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☆ US labor market cooling; leading indicator flashes recession
▼ + stars: | 2023-04-20 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Though measured, the loss of labor market momentum added to slumping retail sales and manufacturing activity in heightening the risks of a recession as soon as the second half of the year. Jobless claimsNevertheless, the labor market is fraying around the edges. It also said contacts reported the labor market becoming less tight, noting "a small number of firms reported mass layoffs," which were "centered at a subset of the largest companies." Philly FedDespite cracks in the labor market, economists did not expect widespread job losses. The claims data covered the period during which the government surveyed business establishments for the nonfarm payrolls portion of April's employment report.

☆ US weekly jobless claims increase moderately
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, April 20 (Reuters) - The number of Americans filing new claims for unemployment benefits increased moderately last week, suggesting that the labor market was gradually slowing. Initial claims for state unemployment benefits rose 5,000 to a seasonally adjusted 245,000 for the week ended April 15. The claims data covered the period during which the government surveyed households for the nonfarm payrolls portion of April's employment report. The so-called continuing claims increased 61,000 to 1.865 million during the week ending April 8, the claims report showed. Continuing claims remain low by historical standards as some of the laid off workers are quickly finding employment.

☆ US existing home sales resume downward trend in March
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +3 min

Last month's sales likely reflected some contracts signed in February, when mortgage rates started rising again after mostly decreasing in January. "Consumers appear to be very sensitive to changes in mortgage rates," said Lawrence Yun, the NAR's chief economist. "The week-to-week changes in mortgage rates are having a big impact." Home resales, which account for a big chunk of U.S. housing sales, tumbled 22.0% on a year-on-year basis in March. A survey on Monday showed the National Association of Home Builders/Wells Fargo Housing Market index climbed to a seven-month high in April.

☆ BuzzFeed is shutting down its news arm and parting with 2 top executives
▼ + stars: | 2023-04-20 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

BuzzFeed News is shutting down as part of broader cuts at BuzzFeed that sent its stock price tumbling. The digital media company has struggled financially since its 2021 IPO. BuzzFeed is shutting down BuzzFeed News along with making layoffs of 15% in divisions across the organization, according to a memo shared with Insider. Two top BuzzFeed execs, Christian Baesler, COO, and Edgar Hernandez, CRO, are leaving the company as well. A handful of top execs from BuzzFeed's Complex Networks left as part of that round, including Complex's president, Justin Killion.

☆ We mapped out the 113 most powerful people at Warner Bros. Discovery after a blockbuster merger and a tumultuous year of layoffs and cuts under CEO David Zaslav
▼ + stars: | 2023-04-20 | by ( Claire Atkinson | Lucia Moses | Taylor Tyson | ) www.businessinsider.com time to read: +2 min

Warner Bros. CEO David Zaslav is focused on rebuilding but faces economic headwinds and an advertising slump. Insider mapped out the 112 most powerful people under Zaslav leading WBD film and TV studios, HBO, CNN, and more. One year after the merger that created Warner Bros. While Kathleen Finch has joined the mix with her portfolio of Discovery channels, top TV execs from the WarnerMedia regime — HBO's Casey Bloys and Warner Bros. TV studios chief Channing Dungey — are still in place.

☆ US housing market stabilizing as single-family homebuilding, permits surge
▼ + stars: | 2023-04-18 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Summary Single-family housing starts increase 2.7% in MarchSingle-family building permits jump 4.1%Overall housing starts fall 0.8%; permits drop 8.8%WASHINGTON, April 18 (Reuters) - U.S. single-family homebuilding increased for a second straight month in March, while permits for future construction surged, offering some glimmers of hope for the depressed housing market ahead of the busy spring selling season. The improvement in the single-family housing market segment, which was reported by the Commerce Department on Tuesday, likely reflected buyers taking advantage of a retreat in mortgage rates. A survey on Monday showed falling mortgage rates and tight supply of previously owned houses were supporting the new home market. Single-family housing starts, which account for the bulk of homebuilding, rose 2.7% to a seasonally adjusted annual rate of 861,000 units last month. Single-family housing starts dropped 27.7% on a year-on-year basis in March.

☆ From 'Queer Eye' to gay ghost hunters, Scout Productions execs reveal how they built a reality TV powerhouse that's well armed for a Hollywood writers' strike
▼ + stars: | 2023-04-18 | by ( Lucia Moses | ) www.businessinsider.com time to read: +9 min

Reality TV powerhouse Scout Productions is betting its time is now, with a Hollywood writers' strike looming. It's working with Kristen Stewart on a "super-gay ghost hunting" reality series, as the star touted it on Instagram. The company also revealed to Insider that it's developing an unscripted series with Janelle Monáe and her production company, Wondaland. It's also plotting a return to its scripted content roots. "They are very Scout shows in our storytelling process, but they're also shows that fit, that can be international, they can be domestic only.

☆ US homebuilder sentiment improves further; NY state manufacturing rebounds
▼ + stars: | 2023-04-17 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Other data on Monday showed manufacturing activity in New York state increased for the first time in five months. Housing and manufacturing have been hammered by the Federal Reserve's fastest interest rate hiking campaign since the 1980s. The survey's measure of current sales conditions rose two points to 51. The survey's measure of future business conditions rose to 6.6 from 2.9 in March. The capital spending index rose 3.2 points to 16.5, while the technology spending measure fell to 10.3 from 13.3 in March.

☆ Netflix apologizes to enraged viewers after a highly anticipated live reunion episode of 'Love Is Blind' was delayed due to technical difficulties
▼ + stars: | 2023-04-17 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +3 min

The highly anticipated reunion episode of Netflix's "Love Is Blind" was delayed on Sunday. Angry fans have lashed out at global streaming giant Netflix after a highly anticipated "Love is Blind" live reunion was delayed due to technical issues. The live reunion special for Season 4 of the hit reality show was supposed to air at 8 p.m. E.T. But shortly before that, Netflix tweeted that it would be up within 15 minutes, the New York Times reported. E.T., Netflix tweeted that the show would be available "globally at 12pm PT on April 17.

☆ Top Warner Bros. Discovery marketing exec reveals the launch strategy for mega-streamer Max, the challenges ahead, and why HBO was dropped from the name: 'HBO had its limits'
▼ + stars: | 2023-04-17 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Spagnoletto, who goes by Pato, was referring to the market research WBD conducted before settling on the name Max — dropping the HBO from its existing service, HBO Max — for the company's long-awaited mega-streamer that will combine content from HBO Max and Discovery+. WBD research showed that to attract new subscribers, the HBO brand was too nichePatrizio "Pato" Spagnoletto Warner Bros. DiscoveryIn dropping "HBO" from the name, WBD is acknowledging HBO Max has a potent but narrow appeal that could turn off a broader audience. The Max logo has the same vibe as the HBO Max logo, however, and incorporates a few elements of HBO's logo. "Right now, we have very limited capabilities" in that regard, he said of the current HBO Max app.

☆ ‘Love is Blind’ live reunion delayed as Netflix pleads for patience
▼ + stars: | 2023-04-16 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

New York CNN —Netflix’s highly anticipated live reunion Sunday for the season 4 cast of its reality dating show “Love is Blind” has been delayed, leaving fans waiting for over an hour. A couple minutes after its scheduled start time, Netflix tweeted: “Love is … late. — Netflix (@netflix) April 17, 2023The company isn’t used to airing live events like many of its streaming competitors. Netflix’s rivals have found success with live streaming. The company started experimenting with live broadcasts as the media landscape continues to shift.

☆ US Secretary of State Blinken calls for immediate end to violence in Sudan
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 15 (Reuters) - U.S. Secretary of State Antony Blinken said on Saturday he was deeply concerned about reports of escalating violence between the Sudanese Armed Forces and the country's main paramilitary group, the Rapid Support Forces, and called for an immediate end to hostilities. Blinken described the situation in Khartoum as "fragile." "We are in touch with the Embassy team in Khartoum - all are currently accounted for," Blinken wrote on Twitter. The Rapid Support Forces said on Saturday it had taken control of the presidential palace, the residence of the army chief and Khartoum international airport on Saturday in an apparent coup attempt. "But I think there's a real opportunity to move forward on the agreed framework, and certainly that's what we're strongly supporting," said Blinken.

☆ Weak retail sales, manufacturing output data point to slowing US economy
▼ + stars: | 2023-04-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Data for February was revised up to show retail sales falling 0.2% instead of 0.4% as previously reported. Retail sales are mostly goods, which are typically bought on credit, and are not adjusted for inflation. Retail sales and inflationThe decline in retail sales was almost across the board. Sales at food services and drinking places, the only services category in the retail sales report, edged up 0.1%. Excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.3% last month.

☆ US retail sales post second straight monthly drop; factory output falls
▼ + stars: | 2023-04-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Retail sales dropped 1.0% last month, the Commerce Department said. Data for February was revised up to show retail sales falling 0.2% instead of 0.4% as previously reported. Retail sales are mostly goods, which are typically bought on credit, and are not adjusted for inflation. Sales at food services and drinking places, the only services category in the retail sales report, edged up 0.1%. Excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.3% last month.

☆ US business inventories rise moderately in February
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 14 (Reuters) - U.S. business inventories rose moderately in February, suggesting that inventory investment could subtract from economic growth in the first quarter. Business inventories increased 0.2% after falling 0.2% in January, the Commerce Department said on Friday. Inventories increased 9.1% on a year-on-year basis in February. Retail inventories increased 0.7% instead of 0.8% as estimated in an advance report published last month. Wholesale inventories rose 0.1% in February.

☆ US import prices fall more than expected in March
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermidWASHINGTON, April 14 (Reuters) - U.S. import prices fell more than expected in March, leading to the biggest year-on-year decline since mid-2020, further evidence that inflation pressures were subsiding. Import prices dropped 0.6% last month after slipping 0.2% in February, the Labor Department said on Friday. Economists polled by Reuters had forecast import prices, which exclude tariffs, falling 0.1%. The government reported this week that consumer prices barely rose in March, while producer prices fell by the most in nearly three years. Petroleum prices decreased 1.2%, while natural gas prices plummeted 31.3%.

☆ 9 startups bringing AI tech to Netflix, Lucasfilm, Marvel, and more Hollywood studios — and attracting millions in VC funding
▼ + stars: | 2023-04-14 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

VCs and private equity have poured millions into startups bringing AI tech to film and TV production. AI startups disrupting Hollywood include MARZ and Wonder Dynamics, cofounded by "X Men" star Tye Sheridan. Investment in AI startups for entertainment is "blowing up right now," said Michael Blank, head of consumer investing at CAA. There are already AI tools that can write full scripts. Vendors and investors told Insider that over time, AI tools will change jobs, not replace them.

☆ US labor market gradually losing steam; producer inflation cooling
▼ + stars: | 2023-04-13 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Still, the labor market and inflation are likely not cooling fast enough to stop the Federal Reserve from raising interest rates one more time next month. Claims, however, remain below the 270,000 level, a breach of which economists say would signal a deterioration in the labor market. "The upcoming labor market downturn will be modest since the drop in demand is expected to be fairly modest." InflationThe annual PPI rate is subsiding as last year's large increases drop out of the calculation. In the 12 months through March, the core PPI advanced 3.6% after increasing 4.5% in February.

☆ U.S. producer prices unexpectedly fall in March
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Hannah BeierWASHINGTON, April 13 (Reuters) - U.S. producer prices unexpectedly fell in March as the cost of gasoline declined, and there were signs that underlying producer inflation was subsiding. The annual PPI rate is subsiding as last year's large increases drop out of the calculation. Goods prices fell 0.3% in February. Excluding the volatile food and energy components, core goods prices rose 0.3% after a similar gain in February. Excluding food, energy and trade services components, producer prices gained 0.1% in March.

☆ U.S. weekly jobless claims increase as labor market slows
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

Initial claims for state unemployment benefits rose 11,000 to a seasonally adjusted 239,000 for the week ended April 8. Economists polled by Reuters had forecast 232,000 claims for the latest week. Claims however remain below the 270,000 level, a breach of which economists say would signal a deterioration in the labor market. Last Friday's employment report showed a solid pace of job growth in March and the unemployment rate falling back to 3.5%, while wage gains remained moderate. It has hiked its policy rate by 475 basis points since last March from the near-zero level to the current 4.75%-5.00% range.

☆ US consumer prices rise moderately in March; underlying inflation still hot
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, April 12 (Reuters) - U.S. consumer prices barely rose in March as the cost of gasoline declined, but stubbornly high rents kept underlying inflation pressures simmering, likely ensuring that the Federal Reserve will raise interest rates again next month. The Consumer Price Index (CPI) climbed 0.1% last month after advancing 0.4% in February, the Labor Department said on Wednesday. In the 12 months through March, the CPI increased 5.0%, the smallest year-on-year gain since May 2021. Inflation by all measures remains more than double the Fed's 2% target. With independent measures showing rents on a downward trajectory, however, housing inflation is expected to start subsiding in the second half.

☆ Warner Bros Discovery reveals pricing, promotion, and content details of its new streamer, Max, as it aims to take on Netflix and fire up Wall Street
▼ + stars: | 2023-04-12 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

Called Max, the app will feature content from HBO Max and Discovery+. Discovery announced the details of its new streaming app on Wednesday, after much anticipation from Hollywood and Madison Avenue. The prices will stay the same for HBO Max subscribers, who will begin to be automatically ported over to the new service. Presenting the entire WBD content catalog on the combined streamer without diluting HBO's prestige factor was another challenge. HBO Max has greater recognition with younger consumers, according to a new Samba TV/HarrisX poll, which could help grow awareness for Discovery+.

☆ Read 14 pitch decks that helped media and tech startups nab millions in funding to disrupt entertainment
▼ + stars: | 2023-04-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Tech is disrupting all parts of media and entertainment, and investors are rushing to cash in. These pitch decks show how their founders sold their vision to raise outside capital from VCs. Technology is upending all facets of media and entertainment. Insider talked with founders about the pitches they used to raise millions and innovate in content creation and distribution. Check out the examples below to learn more about how these and other founders have sold their vision.

☆ Netflix expands its product ambitions in a clothing collab that mashes up the Lacoste crocodile with 'Bridgerton,' 'Stranger Things,' and more
▼ + stars: | 2023-04-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

Netflix has teamed with Lacoste to create a clothing collaboration inspired by eight of its popular shows, including "Bridgerton," "Stranger Things," and "Lupin." For the pieces, Lacoste reimagined its iconic crocodile logo with elements of the Netflix shows on a collection of polos, caps, sweatshirts, and tracksuits. For "Stranger Things," a sweatshirt features the crocodile with the face of the Demogorgon, the feared creature from Season 1. Lacoste apparel inspired by "Stranger Things." NetflixThe items cost $30 to $210 and will be sold at select Lacoste stores and on Lacoste.com and Netflix.shop.

☆ Read the pitch deck AI startup Neosapience used to raise $21.5 million to expand to Hollywood, where a former Warner Bros. Discovery exec is leading its US push
▼ + stars: | 2023-04-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Neosapience is a Korean startup that created a synthetic voice and video platform. It plans to bring its tech to Hollywood and has hired former Warner Bros. Neosapience, a Korean startup, is poised to disrupt Hollywood with a voice and video AI platform. Taesu Kim, a founder and CEO of Neosapience, said he sees entertainment companies using Neosapience to do things like add voiceovers to documentaries and to voice AI actors. Discovery business development exec Tony Shin, whose oversight included DC Comics, hints at the kind of opportunity Neosapience sees in the US.

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