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

Majority of CEOs preparing for a recession as sky-high inflation persists

The economic outlook is rapidly darkening in corporate America. 

More than two-thirds of CEOs – 68% – believe that the Federal Reserve's war on red-hot inflation could tip the economy into a recession over the next few years, according to a new survey from the Conference Board. While a majority of executives believe the downturn will be relatively mild, 11% are worried that aggressive tightening by the U.S. central bank could trigger a deep, "challenging" recession.  READ MORE

Chicken wings for $34?

With a gallon of milk up about 25% since before the pandemic, and retail bacon 35% higher, it’s hard to imagine how US food inflation could get any worse. But evidence suggests that even higher prices are on the horizon.

Consumers have actually been shielded so far from the full brunt of soaring expenses that are facing producers, distributors and small businesses like restaurants. But they can only hold back for so much longer. READ MORE

At Wells Fargo, a Quest to Increase Diversity Leads to Fake Job Interviews

Joe Bruno, a former executive in the wealth management division of Wells Fargo, had long been troubled by the way his unit handled certain job interviews.

For many open positions, employees would interview a “diverse” candidate — the bank’s term for a woman or person of color — in keeping with the bank’s yearslong informal policy. But Bruno noticed that often, the so-called diverse candidate would be interviewed for a job that had already been promised to someone else. READ MORE

Doubt about spam accounts could scuttle Twitter deal

Tesla CEO Elon Musk says his deal to buy Twitter can’t move forward unless the company shows public proof that less than 5% of the accounts on the social media platform are fake or spam.

Musk made the comment in a reply to another user on Twitter early Tuesday. He spent much of the previous day in a back-and-forth with Twitter CEO Parag Agrawal, who posted a series of tweets explaining his company’s effort to fight bots and how it has consistently estimated that less than 5% of Twitter accounts are fake. 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.

But sometimes new roles don't pan out as expected, and some workers end up returning to the job they left. READ MORE

Five Key Principles To Follow When Presenting to a Board

Just when I was getting ready to present a key proposal at a major board meeting, a colleague who was the CFO (now a CEO) reminded me, “there is no such thing as a good board meeting—just one where nobody gets fired.”

That’s not far from the truth. I’ve seen too many self-inflicted career wounds in front of a board. I’ve seen executives go into board meetings full of confidence and come out crushed. I’ve witnessed senior leaders do such a lousy job presenting to a board that it damaged or destroyed their careers. READ MORE

As More States Legalize Marijuana, Where Should Employers Stand with Drug Testing?

Ten years ago, Washington and Colorado became the first U.S. states to legalize the recreational use and sale of marijuana. Since then, almost 20 states have done the same, and last month, New Jersey became the latest one to join the list. 

As reported by the New York Times, at least a half-dozen medical marijuana dispensaries opened their doors to all adults on April 21, after winning final approval from New Jersey’s Cannabis Regulatory Commission. READ MORE

Didn’t get that promotion? Study on rejected CEO candidates gives reason to hold your head up

Recently missed out on a big promotion opportunity? Don’t sweat it. New research from The University of Texas at Austin reports that as long as you’re talented and qualified, a similar outside opportunity will find its way to you soon enough.

Whenever a CEO position becomes available, it’s common for companies to encourage senior executives to apply for the promotion. These internal CEO contestants can only have one winner, though, so what happens to the rejected internal applicants? Study authors investigated this topic, and find that in the vast majority of cases it doesn’t take long for similar opportunities to arise from outside the organization. READ MORE

The 25 Sales Tools Your Team Should be Using Right Now

Whether your company is a three-person endeavor or a large enterprise, you need tools to help sell products and services. Tools for sales reps can keep data on your customers readily available so your company can make decisions based on facts, not hopes or guesses. An educated sales department is a successful sales department. However, there are so many sales tools out there it can be tough to narrow down which ones are right for your company. READ MORE