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☆ Our bend-don't-break economy is reaching its limit
▼ + stars: | 2024-08-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, interest-rate cuts are almost certainly coming, but the relief won't be felt immediately . The big storyCrash landingKevin Dietsch/Getty, Tyler Le/BIOur bend-don't-break economy might finally have reached its limit. After a year of resiliency in the face of high interest rates, the cracks are showing in the US economy. But it's not a silver bullet, and the rate cut's effect will take time to make its way through the economy.

Persons: —, Kevin Dietsch, Tyler Le, it's, Chelsea Jia Feng, Claudia Sahm, Madison Hoff, McDonald's, Jared Siskin, Bobby, Jordan Grumet, Justin Best, Brian Stauffer, Michal Kosinski, Rob Price, sompong, Seng kui Lim, Getty, Joe Biden's, Elon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Relief, Getty, Fed, Amazon, Big Tech, Madison, Park Conservancy, Citadel, FIRE, Union Square Advisors, Nvidia, America Locations: resiliency, Central, Switzerland, Canada, Park, Paris, New York, London

☆ A former teacher who spent at least $4,000 on her students details what she bought and why educators 'feel a lot of pressure to spend their own money'
▼ + stars: | 2024-08-04 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

In 2022, Amelie Krikorian bought books, rugs, chocolate, paint, flashcards, beads, and more for her students and classroom with her own money. "Teachers who want to make elementary school a positive and enriching experience do feel pressure to spend their own money," she told BI. Krikorian, who has since left the education field, said teachers shouldn't have to spend their own money on their classrooms. And when schools don't supply all the materials, teachers often step up. For enrichment purposes over the years, Krikorian "bought books that enabled the kids to do additional reading about what we were doing in history and science," she said.

Persons: Amelie Krikorian, shouldn't, Krikorian, it's Organizations: Service, Business, Survey, eBay, Walmart, Target Locations: Egypt

Read previewThe July jobs report has thrown the economy's soft landing into question — and the Federal Reserve is taking the heat. AdvertisementGiven the jobs report, Nick Bunker, economic research director for North America at the Indeed Hiring Lab, told Business Insider that "the soft landing for the US labor market is in peril." Advertisement"The problem is there's very few indications that this is the labor market we're going to stick around in," Bunker said. "It's clear that momentum of the labor market continues to be downward. "But I continue to stand by the idea that this is still part of the soft landing that people thought was not possible."

Persons: —, it's, Nick Bunker, Claudia Sahm, Sahm, Jerome Powell, Julia Pollak, It's, We're, Bunker, Powell, Harris, doesn't, Labor Julie Su, Su, they've Organizations: Service, Federal Reserve, Bureau of Labor Statistics, Business, North America, New Century Advisors, Fed, Biden, Labor

☆ Unemployment unexpectedly rose in July as pressure ramps up for the Fed to cut interest rates
▼ + stars: | 2024-08-02 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

The weak report all but confirms the Federal Reserve will cut interest rates in September, an outcome that was already carrying a near-100% probability heading into the report. AdvertisementFriday's jobs report comes after this week's Federal Open Market Committee meeting, where the Federal Reserve held interest rates steady once again. "I think it's past time for them to cut interest rates," Mark Zandi, chief economist of Moody's Analytics, told Business Insider in July. "The question will be whether the totality of the data, the evolving outlook, and the balance of risks are consistent with rising confidence on inflation and maintaining a solid labor market," Powell said. There were around 3.3 million quits in June and the quits rate was 2.1%.

Persons: —, payrolls, Mark Zandi, Jerome Powell, Powell Organizations: Service, Business, Labor Statistics, Reserve, Stock, Federal Reserve, Bureau of Labor Statistics

☆ A Gen Zer quit a corporate job paying $94,000 to become a reseller and content creator: 'It's not somewhere I wanted to be for the next 40 years of my life'
▼ + stars: | 2024-08-02 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

She left the corporate grind earlier this year and turned her side gigs into a full-time job. Her last position before moving into full-time self-employment had a base salary of $94,000. Advertisement"I was at this job, wasn't totally happy with it, and I knew I had been making decent money doing my side hustles part-time," she said. "When I'm doing that, I'm like, oh, I couldn't be doing this right now if I was working my corporate job," she said. Have you left your corporate job, made a career change, or turned your side hustle into a full-time job?

Persons: —, Amber Smith, Smith, it's, I'm, wasn't, she's, I've, Taylor Swift Organizations: Service, Business, eBay Locations: Iowa, mhoff@businessinsider.com

☆ Interest rate cuts probably aren't here just yet, but they could finally reach Americans in under 2 months
▼ + stars: | 2024-07-30 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

It's safe to say that Americans can count on an interest rate cut pretty soon, but probably not this week. On Wednesday, the Federal Open Market Committee will announce its next interest rate decision, and it's once again expected to hold rates steady. However, the FOMC's September meeting could finally bring Americans the relief they've been waiting for — CME FedWatch showed markets think it's all but certain the Fed will cut rates that month. Lower interest rates would make borrowing more affordable for consumers and businesses alike. "You have kept interest rates too high for too long: it is time to cut rates," they wrote.

Persons: it's, Claudia Sahm, Greg McBride, There's, Jerome Powell, Powell, Sahm, Matt Colyar, September's, Elizabeth Warren, Jacky Rosen, John Hickenlooper Organizations: Service, Federal, CME FedWatch, Business, New Century Advisors, Fed, Banking, Housing, Urban Affairs, Democratic, Moody's

☆ Here's how much apartment space $1,500 a month gets you in some of America's biggest cities
▼ + stars: | 2024-07-29 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

AdvertisementFinding a relatively large apartment to rent without paying a lot each month might be attractive to people who work remotely. That includes El Paso at 1,147 square feet and Lubbock at 1,220 square feet. Still, there were Texas locations with averages under 1,000 square feet, like Dallas at 815 square feet. Meanwhile, most of the large cities in California and Florida had low averages, reflecting their more expensive housing markets. "Notably, Texas has four locations among the top 20 small cities offering the most apartment space for $1,500," the blog post said.

Persons: —, Alexandra Both, RentCafe Organizations: Service, South, Business, Midwest Locations: Southeast, Wichita , Kansas, Oklahoma, Texas, El Paso, Lubbock, Dallas, California, Florida, Queens , New York, Newark , New Jersey, Columbus , Georgia, , Texas

☆ A Gen Xer got $10,000 to move from Los Angeles to Tulsa. He likes the slower pace of life in Oklahoma but misses California's big-city culture.
▼ + stars: | 2024-07-27 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

He said he didn't "have a timeline in mind until after" he was accepted into the Tulsa Remote program in Oklahoma in 2021. Dalton said the cost of living and pace of life are pros of living in Tulsa. Several people who have participated in the Tulsa Remote program, which launched in late 2018, have previously talked to BI about their moving experience. The new remote job would help him qualify for a move from California to Oklahoma through the Tulsa Remote program. Tulsa's slower pace of life gives Dalton more time to enjoy life and have fun with others.

Persons: —, Morgan Dalton, Dalton, Tulsans, I've, It's, he's, Joe's, it's, Guthrie Organizations: Service, Business, BOK Center, Tulsa, Tulsa Drillers Locations: Los Angeles, Tulsa, Oklahoma, West Coast, West, Mexican, Texas, Houston, California, LA, Southern California, New York, DC, San Francisco

☆ The 7 most renter-friendly big cities in the US
▼ + stars: | 2024-07-25 | by ( Madison Hoff | ) www.businessinsider.com time to read: +1 min

Raleigh, North Carolina, was the most renter-friendly among 98 cities analyzed by ApartmentAdvisor. AdvertisementAmid peak rental season, some cities are better suited than others for renters thinking about their next move. Raleigh, North Carolina, took the top spot on ApartmentAdvisor's list of the "The Most Renter-Friendly U.S. Cities in 2024." "We pretty much knew from other studies we've done that rent prices alone wouldn't be the only factor that would make a city renter-friendly," Lilly Milman, editor at ApartmentAdvisor, told Business Insider. This story is available exclusively to Business Insider subscribers.

Persons: ApartmentAdvisor, —, Lilly Milman Organizations: Service, Friendly U.S, Cities, Business Locations: Raleigh, North Carolina, Cedar Rapids , Iowa, Raleigh , North Carolina

☆ The US economy grew way faster than expected this spring
▼ + stars: | 2024-07-25 | by ( Madison Hoff | ) www.businessinsider.com time to read: +1 min

US real GDP increased at an annualized rate of 2.8% in the second quarter, way above the 2.0% forecast. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA new Bureau of Economic Analysis report said the advance estimate for US GDP growth in the second quarter was 2.8% at an annualized rate. That's way more than the 2.0% forecast noted on Investing.com and the 1.4% growth in the first quarter. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Business

☆ A Californian details the pros of living in England and how the culture compares to the US
▼ + stars: | 2024-07-23 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

The pros and cons of living in EnglandAs someone who loves being outdoors, Andrea finds the English countryside beautiful. "It's something that I feel like you don't really get in America because it's so classically England. "I think you don't really get to see that much in two weeks," she said. "You don't get to experience that much, and you don't really know what it's like to live there. Advertisement"I feel like that's something that's not really talked about very often when you're moving to a different country," she said.

Persons: Andrea, Zoe Sugg, Alfie Deyes, It's, London, she's, it's, that's Organizations: Service, Business, University of Leicester, US, Valentine's Locations: California, England, Southern California, LA, London, Instagram, America, mhoff@businessinsider.com

☆ Tipping culture keeps creeping into ever more parts of daily life — and some people are resisting it
▼ + stars: | 2024-07-20 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

"Everyone is thinking they deserve a tip," Pam — who asked to go by her first name for privacy, but whose identity has been verified with Business Insider — said. Advertisement"I just don't think tipping is a good thing to do," Sandberg told BI. AdvertisementFor instance, Sandberg doesn't see tipping as necessary if he's buying something himself because "there's no extra service." "If I have to stand up to order my food or to buy my product, you're not getting a tip," Sandberg said. AdvertisementMeanwhile, there are services Pam doesn't tip for and ones she does.

Persons: —, Pam, Pam —, It's, Ted Rossman, Rossman, I'm, Xers, culture's, it's, Pam isn't, Michael Sandberg, shouldn't, Sandberg, Tipping, Uber Organizations: Service, Pew Research, Business, Pew Research Center Locations: gratuities

Read previewFormer President Donald Trump said the Federal Reserve should not cut interest rates before the presidential election, according to an interview he did with Bloomberg Businessweek. The Federal Open Market Committee has two interest rate decisions scheduled before the election in July and September. "I think it's past time for them to cut interest rates," Zandi said. During a February interview with Fox News, Trump accused Powell of being "political" and planning interest rate cuts to coincide with the election. "I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates," Trump said, adding that "it looks to me like he's trying to lower interest rates for the sake of maybe getting people elected."

Persons: —, Donald Trump, Trump, Jerome Powell, Mark Zandi, Powell, Zandi, Claudia Sahm, Sahm, he's Organizations: Service, Federal Reserve, Bloomberg Businessweek, Business, Democratic, Federal, Reserve, Banking, Housing, Urban Affairs, Fed, New Century Advisors, Fox News, Stanford's Business, Government, Society, Trump, Wall Street

☆ 7 fast-growing jobs that are desperate to hire
▼ + stars: | 2024-07-18 | by ( Madison Hoff | ) www.businessinsider.com time to read: +1 min

Job-search platform Indeed published a list of fast-growing jobs without many people applying. Indeed's Gabrielle Davis said the list shows "new avenues for job seekers to consider." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNot all job postings get a lot of attention. Roles that are being overlooked by job seekers could be a new opportunity if they find one that fits their interests.

Persons: Indeed's Gabrielle Davis, — Organizations: Service, Business

☆ Lower interest rates could be coming soon. Here's what's at stake if they aren't.
▼ + stars: | 2024-07-17 | by ( Madison Hoff | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

At the end of July, the Federal Open Market Committee will announce its next decision on interest rates. Some economists have recently been pointing to similar concerns with the Fed keeping interest rates high. As Sahm pointed out, it would take time for reduced interest rates to "flow through to the economy." "You want to begin a process of taking the pressure off of the economy," Sahm said. AdvertisementZandi said interest rates on credit cards and Buy Now, Pay Later rates could come down, along with a decline in auto lending rates and mortgage rates.

Persons: —, Mark Zandi, Jerome Powell, Powell, Claudia Sahm, it's, Sahm, Sen, Elizabeth Warren, Brian Rose, Rose, Zandi, Austan Goolsbee, Goolsbee Organizations: Service, Moody's, Business, Federal, CME FedWatch, Fed, Banking, Housing, Urban Affairs, Sahm Consulting, Federal Reserve, Democratic, UBS, Chicago Federal, Wall Street Journal

☆ A teacher who hoped to take a break this summer is working 3 jobs instead. She explains what she's using the money for.
▼ + stars: | 2024-07-14 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

Rebecca Cox, 27, hoped to take a summer break following her first year as a full-time fifth-grade teacher in Kentucky. Instead of taking a vacation, Cox has been working different gigs this summer, attending trainings, and decorating her classroom. Other young teachers like Cox take on summer jobs. AdvertisementCox is putting the money from her summer jobs toward savings and classroom items. What does your pay look like as a teacher, or are you working multiple jobs as a teacher or in a different job?

Persons: Rebecca Cox, Cox, school's, we're, she's, I'm Organizations: Service, Business, Pew Research Locations: Kentucky

☆ Inflation cooled off more than expected in June
▼ + stars: | 2024-07-11 | by ( Madison Hoff | ) www.businessinsider.com time to read: +1 min

The consumer price index increased 3.0% in June from a year earlier. It was expected to cool off slightly — from a year-over-year increase of 3.3% to 3.1%. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe consumer price index rose 3.0% year-over-year in June, the lowest headline year-over-year rate in a year. The expected increase noted on Investing.com was 3.1%.

Persons: — Organizations: Service

☆ Restaurants and hotels were helping power the booming job market. Now, they're barely hiring.
▼ + stars: | 2024-07-10 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

Still, the industry largely saw strong monthly job gains following the losses it faced early on in the pandemic, averaging 205,000 jobs a month in 2021. Data out Friday from the Bureau of Labor Statistics showed this industry saw a month-over-month job gain of 7,000; the overall nonfarm payroll job gain in June was 206,000. The industry has historically had higher rates of quits and job openings than the overall labor market, per the Job Openings and Labor Turnover Survey. Additionally, the healthcare and social assistance sectors have seen robust job growth and likely will be looking for job seekers long-term. AdvertisementThe overall tougher labor market still has potential for job seekers.

Persons: —, switchers, Julia Pollak, " Pollak, Pollak, Nick Bunker Organizations: Service, Business, Bureau of Labor Statistics, Labor, BLS, Healthcare, North America Locations: Federal

☆ A Nobel-winning economist told us 3 ways a Trump presidency could make inflation worse
▼ + stars: | 2024-07-09 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

Read previewNobel Prize-winning economist Joseph Stiglitz told Business Insider in a June interview the US economy is "remarkably strong." "I think general consensus, not just my view, but almost anybody modeling what is going on would say the Trump administration would be more inflationary," Stiglitz told BI. Related storiesStiglitz noted Trump's promise of large increases in tariffs as one of the things that could make inflation worse. A third factor that could juice inflation would be the "drastic reductions in immigration" that Trump has proposed, Stiglitz said. AdvertisementOutside of the risks to inflation, Stiglitz said a Trump presidency could also mean a slowing GDP.

Persons: —, Joseph Stiglitz, Stiglitz, Trump, Axios, Trump's, Karoline Leavitt Organizations: Service, Democratic, Republican, Business, Republican National Committee, Trump, U.S, Republicans, CNN Locations: U.S

☆ James M. Inhofe, Senator Who Denied Climate Change, Dies at 89
▼ + stars: | 2024-07-09 | by ( Robert D. Mcfadden | ) www.nytimes.com time to read: +1 min

James M. Inhofe, a five-term Republican senator from Oklahoma and, until President Donald J. Trump’s arrival in 2017, arguably Washington’s most prominent denier of the established science of human-generated climate change, died on Tuesday in Tulsa, Okla. His death, in a hospital, was announced in a statement by his family, which said the cause was a stroke. After a decade in Oklahoma’s Legislature (1967-77), during which he lost races for governor and a seat in Congress, Mr. Inhofe became a three-term mayor of Tulsa (1978-84), before serving seven years in the House of Representatives (1987-94) and winning his Senate seat in a special election. After two years as a replacement, he was re-elected four times, in 1996, 2002, 2008, 2014 and 2020. He decided to step down two years into his fifth full term and retired in early January 2023.

Persons: James M, Donald J, Inhofe, hoff, Trump Organizations: Oklahoma’s Locations: Oklahoma, Tulsa, Okla

☆ School's out, and parents' financial stress is in
▼ + stars: | 2024-07-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Speaking of money and vacations: In today's big story, summer vacation means financial stress for parents looking to keep their kids busy while school is out without breaking the bank . The big storyThe cost of summeriStock; Rebecca Zisser/BISchool's out for summer, but the relief for kids is causing financial pain for their parents. Further complicating things is most camps don't cover the two-plus months parents need to fill for their kids. The result is sometimes a patchwork system of camps and part-time nannies that parents need to cobble together. AdvertisementThis year, skincare products proved to be a lightning rod for kids and parents at elite summer camps , writes BI's Anna Silman.

Persons: —, Rebecca Zisser, Juliana Kaplan, Madison Hoff, Kate Dehler, BI's Anna Silman, Anna, You've, Goldman Sachs, it's, Alyssa Powell, Gen, Vladimir Putin, Narendra Modi, Dan DeFrancesco, Jordan Parker Erb, Jack Sommers, Annie Smith, Grace Lett, Amanda Yen Organizations: Service, Business, Karma, Hindenburg Research, Adani, Bank of, Samsung, Indian, The Locations: What's, Al, Florida, Russian, New York, London, Chicago

☆ Job switchers hoping for a big raise are in for disappointment
▼ + stars: | 2024-07-07 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

Read previewHere's some less-than-great news if you're looking to job-hop because of your pay: People changing roles likely won't be getting as big of a wage bump as past job switchers. However, the report said that "median pay raises appear to have moderated to around 10%" as of this past May. The drops in the median pay raise for job-to-job movers from 2022 to 2024 were felt across workers in all income groups, the Bank of America Institute found. Still, the report noted that lower-income Bank of America customers — those making under $50,000 a year — had the highest median pay gains. AdvertisementThe report said that those middle- and upper-income job seekers may "have somewhat less leverage and bargaining power in negotiating a raise on taking a job."

Persons: —, David Tinsley, Tinsley, there's, switchers Organizations: Service, Bank of America Institute, Business, Bureau of Labor Statistics, Bank of America, New, of Labor Statistics Locations: Atlanta

☆ Summer is a money pit for parents
▼ + stars: | 2024-07-06 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +10 min

The 34-year-old mom of four said most of these summer camps were already paid up front earlier this year. AdvertisementMeanwhile, 23% of parents, among those who reported they'd be paying for summer programs, expected to pay over $1,000 a month per child during the summer. Broadly, 61% of parents with kids under 18 years old said it "feels even more expensive to raise kids in the summer months." Bowling, who lives in LA, sends her children to a Jewish summer camp, which has long been held as an important cultural touchstone in the American Jewish community. "At the Y, we really want to make sure summer camp is accessible for all."

Persons: Paige Connell, Connell, Courtney Alev, Tom Rosenberg, Rosenberg, Alex Mnatsakanov, it's, Mnatsakanov, they'd, they're, Alev, It's, Dana Bowling, Bowling, Lisa Garcia, Garcia, doesn't Organizations: Service, Business, American Camp Association, Camp, Intuit, American Jewish, YMCA Locations: LA, American, Greater New York, she's

☆ The US economy added more jobs than expected last month as unemployment surprisingly rose
▼ + stars: | 2024-07-05 | by ( Madison Hoff | ) www.businessinsider.com time to read: +1 min

The US economy added 206,000 jobs in June, more than the forecast of 191,000. The unemployment rate rose from 4.0% in May to 4.1% in June. Data released earlier this week showed job openings rose slightly from 7.9 million in April to 8.1 million in May. Meanwhile, the unemployment rate unexpectedly rose from 4.0% in May to 4.1% in June. According to the forecast noted on Investing.com, the US economy was expected to add 191,000 nonfarm payrolls in June.

Persons: — Organizations: Service, payrolls, Bureau of Labor Statistics

☆ How the US Navy's ice cream ships boosted morale aboard warships during World War II
▼ + stars: | 2024-07-04 | by ( Lauren Frias | ) www.businessinsider.com time to read: +2 min

A frozen treat before abandoning shipCrews aboard the aircraft carrier USS Lexington are seen abandoning ship after the Battle of the Coral Sea during World War II. US Navy via APDuring the Battle of the Coral Sea in 1942, the Japanese aircraft carrier Zuikaku struck the US aircraft carrier USS Lexington with two torpedoes, severely damaging its hull. "The ship's service ice cream plant was in the extreme port corridor. Some clown passed the word that there was free ice cream, so sailors were abandoning ship and lining up for free ice cream." "We hadn't eaten anything that day except ice cream, which I ate out of my helmet," he said in the interview.

Persons: Crews, Noel A.M, Lady Lex, Gayler, Paul Stillwell, Merle Lebbs, Lebbs, George Von Hoff, Von Hoff Organizations: US Navy, AP, US, US Naval Institute, KFOR Locations: Lexington, Oklahoma, Northampton, Chester

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