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☆ Larry Fink says the Fed won't cut interest rates as much as markets expect this year
▼ + stars: | 2024-10-29 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

The U.S. Federal Reserve won't cut interest rates as much as markets expect because "embedded inflation" is too high, Blackrock CEO Larry Fink said Tuesday, speaking at a CEO-studded panel in Riyadh, Saudi Arabia. The Biden administration's legislation, such as the Inflation Reduction Act and the Infrastructure Investment and Jobs Act, have pushed those efforts forward. "Today, I think we have governmental policies that are embedded inflationary, and, with that being said, we're not gonna see interest rates as low as people are forecasting," Fink said. The Fed cut its benchmark rate by 50 basis points in September, signaling a turning point in its management of the U.S. economy and in its outlook for inflation. In late-September reports, strategists at J.P. Morgan and Fitch Ratings predicted two additional interest rate cuts by the end of 2024, and expect such reductions to continue into 2025.

Persons: Andrew Ross Sorkin, Larry Fink, Saudi Arabia . Fink, " Fink, onshoring, we're, Fink, Morgan, Goldman Sachs, Carlyle, Morgan Stanley Organizations: BlackRock, New York Times DealBook, Jazz, Lincoln Center, U.S . Federal, Blackrock, Saudi, Future Investment Initiative, Biden, Infrastructure Investment, Jobs, Fed, Fitch, U.S . Bureau of Labor Statistics, Standard Chartered Locations: New York City, Riyadh, Saudi Arabia, China, U.S

☆ JOLTS report: Job openings fall to pre-pandemic levels
▼ + stars: | 2024-10-29 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

The first burst on Tuesday — a critical read on activity within the jobs market — showed that the once too-tight labor market is starting to look more like its pre-pandemic days. Economists were expecting the number of job openings to land at around 7.9 million, declining from the prior month’s initial estimate of 8.04 million, according to FactSet estimates. The decline in job openings reflects a labor market that has slowed back to a pre-pandemic pace after experiencing years of blockbuster growth. “Decreasing or subdued job openings, quits and hiring rates last month all point to a cooler labor market compared to one year ago,” Elizabeth Renter, senior economist for NerdWallet, wrote in commentary issued Tuesday. It’s also likely the last clean piece of labor market data: The ongoing Boeing strike and Hurricanes Helene and Milton are expected to heavily distort jobs data starting with the month of October.

Persons: ” Elizabeth Renter, NerdWallet, aren’t, It’s, Hurricanes Helene, Milton, “ Organizations: CNN, Federal Reserve, Bureau of Labor Statistics, “ Employers, Labor, Boeing, Hurricanes

☆ The Fed is likely to disappoint markets with just one more rate cut this year amid global inflation, BlackRock CEO says
▼ + stars: | 2024-10-29 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

BlackRock CEO Larry Fink says the Fed will cut rates just once more this year. The market sees two more 25 basis point cuts before the end of the year. AdvertisementThe Federal Reserve will disappoint markets by cutting interest rates just one more time in 2024, BlackRock CEO Larry Fink said. Fink said the Fed will likely cut interest rates by 25 basis points before the end of the year amid a rise in global inflation. The central bank kicked off its easing cycle with a jumbo 50 basis point cut last month.

Persons: Larry Fink, —, Fink, " Fink, we're, Goldman Sachs, Morgan Stanley Organizations: BlackRock, Fed, Service, Reserve, Infrastructure Investment, Jobs Act, U.S . Bureau of Labor Statistics, CNBC Locations: Riyadh, Saudi Arabia

☆ This in-demand skill is a lucrative side hustle or full-time job—it can pay 6 figures a year, doesn't require a degree
▼ + stars: | 2024-10-28 | by ( Morgan Smith | ) www.cnbc.com time to read: +2 min

If you want to earn six figures while working from home, consider a career in social media marketing. Job boards FlexJobs and Freelancer.com are seeing a boom in the number of remote, hybrid and freelance social media marketing roles. An in-demand job that doesn't require a degreeWhile some marketing jobs prefer candidates to have a bachelor's degree, it's not a prerequisite for a successful career in social media marketing. Some of the most in-demand roles in this field include influencer marketing managers, social media marketing specialists and content strategists, per FlexJobs and LinkedIn. Turning a social media marketing side hustle into a six-figure career

Persons: it's, Toni Frana, FlexJobs, Sebastián Siseles, Frana Organizations: Social, LinkedIn, Labor Statistics, Freelancer.com, Google Locations: U.S

☆ Target releases its cheapest-ever Thanksgiving meal deal
▼ + stars: | 2024-10-28 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Target is lowering the price of its Thanksgiving meal bundle, adding to the roughly 8,000 products that have been discounted as it attempts to attract inflation-weary shoppers during the holiday season. Target is the latest major retailer to chop the price of its Thanksgiving meal bundle, joining Aldi and Walmart in a holiday price war. Sam’s Club last week announced a Member’s Mark Thanksgiving meal, which feeds up to 10 people for under $100, made up of the warehouse club’s private label products and is delivered already cooked. Food price inflation has moderated substantially during the past year, Consumer Price Index data shows. Gomez said Target customers are buying in bulk to save money, or purchasing smaller items that have cheaper prices compared to their full-sized counterpart.

Persons: Rick Gomez, Dr, Michael Swanson, Gomez, ”, “ Organizations: New, New York CNN, Target, CNN, Aldi, Walmart, Sam’s, of Labor Statistics, Food Institute Locations: New York, Wells

☆ Gold prices have surged in 2024. Here’s how to get in on the gold rush
▼ + stars: | 2024-10-27 | by ( Erika Tulfo | ) edition.cnn.com time to read: +4 min

“Buying gold has never been easier and more accessible.”While gold, typically invested in as a hedge against inflation, has shined this year, there are plenty of things to know before investors join the gold rush. How do you actually go about buying gold? Another consideration when buying gold in the retail market is how the sticker price of the bullion compares to the spot price of gold. But Cavatoni advises having a “round-trip mentality” when purchasing physical gold, emphasizing the importance of the selling stage as much as the purchase process. On the other hand, gold-backed ETFs free consumers from the considerations that need to be made when purchasing physical gold.

Persons: ”, Joseph Cavatoni, “, Cavatoni, “ It’s, ” Cavatoni, prudently Organizations: CNN, Costco, World Gold, of Labor Statistics Locations: China, India, Turkey

☆ The struggle of being a workplace 'zillennial,' not knowing where you fit in
▼ + stars: | 2024-10-26 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +6 min

AdvertisementThere's been plenty of discussion of how millennials and Gen Zers cope in the professional world. Many Gen Zers, in comparison, prioritize work-life balance and keeping a job being "just a job." Jishnu Jayan Nair, 29, told BI it is "a bit tricky to find your place in the workplace" as a zillennial. Kevin Shahnazari, the 26-year-old founder of the credit card recommendation platform FinlyWealth, told BI being a zillennial has worked in his favor. "I think a lot of people are in this sort of push and pull of the zillennial — wanting to be their best, wanting to also slow down, wanting to embrace parts of both cultures," she said.

Persons: —, Gen Zers, Samantha Hart, Zers, perfectionism, Hart, millennials, she's, Zillennials, Lauren Farina, Farina, zillennials, Lauren Schneider, Schneider, Jayan Nair, Gen Zs, Millennials, Gen, Riannon Palmer, Lem, uhn, Palmer, Ilana Zivkovich, Werq, Kevin Shahnazari Organizations: Service, BI, of Labor Statistics Locations: Washington

☆ Boeing and other strikes will take at least a 44,000-job bite out of the October jobs report
▼ + stars: | 2024-10-25 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

CNN —Striking workers will take at least a 44,000-job bite out of the October jobs report, according to new data released Friday. That’s the biggest monthly employment knock in a year, according to the Bureau of Labor Statistics’ latest strike report. “So, our forecast is for a 120,000 increase in total employment, which is fine on its own. A little over two weeks ago, as the Southeast was reeling from the destruction laid by Hurricane Helene, Florida was bracing for even worse from the monstrous Hurricane Milton. The BLS’ reference period for the jobs report is the pay period that includes the 12th of the month.

Persons: what’s, ” Joe Brusuelas, Brusuelas, Milton, Helene, Helene — Organizations: CNN —, Bureau of Labor Statistics ’, Boeing, RSM, CNN, Federal Reserve, BLS Locations: Hurricane, Florida

☆ 2 swing states show why the US is struggling to build enough houses
▼ + stars: | 2024-10-25 | by ( Eliza Relman | ) www.businessinsider.com time to read: +8 min

Two swing states — Arizona and Pennsylvania — exemplify in their own ways how housing markets across the country have failed to address the key issue they face: too few homes. Sprawling subdivisions helped accommodate the growing population and were enough to keep housing costs relatively low through the early 2010s. As demand spiked, snarled supply chains helped inflate construction costs. Home prices have risen 39% since January 2020, Horowitz noted, even though the state's population is shrinking. Like many other states, Pennsylvania has underbuilt housing since the 2008 financial crisis, which tanked the housing market.

Persons: —, Alex Horowitz, it's, Horowitz, Mario Tama, we've, Ben Metcalf, Metcalf, Josh Shapiro, Shapiro, Tucson Mayor Regina Romero, Kamala Harris, Donald Trump, He's, Harris, Redfin, Noah Sheidlower Organizations: Service, Pew's, Business, Getty Images, Terner Center, Housing Innovation, UC Berkeley, of Labor Statistics, Pennsylvania, Tucson Mayor, Federal Reserve Locations: Michigan, Wisconsin , Pennsylvania, Arizona, Georgia, North Carolina, Nevada, Zillow, Pennsylvania, Phoenix, . Pennsylvania

The final pre-election edition of the closely watched monthly jobs report is set to be published Nov. 1, four days ahead of Election Day. All eyes are now on a handful of states expected to see razor-thin vote margins, likely to be determined by a small but crucial pool of persuadable voters. The exact impact on the jobs report is unclear. The strike, which kicked off in September, has coincided with layoff notices sent to 17,000 workers in Boeing's commercial aviation division. While the Keystone State's unemployment rate climbed by a tenth of a percentage point compared with the September 2023 figure, its latest reading, at 3.4%, marked two straight years below 4%.

Persons: Milton —, Boeing machinists, Goldman Sachs, “, Goldman, Helene, Trump Organizations: Boeing, of Labor Statistics, Nomura Holdings, Nomura, BLS, Electoral College, Keystone, Democratic, Republican Locations: U.S, Milton, North Carolina, Georgia, Arizona, Wisconsin, Pennsylvania

☆ The decline of Hollywood in one chart
▼ + stars: | 2024-10-23 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

LA has seen a steep drop in its share of TV and film jobs compared with the rest of the US. The decline comes as labor costs have gone up and other locales have sweetened their incentives. In recent years, the area has lost some TV and film jobs as countries such as Canada and states like Georgia have become production hubs. Los Angeles is losing TV and film jobs to the rest of the US. 2 entertainment-job market in the US (after LA) also saw its share of film and TV jobs dip.

Persons: —, Patrick Adler, Taner Osman, Adler, FilmLA, Paul Audley, Otis Organizations: Industry, Service, Los Angeles, of Labor Statistics, Westwood Economics, Planning Associates, Otis College, Sound Recording Industries, Bureau of Labor Statistics, LA Locations: Los, Canada, Georgia, New York, Arizona, Kentucky, LA

☆ Trump’s McDonald’s visit highlights a significant problem for workers
▼ + stars: | 2024-10-22 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

Former President Donald Trump’s visit on Sunday to a McDonald’s in Pennsylvania highlights the longest period without a national increase in the federal minimum wage since it was established in 1938. It’s not economics,” Reich said of the record-long period of time without a federal minimum wage increase. Reich, who has testified before Congress on the minimum wage, said there’s no question the federal minimum wage is not a livable wage. Members of the Service Employee International Union organized the rally in support of striking McDonald's workers who are demanding a wage increase. States hike minimum wagesAlthough the federal minimum wage hasn’t budged, many state minimum wages have.

Persons: Lehman, Bear Stearns, Patrick Mahomes, Kamala Harris, Donald Trump’s, Trump, ” Trump, Donald Trump, Doug Mills, Harris, “, ” “, ” Harris, Michael Reich, ” Reich, Anna Kelly, ”, ” Kelly, Reich, Kevin Dietsch, ” Nina Turner, ” McDonald’s, That’s, Chandan Khanna Organizations: New, New York CNN, Lehman Brothers, Getty, Monday, Trump, Dynamics, University of California, CNN, Republican National, America, MIT, ” Labor, Service Employee International Union, Bureau of Labor Statistics, Labor Department Locations: New York, Francisco’s, United States, Pennsylvania, Feasterville, Trevose , Pennsylvania, Birmingham , Michigan, Berkeley, Communist, Washington ,, Alabama, California, Florida, Arkansas, West Virginia, Texas, Wisconsin, North Carolina, Ohio, Fort Lauderdale , Florida

☆ 4 remote jobs that can pay 6 figures—one can pay as much as $195,000 per year
▼ + stars: | 2024-10-22 | by ( Gili Malinsky | ) www.cnbc.com time to read: +2 min

Remote work continues to be popular among workers. Nearly a quarter, 22% say remote work flexibility is the most important benefit, according to Monster's 2024 Work Watch Report. "A lot of remote jobs are tech jobs" for example, says John Mullinix, head of growth marketing at Ladders. But remote jobs can be found in a wide range of fields — including opportunities "that are upwards of $130,000," says Toni Frana, career expert at FlexJobs. Mullinix and Frana regularly scour their sites to see what employers are looking for and how much they'll pay.

Persons: John Mullinix, Toni Frana Organizations: Bureau of Labor Statistics, BLS

A mid-October poll by The Associated Press measured which of the two candidates voters trust on a variety of economic issues. Harris’ campaign declined to say where she wants to set the federal minimum wage, which is currently $7.25 per hour. Former President Donald Trump answers questions as he works the drive-thru line at a McDonald's on Oct. 20 in Feasterville-Trevose, Pa. “Donald Trump is running on a middle-class tax hike, Kamala Harris is running on a middle-class tax cut,” Harris campaign spokesperson James Singer said. “Working families like rank-and-file Teamsters overwhelmingly support President Trump because only he will Make America Wealthy, Strong, and Great Again.”

Persons: Donald Trump’s, Kamala Harris, Harris, Trump, ”, Kent Smetters, Sen, Chris Caldwell, Harris ’, Smetters, —, hasn’t, Joe Biden, Donald Trump, Win McNamee, “ Donald Trump, ” Harris, James Singer, “, Anna Kelly Organizations: Biden, Tufts University, Trump, University of Pennsylvania’s Wharton School, Daily, Wharton, Democratic, The Associated Press, Voters, Bureau of Labor Statistics, Economic, Institute, Republican National, Teamsters, America Locations: Pennsylvania, McDonald’s, Las Vegas, U.S, Arizona, Feasterville, Pa, China, Communist

☆ The economic 'no landing' could drive the S&P 500 to a 13% gain in 2025, UBS says
▼ + stars: | 2024-10-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The bank is adding to the growing numbers of forecasts for a "no landing" of the US economy. Inflation will remain low enough to leave room for the Fed to cut interest rates, boosting stocks. The job market is proving resilient, despite tighter financial conditions and higher interest rates. AdvertisementCooling price growth sets the stage for the Fed to continue cutting interest rates, UBS said, which is bullish for stocks. The strategists added that while investors may see some volatility ahead of the November election, it's unlikely to interrupt more positive market catalysts.

Persons: — Organizations: UBS, Fed, Service, Bureau of Labor Statistics, New

☆ Newly jobless hurricane survivors would exhaust aid sooner without Disaster Unemployment Assistance
▼ + stars: | 2024-10-21 | by ( Tami Luhby | ) edition.cnn.com time to read: +7 min

Currently, the jobless in North Carolina can only receive up to 12 weeks of state unemployment benefits, among the skimpiest in the nation. (Applicants must first exhaust their state unemployment benefits.) Plus, disaster jobless benefits are available to many types of workers who don’t qualify for state unemployment insurance, such as gig workers, farmers and the self-employed. Still, it can be difficult for the newly jobless to secure either state or disaster unemployment benefits, particularly those whose homes and businesses have been heavily damaged or destroyed by storms. It took Miranda Escalante five days to apply for unemployment assistance.

Persons: Jen Hampton, Helene, Asheville’s, Hampton, we’re, ”, “ We’re, ” Michele Evermore, Roy Cooper, Miranda Escalante, Hurricane Helene, Escalante, Alex Smith, we’ll, ” Escalante, Evermore, — Asheville’s, “ Organizations: CNN, Asheville Food, Beverage United, “, Unemployment, The Century Foundation, state’s, Employment Security, Gov, Emergency Management Agency, Center, Budget, US Bureau of Labor Statistics, Asheville Locations: North Carolina, ”, Florida, Georgia, North Carolina’s, Asheville

☆ Mental health workers strike against Kaiser Permanente in Southern California
▼ + stars: | 2024-10-21 | by ( Robert Ilich | ) edition.cnn.com time to read: +2 min

CNN —More than 2,000 unionized mental health workers in Southern California went on strike against Kaiser Permanente on Monday after the two sides failed to reach a new labor agreement. The National Union of Healthcare Workers (NUHW) — which represents 19,000 healthcare workers in California and Hawaii, including 4,700 mental health workers — picketed outside Kaiser facilities in Los Angeles, San Diego, Anaheim and Fontana, seeking an increase in salaries, restoration of pensions and increased staffing. Union members on strike in Southern California have said their demands are line in with what Kaiser has provided to the majority of its workforce. Kaiser, one of the nation’s largest non-profit healthcare providers, is required by law to provide mental health services to its members even with the workers on strike. A survey in 2022 from CNN in partnership with the Kaiser Family Foundation showed that nine out of 10 US adults believe the country has a mental health crisis.

Persons: Kaiser, ” Josh Garcia, — Organizations: CNN, Kaiser Permanente, National Union of Healthcare Workers, Fontana, Bureau of Labor Statistics, Kaiser Family Foundation Locations: Southern California, California, Hawaii, Kaiser, Los Angeles, San Diego, Anaheim, Northern California

☆ Housing affordability: Kamala Harris wants to take on corporate landlords and rent increases
▼ + stars: | 2024-10-21 | by ( Samantha Delouya | Rachel Wilson | ) edition.cnn.com time to read: +6 min

While rent prices are undoubtedly rising, it’s unclear how much of the jump is due to corporate investors who buy up multiple properties. “Community after community feels taken advantage of by Wall Street investors and corporate landlords who have bought thousands of single-family homes during recent downturns,” Harris’ policy platform reads. A CNN analysis found that rent increases recently outpaced wage growth in cities with a meaningful presence of big investors. Ownership by corporate landlords, which CNN calculated by combining limited liability entities, real estate corporations and real estate investment trusts, stood at 16%. The number of single-family homes under construction dramatically decreased after the 2008 financial crisis, and construction never really returned to pre-recession levels.

Persons: Kamala Harris, Harris, ” Harris, Michael Seiler, College of William & Mary, “, we’re, ” Seiler, Laurie Goodman, ” Goodman, Donald Trump, ” Jared Kushner, Trump’s, CoreLogic, Goodman, “ There’s, ” Organizations: CNN, White House, Wall Street, College of William &, Urban Institute, Bureau of Labor Statistics, Housing Finance, Center, SSRS, Republican, Census Locations: United States, Atlanta, Jacksonville , Florida, Charlotte, North Carolina, Zillow

☆ You need over $100,000 a year to retire comfortably in 3 U.S. states—none are New York
▼ + stars: | 2024-10-19 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

In three U.S. states, you'd need to spend six figures a year to live comfortably in retirement — far more than in most others, according to a recent GOBankingRates analysis. In contrast, retirees in West Virginia need just $58,190 a year — the lowest of any state. Over a 30-year retirement, the difference in savings needed between Hawaii and West Virginia would be over $1.25 million. A 20% cash buffer was added to this total to ensure retirees could live "comfortably," according to the study. Here's a breakdown of the three states where living comfortably will cost more than six figures, per GOBankingRates' calculations:

Organizations: of Labor Statistics Locations: Hawaii , California, Massachusetts, Hawaii, West Virginia

☆ Here's how much remote workers say it would cost to get them back into the office
▼ + stars: | 2024-10-19 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Workers value remote work as much as a 7% to 8% pay increase, a new survey finds. Teleworking has increased, even as firms try to pull their workers back into the office. The push and pull between workers, their employers, and the office has been a years-long battle in the wake of the pandemic. And a new survey update shows how much remote workers value the ability to work from home — and what it may cost for firms to lure them back in. Remote jobs are becoming scarcer, and that's even led some workers to cling to roles they might not otherwise enjoy.

Persons: —, Nicholas Bloom, Bloom Organizations: Service, Stanford University, Labor Statistics

☆ California's economic growth is slipping behind Texas as the Lone Star state draws corporate HQs and people
▼ + stars: | 2024-10-17 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +6 min

Texas' economy is growing faster than California's as it woos big companies and new residents. But some Texas residents are feeling increasingly fed up and priced out of the state. That figure is even stronger for the fourth quarter of 2023, which saw Texas' GDP grow at an annual rate of 5% — a jump that Texas Gov. Its $3.9 trillion GDP accounts for 14% of the national GDP, according to the report. Some Texas residents are less happyAs Texas' economy soars, some residents are feeling increasingly fed up and priced out.

Persons: —, Greg Abbott, California's, Tesla, Charles Schwab, Abbott, Elon Musk, CBRE, Jennifer Sor, Austin Organizations: Service, Lone Star, Public, Institute of California, Public Policy Institute, Texas Gov, Bureau, Oracle, State for, Chevron, Gov, Fortune, Texas, Nvidia, Golden State, Bureau of Labor Statistics, Texas realtors, BI Locations: Texas, While California, California, , Texas, State for Texas, Palo Alto , California, Austin, Dallas, Fort Worth, Arlington

☆ Pennsylvania Republican House candidate touts union ties in must-win race
▼ + stars: | 2024-10-17 | by ( Emily Wilkins | ) www.cnbc.com time to read: +4 min

watch nowIn his campaign's TV ads, Pennsylvania Republican House candidate Rob Bresnahan talks about being a third-generation union contractor. It's not surprising for a candidate in northeastern Pennsylvania to trumpet their union ties. Support from unions is critical in Pennsylvania, where union members make up 14.1% of the state, according to the Bureau of Labor Statistics. SCRANTON, PENNSYLVANIA - OCTOBER 09: Rob Bresnahan, Republican nominee for Pennsylvania's 8th Congressional District, takes the stage during a Republican presidential nominee, former U.S. President Donald Trump campaign rally at Riverfront Sports on October 09, 2024 in Scranton, Pennsylvania. At the Sheet Metal Workers Local 44 Union Hall in Wilkes-Barre in early October, local union leaders frequently referred to Cartwright as a "friend."

Persons: Rob Bresnahan, Matt Cartwright, It's, Bresnahan, Donald Trump, Sen, JD Vance, Cook, Pennsylvania's, Michael M, Cartwright, Trump, Keshia Williams, He's, " Cartwright, Tom Williams Organizations: Pennsylvania Republican, Democratic, Republican, Bureau of Labor Statistics, White, Senate, NBC, Cook, Congressional, Riverfront Sports, Santiago, Getty, . Census, Sheet Metal Workers, SEIU, Teamsters, AFL, CQ, Inc, Cq Locations: Pennsylvania, Ohio, SCRANTON , PENNSYLVANIA, Scranton , Pennsylvania, Wilkes, Barre

☆ Here's why the U.S. retirement system isn't among the world's best
▼ + stars: | 2024-10-16 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

"I think [a C+ grade] would describe a rating where there is a lot of room for improvement," said Christine Mahoney, global retirement leader at Mercer, a consulting firm. 29 out of 48 global pension systems in 2024, according to the annual Mercer CFA Institute Global Pension Index , released Tuesday. The U.S. system is often referred to as a three-legged stool, consisting of Social Security, workplace retirement plans and individual savings. Employers aren't required to offer a retirement plan like a pension or 401(k) plan to workers. American workers can withdraw their 401(k) savings when they switch jobs, for example.

Persons: Christine Mahoney, doesn't, Mercer, Mahoney, it's, Graham Pearce, Pearce, David Blanchett Organizations: Mercer, Natixis Investment Management, U.S, Mercer CFA, Global, Social Security, Employers, U.S . Bureau of Labor Statistics, Finance, Research Locations: Netherlands, Iceland, Denmark, Israel, Mercer, Singapore, Australia, Finland, Norway, U.S

☆ Aldi says its Thanksgiving meal prices will undercut Walmart as shoppers search for value
▼ + stars: | 2024-10-16 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Aldi is releasing its lowest-priced Thanksgiving meal deal in five years — and undercutting one of its largest rivals — as inflation-weary consumers shift their shopping habits to more affordable private labels. “With 25% of US households now shopping Aldi, we know grocery prices are still top of mind for customers,” said CEO Jason Hart in a press release. As of August, grocery prices were rising at a pace of 0.9% annually, landing in line with the average increase seen in 2019, according to Bureau of Labor Statistics data. The German company has a low-cost business model and boasts that its prices are up to 50% cheaper than traditional supermarkets. At around 12,000 square feet, its stores are much smaller than a typical US supermarket of 40,000 square feet.

Persons: ”, Jason Hart Organizations: New, New York CNN, Aldi, Walmart, of Labor Statistics Locations: New York, Ukraine

☆ Tostitos and Ruffles shrank their bags of chips. It backfired
▼ + stars: | 2024-10-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

The owner of Lay’s, Doritos, Tostitos and Ruffles chips will put more chips in some bags to claw back customers tired of higher prices with skimpier bags. A PepsiCo spokesperson told CNN that Tostitos and Ruffles “bonus” bags will contain 20% more chips for the same price as standard bags in select locations. PepsiCo is also adding two additional small chip bags to its variety-pack option with 18 bags, the spokesperson said. It’s a reversal of years of shrinking bags of Tostitos, Ruffles and other chip brands. Snack prices have gone up more rapidly than other store items.

Persons: “, Ramon Laguarta, Edgar Dworsky, Dworsky, ” Dworsky, PepsiCo’s, Chip, Robert Moskow, Cowen, Moskow, Joe Biden, General Mills, shrinkflation, Domino’s, Sandeep Reddy Organizations: New, New York CNN, PepsiCo, CNN, Walmart, Costco, Bank of America, Bureau of Labor Statistics, Consumers, General, ” Locations: New York, United States, outpacing, Mondelez

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