Thursday News Stories
Household wealth in the US?surged during the pandemic, jumping 37% in the steepest climb ever seen in the Fed’s Survey of Consumer Finances, which it conducts every three years.
Picture it:?A?visualization of inflation?that shows how far $1 from 1999 goes now.
The interactive visualization mentioned earlier could provide more detailed insights, but in general, inflation has eroded the purchasing power of the dollar. But here's the kicker: the extent of this growth depends on what you're trying to buy.
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CEOs Predict End of Remote Work This article looks at several tactics companies are using to make the transition back to office work more attractive for employees.
Health insurance gets a decade-high price hike
The average cost of a health insurance plan offered through an employer?rose 7%?this year, to $23,968 for family plans and $8,435 for individuals
The jump—the highest?since 2011—was driven by inflation, as well as higher wages for?healthcare workers?and hospital system?mergers,
·???????? The increase amounted to ~$500 more out of pocket for family plan-holders, and $75 more for solo riders—further squeezing consumer spending power, which is already constrained by wages that haven’t?caught up?to high inflation.
·???????? But things might get worse:?1 in 4 companies surveyed by KFF said they plan to increase employees’?premium contributions?in the next two years.—ML
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The Great Treasury Yield Showdown
The 10-year Treasury yield soared above the 4.9% mark for the first time since 2007. The 2-year Treasury yield traded flat.
Markets are pricing in a 90% chance that rates will remain unchanged when the Fed announces its next monetary decision on November 1st. But, the probability of a December rate increase rose after Tuesday’s retail data, according to the CME Group’s?FedWatch tool.
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Tesla’s price cuts ate into profits.?The electric vehicle-maker’s?profits fell?by 44% last quarter after several price reductions meant to juice sales tightened its margins. CEO Elon Musk stressed that getting cost down is important to keep car buyers’ payments low amid high interest rates, saying it’s like “Game of Thrones, but pennies.” Tesla still plans to deliver more cars this year than last and promised its Cybertruck will finally start delivering by the end of November.
Tesla?(TSLA -4.78%)
·???????? Earnings:?66 cents per share?vs 73 cents per share expected.
·???????? Revenue:?$23.35 billion per share vs $24.1 billion expected.
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Interesting Reads
Alphabet?continues quiet layoffs, including in?Google News.
Stat:?1.5%. That’s the increase to annual US productivity growth in a decade if AI pays off.
#wealth #inflation #Householdincome #remotework #CEO #Treasuryyield #Tesla #TCS #officeattire #foxconn #nvidia #Alphabet #google #nokia #layoff # productivity #AI
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