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There are cracks forming in the US jobs market
  + stars: | 2024-08-02 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +9 min
CNN —The pandemic threw the US job market into chaos, but four years later, things finally seem to be back to normal. Most indicators support the idea that the labor market is no longer overheated and could easily maintain a new normal of steady, but slower growth. The unemployment rate is expected to hold steady at 4.1%, according to FactSet consensus estimates. “This is a labor market that’s otherwise moderated,” Nick Bunker, director of North American economic research at Indeed, told CNN. The same goes for the prime-age labor force participation rate, which at 83.7% also is the highest in 23 years.
Persons: hasn’t, Jerome Powell, Nick Bunker, Powell, Nancy Vanden Houten, , , , , Madhavi Bokil, Indeed’s Bunker, Bunker, ” Elise Gould, ” Bunker, “ It’s, Julia Pollak, ” Pollak, can’t Organizations: CNN, Federal, of Labor, Challenger, Economic Policy Institute, Locations: Oxford
Stay resilient and, when your luck turns, be ready to jump at the right opportunity, according to Carvana co-founder and CEO Ernie Garcia. Less than two years after the online used car retailer's ballooning debt and shrinking sales nearly forced the company into bankruptcy, Carvana is on the road to recovery. That's not something you imagine [when you start a business]," Garcia told CNBC's "Squawk on the Street" on Thursday morning. Carvana had been riding high during the coronavirus pandemic, when the market for used cars surged. Investor perspectives changed quite a bit in [2022] and our stock went down 99%," Garcia said on Thursday.
Persons: Carvana, Ernie Garcia, That's, Garcia, CNBC's Locations: Tempe , Arizona
New York CNN —Stocks slid Friday as a disappointing jobs report added to fears that the US economy is weakening. Stocks have also whipsawed in recent days as investors also digested the Federal Reserve’s July policy meetings and Big Tech earnings reports. Big Tech earningsInvestors have also parsed a mixed bag of Big Tech earnings this week. Shares of Apple, which reported in-line earnings but missed sales expectations Thursday evening, are up 2.1%. Investors have in recent weeks moved out of the Magnificent Seven tech stocks that powered the market to repeated record highs this year.
Persons: Stocks, Dow, That’s, , David Russell, Jerome Powell, ” Powell Organizations: New, New York CNN, Nasdaq, of Labor Statistics, Institute for Supply Management, Big Tech, Federal Reserve, Microsoft, Apple, Amazon, Meta, Intel Locations: New York, tamping
Read previewThis as-told-to essay is based on a conversation with Eleni Trapp, a 26-year-old UX designer from Florida who left her corporate job to freelance. Now, I'm a freelance UX designer who gets to write my own rules. As a UX designer, my job would be to transition their brick-and-mortar business into the digital landscape. I knew I wouldn't be happy settling into another corporate job so I decided to take a chance on freelancing. AdvertisementI'm building a space to channel my feminine rageAs I continue to freelance, I'm also building a business I'm endlessly passionate about.
Persons: , Eleni Trapp, It's, I'm, hadn't, I'd, wasn't, I've, Trapp, Tess Martinelli Organizations: Service, Business, LinkedIn Locations: Florida, tmartinelli@insider.com
Best Credit Cards for Excellent Credit of August 2024Compare the Top Credit Cards for Excellent CreditBest mid-tier travel card Chase Sapphire Preferred® Card Apply now lock icon An icon in the shape of lock. Best Credit Cards for Excellent Credit ReviewsConsumers with excellent credit have a lot of options when it comes to credit cards. The Bank of America® Premium Rewards® credit card isn't flashy, but it offers unique long-term value for those who prefer cash back credit card rewards and have a broader banking relationship with Bank of America. The Capital One Venture X Rewards Credit Card is Capital One's entry into the premium credit card market. Credit Cards for Excellent Credit Frequently Asked QuestionsWhat is the best credit card to get with an 800 credit score?
Persons: Read, Merrill, Miles you've, Miles you’ve, Miles, There’s, Uber, Wiley, Julie Mehretu, Peacock, Uber Cash, Chase, Cardholders, cardholders, you've, you'll, You'll, It's, Peter Rothbart, he's, Peter, Angela Fung Organizations: FICO's, Chase Travel, Chase, Sapphire, Hotel, FDIC, Bank of America, Bank of America's, of America, Bank of America Travel Center, TSA, Travel Insurance, Discover's, Discover . Discover, Capital, One, Premier, Express, American Express, Hilton, Marriott, Saks, Entertainment, Disney, ESPN, The New York Times, Street, American, Walmart, Global, Saks Fifth, Saks Fifth Avenue, Business, Finance, TSA PreCheck, PreCheck, Resorts Locations: Hulu, Wells, Seattle , Washington, Vegas, Pacific
New York CNN —Chevron is moving its headquarters out of California, the company announced Friday. The oil giant said it would be relocating its corporate offices from San Ramon, where they have been since 2002, to Houston. This will be the first time Chevron will be headquartered outside of California since its founding more than a century ago. Chevron chairman and CEO Mike Wirth and vice chairman Mark Nelson will move to Houston by the end of 2024, while other corporate operations will slowly relocate over the next five years. Chevron’s exodus from the Bay Area comes on the heels of Elon Musk’s announcement last month that SpaceX and X, formerly known as Twitter, would be relocating to Texas, as well.
Persons: Mike Wirth, Mark Nelson, Elon Musk’s, Musk, Gavin Newsom, ” Musk, Organizations: New, New York CNN, Chevron, San, SpaceX, Twitter, CNN Locations: New York, California, San Ramon, Houston, Chevron, Bay, Texas, Hawthorne , California, Starbase , Texas, Austin , Texas
Working hard didn't protect me from getting laid offAfter college, I worked as an editor in 2008. After a year, I landed a job working for a small school. This time, I took the approach that work is work and didn't want to give so much time to it. While in the office, my boss asked me for updates on the project I'd been working on before taking leave. I love my work and work hard, but it's just a part of who I am — not my entire identity.
Persons: , Kari Shafenberg, Levi Shafenberg, I've, It's, we'd, I'd, they'd, wasn't, That's, Shafenberg Organizations: Service, Army, Business, Management Locations: Colorado
Read previewWhen my older daughter turned 10, we held her birthday party at an arts and crafts center in the mall. Kid-led birthday parties allow kids to practice practical skills every step of the way, taking work off the parents' plates. There are different expectations with park parties because people can bring potluck dishes. My kids decorated the gift bags for the park party — a wonderful rainy Sunday afternoon activity. The bunny paper crafts, purchased online for $10, kept the kids just as busy as the mall art center projects.
Persons: , goody Organizations: Service, Business
Following the trade, Jim Cramer's Charitable Trust will own 260 shares of PANW, increasing its weighting to 2.46% from 2.18%. One way we like to think about buying into a sea of red is remembering what our approach would be if the market was in rally mode. So with stocks selling off, we're looking to do some light buying of high-quality companies with great long-term prospects that we've been waiting for the stock prices to come down. Outside of these tech names, there are some other stocks we may have our eyes on next week. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Jim Cramer's, we've, Nikesh Arora, — it's, Jim Cramer, Jim Organizations: Palo Alto Networks, PANW, Nvidia, Web Services, DuPont, Federal Reserve, Jim Cramer's Charitable, CNBC Locations: DuPont, Dover, Wells Fargo
Harvard University said on Friday that its interim president, Alan M. Garber, would lead the university through the 2026-27 academic year, offering a dose of stability to a campus rocked by turmoil. Dr. Garber took over at Harvard in January when Claudine Gay resigned after weeks of criticism over her testimony at a congressional hearing about antisemitism on campus and accusations of plagiarism in her academic writings. Penny Pritzker, senior fellow of the Harvard Corporation, the university’s highest governing body, said in a message to the campus on Friday that “interim” would be dropped from Dr. Garber’s title “to recognize his distinguished service to the university and to underscore our belief that this is a time not merely for steady stewardship but for active, engaged leadership.”The university said it would begin a search for a successor to Dr. Garber in 2026. This is a developing story. Check back for updates.
Persons: Alan M, Garber, Claudine Gay, Penny Pritzker, Organizations: Harvard University, Harvard, Harvard Corporation
Those lucky parents may leave with doctor’s orders for a four-week spa break by the sea or in the mountains. Germany has around 350 designated spa towns, with many designated as UNESCO World Heritage sites. ‘I had severe sleeping problems’Focused on preventative as well as restorative care, a Kur is frequently aimed at burned-out parents. The proportion of single parents in MGW clinics is disproportionately high in relation to the overall share in society. “Together, solutions are developed that will help patients to cope with everyday life again and prevent (further) health problems,” Gerstkamp explained.
Persons: , They’ve, Cécile Poirot, ” Poirot, , Müttergenesungswerk, Petra Gerstkamp, Gerstkamp, Poirot, ” Gerstkamp Organizations: CNN, UNESCO, Heritage, Locations: Germany, Baden, Wiesbaden, Bad, Europe, Elmshorn, Hamburg
Business Insider is recognizing influential TikTok talent managers and agents in 2024. These industry players help creators turn TikTok fame into an entertainment career. Social media has undergone many changes recently, and these agents help their talent navigate them. Talent managers and agents can help creators take advantage of sudden fame, identify which brands to work with, find the right time to launch their own products, and explore new ways to break into entertainment. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Service, Talent, Business
Understanding how money scripts influence your spending and saving behavior can be the key to unlocking financial wellness. Money scripts are beliefs or attitudes about money that subconsciously affect the way we make financial decisions. But it can be difficult to totally rid yourself of your personal money beliefs. Once you understand what your money scripts are and how they manifest, you can take steps to rescript if necessary. "When the context changes and our [money] beliefs don't change, that's when it becomes dysfunctional," Klontz says.
Persons: Brad Klontz, Klontz, we're, we've, it's Organizations: CNBC
Officials later confirmed to the Associated Press that some F-16s were indeed in Ukraine. AdvertisementThis means Ukraine may not use its F-16s for the frontline offensives it would prefer, according to military experts and Ukraine's top general. Peter Layton, a fellow at the Griffith Asia Institute who served in Australia's air force, said Ukraine would have to be cautious. He said its small number of aircraft and few pilots would mean Ukraine has to prioritize avoiding losses, so it can fly the F-16s as long as possible. Ukraine also faces challenges when it comes to logistics around the F-16s.
Persons: , Netherlands —, Peter Layton, Justin Bronk, Gen, Oleksandr Syrskyi, Marina Miron, Volodymyr Zelenskyy Organizations: Service, Bloomberg, Associated Press, NATO, Business, Times, Griffith Asia Institute, Russian, Royal United Services Institute, Guardian, War Studies Department, King's College London, Department of Defense, Politico, Washington Post, Reagan Locations: Ukraine, — Belgium, Denmark, Norway, Netherlands, London, Russia, Col, Ukrainian
Roasters and coffee experts are also signaling that prices could remain higher for longer, as factors like climate change reduce the coffee global supply. Climate change drives prices up“Coffee is more sensitive to changes in temperature than many other crops,” said Michael Hoffmann, professor emeritus at Cornell University’s College of Agriculture and Life Sciences. “Climate change is getting worse. According to Delany, coffee prices are typically between 100 to 140 cents, but have stayed consistently above that range for the past three years. “There’s a drum beat in the background that is climate change, and that is causing problems,” he said.
Persons: CNN —, Tomas Edelmann, , Hamburgo, Miranda, Ryan Delany, there’s, Michael Hoffmann, , Brazil sneezes, Delany, Arabica, ” Neil Rosser, Lavazza, Miranda Edelmann, Giuseppe Lavazza, Nestle, Sharon Zackfia, William Blair, Rosser, ” Delany, you’re Organizations: CNN, Coffee, International Coffee Organization, United Nations, Coffee Trading Academy, Cornell University’s College of Agriculture, Life Sciences, US Department of Agriculture, Commodities, Financial Times, Nestle Locations: Chiapas, Mexico, Brazil, Arabica, Vietnam, Ukraine, Red
CFRA Research sees more upside for the benchmark S & P 500 over the next 12 months, even if the risk of near-term profit taking looms. The higher forecast implies a year-end target of 5,770 for the S & P 500, or a 4.5% uptick from Wednesday's close for the benchmark. Stovall's previous year-end S & P 500 target called for 4,940. A combination of more stable supply-and-demand dynamics coupled with a widening of market gains supports the more bullish outlook, CFRA said. The S & P 500 has a roughly 14% gain this year, compared to the Nasdaq Composite's roughly 15% advance.
Persons: Sam Stovall, Evercore's Julian Emanuel, CFRA, Russell Organizations: Research, Federal Reserve, Nasdaq Locations: Wednesday's
“I think I always see potential in things,” she told Architectural Digest for the magazine’s September cover story. James is a visible figure in the fashion world. Reclaimed terracotta tiles make up James' outdoor kitchen. Less zen: the process of getting a 1,000-pound stone sink into her indoor kitchen. “Sometimes you have to just do what’s right for you right now.
Persons: Aurora James, Vellies, , , Farrow, Ball, James, Ayo Edebiri, Rosario Dawson, she’s, Frank Frances, Michelle Obama’s, Alexandria Ocasio, Cortez, Isamu Noguchi, Sarah Ellison, ” Frank Frances, Tyler Mitchell, Mickalene Thomas, Tschabalala Organizations: CNN, Nordstrom Locations: LA, Laurel Canyon, Brooklyn —, Black
New York CNN —Stocks tumbled Thursday after fresh data stoked fears that the US economy is weakening as interest rates stay at a 23-year high. Wage growth is running at a cooler pace and the unemployment rate is now at its highest point in more than two years, at 4.1%. Investors will get their next look at the state of the economy on Friday morning from the July jobs report. Economists polled by FactSet project a net gain of 175,000 jobs — a touch below the average for the past three months — and for the unemployment rate to hold steady. Powell said Wednesday that any significant weakening in the job market would be concerning.
Persons: Stocks, Dow, , Jerome, Powell, , Chris Zaccarelli Organizations: New, New York CNN, Nasdaq, Labor Department, Independent, Alliance, , Fed, Investors Locations: New York
Central bank policymakers have kept their target interest rate at 5.25% to 5.5% for the past year, creating a yield bonanza for investors in money market funds, certificates of deposit and Treasury bills. Gundlach, speaking on CNBC's " Closing Bell " on Wednesday, said he sees the Fed enacting as much as 150 basis points worth of rate cuts in the next year, or 1.5 percentage points, which would lower the fed funds rate to 3.75% to 4.00%. As interest rates come down, cash, short-dated instruments and floating-rate debt will also see lower yields, translating to less income for investors, he added. In lieu of those bank loans, investors may want to consider migrating toward BB-rated, fixed-rate high yield bonds — high-yield issues, he said. State Street offers the SPDR Portfolio High Yield Bond ETF (SPHY) .
Persons: Jeffrey Gundlach, Jerome Powell, Gundlach Organizations: Federal, BB, Corporate Bond, SEC, State Street, Investors Locations: Central
Iranian state media and Hamas previously indicated that Haniyeh was killed by a rocket fired from outside the building in which he was staying. An image published by the New York Times shows the building where Haniyeh is believed to have been assassinated. He had a full schedule of public appearances and meetings before he was assassinated, according to Iranian state media press reports. Haniyeh was first pictured on Tuesday, before the inauguration, meeting with Iranian Supreme Leader Ayatollah Ali Khamenei. Afterwards, Iranian state media published images of Haniyeh meeting with Iran’s new President Masoud Pezeshkian.
Persons: Ismail Haniyeh, Haniyeh, Israel, Haniyeh’s, Ayatollah Ali Khamenei, Masoud Pezeshkian, IRNA, Iran’s, , Muhammad ibn Abd al, Umm, Abed, , Fu’ad Shukr, Hassan Nasrallah, Nasrallah, Shukr, Mustafa Badreddine, Israel’s, Daniel Hagari, ” Hagari, Magen David Adom, , Mohammed Deif, Deif, Khan Younis, CNN’s Mostafa Salem, Tamara Qiblawi, Kareem Khadder, Tamar Michaelis, Tim Lister, Eyad Kourdi, Paul P, Murphy Organizations: Israel CNN, CNN, The New York Times, Hamas, Islamic Revolutionary Guard Corps, New York Times, Iranian, Islamic, Assembly, Israel Defense Forces, IDF, MDA, Kibbutz, Thursday Locations: Haifa, Israel, Tehran, Doha, Iran, Qatari, Wahhab, Lusail city, Beirut, Lebanon, Golan, Yemen, Syria, Haniyeh, Kibbutz Afek, Al, Gaza, Qatar’s
CNN —Britney Spears’ story is headed to the big screen. Universal has landed the rights to Spears’ bestselling memoir, “The Woman in Me,” which is being developed as a biopic of the pop star’s life, CNN has confirmed with the studio. Spears’ book was published nearly two years after she was released from her 13-year conservatorship in 2021. Britney Spears’ book “The Woman in Me” at a Barnes & Noble store in New York, 2023. The last major studio film for Spears was “Crossroads” in 2002 – a coming-of-age fan-favorite that starred Spears alongside Zoe Saldana and Taryn Manning.
Persons: Britney Spears, Spears, Jon M, Chu, Oscar, Marc Platt, I’ve, He’s, , Noble, Patti McConville, , Michelle Williams, Eminem, Snoop Dogg, Prince, Zoe Saldana, Taryn Manning, Shonda Rhimes Organizations: CNN, Rich, Universal, Barnes, Simon Locations: La, Mississippi, New York
Actor Michael Douglas has vacationed in Mallorca, Spain, for the past 35 years. While he has not retired fully, he plans to stay there for half the year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNow that he's semi-retired, Michael Douglas said he plans to spend more time in Spain. I've been here for 35 years, and to receive this honor from the Queen is muy especial," he told IB3, a Spanish news station.
Persons: Michael Douglas, , Queen Letizia, I've, IB3 Organizations: Service Locations: Mallorca, Spain, Spanish
Singapore's United Overseas Bank (UOB) maintained earnings guidance for 2024 after posting on Thursday a 1% year-on-year rise in second quarter net profit that slightly missed expectations. Singapore's United Overseas Bank maintained earnings guidance for 2024 after posting on Thursday a 1% year-on-year rise in second quarter net profit that slightly missed expectations. However, we expect ASEAN to stay relatively resilient," said UOB Deputy Chairman and CEO Wee Ee Cheong in a statement. UOB maintained its 2024 projections of low single-digit loan growth, double-digit fee growth and positive growth in total income, according to Wee's presentation slides accompanying the earnings results. UOB said its April-June net profit rose to 1.43 billion Singapore dollars ($1.07 billion) from SG$1.42 billion a year earlier on the back of higher net fee income, a rebound in loan-related fees and wealth management fees, and double-digit growth in credit card fees.
Persons: Wee Ee Cheong, UOB Organizations: Singapore's United Overseas Bank, ASEAN Locations: Southeast
Many people consume alcohol to relax and relieve stress, which are some of the top reasons people travel, too. How is sober travel discussed on TikTok? Sentiment in the past year shows that among social media interactions 32% is positive, 38% is neutral and 30% is negative. The ranking, however, isn't a list of countries where alcohol sales are banned — places like Brunei, Saudi Arabia and Iran. Costa Rica ranked high on the list of "sober travel" destinations, in part, because of its outdoor activities and national parks.
Persons: He's, Virgin Mary, Dublin's, Artur Widak, Jordan – Organizations: Airports, CNBC Travel, Virgin, Nurphoto, YouTube, Social, Costa Rica, Siemens, Digitalvision, Getty, UNESCO, Heritage Locations: Koh Samui, Thailand, Brunei, Texas, Asia, United States, United Kingdom, Canada, South Africa, Australia, Saudi Arabia, Iran, U.S, Nepal, Morocco, Costa Rica, Turkey, Greece, Indonesia, Italy, Singapore, India, InsureMyTrip, North America
Rugby player Ilona Maher may now be an Olympic medalist and beloved social media star, but she's no stranger to heartbreak. Maher and the U.S. women's rugby sevens team won the bronze with a last-minute win against Australia on July 30. "If I could go back in time, I'd spend another year bonding with my teammates, becoming an even stronger player and team," Maher said. In 2021, Maher documented her Olympic journey on her TikTok account, a practice she's carried over to the games in Paris. In Paris, Maher seems to savor even little moments, like debating pickleball with fellow Olympian Coco Gauff before the Opening Ceremony.
Persons: Ilona Maher, Maher, It's, Maher's, I'd, Jason Kelce's, Coco Gauff Organizations: Team USA, Women's Rugby, Team Australia, Olympic Games, Stade de France, Rugby, U.S, rugby, Australia, Tokyo Games Locations: Paris, France, women's, U.S, Tokyo, Great Britain
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