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Read previewThe US is moving toward a recession, as the economy is feeling the comedown after trillions of "unproductive" cash was pumped in during the pandemic, according to former Commerce Secretary Wilbur Ross. AdvertisementBut most of the stimulus cash wasn't deployed productively, Ross said, pointing to Americans who "immediately spent" their checks in a wild shopping spree. Related storiesStrength in the labor market was also partly distorted by stimulus cash, he suggested. Hiring has steadily slowed over the past year, with the unemployment rate triggering one long-running recession indicator with a perfect track record. Most economists still agree that the economy remains on solid footing, given the rapid pace of growth and historically low unemployment rate.
Persons: , Wilbur Ross, Trump, Ross Organizations: Service, Commerce, Bloomberg, Business, Conference, Investor
Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. That's the code name that Elon Musk's security team uses to refers to him, The New York Times reported as part of an investigation into the Tesla CEO's protective services. This story is available exclusively to Business Insider subscribers. AdvertisementIn 2022, Business Insider revealed that Musk secretly bought a house after his former address became public knowledge. Related storiesA Tesla SEC filing revealed that Musk's security company billed the company $2.4 million in 2023 and another $500,000 through February 2024, representing just a portion of Musk's total security expenses.
Persons: , Musk, He's, Errol, Mark Zuckerberg's, Tim, Tesla, Zachary Kirkhorn Organizations: Service, NASA, Elon, New York Times, Business, Times, SEC, Errol's, Apple, Tesla's Locations: bitcoin, Nevada, Texas
Retail sales grew again in August: CNBC/NRF Retail Monitor
  + stars: | 2024-09-13 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRetail sales grew again in August: CNBC/NRF Retail MonitorCNBC's Steve Liesman reports on the latest findings from the CNBC/NRF Retail Monitor.
Persons: Steve Liesman Organizations: CNBC, NRF
New York CNN —Union members at Boeing overwhelmingly rejected a proposed a four-year contract with the troubled aircraft manufacturer, authorizing the first strike at the company in 16 years, said the International Association of Machinist (IAM) union. It also increased job security for union members, because Boeing promised to build its next commercial jet, which has yet to be announced, at a unionized plant. But 95% of members of the IAM union voted against the deal. In a separate vote 96% voted to authorize a strike, easily clearing the two-thirds threshold needed to approve a walkout. Boeing has nearly 150,000 US employees, including the 33,000 IAM union members.
Persons: , Jon Holden, Kelly Ortberg, , Max, Holden, we’ve Organizations: New, New York CNN — Union, Boeing, International Association of, IAM, Alaska Airlines, Federal Aviation Administration, US Justice Department Locations: New York, Alaska
I grew up working class and learned good work ethic from my parents. The novelty of cap erasers and Airheads from the school store wore off fast, and money didn't have much luster. In our part of Wisconsin, with its German roots and farm families, work ethic is our moral code. What 'good work ethic' means for your financesBecause it's in my DNA, I can't help but see a strong work ethic as a virtue. What I wish I'd learned about money earlierI'll always be grateful for the work ethic I learned from my parents ... and I wish I'd gotten the nuances of money a bit earlier in life.
Persons: , didn't, I'd, you've, I'm, fritz, it's, I've Organizations: Service, Quicken Locations: Midwest, Wisconsin
The pilots of a FedEx cargo plane couldn’t see the runway or the airfield at Austin-Bergstrom International Airport. On Thursday, another near-miss was added to the list when an Alaska Airlines plane and a Southwest plane nearly collided in Nashville. In some cases, hero pilots such as Bradeen and Carvajal have kept collision courses from turning deadly. But about three miles out from landing, they grew uneasy when an air traffic controller cleared the Southwest flight to take off in front of them. The pilots’ awareness was heightened, but Bradeen said he didn’t realize a collision was imminent until about 100 or 150 feet away.
Persons: they’re, , , Robert Bradeen, CNN’s Pete Muntean, ” Bradeen, Captain Hugo Carvajal, Rob’s –, , ’ ” Carvajal, Carvajal, Hugo Carvajal, Bradeen, they’ve, Hugo, , didn’t, Jason Ambrosi, Austin, Jennifer Homendy, we’re Organizations: CNN, FedEx, Bergstrom International, Southwest Airlines, National Transportation Safety, National Transportation, Alaska Airlines, Southwest Boeing, NTSB, FedEx Boeing, Southwest, Air Line Pilots Association, FAA Locations: Austin, Alaska, Nashville, Memphis
A firefighter puts out a hot spot in a home near Lake Elsinore, Calif. on Sept. 11, 2024. The three blazes are:A house in flames as the Airport Fire burns in Lake Elsinore, Calif., on Sept. 10, 2024. Apu Gomes / Getty ImagesThe Airport Fire in Orange County, which has burned more than 35 square miles. Several homes burned in El Cariso Village. The Line Fire in the San Bernardino National Forest, which was 18% contained Wednesday and had charred 57 square miles.
Persons: Zoe Meyers, Erin Arias, , ” Arias, “ We’re, Daniel Swain, , Apu Gomes, Steve Concialdi Organizations: — Firefighters, Getty, UCLA, San Bernardino National Forest, Authorities Locations: Calif, Los, . California, Southern California, Lake Elsinore, AFP, Wrightwood, Los Angeles, Orange County, Orange, El Cariso, Highland
The magnitude of mining waste globally is staggering, with tens of thousands of tailings piles containing 245 billon tons (223 billion metric tons), researchers say. Overseeing Leadville’s water supply is Parkville Water District Manager Greg Teter, who views CJK Milling as potential solution to water quality problems. As long as Leadville’s piles remain, their potential to pollute continues. Despite the mess from Leadville’s historic mining, Teter spoke proudly of his industry ties, including working in two now-closed mines. “If it were not for mining, Leadville would not be here.
Persons: “ We’re, ” Brice Karsh, Thomas Peipert, Nick Michael, Michael, , Christian Luna, Leal, ” Luna, Michael said, geochemist Ann Maest, remining, Maest, Greg Teter, Teter, ” Teter, CJKs, Richard Mylott, Mylott Organizations: National Mining Museum, , Parkville Water, U.S . Bureau of Reclamation, Environmental Protection Agency, EPA, Rockies Locations: LEADVILLE, Colo, , Colorado, Leadville, Arkansas, Mount Elbert, , Leadville —, Mexico, town’s, , Parkville, Leadville’s, East Helena, Anaconda , Montana, Midvale , Utah, South Dakota, Creede , Colorado
Taylor Swift matched Beyoncé's record for the most career MTV Video Music Awards on Wednesday night after winning seven awards in one evening. Before her first win of the night for song of the summer, Swift had 23 VMAs. Swift, 34, ended the night with a win for video of the year, her third consecutive year earning the award. She also took home Moon Person statues for best pop, best artist, best director, best collaboration and best editing. It was a big night for Swift after one of the biggest years of her life.
Persons: Taylor Swift, Swift, Beyoncé, Travis Kelce, Travis, Kamala Harris, Harris, Tim Walz, , ” Swift, , Sen, JD Vance, Benjamin Button Organizations: MTV, Guinness World Records, Country Music, Minnesota Gov Locations: Texas, R, Ohio, U.S, Europe, South America, Asia, Australia, Miami, New Orleans, Indianapolis, Canada
Oracle shares rose about 6% in extended trading on Thursday after the database software maker raised its fiscal 2026 revenue guidance and issued a heady forecast for the 2029 fiscal year. At an analyst meeting coinciding with the Oracle CloudWorld conference in Las Vegas, the company said it now sees at least $66 billion in fiscal 2026 revenue. She pointed to partnerships that will allow companies to use Oracle database software through top-tier cloud providers Amazon , Google and Microsoft . The company's cloud infrastructure revenue grew 45% in the most recent quarter, a quicker pace than at Amazon, Google or Microsoft. As Oracle plans to expand revenue, Catz said she expects capital expenditures to double in the current 2025 fiscal year.
Persons: Safra Catz, LSEG, Catz, Alex Zukin Organizations: Oracle Corp, New York Stock Exchange, Oracle, Google, Microsoft, Nvidia Locations: New York, Las Vegas
Between 2021 and 2022, average annual grocery prices were up 11.4%, the highest increase since 1979. In this episode of "Just the Facts," the US Economy and your Pocketbook. Let's take a look at the economy and how it is working or not working for you. To measure inflation, let's start by looking at the Consumer Price Index, or CPI. Between 2021 and 2022, average annual grocery prices were up 11.4%, the highest increase since 1979, and they grew another 5% between 2022 and 2023.
Persons: Steve Ballmer, USAFacts, COVID, it's, There's Organizations: Insider Studios, LA Clippers, Consumer, Federal Reserve, Real, Social Security Locations: America, United
I remembered meeting up with friends who didn't work in the industry. AdvertisementLeaving BlackRock for the startup worldI took an 80% pay cut when I quit my job at BlackRock to join Style Theory, a fashion rental startup. Ong took an 80% pay cut when she left BlackRock for Style Theory. One thing that Style Theory offered me was the huge amount of autonomy I had as an employee. After leaving Style Theory, I moved to Singapore just a few months before the COVID-19 pandemic hit.
Persons: , Jennifer Ong, BlackRock, Ong, Jennifer, I'd Organizations: Service, BlackRock, Business Locations: Singapore
White and non-Hispanic white households were the only racial or Hispanic-origin groups whose incomes rose significantly, growing by 5.4% and 5.7%, respectively. Median household income in the U.S. rose to $80,610 in 2023, according to U.S. Census Bureau estimates . While Black and Hispanic household incomes did increase, they only grew by 2.8% and 0.4% from 2022 to 2023. The gap between Asian and white non-Hispanic household earnings shrank slightly between 2022 and 2023, while the gap between white non-Hispanic and Hispanic household incomes grew. That figure drops to about $62,000 for Hispanic households and to about $45,000 among Black households in 2022, according to the Fed.
Organizations: Census, Fed, National Women's Law Locations: U.S
Seoul, South Korea CNN —South Korea has for decades been known as the world’s largest “baby exporter” – sending hundreds of thousands of children overseas after the country was ravaged by war and many mothers left destitute. Searching for their rootsMore than 200,000 South Korean children have been adopted overseas since the 1950s following World War II and the Korean War, according to authorities. While adoptions continue today, the trend has been declining since the 2010s after South Korea amended its adoption laws in an effort to address systematic issues and reduce the number of children adopted overseas. “It’s truly terrifying to hear how systemic these issues were, but I wouldn’t say it’s necessarily surprising,” said Susanné Seong-eun Bergsten, who was adopted from South Korea and grew up in Sweden. “There is still much about Korean adoption that has not been formally acknowledged.”
Persons: , adoptees, , Susanné Seong, Mark Zastrow, Bergsten Organizations: South Korea CNN, Commission, CNN, Korean Locations: Seoul, South Korea, Korea, Korean, Daegu, Sejong, United States, Australia, Norway, Denmark, Europe, It’s, Sweden, adoptees
From the front door of X, which is closing up shop in San Francisco on Friday, Market Street runs straight through downtown to the bay. Now, as X leaves its spot, Market Street is still suffering from all the same problems it had before Twitter. After handing over millions of dollars in tax breaks to one of the world's wealthiest corporations, San Francisco has nothing to show for it. AdvertisementI keep remembering a work trip I took to San Francisco in 1999, a few years before I moved here. "Our focus remains on working with and supporting the many businesses that call San Francisco home," the statement reads.
Persons: Daniel Burnham, Elon Musk, Twitter, Ted Egan, Bon Marché, Paula Smith Arrigoni, restaurateurs, Dolby, Twitter didn't, Egan, Uber decamped, Musk, San Francisco, Adam Rogers Organizations: Twitter, Central Market, Anadolu, Getty, AQ, Area, Coalition, Apple, New York Times, San, Sony, Microsoft, Ikea, London Breed, Business Locations: San Francisco, Austin, South Park, California, Brisbane, Texas, scuzzy, gentrify, Alta, Oro, Bon, Kaya, Bay, Oakland
The startup, Cavela, launched from stealth today with $2 million in seed funding, Business Insider has learned. This story is available exclusively to Business Insider subscribers. The process becomes even more time-consuming as companies speak with multiple suppliers in order to find the best partner to complete a specific project. Sardain's family works in manufacturing, and he grew up living in multiple manufacturing hubs across Asia and Latin America, including Malaysia, Hong Kong, Thailand, Singapore, and Mexico. For Cavela, the startup closed its $2 million seed round without using a traditional pitch deck.
Persons: , Anthony Sardain, Sardain, we've Organizations: Service, Business, XYZ Ventures, Ventures, Go Global Ventures, Tierra, Google, Bright Machines Locations: Asia, Latin America, Malaysia, Hong Kong, Thailand, Singapore, Mexico, America, San Francisco, Fransisco
But there's another lesser-known S&P 500 index that you might not have heard of: the SPW. In contrast, the conventional S&P 500 allocates more weight to the biggest companies based on market capitalization. Big Tech names carry very little debt on their balance sheets, meaning that they are less affected by elevated interest rates. Bank of AmericaIn contrast, the cap-weight S&P 500 is approaching overvalued territory. Examples of SPW index funds include the Invesco S&P 500 Equal Weight ETF (RSP) and Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW).
Persons: , that's, Jack Ablin, LPL, Jeff Buchbinder, Savita Subramanian, Buchbinder, Ablin, haven't, Goldman Sachs Organizations: Service, Nvidia, Big Tech, Business, Bank of America, Cresset, Healthcare, financials, Bank of America's, Equity, RSP
CNN —Four years ago, North Carolina voters handed Democrats one of the party’s toughest losses and one of its most consequential wins. The race to succeed the term-limited Cooper, however, seems to be leaning toward the Democratic nominee, North Carolina Attorney General Josh Stein. But North Carolina is still a purple state with a history of elections decided by razor-thin margins. Mike Stewart/APA ticket-splitting stateHistorically, North Carolina voters have favored ticket-splitting. “There’s no connection between the gubernatorial ticket and presidential ticket,” said North Carolina Republican strategist Paul Shumaker.
Persons: Donald Trump, Joe Biden, Roy Cooper, Kamala Harris, Harris, Cooper, Josh Stein, Stein, Mark Robinson’s, Sen, Thom Tillis, Pat McCrory, Robinson, , ” Jonathan Felts, , ” Felts, Mike Stewart, Jimmy Carter, Barack Obama, McCrory, HB2, Trump, Hillary Clinton, Paul Shumaker, “ There’s, don’t, He’s, Mark Robinson, ” Robinson, Mike Lonergan, ” Stein, Morgan Hopkins, “ Martin Luther King, It’s, ” Trump, Susan Myers, ” Myers, “ Mark’s, Grant Baldwin, Anderson Clayton, “ He’s, Adam Stein –, Deloris Rhodes, she’s, ” Rhodes, Heather Horak, , Obama, Robert F, Kennedy Jr, Horak, wasn’t, he’s, ” CNN’s David Wright Organizations: CNN, North, Democratic Gov, Republican, Trump, Democratic, GOP, Democrats, Democrat, North Carolina Republican Council of State, Labor, Republicans, ” North Carolina, AP, North Carolina Republican, Quinnipiac, Fox, America, Democratic Governors Association, Republican Governors Association, , , Getty, Dartmouth, Harvard University, Ivy League, Army Reserves, University of North, Greensboro City, Facebook, Wilmington Business, State Board of Education, Wilmington Locations: North Carolina, Charlotte, Greensboro, , Raleigh, McCrory’s, Asheville, Pink Hill , North Carolina, Charlotte , North Carolina, Chapel Hill, Carolina, University of North Carolina, Parkland , Florida, Wilmington
"I love how you can invest in properties, you earn money, you have to save money to wait for the best property. Though they may not have pushed Tello-Trillo into economics, her parents taught her about money from a young age. "I see money as a thing that you work really hard for, and then if you want to spend money [it's] because you really, really value something," she says. "But it has to be something that I really, really like, and it has to be something that is going to be useful either for the family or for the home." She and her husband split household expenses equally, and Tello-Trillo handles the mortgage payments for her rental properties on her own.
Persons: Cristina Tello, Trillo, that's, Sebastian, Leo, Tello, she's, Peru wouldn't, Roth Organizations: CNBC, Monopoly, Pontificia Universidad Catolica of, Tello, U.S . Census Bureau, University of Maryland, Washington , D.C, Yale University, YouTube, Leo Insurance, Netflix, Spotify, Amazon, Amazon Prime Locations: Peru, Nicaragua, Pontificia Universidad Catolica of Peru, Bethesda , Maryland, Washington ,, Rochester , New York, Tello, , Bethesda, Rochester, Shenandoah, Northern Virginia
Vance, the Ohio senator and running mate to former President Donald Trump, said on CNBC's "Squawk Box" that the Democratic presidential nominee "has flooded the country with 25 million illegal aliens." During an Aug. 28 speech in Wisconsin, Vance claimed Harris "let in 25 million illegal aliens." He specified in the same speech that those alleged 25 million people are currently "here in this country illegally." The Department of Homeland Security's Office of Homeland Security Statistics in April estimated that 11 million unauthorized immigrants were living in the U.S. as of Jan. 1, 2022. That total marked a decline from an estimated 11.6 million unauthorized immigrants in the U.S. in 2010, but an increase from 10.5 million in January 2020, according to the office.
Persons: Vance, Kamala Harris, Donald Trump, Harris, Trump, Michelle Mittelstadt, Sen, Marco Rubio Organizations: Democratic, U.S . Customs, Border Protection, CNBC, Department, Homeland Security's, of Homeland Security Statistics, Policy Institute, Poynter Institute, Pew Research Center, CBP Locations: United States, Ohio, U.S, Wisconsin, CBP's
Adobe stock slips on soft fourth-quarter revenue guidance
  + stars: | 2024-09-12 | by ( Kif Leswing | ) www.cnbc.com   time to read: +1 min
Adobe reported third-quarter results on Thursday that beat Wall Street expectations for sales and earnings, but the stock slid 10% in extended trading on fourth-quarter guidance that came up short. Here's how Adobe did for the quarter ending in August versus LSEG consensus estimates:Revenue : $5.41 billion, vs. $5.37 billion expected: $5.41 billion, vs. $5.37 billion expected Earnings per share: $4.65, adjusted, vs. $4.53 estimatedAdobe said it expected earnings per share between $4.63 and $4.68 on revenue in the fourth quarter of between $5.5 billion and $5.55 billion. Analysts polled by LSEG were expecting a forecast of $4.67 of earnings on $5.61 billion of sales. Adobe said it recorded $1.68 billion of net income during the quarter, or $3.76 per diluted share. In total, Adobe recorded $5.18 billion in subscription revenue during the quarter, up 11% year-over-year.
Persons: LSEG Organizations: Adobe, Digital Media
Beijing/Hong Kong CNN —Married for seven years, Hansen and his wife Momo care for six little ones at their apartment in downtown Beijing. By 2030, the number of pets in urban China alone will almost double the number of young children across the country, according to its projection. The country’s pet ownership rate would be even higher if the number of dogs and cats in rural areas were included. Its birth rate also dipped to 6.39 births per 1,000 people, the lowest rate since the founding of Communist China in 1949. I think it’s just that we love dogs,” Hansen said.
Persons: Hong Kong CNN —, Hansen, Momo, , Beijing hasn’t, they’ve, Justin Robertson, Goldman Sachs, Mao Zedong’s, Goldman, It’s, , Tao, CNN Tao, CNN Stuart Gietel, aren’t, Basten, “ We’re, ” Hansen, Xi Jinping Organizations: Hong Kong CNN, Research, CNN, Publishing, Authorities, Communist, Hong Kong University of Science, Technology Locations: China, Beijing, Hong Kong, Australia, France, India, Japan, East China's Jiangsu, Communist China, Basten
The El Niño of 252 million years ago would have originated in the Panthalassic Ocean, a body of water much larger than today’s Pacific that could hold more heat, which in turn would have strengthened and sustained El Niño effects. The planet had experienced similar episodes earlier but they hadn’t triggered a mass extinction. A prolonged and intense El Niño also explained why extinctions had begun on land before they occurred in the ocean, the study said. This data showed how temperature rose at different latitudes as the mass extinction unfolded. El Niño events today are known to cause coral bleaching and mass mortality of fish, the study noted, but the ecological impact and future trajectory of El Niño events in a warming climate are unknown.
Persons: , Paul Wignall, David Bond, Paul Wignall El, Alex Farnsworth, El, ” Wignall, Niño, , Yadong Sun, Niños, Wignall, Farnsworth, Alfio Alessandro Chiarenza, Chiarenza, wasn’t Organizations: CNN, University of Leeds, El, University of Hull, UK’s University of Bristol, China University of Geosciences, University of Bristol, Royal Society Newton International, University College London’s, supervolcanoes Locations: what’s, Russia, United Kingdom, Ellesmere, El, Pacific, Wuhan
But it's fellow influencer Jen Affleck's relationship with her husband, Zac Affleck, that show has caught fans' attention. Here's what to know about Zac and Jen Affleck and their relationship. Zac and Jen met when she was 18 and they got married a year laterJen said she met Zac on a dating app called Mutual in 2018 when she was 18 and he was 21. Jen said last week during an interview with People that Zac was only a "distant relative" and the couple had never met Ben or Casey Affleck. AdvertisementJen auditioned to be part of 'The Secret Lives of Mormon Wives' before joining Mormon MomTokIn the "Weekly Trash" podcast episode, Jen said she wasn't affiliated with Mormon MomTok before the show started filming.
Persons: , Ben, Casey Affleck, Taylor Frankie Paul, Jen Affleck's, Zac Affleck, Zac, Jen, Jen Affleck, Maria, Jen's, Rick, Nora Affleck, Lucas Lowell Affleck, Ben Affleck, Jennifer Lopez, Monica Schipper, I'm, Arizona Jen Organizations: Service, Hulu, Business, Brigham Young University, Brigham Young University in, Mormon, TikTok Locations: Las Vegas, Utah, Ecuador, Brigham Young University in Utah, Northern California, Salt Lake City, Arizona
Oil prices were flat on Thursday as concerns about lower demand erased the gains from the previous session spurred by Hurricane's Francine's impact on output in the U.S., the world's biggest crude producer. But with the storm set to eventually dissipate after making landfall, the oil market's attention again turned to lower demand. U.S. oil stockpiles rose across the board last week as crude imports grew and exports dipped, the Energy Information Administration said on Wednesday. The data also showed gasoline demand fell to its lowest since May at the same time distillate fuel demand dropped, with refinery runs also declining. Earlier in the week, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2024 and also trimmed its expectation for next year, its second consecutive downward revision.
Persons: Hurricane's, Brent Organizations: Hurricane, Energy Information Administration, Organization of, Petroleum, International Energy, ANZ Research Locations: Nolan , Texas, U.S, U.S . Gulf, Mexico, Louisiana
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