US manufacturing near three-year low; casts a shadow over economy

U.S. manufacturing activity slumped in March to the lowest level in nearly three years as new orders plunged, and analysts said activity could decline further due to tighter credit conditions.

The Institute for Supply Management (ISM) survey on Monday showed all subcomponents of its manufacturing PMI below the 50 threshold for the first time since 2009. Some economists said this suggested a recession was around the corner, while others said much would depend on the services sector, whose PMI remains consistent with a growing economy. READ MORE

Would Life Be Better if You Worked Less?

Stephen E. Griffith was working up to 80 hours a week. He was frustrated by the bureaucracy of mounting meetings and craved time with family. So in 2021, he left his thriving practice at a Kansas City, Mo., hospital, and decided to work less.

The neurosurgeon now puts in about one-half to two-thirds of the hours he used to, picking up temporary assignments through a medical-staffing agency, sometimes traveling as far as Oregon. He’s still a doctor and still heals people. But he also goes on midmorning jogs with his wife. He drives his kids to music class. He’s taken more vacations in recent months—to Hawaii, Grand Cayman, Mexico—than during entire years of his past life as a hospital-employed physician. READ MORE

Inflation stress for small businesses hits record high

Inflation has eased some in recent months after hitting a four-decade high last year, but worries over rising costs are now at an all-time high for small businesses.

The U.S. Chamber of Commerce's Q1 Small Business Index found a record 54% of owners cited inflation as their top concern for the first three months of the year, marking the fifth consecutive quarter respondents pointed to cost increases as the number one stressor. READ MORE

How Big Companies Choose Who Is Laid Off

Soon after a company decides to cut its head count, the debate begins: Who should go?

In the current economic environment, a final decision can take weeks, according to executives and corporate advisers. Workers remain in short supply, raising the stakes of determining who is expendable and who is worth keeping. With layoffs that target corporate staff, department heads often take the lead and human resources troubleshoots their lists, which can lead to intense debate and multiple rewrites. READ MORE

ChatGPT: Who and what is behind the artificial intelligence tool changing the tech landscape

Since the introduction of the artificial intelligence tool ChatGPT in November 2022, the new technology has displayed the power and potential that AI can have on our lives.

Open AI CEO Sam Altman, the company behind ChatGPT, admitted earlier this month that he was even "a little bit scared" of the powerful technology his company is developing. While Altman predicted that artificial intelligence "will eliminate a lot of current jobs," he has said the technology will be a net positive for humans because of the potential to transform industries like education. READ MORE

32-hour workweek bill reintroduced in Congress: Will it pass?

The “Thirty-Two Hour Workweek Act” was introduced in the House earlier this month, as progressives try for a second time to shorten the standard workweek from 40 hours to 32.

The bill, introduced by Rep. Mark Takano (D-Calif.), proposes amending the Fair Labor Standards Act to shorten the standard workweek by eight hours for non-exempt employees. (A non-exempt employee is someone who is currently entitled to overtime when they work more than 40 hours in a week.) READ MORE

Six Guidelines For Successful Board-Shareholder Engagement

With shareholder activism on the rise, the need for boards to proactively engage with shareholders has also increased.

Shareholder engagement refers to the process of engaging shareholders, usually those representing the largest blocks of stock, in face-to-face verbal communications. Topics usually include CEO evaluation and succession, executive compensation, board nomination criteria, governance issues, corporate strategy and emerging issues such as oversight of corporate culture, human capital management and the set of issues known as environmental, social and governance. Institutional investors and proxy advisory firms usually publish their priorities in advance of proxy season, which helps boards scope what topics are appropriate for discussion. READ MORE

Silicon Valley Bank had no official chief risk officer ahead of collapse but employed DEI executive

Silicon Valley Bank (SVB) did not have a chief risk officer for the last eight months of 2022 as it barreled toward collapse – even as it employed a chief diversity officer over the same period.

SVB Chief Risk Officer Laura Izurieta entered into an agreement with the bank to shift into a non-executive role in late April 2022 as she transitioned out of the company, according to Forbes. READ MORE

March Madness will cost employers $17B this year as workers slack off

The cost of lost worker productivity for employers due to March Madness will reach an eye-popping amount this year, Challenger, Gray & Christmas estimated.

In the report released Tuesday, the global outplacement firm estimated that employers will see $17.3 billion in costs from lost productivity from workers distracted by college hoops. The figure accounts for employees doing things like brackets and watching games on the clock amid the more than two weeks’ worth of workdays in which the NCAA tournament coincides, according to Challenger, Gray & Christmas. READ MORE

'Mr. Wonderful' torches 'idiot' bankers, says feds' SVB response 'nationalized the banking system'

Canadian-American investor Kevin O'Leary called out the "idiot bank managers" who led Silicon Valley Bank to its demise, further adding that the federal government's response to the collapse unwisely "nationalized" the banking system.

O'Leary, well-known by his "Mr. Wonderful" nickname coined on "Shark Tank" by fellow investor Barbara Corcoran, told "Hannity" that he however doesn't like playing politics, especially in terms of finance. READ MORE