CEOs warn that US households are burning through savings at an alarming rate
The US economy has been mostly beating expectations for two years now, thanks in large part to consumers eagerly buying just about everything that companies could sell them.
Much of this spending was powered by an estimated $2.5 trillion in excess savings that households accumulated due to federal pandemic aid and higher wages at work. READ MORE
Retail markdowns could be coming as companies tackle excess inventory
A buildup of inventory across major retailers is cultivating a climate of markdowns, according to a new report.
It started happening at a time when "consumers began curtailing spending and shifting away from discretionary categories," according to a research note from the Telsey Advisory Group. READ MORE
Parler CEO warns tech layoffs are ‘just beginning’
Netflix, Robinhood, Carvana and Facebook parent Meta are joining the growing list of tech firms laying off employees or slowing hiring which Parler CEO George Farmer warned is "just beginning."
"The sector is feeling the effects of this interest rate rise and the end of free money," Farmer told FOX Business’ Maria Bartiromo on Thursday. "The free pay environment has sort of exacerbated the worst of the tech hiring, which has basically meant that companies are trading off ridiculous price-to-earnings ratios and have sort of exacerbated the overstaffing of these companies." READ MORE
White House trying to fight inflation is like having an ‘arsonist trying to shut out a fire
Former White House Council of Economic Advisers Chair Tomas Philipson slammed the Biden administration for their attempt to fight inflation, comparing it to an "arsonist trying to shut out a fire." READ MORE
Ford CEO says customers will pay 'tens of thousands of dollars' to sleep in their cars
Jim Farley knows time is money.
The Ford CEO sees a great profit opportunity in technology that will allow drivers to sleep in their cars. READ MORE
US Frontier Supercomputer Named Fastest in the World
How to Spot — and Develop — High-Potential Talent in Your Organization
Organizations struggle to identify their next-gen leaders, and for good reasons. When you don’t know what the future will bring, how do you figure out who has — or can acquire — the right strengths to meet those challenges? Which high potentials will give you the best return on your development efforts? READ MORE
Elon Musk says upcoming recession is 'actually a good thing
Tesla CEO Elon Musk, who has gained even more notoriety amid his purchase of Twitter and who has previously predicted an economic recession, claimed that the upcoming recession is "actually a good thing," a necessary "rude awakening" after a lax attitude from the COVID-19 pandemic. READ MORE
Small Businesses Are Starting to See Sales Slow--and That's Not Likely to Change
After months of shouldering increased costs, customers are pulling back.
That's according to small businesses surveyed in May by The Wall Street Journal. Some say that sales have decreased over the past few weeks--and the majority aren't optimistic about things getting better anytime soon. More than half (56 percent) of the 600 small businesses surveyed say that they expect economic conditions to worsen over the next year--up from 42 percent in April. READ MORE
These 'boomerang' employees went back to their old jobs. They tell us why
With the job market still going strong, millions of workers have switched jobs in the past year.
In March, a record 4.5 million people quit their jobs, according to the Labor Department, many of whom left to seek higher pay, better benefits and flexibility or new career opportunities. READ MORE
Tech Leaders Can Do More to Avoid Unintended Consequences
Ten years ago, in a small hotel room in Helsinki, Finland, a young tech entrepreneur sat down with a pen and paper and calculated that one of his inventions was responsible for wasting the equivalent of more than a million human lifetimes every day. The realization made him feel sick. That entrepreneur’s name is Aza Raskin, and he’s the inventor of the “infinite scroll,” the feature on our phone that keeps us endlessly scrolling through content with the simple swipe of a finger. READ MORE
Code-Writing AI Points to the Future of Computers
Microsoft just showed how artificial intelligence could find its way into many software applications—by writing code on the fly.
At the Microsoft Build developer conference today, the company’s chief technology officer, Kevin Scott, demonstrated an AI helper for the game Minecraft. The non-player character within the game is powered by the same machine learning technology Microsoft has been testing for auto-generating software code. The feat hints at how recent advances in AI could change personal computing in years to come by replacing interfaces that you tap, type, and click to navigate into interfaces that you simply have a conversation with. READ MORE
The Evolution Of The Performance Management Process
The employee performance management process is ready for an overhaul, thanks to the changing needs and requirements of employees, the organizations they work for and the customers they serve. READ MORE
Amazon hit with investor resolutions at shareholder meeting
Amazon will face a record 14 resolutions challenging its policies over the treatment of workers during the company's annual shareholder meeting on Wednesday.
The jump in the quantity of resolutions highlights the increase in environmental, social and corporate governance-based investing, leading more shareholders to demand corporate accountability. READ MORE
Musk, Twitter 'fireworks' could come at annual shareholder meeting
One Wall Street analyst is expecting "fireworks" between Tesla CEO Elon Musk and Twitter's board at the social media giant's upcoming annual shareholder meeting on Wednesday.
"Twitter will be holding its annual shareholder meeting this Wednesday and will surely kick off some more fireworks between Musk and the Twitter Board," Wedbush Securities analyst Dan Ives wrote in a note to clients on Monday evening. "The elephant in the room at the Twitter shareholder meeting will clearly be the Musk $44 billion deal price for the company with shareholders encouraged by the Board to vote in favor of this inked deal." READ MORE
In a faceoff with Elon Musk, the SEC blinked
U.S. securities regulators have pulled their punches in dealings with Elon Musk largely because an April 2019 court hearing on a statement he made about Tesla on Twitter didn't go their way, according to four sources with knowledge of the matter. READ MORE
America's shrinking middle class is 'barely keeping up'
America's middle class has been shrinking over the past 50 years as rising inequality pushes more households into the upper- and lower-income brackets.
The share of aggregate household income held by the middle class has plunged since 1970, according to recent research by Pew Research Center, squeezing the mass of the population in the middle. READ MORE
The Great Resignation looks set to continue — 1 in 5 say they’ll change jobs in the next year
The Great Resignation is set to continue, according to a new global survey by PwC, with one in five saying they are likely to switch jobs in the next 12 months.
PwC launched its “Global Workforce Hopes and Fears Survey 2022” at the World Economic Forum in Davos on Tuesday, which surveyed more than 52,000 workers in 44 countries. READ MORE
US growth seen outpacing China’s for first time since 1976
China’s coronavirus lockdowns mean its economic growth may undershoot the US for the first time since 1976, in a role reversal with potential political reverberations in both Beijing and Washington.
The world’s second-largest economy will grow just 2% this year, Bloomberg Economics wrote in a report Thursday. By comparison, US gross domestic product will increase 2.8% this year, Bloomberg Economics predicts. READ MORE