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Brewing worker resentment could fuel a 2025 quitting spree
  + stars: | 2024-11-20 | by ( Jennifer Liu | ) www.cnbc.com   time to read: +2 min
The job market could be poised for a fresh wave of people quitting, according to a new Glassdoor report. Employees' satisfaction in their career opportunities has been on the decline since 2022 after people settled into new roles following the post-pandemic hiring boom known as the Great Resignation. "People don't feel like the job market is working for them right now, even if you hear economists and policymakers talk about how strong and resilient the job market is," Glassdoor senior economist Daniel Zhao tells CNBC Make It. "The desire [to quit] is there, but the opportunities aren't," Zhao says. For example, some sectors, like housing, real estate and tech, could be buoyed by the Federal Reserve's interest rate cuts, Zhao says.
Persons: Daniel Zhao, Zhao, Terry Petzold, Donald Trump Organizations: CNBC, Fox Search, White
His Cabinet picks, including the Treasury secretary, traditionally have to be confirmed by the Senate. “The Treasury secretary has historically played a significant role in advancing the administration’s tax policy priorities,” Akabas said. Next year, Trump’s Treasury secretary will act as the quarterback, executing his economic gameplan. It will also fall to Trump’s Treasury secretary to put out fires in financial markets or in the real economy like the regional bank failures that rocked Wall Street and Washington early last year. Trump’s Treasury pick will also help manage the complicated relationship between the president and Federal Reserve Chairman Jerome Powell.
Persons: Donald Trump’s, Trump, , , Ed Mills, Raymond James, Janet Yellen, Shai Akabas, Steven Mnuchin, ” Akabas, Isaac Boltansky, Jerome Powell, Powell, Mills Organizations: CNN, Quarterbacking, Treasury Department, Department, Treasury, Trump, Senate, Republicans, Capitol, Wall, Washington, Committee, Federal, Fed, Trump White House Locations: Washington, filers
President-elect Donald Trump is now receiving intelligence briefings after having declined them during his campaign, according to a source with knowledge of the matter and a former U.S. official. “ODNI is acting consistent with the tradition, in place since 1952, of providing intelligence briefings to the President-elect,” an ODNI spokesperson said. The office would not comment specifically on whether Trump was actually accepting the offer of the briefings. A Trump transition team representative was not able to confirm that Trump had begun receiving the briefings. Before the election, Trump had said he did not want to get the intelligence briefings to avoid any chance he would be accused of leaking information.
Persons: Donald Trump, Harry Truman, “ ODNI, , Trump, Truman, ” Trump Organizations: U.S ., National Intelligence, Washington Post, Trump, White Locations: U.S, Lago, Florida, Mar
Roofing is also one of the fastest-growing jobs in the U.S., with nearly 15,000 jobs expected to be added each year over the next decade. She launched her own roofing business, B. Barela Construction, in February 2021. Her combined income from running B. Barela Construction and working in real estate is more than $70,000 (she declined to share her exact salary). Ahead of her fourth year in business, Tena says she hopes to scale the business into a full-time career. She attended Santa Fe Community College on and off between 1995 and 2002, waffling between entering business, law or real estate, but never finishing her bachelor's degree.
Persons: Bridgette Tena, Tena, they've, Tena's, Lino Barela, We're, Organizations: CNBC, U.S . Department of Labor, Santa Fe Community College, Realtors Locations: Santa Fe , New Mexico, U.S, Santa Fe, New Mexico, Denver , Colorado, Santa
Veteran investor Howard Marks said he was hopeful about China's economy, but cautioned that the country's growth target was a monumental challenge. China has set a growth target of "around 5%" for 2024, though Bank of America and Citigroup, among others, have projected the world's second-largest economy will grow at under 5%. The World Bank has pegged China growth in 2024 at 4.8%, and expects it to decline further to 4.3% next year, despite a recent slate measures to boost the economy. The World Bank cited headwinds such as sluggish Chinese consumer spending, a struggling property market and an ageing population as key concerns for the world's second-largest economy. "You can't produce economic growth through stimulus perpetually.
Persons: Howard Marks, Marks, CNBC's Emily Chan, it's, Donald Trump's, Xi Jinping Organizations: Oaktree Capital Management, Global Financial, Investment Summit, Hong Kong Monetary Authority, Bank of America, Citigroup, Bank, People's Bank of China Locations: China
In her more than 14 years working at the firm, "I really homed in on a niche of working with private family offices, ultra-high net worth individuals, celebrities, athletes, musicians," she says. She helps them fill all sorts of roles: "chief of staff, personal assistants, estate manager staff," nannies, personal chefs, etc. Though the types of roles they're hiring for vary, Levine says there are three traits that many of her successful clients always look for in an employee. Depending on the person she's recruiting for, they might need help organizing their calendar or they might need help moving their business forward. Whatever the problem, they ultimately want someone "who's going to provide solutions and improve their efficiency throughout the day."
Persons: Emily Levine, Levine, Kardashian, Jenner, Kevin Costner, Maria Shriver Organizations: NBA
Investors may soon be forced to take on more risk and rethink their diversification strategies due to macroeconomic uncertainties. And that presents challenges for those who follow the traditional balance of 60% stocks to 40% bonds as a diversifier, he added. "Momentum has really been driving equities higher across the board, especially with respect to large-cap growth names," Adams said. The study found that stocks, bonds, and options strategies could have more correlated risk than is evident on the surface. "So value stocks are about the here-and-now, growth stocks are about the hereafter."
Persons: Goldman Sachs, Jon Adams, Adams, Jimmy Chang, Donald Trump, Chang, Nikolai Roussanov, David Kelly, you've, Kelly Organizations: Calamos Wealth, Treasury, Rockefeller, Family, Wharton School, Morgan Asset Management
AdvertisementA $20 million six-bedroom seaside mansion sold in Puerto Rico this month. The 14,000-square-foot home is the most expensive property sold in Puerto Rico this year. A sprawling six-bedroom mansion has become the most expensive property sold in Puerto Rico this year. Blanca Hebe Lopez Pierluisi, boss of Corcoran Puerto Rico, the real estate agency that represented the buyer of the $20 million mansion, told Business Insider via email that Puerto Rico has "seen an incredible boom in real estate during these last five years as well as numerous new development projects that speak to the healthy demand across the island." "This record-breaking sale is a strong indicator that the real estate market in Puerto Rico is thriving and resilient," she added.
Persons: It's, Shou Zi Chew, , Mainlanders, Blanca Hebe Lopez Pierluisi, Corcoran Organizations: Ritz Carlton Reserve, Puerto Rico —, Reuters, Puerto Locations: Puerto Rico, Dorado, San Juan, Singapore, Puerto, Corcoran Puerto Rico
However, that's not feasible for workers earning the minimum wage in many large U.S. cities, according to a recent Clever Real Estate report. In seven major cities, you'd need to earn more than quadruple the federal minimum wage of $7.25 to afford the fair market rent without spending more than 30% of your income on housing or working a second job, Clever found. To determine the minimum wage needed to afford a fair market priced rental in the 50 largest U.S. metros, the report analyzed wage and housing data from a variety of sources, including the U.S. Department of Labor and the Department of Housing and Urban Development. Clever follows HUD's definition of fair market rent, which is the price at which 60% of similar units in the area rent for more than the listed amount and 40% rent for less. Here are seven major U.S. metros where workers would need to make quadruple the minimum wage in order to comfortably afford rent, according to Clever Real Estate.
Persons: Clever Organizations: U.S, metros, U.S . Department of Labor, Department of Housing, Urban Locations: U.S
AdvertisementGoogle pays Apple at least $20 billion a year to make its search engine the default on iPhones. Those payments were at the heart of a federal antitrust case Google lost earlier this year. That's because a long-running deal between Apple and Google, where Google pays Apple at least $20 billion a year to make Google the default search engine on iPhones, is at the heart of the US government's antitrust case against Google. (Though, confusingly, an earlier Bloomberg report about the DOJ's plan focused on forcing Google to sell off its Chrome browser and never mentioned the Apple payments.) AdvertisementBut even if that happens, it doesn't mean Apple automatically loses all the money Google pays it every year.
Persons: it's, Judge Amit P, Mehta, Microsoft's Bing, they're, Trump, Tim Cook, Cook Organizations: Apple, Google, US Department of Justice, Street, Bloomberg, Trump, Big Tech Locations: China
Armed with shears and headlamps to guide us, we filed into the vineyard rows like soldiers, performing the synchronized ritual that has existed for centuries: picking grapes for wine harvest. AdvertisementI instantly answered: "I want to work a wine harvest in Europe." I spent hours firing off emails, asking if they had any open positions on their harvest team. I worried about running out of money and blowing through the savings I'd spent years growing. It was all underpinned by one fear: Is this worth upending the life I'd built?
Persons: wouldn't, I'd, Gruner, I've, I'm Organizations: Australia Locations: Austria, Burgenland, Coast of California, Europe, Slovenia, England, Australia, Austrian
However, there are consequences for failing to file a tax return that you should be aware of. Why filing taxes is importantLegal obligationsFirst things first: Do you even need to file a tax return? However, you are required to file a tax return if you have $400 or more in net self-employment income. FAQs on what happens if you don't file taxesHow long can I go without filing taxes? If you don't file a tax return and don't owe any taxes, you have up to three years to claim any refund that might be due.
Persons: David Beck, Beck, filers, TurboTax, you'll, It's, it'll, there's, There's, haven't, Morgan, Tanza, Read Organizations: Free, NEC, TurboTax, Budget, Social Security, State, IRS, Levy, Railroad, Board, Military, garnishment, Chevron, Finance, Morgan Stanley Wealth Management, Fidelity, BI, Elon University Locations: U.S, Dix Hills, NY, TheStreet
AdvertisementI explored Jackson Hole, Wyoming, a luxury real-estate hot spot near Grand Teton National Park. Jackson Hole is known for its wealth disparity. I spent three days exploring some of the most coveted real estate in the US in a 60-mile-long valley on the edge of Grand Teton National Park. I was reporting from Jackson Hole, Wyoming, one of the most unequal places in America. During my trip, I spotted several signs of extreme wealth and luxury in the Aspen of Wyoming.
Persons: Jackson, Sandra Bullock, Harrison Ford Organizations: Economic Policy Institute, Daily Mail, Kanye Locations: , Wyoming, Grand Teton, Park, Grand, Jackson Hole , Wyoming, America, Jackson, Wilson, Teton Village, Wyoming, Aspen
High home prices and higher mortgage rates along with low inventory have put ownership just out of reach for many households. Jose Luis Pelaez Inc | Digitalvision | Getty ImagesAlthough vacationing has also gotten more expensive, Americans are still determined to travel. Rising debt is another threat to wealthAt the same time, rising consumer debt has weighed on household balance sheets. Nearly half, 44%, of Americans said credit card debt is the biggest threat to their ability to build wealth, according to a separate report by Edelman Financial Engines. "That stands in the way of people building actual wealth and therefore feeling wealthier," she said.
Persons: , Freddie Mac, Jose Luis Pelaez, Jean Chatzky Organizations: Jose Luis Pelaez Inc, Deloitte, Edelman Financial, Federal Reserve Bank of New, CNBC Locations: Federal Reserve Bank of New York
Art on the auction blockA little more than half of Phillips, Christie’s and Sotheby’s sales — which will carry the three aforementioned art pieces — were based in New York, where 34 of the top 50 auction lots were sold in 2023, according to an Art Basel and UBS Art Market Report. Christie’s is auctioning 689 lots this week as part of the November art auctions. But Todd Levin of Levin Art Group was skeptical that tax cuts would do much for the art market. Interest ratesAnother drag on the art market over the last few years: high interest rates. A signal for what’s to comeNew York’s art auctions in the spring and fall could be a sign of things to come for the global art market, according to Woodham.
Persons: Maurizio Cattelan’s, , Andy Warhol’s “, Rene Magritte’s “, Sotheby’s, Phillips, Merrill Lynch, Donald Trump, Alex Glauber, ” Glauber, Christie’s, René Magritte, Marc Porter, Hiroko Masuike, Trump, bode, Todd Levin, “ It’s, Doug Woodham, , Fernando Botero's, Kena Batancur, Glauber, Amy Whitaker, , ” Whitaker Organizations: New, New York CNN, Andy Warhol’s “ New York Skyscrapers, of, Christie’s, Association of Professional Art Advisors, CNN, Art Basel, UBS Art, New York Times, UBS Survey, Global, Trump White, Levin Art, Federal Reserve, Trump, NYU Steinhardt Locations: New York, Belgian, Christie’s Americas, Woodham, AFP, Miami
A company tied to conspiracy theorist Alex Jones filed Monday to dispute the sale of the Infowars website to the parody site The Onion, calling it improper and unfair. In the morning, First United American Cos., a limited liability company that runs Jones’ online supplements store, filed an emergency motion to disqualify the winning bid of The Onion’s parent company, Global Tetrahedron,’ to purchase the Infowars media empire and other assets. The company running Jones’ online store had placed a competing bid against The Onion to purchase the estate. Infowars was briefly shut down after the sale was announced, NBC News reported, but it has resumed operating since. The proceeds from the sale of Infowars and Jones’ other assets will go toward his estate creditors, including the families of Sandy Hook victims.
Persons: Alex Jones, Cos, Jones, , Sandy Hook, FUAC, , , Infowars, ” Jones, Elon Musk, Donald Trump, Ben Collins —, ” Collins, InfoWars Organizations: Global, NBC News, X Corp Locations: United, Connecticut, Infowars
LONDON — Burglars broke into the grounds of Britain's royal Windsor Castle in October and stole two vehicles, it has emerged. The estate is the primary residence of Prince William, Princess Kate and their family. William, Kate and their three children live at nearby Adelaide Cottage in Windsor, a few miles from where the incident took place. King Charles III and Queen Camilla's primary residence is Clarence House in London, close to the monarch's official residence of Buckingham Palace. On Christmas Day in 2021, a man armed with a crossbow climbed a fence at Windsor Castle, and claimed he wanted to kill Queen Elizabeth II who was staying at the castle at the time.
Persons: Prince William, Princess Kate, , William, Kate, King Charles III, Camilla's, Clarence, Buckingham, Emily Nash, Queen Elizabeth II, Nash Organizations: LONDON, NBC News, Thames Valley Police, Sun, Clarence House, NBC Locations: Britain's, Windsor, Adelaide Cottage, London, Buckingham, Kensington
AdvertisementSocial-media collective WiFi Money was sued by the Nebraska Attorney General's office. WiFi Money has made tens of millions of dollars pitching controversial "passive income" investments. The lawsuit accuses WiFi Money of causing Nebraska state residents to lose more than $3 million. WiFi Money was sued by Nebraska's Attorney General who alleged the social-media collective offered "deceptive" get-rich-quick schemes that lost residents of the state more than $3 million. Nearly 100 complaints have been lodged with the FTC about WiFi Money and two of its partner companies, BI previously reported.
Persons: James Ragano, Michael Hilgers, Defendants, Cadillac Escalades Organizations: Nebraska Attorney, Nebraska's, dropshipping, IRS, WiFi, Nebraska AG Locations: Nebraska, Florida, Alachua County , Florida
AdvertisementThe growing ranks of boomers aged 65-plus could spark a boom in the senior housing market. It says this will drive strong demand for senior housing facilities, including assisted living, independent living, skilled nursing, and memory care. "That makes senior housing a compelling option for investors looking to break away from traditional property investment." Census Bureau/Capital EconomicsMeanwhile, around 11% of those over the age of 65 are currently living in a form of senior housing, according to the American Senior Housing Association. Related storiesRents, meanwhile, are seeing a strong uptrend, thanks to the supply of senior housing growing tighter after the pandemic.
Persons: that's, Imogen Pattison, Pattison Organizations: Capital, Capital Economics, Census, American Senior Housing Association, MAP
London CNN —Thieves broke into the grounds of Windsor Castle and stole two vehicles from royal land, police said, in a major breach of security. ET) and that the perpetrators entered a farm building on royal land. The Prince and Princess of Wales live close to the site of the burglary with their children, Prince George, Prince Louis, and Princess Charlotte. Jonathan Brady/Getty ImagesThough Windsor Castle is one of King Charles and Queen Camilla’s residences, the pair were not staying at the castle at the time of the reported burglary. ShutterstockOn Christmas Day 2021, a man broke into the grounds of Windsor Castle armed with a crossbow in an attempt to assassinate Queen Elizabeth II, who was in the royal residence at the time.
Persons: , Prince, Princess, Prince George, Prince Louis, Princess Charlotte, Jonathan Brady, King Charles, Queen, Charles, didn’t, Princess of Wales, Buckingham, Prince William, Catherine , Princess of Wales, Shutterstock, Queen Elizabeth II, Jaswant Singh Chail Organizations: London CNN —, Thames Valley Police, CNN, Monday . Police, Sun, Buckingham Palace Locations: Windsor, Sun, Scotland, London, Adelaide, Kensington
AdvertisementProsecutors took "improper possession" of Sean Combs' handwritten notes, his lawyers said Monday. The notes were taken from his jail cell and include "privileged attorney-client details," they said. His lawyers want an evidentiary hearing, at which prosecutors would explain what was taken and why. On Monday, Agnifilo countered that prosecutors' 30-page bail memorandum shows the filter team did not do its job. Combs, his defense team, and prosecutors are scheduled to return to court on Friday for the third round of bail arguments.
Persons: Sean Combs, Sean, Diddy, Combs, Arun Subramanian, Marc Agnifilo, Agnifilo Organizations: Prosecutors, US, of Prisons Locations: Manhattan, Brooklyn, Miami
Trump Media & Technology Group — Shares in President-elect Donald Trump's media company pulled back roughly 5%. Although the stock has been increasingly volatile in the wake of Trump's election, it has gained more than 52% in 2024. Redfin — The online real estate company's stock slipped 3.4% following a downgrade at Goldman Sachs to sell from neutral. CVS Health — Shares of the drugstore operator jumped nearly 6% following a decision to add four new board members in a deal with Glenview Capital. Moderna — Shares of the biotech company jumped more than 5% after HSBC upgraded the stock to buy from hold and said it views the stock as being undervalued.
Persons: Donald Trump's, Donald Trump, Chris Wright, Wright, Baird, Goldman Sachs, Wells, Needham, Piper Sandler, , Alex Harring, Sean Conlon, Hakyung Kim, Pia Singh, Michelle Fox Organizations: Spirit Airlines —, Trump Media & Technology, Liberty Energy, Goldman, CVS, Glenview Capital, Aetna, U.S . Securities, Exchange, Nasdaq, Moderna —, HSBC, Warner Bros, , National Basketball Association Locations: Wells Fargo
AdvertisementU.S. News and World Report released its annual list of the best places to retire in America. 1 on U.S. News and World Report's new list of the best places to retire. Prioritizing happiness means some more expensive places ranked higher on the list of best places to retire. AdvertisementTake Jim and Ellen Diamond, a retired couple in their 80s who were living in Hastings-on-Hudson, New York, a suburb of New York City. AdvertisementBelow are the 24 best places to retire in the US, according to U.S. News and World Report.
Persons: Daniel Mehalek, Mehalek, Dawn Bradbury, Jim, Ellen Diamond, Jim Diamond Organizations: News, Fortune, Sunshine State, . News, U.S . News, Business, Bureau Locations: America, South, Midwest, Chicago, Bonita Springs , Florida, Naples, Florida's, Illinois, Naples , Florida, , Virginia, Raleigh , North Carolina, Huntsville , Alabama, U.S, Washington, DC, San Francisco, New York City, Hastings, Hudson , New York, Midtown Manhattan
Here are Monday's biggest calls on Wall Street: Oppenheimer reiterates Netflix as outperform Oppenheimer said the Jake Paul-Mike Tyson fight "demonstrates [the] ability for meaningful" live event viewership for Netflix. Goldman Sachs initiates Ingram Micro as buy Goldman said the IT solutions provider is well positioned. Goldman Sachs initiates Gatx as buy Goldman said it's bullish on the railcar company. Baird upgrades Roku to outperform from neutral Baird said in its upgrade of Roku that it sees an "attractive long-term opportunity." Needham upgrades Robin Hood to buy from hold Needham said the stock is a beneficiary of the Trump election.
Persons: Oppenheimer, Jake Paul, Mike Tyson, it's bullish, Goldman Sachs, Ingram, Goldman, Baird, Morgan Stanley, Raymond James, Wells, Needham, Biogen, it's, Robin Hood, Trump, Donald Trump's, Bernstein, Tesla Organizations: Netflix, Citi, Astera, Ingram, GATX Corporation, RBC, UBS, Franco, Wheaton Precious Metals, WPM, HSBC, Moderna, Air Products, Hewlett Packard Enterprise, Enterprise, Aetna, Bank of America, Nvidia, " Bank of America, DOJ, Google, BMO, SEC, EV Locations: Nevada, Asia
5 things we're watching in the stock market in the week ahead
  + stars: | 2024-11-17 | by ( Zev Fima | ) www.cnbc.com   time to read: +10 min
October retail sales, released Friday morning, came in slightly ahead of expectations, indicating a 0.4% monthly increase, versus a 0.3% increase expected. Disney's reported strong earnings and its stock advanced more than 16% for the week as a result. In the week ahead, we will get earnings from three Club names, including the highly anticipated quarter from Nvidia, and a couple of housing market-related updates. The Street is looking for Nvidia sales of $33.1 billion in its fiscal Q3 and earnings of 75 cents per share. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Donald Trump, Friday's, Jerome Powell, Powell, That's, YTD We're, we're, Jensen, Trump, Nvidia's, Stanley Black, Decker, Jim Cramer's, Jim Cramer, Jim, Angela Weiss Organizations: Dow, Nasdaq, Federal, Fed, Disney, Depot, Nvidia, TJX Companies, Home Goods, Blackwell, Palo Alto Networks, Home Depot, Stanley, Walmart, Viking Holdings, Sonoma, WSM, Baidu, PDD Holdings, Deere & Co, Warner Music Group, Intuit, Ross Stores, CNBC, Traders, New York Stock Exchange, AFP, Getty Locations: Maxx, U.S, China, Palo, VIK, Williams, New York City
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