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2024-06-11 20:06:13

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#note1e20…ld4z

2024-06-11 20:06:01

The Fed's next decision will likely mean Americans are going to wait a lot longer for any interest rate cuts
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The Federal Reserve is likely to hold interest rates steady in its next decision on Wednesday. There's a 99.4% chance rates will stay where they are. The Fed chair, Jerome Powell, has reiterated throughout the year that nothing is set in stone. Inflation increased 3.4% for the 12 months ending April. The US labor market saw some strength in May with the US economy adding 272,000 jobs. The unemployment rate ticked up to 4.0% in May. Some Democratic lawmakers have been pushing the Fed to cut rates. The International Monetary Fund says Prime Minister Justin Trudeau’s capital gains tax hike will improve the system’s neutrality and won’t significantly harm investment or productivity growth.
#FederalReserve #InterestRates #Inflation #LaborMarket #CapitalGainsTax
https://www.businessinsider.com/interest-rate-cuts-when-will-fed-lower-rates-inflation-fomc-2024-6

2024-06-09 12:23:15

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#note1zrh…grx8

2024-06-09 12:23:04

America's plan to fix its economy is going to screw over the rest of the world
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America's high interest-rate regime is out of step with the rest of the world, causing potential chaos for the stock market and global economy. The US has higher interest rates than other countries, which has allowed Wall Street to engage in carry trades, where investors borrow money from countries with low interest rates and invest it in countries with higher interest rates. This has led to a surge of cash flowing into the US, tightening financial conditions in other economies and weakening their currencies. The divergence in interest rate policies could add volatility to global markets and make it harder for central banks to coordinate their efforts. The US Federal Reserve's decision on whether to cut interest rates in the future will be crucial in determining the impact on the global economy. If the US does not cut rates, it will be out of step with the rest of the world and could lead to a vicious cycle of diverging policies and increased uncertainty.
#Economy #InterestRates #StockMarket #GlobalMarkets #FederalReserve
https://www.businessinsider.com/america-economy-recession-stock-market-crash-inflation-interest-rates-2024-6

2024-06-08 12:03:42

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#note184h…8kql

2024-06-08 12:03:31

'Equity investors should be worried': A renowned market bear who called the dot-com bubble warns recession signals are flashing red — threatening to catch investors off guard and sink stocks at least 30%
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Albert Edwards, a Societe Generale strategist, warns that recession signals are flashing red and could catch investors off guard, potentially causing a stock market crash of at least 30%. GDP expectations have recently dropped, and the Institute for Supply Management's New Orders data has also slid, suggesting that GDP growth could slow to under 1% in the months ahead. Edwards argues that even if a recession occurs, the Fed's rate cuts may not prevent a stock market collapse. While some traditional indicators, such as The Conference Board's Leading Economic Index and the Treasury yield curve, suggest a recession is taking shape, economic data is mixed, with strong job growth and inflation, but also rising unemployment and low job openings. The US has a 29% chance of entering a recession in the next year, according to economists.
#StockMarket #Recession #Investors #Gdp #Inflation #Unemployment #FederalReserve
https://www.businessinsider.com/stock-market-crash-recession-sp500-gdp-inflation-unemployment-societe-generale-2024-6

2024-06-07 10:28:42

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#note1949…mcts

2024-06-07 10:28:31

Jack Dorsey Gave $10M to Nostr Dev Devoted to Fascist 'Guru' - Business Insider
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Jack Dorsey, co-founder of Twitter, gave $10 million to a project called Nostr and 14 bitcoins to Nostr's anonymous founder, Giovanni Torres Parra. Parra is a Brazilian man who is a follower of far-right conspiracy theorist Olavo de Carvalho. Nostr is a decentralized social-media protocol with a small user base of cryptocurrency and privacy enthusiasts. The funding comes as Silicon Valley's rightward political drift becomes more apparent. Parra, known pseudonymously as Fiatjaf, is a developer who has built webpages devoted to disseminating the work of Olavo de Carvalho. Parra's political views were shaped by the Austrian school of economics and his frustration with Twitter's increasing censorship. Dorsey's funding went to the nonprofit Open Sats Initiative, which funds bitcoin-related projects including Nostr. The donations to Open Sats are among the largest gifts Dorsey has made as part of his #StartSmall grantmaking initiative.
#JackDorsey #Nostr #GiovanniTorresParra #OlavoDeCarvalho #Twitter #SocialMedia #Funding #DecentralizedProtocol
https://www.businessinsider.com/jack-dorsey-fiatjaf-nostr-donation-2024-6

2024-06-06 17:17:31

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#note1ldq…tcax

2024-06-06 17:17:19

We're on track for a soft economic landing, but it still feels like the economy stinks
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The US economy is on track for a soft economic landing, with recent data showing inflation and the labor market cooling. However, many Americans still feel that the economy is not improving due to inflation levels still being above pre-pandemic levels and a slowing job market. Interest-rate cuts, which could come as soon as September, may help improve the situation. Former Fed economist Claudia Sahm believes the Fed is the biggest risk to a soft landing. Despite the positive signs, some experts, such as French bank SocGen and UBS, still see red flags and predict a potential downturn. In other news, another company has joined the $3 trillion club, Jack Dorsey donated $10 million to a Twitter alternative, and a new NBA deal could affect NBC and Peacock shows.
#UsEconomy #SoftEconomicLanding #Inflation #LaborMarket #InterestRates #JobMarket #Fed #Recession #StockMarket #Nvidia #JackDorsey #Nba
https://www.businessinsider.com/soft-landing-economy-us-on-track-data-cooling-interest-rates-2024-6

2024-06-06 06:15:45

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#note154u…p5eg

2024-06-06 06:15:34

Ahead of schedule: Why the Fed should cut rates in July, according to Mohamed El-Erian
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Mohamed El-Erian believes the Fed should start cutting interest rates in July due to negative economic surprises, including disappointing retail sales and manufacturing prints. El-Erian argues that the economy is slowing faster than expected, and the Fed should not rely solely on past data. He suggests that the Fed should cut rates three times this year, but realistically expects no more than one or two cuts. El-Erian also advocates for raising the Fed's inflation target to 3% from the current 2% rate. However, the market currently predicts a policy pivot in September, and the odds of a summer rate cut stand at only 18.5%.
#FederalReserve #InterestRates #Economy #Inflation #MohamedElerian
https://www.businessinsider.com/fed-interest-rate-cuts-timing-summer-markets-economy-slowdown-inflation-2024-6

2024-05-26 15:35:05

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#note1geu…vhar

2024-05-26 15:34:53

Upgrading to Premium Economy on 13-Hour Flight for $300, Worth It
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The article discusses the author's experience of upgrading to premium economy on a 13-hour United Airlines flight from Japan to the US. The upgrade cost $300 and was worth it for trips over 10 hours. The author enjoyed the added comfort, space, and amenities in premium economy. They were able to sit near the front of the plane, which allowed for a quick exit upon landing. The upgraded seat included amenities such as noise-canceling headphones, a pillow, a blanket, and a pouch with various essentials. The extra legroom and footrest provided comfort during the flight. The larger entertainment system made watching movies and TV easier. The food service in premium economy was slightly elevated, with better meals served on real plates with cloth napkins and real silverware. The author concludes that the $300 upgrade was worth it for long-haul flights over 10 hours and would consider upgrading again in the future.
#UnitedAirlines #PremiumEconomy #FlightUpgrade #Comfort #Amenities
https://www.businessinsider.com/united-airlines-premium-economy-upgrade-japan-us-worth-it-2024-5

2024-05-26 14:57:59

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#note18l0…2uwm

2024-05-26 14:57:48

2024-05-25 12:03:44

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#note1889…wssg

2024-05-25 12:03:32

Hey, America, here's what's actually going on with the economy
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The US isn't in a recession, and experts don't think one is likely coming soon either. A Harris poll found 56% of Americans believe the US is in a recession, but experts such as David Kelly, chief global strategist at J.P. Morgan Asset Management, Eugenio Alemán, Raymond James' chief economist, and Gregory Daco, EY's chief economist, told Business Insider that the US isn't in a recession. Media coverage and how people view economic trends may be contributing to the negative perception of the economy. US GDP is still growing, unemployment rates are low, inflation is stubborn but has been under 4%, and the S&P 500 has generally been rising for over a year. Experts don't foresee a recession coming soon, although there are some concerns such as dropping sales for existing homes, elevated gas prices, and high interest rates.
#UsEconomy #Recession #Unemployment #Inflation #Gdp
https://www.businessinsider.com/what-is-going-on-with-economy-recession-unemployment-inflation-gdp-2024-5

2024-05-25 11:21:38

American Parent in Germany Shares Naming Laws in the European Country
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In Germany, there are strict naming laws that prohibit children from being named after titles, places, or brands. Gender can play a role in name approval, with gender-neutral names requiring a second name that is considered male or female. Common German last names cannot be used as first names. Names that are deemed cruel or harmful to children are also rejected. German naming laws differ significantly from the more lenient naming laws in the United States.
#Germany #NamingLaws #Children #Names
https://www.businessinsider.com/american-parent-germany-naming-laws-european-country-2024-5

2024-05-24 04:13:58

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#note126q…8pn3

2024-05-24 04:13:47

These 10 AI companies are getting corporate clients to pay up
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The business of artificial intelligence is booming, with non-tech businesses using AI more. Spend management company Ramp published a Q1 spending report on which AI companies its clients are paying for. The top 10 AI vendors on Ramp's list include OpenAI, Midjourney, ElevenLabs, Perplexity AI, and Fireflies.ai. OpenAI is the most popular, followed by more generative AI services. Specialized 'narrow' AI tools are also gaining popularity, such as Fireflies.ai, which transcribes, summarizes, and analyzes conversations. Big tech companies like Amazon and Microsoft are partnering with AI companies and investing in AI research. OpenAI has a partnership with Microsoft, and Amazon is partnering with Anthropic. These AI vendors cater to a wide range of business needs and provide scalable AI solutions. Axel Springer, the parent company of Business Insider, has a global deal with OpenAI to train its models on its media brands' reporting.
#Ai #Business #Technology
https://www.businessinsider.com/top-ai-companies-businesses-are-paying-for-2024-5

2024-05-23 04:27:24

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#note1djv…xpm3

2024-05-23 04:27:12

We took our 7-year-old son to Waikiki for our 10th wedding anniversary. We catered the trip to us, not him.
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A couple took their 7-year-old son to Waikiki for their 10th wedding anniversary. The trip was catered to their interests, not their son's, but he still had a great time. They stayed at the Royal Hawaiian hotel, hiked the Diamond Head Summit Trail, went on a catamaran ride, dined at Duke's Waikiki and Merriman's, and attended a luau. The family enjoyed the trip and learned about Hawaiian history and culture. The article emphasizes that anniversary trips are about the marriage, not the kids.
#FamilyVacation #AnniversaryTrip #Waikiki #Hawaii
https://www.businessinsider.com/wedding-anniversary-trip-took-kid-family-vacation-2024-5

2024-05-23 01:40:34

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#note1pk4…csc0

2024-05-23 01:40:22

Baby boomers have been America's secret weapon for fending off recession
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Baby boomers are spending heavily on services, boosting payrolls and income, repelling recession. The generation has started to retire with a record $76 trillion in net worth and is spending on restaurants, cruises, traveling, and healthcare. This spending has expanded the service industries' payrolls, boosting real incomes and fueling more spending. While the goods sector has shown signs of a growth recession, goods spending remains at a record high. Retiree consumption is one of many recession-canceling factors. The Federal Reserve's aggressive hiking cycle and flashing recessionary indicators were initially expected to cause a downturn, but the problems typically brought on by tight monetary policy have been largely overcome. Higher rates strengthened consumer resiliency, and the baby-boomer focus on service spending may have deformed indicators, making things look gloomier than they are.
#BabyBoomers #Recession #ConsumerSpending #Retirement #Economy
https://www.businessinsider.com/us-recession-baby-boomer-consumer-spending-downturn-retirement-hard-landing-2024-5

2024-05-23 01:03:40

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#note1pk4…csc0

2024-05-23 01:03:29

2024-05-22 18:04:11

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#note1hld…0ntr

2024-05-22 18:04:00

The US economy is in a 'selective recession' as lower-income consumers can't cover the cost of living, JPMorgan says
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JPMorgan analyst Matthew Boss states that the US economy is in a 'selective recession' as lower-income Americans struggle to keep up with the rising cost of living, while upper-income consumers are doing well. According to a survey, over 70% of low-income consumers are struggling to make ends meet. Middle-class Americans are feeling the pinch of inflation, with 67% of households believing their income is falling behind the cost of living. Consumer prices overall are 22% higher than they were five years ago. Many Americans have depleted their savings accumulated during the pandemic, and 38% of middle-class respondents do not have a $1,000 emergency fund. The New York Fed estimates a 50-50 chance of the US slipping into a recession within the next 12 months.
#UsEconomy #Recession #LowincomeConsumers #CostOfLiving #Inflation
https://www.businessinsider.com/recession-outlook-economy-hard-landing-jpmorgan-forecast-low-income-wealth-2024-5

2024-05-22 05:01:21

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#note1rva…dft8

2024-05-22 05:01:10

The US economy is headed for a hard landing this year, and deep rate cuts are the only solution, Citi chief economist says
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Andrew Hollenhorst, Citigroup's chief US economist, predicts that the US economy is headed for a hard landing this year due to a deteriorating labor market. He points to a gradual softening in the job market, with firms hiring at a lower rate and workers working fewer hours. Hollenhorst calls for four interest-rate cuts this year and believes that unemployment ticking up above 4% could trigger the Federal Reserve to start lowering interest rates as soon as July. Other analysts have also voiced concerns about a hard landing and recession due to labor-market deterioration.
#UsEconomy #HardLanding #RateCuts #LaborMarket #Unemployment #FederalReserve
https://www.businessinsider.com/us-economy-recession-hard-landing-outlook-forecast-labor-market-rates-2024-5

2024-05-21 20:37:31

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#note1fpu…cgx0

2024-05-21 20:37:20

Microsoft Build live updates: CEO Satya Nadella announces Copilot and other AI news at annual developer conference
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Microsoft CEO Satya Nadella announced updates to the company's generative AI product, Copilot, at the Microsoft Build keynote. Nadella highlighted the new Copilot+ PCs, which integrate AI chips and processors along with AI apps. Copilot, an AI assistant tightly integrated with Microsoft 365, competes against Google's Gemini AI for Google Workspace. Microsoft has also invested in OpenAI, which powers the 'new Bing' search product. Nadella mentioned the availability of GPT-4o in Copilot and Azure AI. Microsoft is deepening its partnership with Meta to bring Windows apps to the Meta Quest headsets. Other announcements include the introduction of Team Copilot, updates to Copilot Studio, and the launch of GitHub Copilot. Microsoft is also partnering with Khan Academy to make math tutoring more accessible using Microsoft's Phi-3 language models. Nadella emphasized Microsoft's commitment to AI infrastructure, renewable energy, and its partnership with Nvidia. The Build keynote featured demos showcasing Copilot's capabilities, including helping with Xbox games and buying hiking shoes. The event also highlighted the impact of AI in project management and collaboration. The keynote was livestreamed for a wider audience.
#Microsoft #SatyaNadella #Copilot #Ai #MicrosoftBuild #Openai #Meta #GithubCopilot #KhanAcademy
https://www.businessinsider.com/microsoft-build-keynote-announcements-copilot-ai-bing-news-2024-5

2024-05-21 19:15:52

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#note1gu6…zsqd

2024-05-21 19:15:41

Trump's proposed tariffs would cost Americans $500 billion a year, think tank says
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Donald Trump's proposed tariffs on imports could cost Americans $500 billion annually, according to estimates from a Washington DC-based think-tank. The tariffs, if imposed, could cost households an extra $1,500 a year. The plan would hit lower-income households harder, reducing after-tax incomes by about 3.5 percent for those in the bottom half of the income distribution. Economists agree that tariffs raise the cost of goods purchased domestically, as taxes on imported goods are often passed onto consumers. Trump's plan also includes a 60% tax on Chinese imports. Other economists warn that the proposed tariffs could cause inflation to spike and spark a recession.
#DonaldTrump #Tariffs #Imports #Economy #ThinkTank
https://www.businessinsider.com/trump-trade-war-china-tariffs-taxes-us-economy-deficit-impact-2024-5

2024-05-20 23:54:55

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#note14vj…0k3r

2024-05-20 23:54:44

The AI revolution is here. What does it mean for the future of business?
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The AI revolution is shaping how companies plan for the future. While many companies are thinking about how AI could affect their business, deployment remains low. A survey found that 76% of companies experimented with generative AI in 2023, but only 9% adopted it widely. AI is being used to automate nonessential tasks and cut costs, but there is a divide between companies using AI for cost-cutting and those using it to create value. Proper innovation with AI requires deploying it to make day-to-day operations more efficient. Early adoption of AI will require ongoing support and consideration of liability and ethical deployment. Despite the risks, enthusiasm about AI's potential is high.
https://www.businessinsider.com/what-the-ai-revolution-means-for-business-2024-5

2024-05-20 03:47:17

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#note1vdl…8twp

2024-05-20 03:47:05

The West can't completely isolate Russian banks because it would be disastrous beyond Russia
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The West has tried for more than two years to cripple Moscow's finances by way of sanctions. However, the West hasn't blocked all Russian banks' access to SWIFT due to potential global impact. From February to May 2022, the US and European Union repeatedly moved to block some Russian banks' access to SWIFT — but spared those that process international oil and gas payments. Cutting off all Russian banks' access to SWIFT would have a massive knock-on impact globally. Despite the West's frustration with how Russia's economy still appears to be holding up, the sanctions appear to be finally working. Russia's economy is in 'deep, deep trouble' due to sanctions and finite reserves. Russia's economy is unlikely to hold up due to the finite nature of its reserves. Russia has limited options other than the Chinese yuan for its reserves. In five years, there will be a disastrous slowdown in the Russian economy. Russia's economy is in 'deep, deep trouble' due to sanctions and finite reserves. Russia's economy is unlikely to hold up due to the finite nature of its reserves. Russia has limited options other than the Chinese yuan for its reserves. In five years, there will be a disastrous slowdown in the Russian economy.
#RussianBanks #Sanctions #Swift #GlobalImpact #RussianEconomy
https://www.businessinsider.com/west-cannot-completely-isolate-russia-banks-disastrous-globally-putin-economy-2024-5

2024-05-20 03:09:36

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#note1vdl…8twp

2024-05-20 03:09:24

2024-05-18 20:04:20

Will a cruise ship wait for me if I'm running late at a port stop? Here's what a captain has to say.
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Captain Rob Hempstead of Royal Caribbean's Wonder of the Seas shared advice on what to do if you're running late to a cruise ship. If you're late returning from a cruise-line organized excursion, the ship will wait. However, if you've spent the day independently or with a private tour company, you should call the ship agent to alert them of your delay. The captain will make an educated decision about whether or not to wait based on the estimated time of your arrival. The crew's main concern is sticking to the tight schedule and avoiding burning excessive fuel. It's recommended to plan your day with ample time to return to port or book excursions through the cruise line.
#CruiseShip #PortStop #Captain #RunningLate #Excursion
https://www.businessinsider.com/how-late-will-cruise-ship-wait-for-you-2022-7

2024-05-18 13:11:26

Why Americans' confidence in finding a new job is tanking even as the labor market is humming along
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Americans are becoming more pessimistic about their chances of finding a new job if they lose their current one, according to the New York Fed's Survey of Consumer Expectations. As of April, the average probability of finding a new job within three months was 50.9%, the lowest since April 2021. This pessimism is seen across education levels, incomes, and regions of the US. The job market has become more challenging, with fewer job postings and increased competition among applicants. Americans looking for remote work and high-wage roles are facing difficulties. Some experts argue that people's pessimism about the economy may be due to the impacts of the pandemic. Despite the pessimism, the unemployment rate remains low and the US economy continues to add jobs.
#JobMarket #Unemployment #Economy #Pessimism #LaborMarket
https://www.businessinsider.com/americans-more-worried-finding-job-laid-off-unemployed-2024-5

2024-05-18 01:28:07

Apple could release a major redesign of the iPhone next year that's super-slim, report says
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Apple is reportedly working on a major redesign of the iPhone, internally called D23, that will result in a super-slim model. The new iPhone, possibly called 'iPhone 17 Slim,' is expected to debut alongside the iPhone 17 in September 2025. The project is said to be a 'major redesign' and will cost more than the iPhone Pro Max. The device's display would measure between 6.12 inches and 6.69 inches diagonally, and the back camera would be located at the top center of the phone instead of the top left corner. Apple launched its thinnest iPad last week and is expected to launch the iPhone 16 in September. The rumors of a slim iPhone are based on a research note from analyst Jeff Pu of Haitong, and reports from The Information and MacRumors.
https://www.businessinsider.com/apple-iphone-17-slim-rumors-announcement-d23-2024-5

2024-05-17 03:54:53

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#note1m8j…zea7

2024-05-17 03:54:42

The consumer slowdown is here and its flashing a recession warning for the economy
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Consumer spending in the US is slowing, which is seen as a warning sign for the economy. Retail sales were unexpectedly flat in April, and March retail sales were revised downward. Economist David Rosenberg has been calling for a recession and believes the downward revisions to sales numbers suggest the economy has been weaker than previously thought. A survey conducted by Primerica found that 67% of middle-class respondents said their income was falling behind the cost of living, causing them to cut back on discretionary purchases. Americans are also saving less, and household debt has surged to a record $17.6 trillion. Job growth has slowed, and consumer spending has taken a hit partly due to the weakening job market. The New York Fed sees a 50% chance of a recession by April 2025.
#ConsumerSpending #Recession #Economy #RetailSales #JobMarket #HouseholdDebt
https://www.businessinsider.com/recession-outlook-hard-landing-economy-consumer-spending-slowdown-growth-gdp-2024-5

2024-05-16 00:59:01

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#note168z…jwzt

2024-05-16 00:58:50

Biden's new tariffs show he's willing to play hardball as China ramps up exports, Nobel economist Paul Krugman says
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President Joe Biden's fresh set of China tariffs are a signal that the US will not absorb another flood of Chinese products, according to Nobel economist Paul Krugman. The tariffs target $18 billion worth of Chinese goods and aim to avoid a reiteration of the trade imbalance that occurred in the 1990s. The previous 'China shock' resulted in the elimination of 1.5 million jobs between 1990 and 2007, causing localized job losses and economic damage. China is currently relying on heavy production to overcome its economic slump, but Krugman suggests that the country should focus on boosting domestic demand instead of unloading products onto the global market. The Biden administration's tariffs are a warning to China that it cannot dump the consequences of its policy failures on other countries.
#JoeBiden #China #Tariffs #Trade #Economy
https://www.businessinsider.com/ev-solar-tariffs-china-shock-economy-property-trade-war-krugman-2024-5

2024-05-13 17:20:37

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#note1w92…h0nw

2024-05-13 17:20:25

Meet the group preparing for a Soviet Union-type collapse of the US economy
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A group of users on the subreddit r/economiccollapse are preparing for a Soviet Union-type fall of the US economy. The subreddit's membership has grown 80% from the end of 2021 to the end of 2023. Searches for 'stock market crash' and 'economic crash' have also increased. The middle class and ALICEs (asset limited, income constrained, employed) are struggling financially. The housing market is facing problems with sky-high mortgage rates and an increasing number of houses worth less than their mortgages. The stock market's strength is partially attributed to AI, which could lead to a crash. Job growth has slowed, and interest-rate cuts are being delayed. Inflation concerns are debated, with some arguing a soft landing is still possible. Billionaire hedge fund manager Jim Simons died at the age of 86. The US-China rivalry may impact Big Tech. Mark Zuckerberg has turned against the news industry. Startups are focusing on helping people make friends through in-person events. OpenAI is teasing a new announcement. Banks are improving credit-card fraud protection. Rick Doblin and MAPS are pushing to legalize medical MDMA. Some millennials who bought real estate before the pandemic have benefited financially.
#EconomicCollapse #Recession #StockMarketCrash #HousingMarket #Ai #JobGrowth #InterestrateCuts #Inflation #HedgeFund #UschinaRivalry #BigTech #MarkZuckerberg #Startups #Openai #CreditCards #MdmaLegalization #Millennials
https://www.businessinsider.com/economic-doomsday-preppers-economy-recession-crash-reddit-2024-5

2024-05-12 12:16:56

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#note165n…ntlg

2024-05-12 12:16:45

These 2 charts show just how little faith Americans have in the economy
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The latest University of Michigan survey shows that the consumer sentiment index dropped 13% from April, reaching its lowest reading in about six months. Consumers across demographics are worried that the economy will get worse in the year ahead. Survey results also indicate that consumers predicted a 3.5% jump in prices over the next year, the highest guess about inflation since last November. Despite leading indicators suggesting a strong economy, Americans remain pessimistic due to high inflation and a rocky housing market.
#Economy #ConsumerSentiment #Inflation #UniversityOfMichigan #HousingMarket
https://www.businessinsider.com/americans-losing-faith-economy-inflation-university-michigan-consumer-sentiment-2024-5

2024-05-12 12:14:32

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#note1pfm…hyjk

2024-05-12 12:14:21

Immigrants to US Feel Forced to Drive for Uber and Lyft
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Many recent immigrants to the US rely on gig driving for Uber and Lyft due to limited job options. However, drivers face long hours and low pay, leading to increased competition and difficulty in finding higher-paying rides. The lack of government statistics makes it difficult to determine the number of immigrant drivers, but a poll conducted by Ipsos on behalf of McKinsey found that a significant percentage of immigrants reported being independent workers. Immigrants turn to gig work as it is a low-barrier entry with quick hiring, but it comes with inherent risks. Immigrants struggle to find work outside of ride-hailing due to language barriers and limited employment experience. Some immigrants have successfully found other jobs and use driving as supplemental income. Despite the challenges, some drivers are determined to make driving work for them as they face repeated disappointment in finding employment in other sectors.
#Immigrants #GigWork #Uber #Lyft #Employment
https://www.businessinsider.com/uber-lyft-florida-miami-fort-lauderdale-immigration-rideshare-driving-cuba-2024-5

2024-05-11 07:56:59

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#note16kx…84fz

2024-05-11 07:56:48

Detroit's 'doom loop' was unlike any other American city. Its downtown is now a model for urban reinvention.
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Detroit's downtown has become a model for urban reinvention, with positive developments such as hosting the NFL Draft and attracting new residents and businesses. In the 1980s and 1990s, downtown Detroit experienced an 'urban doom loop' with residents leaving and office towers emptying out. However, the city's economic position has improved significantly, with home prices rising and an increase in new residents. The downtown area has an abundance of historic buildings that are being converted into housing and renovated for office use. Billionaire Dan Gilbert has invested billions into revitalizing the city's downtown, including building a mixed-use skyscraper at the site of the old Hudson's department store. General Motors is also moving its headquarters closer to the residential buildings downtown. Detroit's economic turnaround is attributed to factors such as walkable neighborhoods, public transportation, green spaces, and businesses catering to local needs. The city's downtown is now seen as a model for other cities undergoing urban reinvention.
#Detroit #UrbanReinvention #EconomicTurnaround #HistoricBuildings #ResidentialDevelopments #Businesses #DanGilbert #GeneralMotors
https://www.businessinsider.com/detroit-downtown-urban-reinvention-doom-loop-historic-buildings-gm-2024-4

2024-05-10 22:19:06

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#note1app…kh7f

2024-05-10 22:18:54

The US and the West are facing the blowback of sanctions against Russia, economist says
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Economist Jeff Rubin argues that the US and the West are facing the negative consequences of the sanctions imposed on Russia. The sanctions triggered a dramatic revival of inflation, which had been buried for over four decades. The US miscalculated the impact of the sanctions, as Russia had already sanction-proofed much of its economy and formed alliances with countries in the global south. The sanctions have resulted in higher prices for Western consumers, and the US dollar may lose its status as the petrocurrency and sole reserve currency in the world. Rubin suggests that the West may have opened Pandora's box of unintended consequences by enforcing tight restrictions on Russia.
#Us #West #Russia #Sanctions #Inflation #Economy #Pandora'sBox #UnintendedConsequences #Oil #Trade #Dollar #Petrocurrency #ReserveCurrency
https://www.businessinsider.com/us-russia-sanctions-impact-dedollarization-oil-inflation-war-ukraine-2024-5

2024-05-10 21:41:51

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#note1v3q…kkt8

2024-05-10 21:41:40

Apple is revamping Siri with generative AI to catch up with chatbot competitors, report says
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Apple plans to implement generative AI into its virtual assistant Siri, allowing it to chat, summarize texts, and perform existing tasks better. The generative AI processing will happen on-device, distinguishing it from chatbot apps that rely on massive data and cloud servers. Apple is expected to make generative AI announcements at its WWDC conference in June. The company's CEO, Tim Cook, has hinted at big news regarding generative AI products. Apple's move comes amid concerns that it is lagging behind competitors in the AI space.
https://www.businessinsider.com/apple-siri-generative-ai-improvements-iphone-report-2024-5

2024-05-09 21:56:06

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#note15w2…dg5r

2024-05-09 21:55:55

Delta has the best first class and Southwest has the best economy seats — see JD Power's airline rankings
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Delta Air Lines has been ranked as passengers' No. 1 pick for its first class by JD Power's airline rankings. Delta regained the top spot after coming in second last year to JetBlue Airways. JetBlue fell to second place this year, followed by United Airlines. Delta's premium economy class claimed the top spot for the second year in a row. Southwest Airlines took top honors in the economy/basic economy segment for the third consecutive year. Air Canada ranked last in customer satisfaction in the first/business class and premium economy categories. Frontier Airlines finished last in the economy/basic economy segment. The study found that trust and ease of travel have superseded price as key driving factors for consumer satisfaction. Media coverage can significantly affect consumer trust in airlines. JD Power's 2024 study is based on responses from 9,582 passengers who had flown on a major North American airline within the previous month of completing the survey, which was conducted between March 2023 and March 2024.
#Airlines #CustomerSatisfaction #Delta #Southwest #JdPower
https://www.businessinsider.com/best-and-worst-airlines-us-canada-customer-satisfaction-delta-southwest-2024-5

2024-05-08 18:26:14

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#note1gut…fd84

2024-05-08 18:26:03

China has a lot more missiles — with US warships and bases in its sights
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China's Rocket Force has expanded its missile arsenal, posing a significant threat to American warships and bases in the Pacific. The Rocket Force is armed with thousands of missiles, including medium-range ballistic missiles and intermediate-range missiles that can reach Guam. The force aims to enforce China's claims in the South China Sea and deter US forces and allies in the Indo-Pacific region. The US military is concerned about the growing missile capabilities of China's People's Liberation Army Rocket Force, which could overwhelm American defenses and cause significant damage. The US has been strengthening its air defenses and training exercises with Pacific allies to counter the threat.
#China #UsMilitary #Missiles #RocketForce #Pacific
https://www.businessinsider.com/us-military-china-missile-problem-getting-worse-2024-5

2024-05-08 17:47:33

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#note1gut…fd84

2024-05-08 17:47:22

2024-05-08 17:05:12

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#note1ynl…7wyz

2024-05-08 17:05:01

Bankruptcies are spiking as companies lose hope of rate cuts
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April saw the highest number of corporate bankruptcies in a year, with 66 filings, an 88% increase from January's 35 filings. The increase in bankruptcies is attributed to eroding bets of an interest rate cut by the Federal Reserve. Rising costs slowed when a rate cut looked likely in early 2024, but last month's stubborn inflation and slowing GDP made a Fed cut look unlikely. The three sectors leading in bankruptcies were consumer discretionary, healthcare, and industrials. Fed officials continue to signal that lower inflation prints are still necessary before an interest rate cut can occur. Analysts warn that the longer monetary policy remains unchanged, the greater the risk of something bad happening in the economy.
#Bankruptcies #InterestRateCuts #FederalReserve #Inflation #Yields
https://www.businessinsider.com/us-economy-corporate-bankruptcies-fed-interest-rate-cuts-inflation-yields-2024-5

2024-05-08 14:22:30

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#note1yv7…wqwc

2024-05-08 14:22:19

Homeowners are suing for the right to demolish the house Marilyn Monroe died in, angering fans who say it's part of Hollywood history
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The owners of Marilyn Monroe's former Brentwood home, Brinah Milstein and Roy Bank, are suing the City of Los Angeles for the right to demolish the property. They purchased the home for $8.35 million with the intention of expanding their current residence located next door. The City Council temporarily halted the demolition last September and initiated proceedings to consider designating the property a historic cultural monument. Fans and historians argue that the house is significant in memorializing Monroe and represents a new beginning for the iconic star. The City Council will vote on whether to declare the house a historic cultural monument by mid-June.
#MarilynMonroe #Brentwood #LosAngeles #HistoricCulturalMonument
https://www.businessinsider.com/owners-of-marilyn-monroe-home-sue-la-demolish-it-lawsuit-2024-5

2024-05-07 21:05:44

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#note18fw…yda0

2024-05-07 21:05:33

'Proper' Recession Downturn Looms and Will Trigger Steep Fed Rate Cuts
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Economist Frances Donald warns that a 'proper' economic downturn is looming in the US, which could trigger steep rate cuts as soon as this year. With a slowdown in the US labor market, two negative quarters of growth could hit at the end of the year, prompting the central bank to ease quickly and beyond market expectations. Donald believes that the downturn will require a proper easing cycle and not just insurance cuts. Futures markets are already pricing in two 25-basis point cuts closer to the end of this year. The weakening labor market, including household and temporary employment stats, consistent job loss data, dropping quit rates, and a pullback in small business hiring, supports the recessionary outlook. The Fed's inability to cut rates sooner adds risk in the near term.
#UsEconomy #Recession #FederalReserve #InterestRates
https://www.businessinsider.com/recession-downturn-outlook-us-economy-fed-pivot-interest-rate-cuts-2024-5

2024-05-05 13:07:33

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#note1fqg…4x99

2024-05-05 13:07:22

Wall Street big shots may be forced to cancel their summer vacations
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Wall Street's summer vacations may be canceled due to higher inflation and stock market volatility. After a stock market rally in 2023, Wall Street expected a combination of healthy corporate earnings, strong household consumption, and a defeat of high inflation, leading to rate cuts and higher stock prices. However, inflation proved stickier than expected, and interest rate cuts started to fade from view. The performance of major stock indexes has been lackluster, and the potential for higher rates to stick around has injected uncertainty and volatility into the market. Wall Street's fantasies of summer vacations in the Hamptons have been shattered. The economy is still showing some positive signs, such as low unemployment, wage growth, and strong retail sales, but there are concerns about cracks in consumer spending and signs of weakening. The market is now more discerning, and business models that used to work may no longer be effective. The longer higher rates persist in the US, the more divergence there is from the rest of the world's monetary policy, leading to increased volatility. The Fed is starting to admit that the lags between interest rate moves and their impact on the economy may be longer and more variable than previously thought. Wall Street's hopes for a simple and profitable summer have been dashed.
#WallStreet #StockMarket #SummerVacations #Inflation #InterestRates
https://www.businessinsider.com/wall-street-summer-worry-stock-market-crash-inflation-hamtons-vacation-2024-5

2024-05-05 12:18:52

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#note1m5l…5rw5

2024-05-05 12:18:41

Buy these 8 underrated stocks that are about to report surprisingly strong Q1 earnings, according to Bank of America
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Bank of America remains bullish on small caps, even though interest rates are elevated. Bank of America's US regime indicator rose last month, the third consecutive increase and the largest in over two and a half years. A continued economic expansion marked by a relatively healthy labor market is excellent news for smaller stocks. BofA encouraged its clients to remain invested in the group. Within SMID-caps, value-oriented companies and those with a quality bent have performed best lately. Bank of America recently shared a list of 13 buy-rated small- and mid-cap stocks that beat both earnings and revenue estimates last quarter and can top consensus expectations again in Q1. The other eight SMID-cap stocks with earnings prospects that Bank of America is bullish about are: Addus HomeCare, US Physical Therapy, Alarm.com, Trex Company, Dynatrace, Patterson Companies, AutoNation, and Saia.
#Stocks #SmallCaps #Q1Earnings #BankOfAmerica
https://www.businessinsider.com/stocks-to-buy-small-caps-q1-earnings-bank-of-america-2024-5

2024-05-03 20:13:47

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#note1unn…zfqn

2024-05-03 20:13:35

America's big stagflation scare is over
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The US economy's stagflation scare is over after a weak Q1 jobs report. Fears of stagflation were sparked by a weak first-quarter GDP print, but the April jobs report showed that 175,000 positions were added last month, below the consensus forecast of 238,000. Average hourly earnings also unexpectedly declined to 0.2%. This mix of data dispelled the stagflation narrative as job additions were not weak enough to signal a slowdown, but also not strong enough to support higher interest rates. The report eased concerns that arose from the latest GDP print, which showed a slowdown and high underlying inflation. Wall Street was also worried about stagflation, but the jobs report brought relief. If the report had printed weaker, it could have deepened the stagflationary outlook and potentially caused a market sell-off. However, the benchmark S&P 500 rose 1.14% after the report. The US experienced stagflation in the 1970s, characterized by high consumer prices, recessions, and a weak stock market.
#UsEconomy #Stagflation #JobsReport #Gdp #Inflation #InterestRates #StockMarket
https://www.businessinsider.com/stagflation-us-economy-recession-outlook-forecast-q1-jobs-report-labor-2024-5

2024-05-02 12:24:55

OpenAI rival Anthropic launches its first smartphone app
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Anthropic has launched its first smartphone app, a mobile version of its AI chatbot called Claude. The app allows users to sync conversations and analyze photos, similar to OpenAI's ChatGPT. Anthropic also launched a team plan for Claude, offering more chats and collaborative tools for corporate users. Claude is a direct competitor to ChatGPT, with similar pricing. One differentiator is that ChatGPT allows voice chat and image generation, while Claude does not. Anthropic was founded in 2021 by Dario and Daniela Amodei, former OpenAI employees. The startup is backed by Amazon and Google. Amazon invested $1.25 billion into Anthropic last year and pledged an additional $2.75 billion in March. Anthropic has not announced plans for an Android version of the app yet. OpenAI is backed by Microsoft and recently received investments from venture capital firms. Axel Springer, the parent company of Business Insider, has a global deal with OpenAI to train its models on its media brands' reporting.
#Anthropic #Openai #Claude #Chatgpt #AiChatbot #SmartphoneApp
https://www.businessinsider.com/openai-rival-anthropic-launched-smartphone-chatbot-application-chatpgt-ai-iphone-2024-5

2024-04-30 01:10:29

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#note1xrv…jexu

2024-04-30 01:10:18

The US economy is already in a recession, and it's following the same path as China by becoming reliant on debt, veteran forecaster says
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Danielle DiMartino Booth, chief strategist of QI Research, believes that the US economy is already in a recession, citing weakness in the job market and rising layoffs. She warns that the US is becoming reliant on debt, similar to China, and that the public sector is stifling the private sector. The federal debt balance is at a record high of $34.5 trillion, which could lead to problems such as higher inflation and market volatility. Other economists also predict a weaker labor market and a potential hard landing for the economy. Layoffs could rise from 150,000 to 370,000 by the end of the year. The US economy is already in a rocky position and needs to reduce spending to allow the private sector to drive growth.
#UsEconomy #Recession #Debt #JobMarket #Layoffs
https://www.businessinsider.com/recession-outlook-layoffs-job-market-economy-growth-debt-levels-china-2024-4

2024-04-29 19:29:39

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#note1tdh…kcl4

2024-04-29 19:29:27

Why economists who originally expected multiple deep rate cuts in 2024 now say a hike is possible
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Macquarie, an economic firm, has changed its forecast for interest rates in 2024. Previously, they projected aggressive interest rate cuts by the Federal Reserve in the second half of the year, but now they believe that potential rate cuts won't happen until 2025. The firm suggests that the next change may be a hike, which would lead to a new wave of broad-based US dollar strength. This change in forecast is due to signs of rebounding inflation and the resilience of the US economy. Macquarie's economists now believe that the chances of a Fed interest rate cut this year are slim to none and that an interest-rate hike is possible. The firm also mentions that the threat of a hike would prompt a new wave of broad-based USD strength. The upcoming FOMC meeting could result in a hawkish press conference from Fed Chairman Jerome Powell. A rising US dollar could negatively impact US companies with operations overseas. Macquarie's previous forecast was similar to UBS, which predicted aggressive interest rate cuts due to a US recession.
#InterestRates #FederalReserve #Macquarie #Economists #Forecast #Inflation #UsEconomy #FomcMeeting #JeromePowell #UsDollar #UsCompanies #Recession
https://www.businessinsider.com/interest-rate-outlook-fed-hike-chances-cuts-jerome-powell-economy-2024-4

2024-04-28 15:00:55

I'm using my synesthesia to create a new genre of AI art. The technology can 'read' my paintings and help me compose music.
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Shane Guffogg, a multi-media abstract artist with synesthesia, has used AI technology to help him compose music based on his paintings. Guffogg collaborated with AI experts and musicians to create a visual alphabet that matched the musical chords he heard in his mind to colors. He worked with a pianist to chart chords that corresponded to 40 colors in his paintings. An AI algorithm was then developed to 'read' his paintings and convert them into music. The resulting music was a rough version of what Guffogg heard while painting, but it accurately reflected the compositions he was listening to. Guffogg believes that AI is a tool that needs human oversight, but it has enhanced his creative process and allowed him to unlock the musicality in his paintings.
#AiArt #Synesthesia #Paintings #Music #AiTechnology #AbstractArt
https://www.businessinsider.com/ai-art-painter-synesthesia-composed-music-from-paintings-2024-4

2024-04-28 14:07:51

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#note1gqs…ty4w

2024-04-28 14:07:37

Chinese scientists want to use lasers to power ultrafast, stealthy submarines. A laser expert says there's a major flaw in their plan.
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Chinese scientists at Harbin University claim to have developed laser propulsion technology that could make submarines almost silent and ultrafast. The technology involves coating submarines in a web of minuscule optical fibers that emit laser pulses, which vaporize seawater and generate plasma, creating a detonation wave that propels the submarine forward. However, a laser expert at McGill University doubts the feasibility of the technology, stating that lasers may not be powerful enough to induce the desired 'bubble' effect around torpedoes or submarines. The expert also questions the overall thrust and efficiency of laser propulsion compared to traditional propellers. The Chinese researchers acknowledge that there are many challenges to overcome before the technology can be applied to submarines. The US and China are currently in a race to develop advanced military capabilities, including submarines.
#LaserPropulsion #Submarines #ChineseScientists #Technology #Military
https://www.businessinsider.com/china-scientists-laser-propulsion-silent-superfast-submarines-flawed-laser-expert-2024-4

2024-04-27 14:01:21

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#note1zmd…gg0x

2024-04-27 14:01:10

How US Economy Could Enter Stagflation After GDP, Inflation Data: Experts
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The US economy may end up caught in a period of stagflation due to slower growth and rising inflation. This scenario was highlighted by two experts who discussed how to hedge against the risk. The first-quarter GDP reading grew at an annualized rate of 1.6%, below estimates of 2.5%. However, personal consumption expenditures outpaced forecasts, with inflation rising 2.8% against a 2.7% consensus. The chief economist of LPL Financial warned of the resurgence of the stagflation debate. If stagflation were to occur, it would not be welcomed by markets. Lessons from the 1970s, a decade of low growth and double-digit inflation, were cited as a cautionary tale. JPMorgan CEO Jamie Dimon and other analysts have also warned of stagflation risks. The consequences of higher monetary policy could be felt as soon as 2025, with potential risks to government and business debt. To hedge against rising risks, experts suggest going underweight on equities and increasing exposure to fixed income or alternative investments. However, the threat of stagflation may diminish with future reports or a GDP revision.
#UsEconomy #Stagflation #Gdp #Inflation #EconomicOutlook
https://www.businessinsider.com/stagflation-us-economy-gdp-growth-outlook-recession-forecast-inflation-rates-2024-4

2024-04-27 00:59:35

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#note1w74…p665

2024-04-27 00:59:23

Trump allies are drawing up plans to make the Fed less independent, report says
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Allies of former president Trump are drafting plans to give him more control over the Federal Reserve if he wins a second term. The plan suggests Trump could fire Jerome Powell before his term ends in 2026. Trump's associates have been drafting a 10-page manifesto proposing policy shifts and suggesting that the presidential candidate should have a say in interest-rate setting. The group also believes the Treasury Department should have more power to oversee the Fed. Trump has not publicly acknowledged the plan, but sources say it has his blessing. The idea of making the Fed less independent has faced backlash, even from former Trump administration officials.
#DonaldTrump #FederalReserve #JeromePowell #UsCentralBank #Independence #InterestRates #Policy #TreasuryDepartment
https://www.businessinsider.com/donald-trump-campaign-fed-independence-jerome-powell-interes-rates-politics-2024-4

2024-04-25 21:25:03

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#note19wh…ul2y

2024-04-25 21:24:52

The US economy may be barrelling towards stagflation, an outcome worse than recession
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The US economy is at risk of stagflation, an outcome worse than recession. The first-quarter GDP growth rate was 1.6%, falling well below the forecasted 2.5% and the previous quarter's 3.4% increase. Consumer prices also rose higher than expected, limiting the Federal Reserve's ability to take action. Stagflation, characterized by economic listlessness and elevated inflation, can be harder to combat than a recession. The US experienced stagflation in the 1970s due to geopolitical disagreements, restricted crude exports, high government spending, and inflation surging into double digits. Analysts fear a repeat of the 1970s and warn of the potential for stagflation. However, markets still expect at least one rate cut this year, and the final sales to domestic purchasers suggest strong demand conditions. The upcoming personal consumption expenditures report will provide more insight into inflation trends.
#UsEconomy #Stagflation #Recession #Gdp #Inflation #FederalReserve
https://www.businessinsider.com/stagflation-recession-us-economy-outlook-gdp-dimon-inflation-rate-cuts-2024-4

2024-04-25 13:00:02

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#note1vl7…4l9q

2024-04-25 12:59:51

Billions of dollars of Ukraine aid will be spent in the US. Here are the cities that could get a boost.
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The Senate passed a $95 billion spending package that included aid for Ukraine, Israel, and Taiwan. The aid, particularly for Ukraine, could boost the US economy and create American jobs. Much of the military aid, including money allocated for Ukraine, could flow back to US defense manufacturers. US aid to Ukraine has created thousands of jobs across at least 38 states. The spending package would provide about $61 billion for Ukraine, $26 billion for Israel, and $8 billion for Taiwan. Cities like York, Pennsylvania, Troy, Alabama, Peoria, Illinois, Aiken, South Carolina, Elgin, Oklahoma, Niceville, Florida, and Endicott, New York are mentioned as potential beneficiaries of the aid. The defense company General Dynamics is set to open a new factory in Mesquite, Texas, which is expected to benefit from foreign aid to Ukraine.
#Ukraine #UsEconomy #AmericanJobs #ForeignAid #DefenseManufacturers
https://www.businessinsider.com/ukraine-aid-bill-help-american-jobs-military-defense-business-economy-2024-4

2024-04-23 21:56:03

The Best, Underrated Places to Visit With Kids, From a Travel Blogger
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Karen Edwards, a travel blogger, has visited 93 countries, 57 of them with her young children. She prefers exploring underrated spots over popular ones. Her favorite underrated spots include Tanzania for its safari tours and Abu Dhabi for its vibrant festival scene. She also loves Sri Lanka for its diverse experiences and pristine beaches, and Andorra for its ski resorts and spas. Edwards also had a positive experience in Macedonia, where she was treated like family. She believes that traveling to underrated spots offers a more exclusive and educational experience, away from tourist traps.
https://www.businessinsider.com/best-underrated-places-visit-with-kids-from-travel-blogger-2024-4

2024-04-23 15:44:03

The yield curve has been inverted for 18 months without a downturn - but the famed indicator isn't wrong, and a recession is near, strategist says
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The yield curve has been inverted for 18 months, signaling a recession is near. The inverted Treasury yield curve, which occurs when the yield on the 2-year US Treasury surpasses the 10-year Treasury, has correctly predicted every recession since 1955. Despite the resilience of the US economy, a downturn is still expected, with recessions historically taking up to 28 months to officially start after being signaled by the yield curve and leading economic indicators. Chief investment strategist Paul Dietrich warns that investors should be skeptical of those who claim a new bull market has begun and that a recession won't occur. Dietrich is among the more bearish forecasters on Wall Street, having previously predicted a mild recession this year that could cause stocks to drop by as much as 49%.
https://www.businessinsider.com/recession-outlook-yield-curve-inversion-economy-hard-landing-indicator-stocks-2024-4

2024-04-23 04:27:34

Russia's economic strength will last another 18 months before unraveling as Putin grapples with policy 'trilemma,' think tank says
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Russia's economic strength could last another year-and-a-half before it starts to fade, according to the Carnegie Endowment for International Peace. The think tank pointed to the nation's show of defiance amid its invasion of Ukraine, with the Russian economy still strong despite rising military costs and Western sanctions. However, the current arrangement is expected to come apart within eighteen months due to growing imbalances and possible social problems. Putin is facing a policy 'trilemma' as the nation goes through its third year of war in Ukraine, trying to fund the military, maintain living standards, and keep the economy stable. Signs of weakness have already emerged, such as record military spending, inflation, and falling incomes. Experts warn of near-term social unrest and a grim future due to a shortage of workers, declining productivity, and isolation from the rest of the world.
#Russia #Economy #Putin #Policy #Trilemma #Ukraine #Sanctions #Military #Inflation #SocialUnrest
https://www.businessinsider.com/russia-economy-ukraine-war-putin-growth-outlook-inflation-military-spending-2024-4

2024-04-21 12:20:41

Rise of Hate Spending: Americans Detest High Prices but Keep Shopping
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Despite hating high prices, Americans continue to spend heavily. Retail sales in March were higher than expected, indicating that consumers are still the driving force behind the economy. The surge in hate spending can be attributed to factors such as financial stability, resignation to the state of financial affairs, and the desire to live it up after the pandemic. While lower-income households may be struggling, Americans as a whole are in good financial shape. The misalignment between people's stated attitude toward prices and their actual behavior can be attributed to a decoupling between their current situations and their feelings about the future. Additionally, consumerism and the desire for status play a role in hate spending. People are willing to splurge on experiences and luxury items, even if they are more expensive than before. The article suggests that moderation in spending may be on the horizon, but it is unclear when that will happen.
#ConsumerSpending #HighPrices #RetailSales #Inflation #Economy
https://www.businessinsider.com/hate-spending-consumers-economic-sentiment-retail-sales-inflation-gdp-growth-2024-4

2024-04-20 13:44:19

Romance scammers are now building trust with AI-generated deepfakes. Here's how to spot them.
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Romance scammers, known as 'Yahoo Boys,' are using AI-generated deepfakes to defraud people online. The Nigerian online crime group has cost Americans $1.3 billion in 2022. The scammers create fake online personas and solicit money from victims by gaining their trust. They often target older individuals for their life savings, inheritances, and retirement funds. Victims have reported losing significant amounts of money, with one widow losing $39,000. The scammers have started using deepfake video clips and video calls to dupe internet users. They set up calls through Zoom and use software to change their facial features. In February, a finance worker in Hong Kong lost $25 million to scammers using deepfakes. In Utah, seven members of the Nigerian group were indicted for laundering funds obtained from romance scams. Victims in Utah lost over $3.6 million in 2022. To spot a deepfake, it is recommended to do a reverse image search and check the true source of an image. The US attorney's office advises never to send money to someone you haven't met in-person.
#RomanceScams #AigeneratedDeepfakes #YahooBoys #Nigeria #Fraud
https://www.businessinsider.com/romance-scams-ai-deepfakes-yahoo-boys-nigeria-fraud-2024-4

2024-04-20 13:37:43

Meta's 'Imagine' AI image generator morphs and changes as you type
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Meta introduced Imagine, a new AI image generation feature called Imagine that allows users to create images in real time. The feature uses Meta's AI model, Llama 3, for sharper, high-quality images. Users can generate images by typing the prompt 'Imagine' followed by a description, and the image will change as they type. The feature is part of a broader announcement made by Meta last week. Meta's CEO, Mark Zuckerberg, referred to the company's 'big AI news' as 'pretty wild.' Meta is still catching up to competitors like OpenAI and Anthropic.
https://www.businessinsider.com/meta-imagine-ai-image-generator-morphs-as-you-type-2024-4