, plenty of Gen Zers understand the financial pressures to come and are prioritizing salary in their job search.

☆ Gen Z wants security more than a dream job. A look at their finances shows why.
▼ + stars: | 2022-12-05 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

It has some Gen Zers focusing on job security over the pursuit of their dream job. The environment has some Gen Zers prioritizing job security. But it's easier to not worry about job security when one's finances are strong and the risk of unemployment is low. It may be wise for Gen Z in particular to prioritize job security, as young Americans are among the individuals hardest hit by economic downturns. If security is what Gen Zers value, then many should be well positioned — at least in the short term — to retain their jobs.

☆ Gen Zers are taking on more debt, roommates, and jobs as their economy gets worse and worse
▼ + stars: | 2022-12-04 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Gen Zers are taking on credit-card debt — and missing their payments — at a rising rate. Amounts of credit-card debt and delinquency rates are on the rise, especially among 18- to 29-year-olds. But if a recession comes, Gen Zers could be among the hardest hit due to mounting debt, few savings, and vulnerability to layoffs. US credit-card debt overall rose $38 billion between July and September of this year, per the New York Fed. For older Gen Zers, the delinquency rate rose to over 6%, though still below the roughly 9% pre-pandemic rate.

☆ How to attend 7 weddings across the country in a year and not break your budget, from a 27-year-old who did it on a $50,000 salary
▼ + stars: | 2022-12-04 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

She says there are plenty of ways to save money on hotels, gifts, dresses, and makeup. It's why she's attended 15 wedding events across the country over roughly the past year, including seven weddings, four bachelorette parties, and four bridal showers. She sometimes feels she has "no excuse" not to attend every wedding, bachelorette party, and shower she's invited to. She was set to attend weddings in New York and Oregon over back-to-back weekends when she decided she needed a break and decided to skip both of them — the only two weddings she's missed this year. But she says she's learned how to budget, save money, and when it gets to be overwhelming, prioritize which weddings she will attend over others.

☆ Your job is probably safe, even in a recession. Employees are going to have the upper hand for years.
▼ + stars: | 2022-12-04 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +7 min

Declining immigration and an aging population could cause the labor shortage to continue in the years ahead. And the labor shortage may only get worse in the years ahead. Those slowdowns have already contributed to the current labor shortage, and will continue to do so for years to come. "But it's happening very slowly, and I don't think it explains what is particularly going on in the labor market right now." A steady decline in the US' working age population might not only create problems for businesses looking to grow.

☆ A mom of 3 quit her toxic job to be a reseller on Poshmark. She loves it but warns it's a '24/7' commitment.
▼ + stars: | 2022-11-27 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

The 48-year-old New Yorker now works full time selling clothes, shoes, and bags exclusively through the reseller platform Poshmark. She say that she "loves" what she does and that the decision to leave her former employer "forever changed" her life. She says the work of shopping, sanitizing, photographing, listing, packaging, and shipping could make it feel like a "24/7 job." She does everything by herself and says she typically works at least 12-hour days, shipping items every day except Sunday. Finally, Murray says that while one doesn't necessarily have to quit their job to be successful on Poshmark, they do have to "go full time mentally."

☆ The window is closing on corporate 'greedflation.' It's another sign that inflation is cooling off.
▼ + stars: | 2022-11-24 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +7 min

"US profit margins surged after the recession. "Greedflation" — the idea that companies are using inflation as an excuse to raise prices and boost profits — could be part of the explanation. But they have also taken advantage of circumstances to expand profit margins," said UBS Chief Economist Paul Donovan. To what extent soaring corporate profits are to blame for high inflation remains uncertain, but as inflation slows down, the negative CEO sentiment suggests some companies' profits are set to fall as well. In September, Federal Reserve Vice Chair Lael Brainard said retailers' profit margins "have risen significantly more than the average hourly wage that retailers pay workers."

☆ Is Gen Z working? It all depends on what you consider a 'job.'
▼ + stars: | 2022-11-24 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +7 min

It's taken time for Americans of all ages to return to work, but older Gen Zers are most lagging. It may all have to do with how Gen Z views a job versus a side hustle or gig work. And those answers could partially explain a question economists are puzzled over: Where have the Gen Z workers gone? While he's uncertain where the missing Gen Z workers have gone, he says childcare needs could be part of the answer. If Gen Z has embraced gig work over the corporate life, it could be among the reasons many of them say they're living paycheck to paycheck.

☆ Gen Z's finances are already tanking, and we're not even in a recession yet
▼ + stars: | 2022-11-23 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Credit card debt is on the rise, and Gen Z is missing payments at an increasing rate. If the US enters a recession, young Americans could be disproportionately impacted. Consequently, the personal savings rate rose to its highest level on record. That's because young Americans are among the individuals hardest hit by economic downturns. In 2020 for instance, Gen Z's unemployment rate rose from 8.0% in February 2020 to 26.9% in April, while millennials' increased from 4.0% to 14.3%.

☆ Some older workers have fond memories of sleeping at the office, but the Elon Musk-style 84-hour workweek is falling flat with younger Americans
▼ + stars: | 2022-11-20 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Some Twitter employees are working 80-hour weeks and sleeping at the office. Some older workers have fond memories of sleeping at work, but younger Americans aren't on board. Americans are divided on what to make of this, and a workplace-culture expert believes the schism reveals a generational divide. But younger workers are unlikely to buy in, said the best-selling author and workplace well-being expert Jennifer Moss. While older generations worked through the dot-com craze and the rise of Silicon Valley hustle culture, younger workers are changing attitudes around how far you need to go for your job.

☆ What derails Elon Musk's Twitter experiment might not be legislators or users, but exhausted employees rebelling against hustle culture
▼ + stars: | 2022-11-19 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

Elon Musk recently told employees that "bankruptcy isn't out of the question." A workplace culture expert says "exhausted" employees responding to Musk's management style may ultimately derail the company. The email has reportedly spurred a "mass exodus" of Twitter employees, a former Twitter executive told CNN, with many deciding to leave the company once and for all. Musk recently told employees the "economic picture ahead is dire" and that "bankruptcy isn't out of the question." Still, even though many disgruntled Twitter employees have quit, Moss says some are likely to stick around.

☆ A record number of parents are missing work due to a 'trifecta' of kids sick with COVID, flu, and RSV. It leaves them vulnerable as a possible recession looms.
▼ + stars: | 2022-11-15 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

104,000 Americans missed work in October due to "childcare problems." The record figure was driven by many children falling sick COVID, the flu, or RSV. In October, a record high 104,000 Americans missed work due to "childcare problems," according to Bureau of Labor Statistics data dating back to 2003. KPMG Chief Economist Diane Swonk attributed the record rise to a "trifecta of kids filling ICUs with RSV, flu and out sick to COVID." Have you missed work recently due to childcare needs and are willing to discuss how it has affected your family financially?

☆ If you can't afford to buy a home right now, a 'renter for life' Yale economist explains why renting forever might be the smarter option anyway
▼ + stars: | 2022-11-15 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

A Yale economist says, for some Americans, renting might be the better financial decision anyway. That's according to Yale economist James Choi, who said on a recent Freakonomics Radio podcast that he's a "renter for life." It comes as rent prices are also beginning to fall across the US. This makes it difficult to assess a home's "financial risks," Choi says. While Choi is a "renter for life," he acknowledges that for many Americans, owning a home is about more than just the investment itself.

☆ How selling neighborhood 'trash' on Facebook Marketplace for 5 hours a week landed a 27-year-old an extra $37,000 this year
▼ + stars: | 2022-11-13 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Sarah Scott, 27, spends five hours per week selling found furniture on Facebook Marketplace. Within 48 hours, she'd sold it all on Facebook Marketplace, a section of Facebook where users can buy and sell goods, often to and from people in their local area. She says she spends just five hours per week on her side gig — three hours for driving and picking up items and two hours for staging, photographing, and listing items online. And some, like Scott, have embraced reseller platforms like Poshmark or Facebook Marketplace to earn extra cash or become full-time resellers. While she occasionally ships items, Scott leaves the vast majority of them on her porch for buyers to pick up and they can pay her through Venmo.

☆ Everyone's been wrong about inflation, and it's costing workers in salary negotiations
▼ + stars: | 2022-11-13 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Inflation eased in October, but it stayed well ahead of most workers' year-over-year pay increases. While American workers are experiencing the strongest wage growth in many years, fueled by strong demand for labor, inflation has continued to overpower pay gains for most workers. Average hourly earnings, for instance, rose 4.7% in October, continuing to trail even the slower inflation rate. Several things have held back workers in their salary negotiations, including the decline of unions, stagnant minimum wages, globalization, and perhaps even some corporate greed. With demand for labor so high, some experts have wondered why Americans' wages haven't grown by even more.

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

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

☆ Voters have been complaining about inflation for months, but they didn't punish Democrats for the economy as much as expected
▼ + stars: | 2022-11-10 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

In the weeks leading up to the midterm elections, it seemed all voters cared about was the economy. Polling showed Americans were counting on Republicans to fix inflation and planned to vote Democrats out. But the lack of the anticipated Republican wave shows that Americans didn't punish the party in power as much as expected. The National Election Pool exit poll conducted by Edison Research found that abortion only narrowly trailed inflation, 27% to 31%, as voters' top issue. The exit polling doesn't dispute the idea that inflation and the economy were voters' top concerns.

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