A cooling economy, rising mortgage rates and mass layoffs have done little to dampen executive demand for expanded office presence and increased flexibility for office workers, a new report from Ernst and Young found. READ MORE
U.S. retail sales rise solidly; fourth-quarter GDP estimates raised
U.S. retail sales increased more than expected in October as households stepped up purchases of motor vehicles and a range of other goods, suggesting consumer spending picked up early in the fourth quarter, which could help to support the economy. READ MORE
C.E.O.s Are Talking More About Recession
Despite a surprisingly resilient labor market, talk of an economic downturn is on the lips of corporate leaders.
James S. Tisch, the chief executive of the hotel, insurance and industrial conglomerate Loews Corporation, said on an earnings call with analysts last week that his “fearless forecast” was for recession, but not one that would be as “cataclysmic as ’08 or ’09.” READ MORE
Most executives see possible GOP midterm win as business boost
Over half of executives surveyed said U.S. House and Senate control flipping to Republicans would have positive effects on the business environment. READ MORE
Mixed bag for jobs: Employers keep hiring, but unemployment rises
The US economy added 261,000 jobs in October and the unemployment rate rose to 3.7%, according to the latest monthly employment snapshot from the Bureau of Labor Statistics released Friday morning. READ MORE
Why America’s job market hasn’t imploded
Despite a stock-market bounce in October that gave the Dow its biggest monthly gain in more than 45 years, economists are warning that there’s a very real danger of recession in the United States. Mortgage rates are at their highest levels since 2002, consumer spending and business investment is falling and the Federal Reserve is fighting persistent inflation with higher interest rates. READ MORE
Forget 'quiet quitting': Now workers are stressing out colleagues with 'quiet constraint'
Over the last few months, the workplace trend "quiet quitting" has taken social media by storm.
The term refers to employees who do the bare minimum in their jobs. They refrain from putting in any extra effort and instead place their own interests above those of their employer. READ MORE
It Might Be the End of the Flexible Work Era, According to LinkedIn Data
The pandemic changed the way U.S. employees work — and by now, many of them have fully embraced remote and hybrid models.
But the era of flexible work might be coming to an end, per LinkedIn data reported by CNBC. In the U.S., the number of postings for remote roles has plummeted by five percentage points since April, when they hit a record high of 20%. READ MORE
Recession to start in Q2 2023, Fitch says
Forecasts of a recession are increasing as economists and financial market analysts assess an economic contraction during the first six months of 2022 and a pledge by Fed policymakers to further increase borrowing costs this year. Read More
Revenue expectations rise among small business owners despite economic concerns
The percentage of small business owners who expect their revenues to increase in the next 12 months has risen slightly from earlier this year despite ongoing economic concerns, according to a report released Wednesday by Bank of America. READ MORE
Elon Musk says Twitter purchase 'accelerant' to creating X, 'the everything app'
Billionaire Elon Musk revealed Tuesday that his decision to buy Twitter for $44 billion is ultimately "an accelerant to creating X, the everything app." READ MORE
Wrong place, wrong time: How things went so badly for Twitter’s new CEO so quickly
When Parag Agrawal took over as Twitter’s CEO last November following co-founder Jack Dorsey’s surprise resignation from the role, he was little known outside the company.
Ten months later, Agrawal has featured prominently in a whistleblower disclosure, been rebuked by name in a Congressional hearing and fielded criticism from the world’s richest man (and his possible future boss) both publicly and privately. READ MORE
GM delays return-to-office mandate after employee backlash
General Motors is conducting damage control around its return-to-office plans after a Friday afternoon message to employees spurred backlash and confusion.
The company’s senior leadership team on Friday said corporate workers would be required to return to physical locations at least three days a week, beginning later this year, in what the company called an evolution of its current remote work policies. READ MORE
Consumers are growing more optimistic about the US economy
Consumer confidence rose for a second straight month in September, as moderating gas prices and the hope that inflationary pressures might be easing helped lift the nation’s collective mood.
The Conference Board reported on Tuesday that its baseline index rose to 108 from a revised 103.6 in August, the highest it has been since April. READ MORE
The Fed's war on inflation could cost the US economy 1M jobs
The Federal Reserve is escalating its fight against inflation with a series of supersized interest rate hikes that threaten to do some serious damage to the U.S. economy and the labor market.
At their two-day meeting last week, central bank policymakers approved the third straight 75 basis point rate hike and released quarterly economic forecasts that show they expect unemployment to climb significantly higher in coming months. READ MORE
Fifty of Forbes 400 richest Americans have one thing in common
Forbes has released the 50 richest sports owners in the country, who make up more than 10% of the Forbes 400 wealthiest Americans.
The Forbes 400 last year had 43 team owners in their list. While there are 17 NFL owners, there are 14 NBA owners, 12 NHL owners and nine MLB owners. READ MORE
Wharton professor warning Fed sending economy into 'deep recession'
Wharton business school professor Jeremy Siegel warned Tuesday the Federal Reserve's hawkish stance on combating inflation is sending the U.S. economy towards a "deep recession." On "Cavuto: Coast to Coast," Siegel unpacked the Fed's recent rate hike and argued an "excess of monetary growth" over the past two years created the "inexcusable" problem. READ MORE
Half of Americans think they’ll leave job within next year, flexibility major reason why
Is working from home the ultimate job perk? About two in five Americans say they’re living the dream by working remotely, while less than one in 10 wish to work on-location full time. That’s according to a new poll of 2,000 employed Americans which reveals that if given the opportunity to build their dream schedule, 42 percent would opt for mostly remote work with occasional days in-office. READ MORE
Google CEO says employees shouldn't 'equate fun with money’
Google CEO Sundar Pichai urged his employees not to "equate fun with money" during a company-wide town hall event last week.
Pichai made the comments after employees complained that Google was restricting benefits for travel, as well as on-site entertainment and other perks, according to a recording of the meeting obtained by CNBC. The employees argued the company was "nickel-and-diming" them even as Google sees record-breaking profits. READ MORE
Biden's new minimum tax could hit Amazon, Berkshire Hathaway the hardest
The new corporate minimum tax signed into law by President Biden last month will not impact large companies equally. A small percentage will bear the heaviest burden, according to new research from the University of North Carolina Tax Center. READ MORE