Tech
Why The Stock Market Is Up With 42 Million Americans Out Of Work
Stocks have soared despite high unemployment and social unrest. The economic crisis spurred by the coronavirus pandemic has deepened the divide between Wall Street and Main Street.
While the U.S. economy is showing signs of life as businesses reopen and job growth rebounds, the gap between the real economy and the stock market remains unusually wide.
“The words recession and recovery can’t begin to capture the magnitude of pain trigger(ed) by this crisis and the risks that widespread suffering will persist if we can’t blunt the headwinds still ahead,” wrote Grant Thornton chief economist Diane Swonk.
U.S. markets surged on Friday as nonfarm payrolls rose by 2.5 million in May, much higher than economists had expected. The S&P 500 is now close to flat for the year, despite being down as much as 30% a few months ago as business activity froze during the coronavirus pandemic.
Meanwhile, the unemployment rate at 13.3% remains near its highest level in the post-World War II era.
“Even with the mild improvement in May, the unemployment rate of all groups is still higher than the highest level the overall unemployment rate hit at the height of the Great Recession, when it reached 10.0% in 2009,” said Elise Gold, senior economist at the Economic Policy Institute.
The economic crisis caused by the pandemic has hurt America’s workforce disproportionately. The unemployment rate among black workers, for example, increased by 0.1% in May to 16.8%, while unemployment among white workers decreased and sits at 12.4%.
“Research has shown that historically higher unemployment rates, lower wages, higher poverty rates, and lower liquid savings make job losses even more devastating for African American workers and their families,” Gold said.
The divide between Wall Street and Main Street is also apparent in data about stock ownership. A March 2020 analysis by Pew Research found only 14% of American families are directly invested in individual stocks, while 52% have some level of ownership thanks to retirement accounts such as 401(k)s. Only 31% of black families and 28% of Hispanic families are invested, compared with 61% of white families.
The figures highlight how many Americans have missed out altogether on the recent surge in stock prices.
“There’s a lot of people that got out of this market and are staying out, making the assumption that we either have to test that low again or things are actually going to get worse, not better,” said Art Hogan, chief market strategist at National Securities.
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic
About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
#CNBC
Why The Stock Market Is Up With 42MM Americans Out Of Work
source
Walter Mossberg, The Verge executive editor, gives his take on the iPhone 7.
» Subscribe to CNBC: http://cnb.cx/SubscribeCNBC
About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Find CNBC News on Facebook: http://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC
Follow CNBC News on Google+: http://cnb.cx/PlusCNBC
Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC
Walter Mossberg: Choosing The iPhone 7 Is Tougher Today | CNBC
source
A growing number of consumers are seeking out third spaces and membership clubs focused on wellness to improve their health while also socializing.
Companies like Bathhouse, Othership and Glo30 have hopped on the trend, offering third spaces centered around wellness with opportunities to foster social connections.
source
Consumer electronics retailer Best Buy is testing out a new format as it tries to steady the business and boost sales growth. It’s opening new, smaller-scale stores this summer in markets about half the scale of its traditional locations. CNBC’s Laya Neelakandan spoke exclusively with incoming CEO Jason Bonfig about his plans for the concept.
Produced, Shot and Edited by: Natalie Rice
Reporting by: Laya Neelakandan
Animation: Jason Reginato, Emily Park
Senior Director of Video: Lindsey Jacobson
Additional Footage: Best Buy, Getty Images
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Want to get ahead at work? Then you need to learn how to make effective small talk. In CNBC’s new online course, How To Talk To People At Work, expert instructors teach you how to use everyday conversation to gain visibility, build meaningful relationships and advance your career. Sign up now: https://cnb.cx/4sGlSkh
Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC on Threads: https://cnb.cx/threads
Follow CNBC News on X: https://cnb.cx/FollowCNBC
Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC
#CNBC
Best Buy Is Shrinking Some Stores. Here’s Why That’s A Good Thing
source
Brian Krzanich, Intel CEO, discusses his company’s efforts to invest in artificial intelligence and autonomous vehicles through Alphabet’s Waymo partnership.
» Subscribe to CNBC: http://cnb.cx/SubscribeCNBC
About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Find CNBC News on Facebook: http://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC
Follow CNBC News on Google+: http://cnb.cx/PlusCNBC
Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC
Artificial Intelligence In Its Infancy: Intel CEO Brian Krzanich | CNBC
source
AI is moving from answering questions to taking action, and the bills are arriving faster than anyone budgeted for. An agent that spins up thousands of other agents can turn a $20 task into a $50,000 one, and companies are starting to scale into bankruptcy. The fight now isn’t over how smart these systems are. It’s over who controls what they do and what they cost.
Deirdre Bosa talks with three executives at the center of that shift:
» Jeetu Patel, President and Chief Product Officer at Cisco, on rogue agents, guardrails and why autonomous systems need a kill switch.
» Lin Qiao, co-founder and CEO of Fireworks AI, on inference economics and whether efficiency can keep AI businesses solvent.
» Evan Beard, co-founder and CEO of Standard Bots, on the U.S.-China robot gap — 300,000 deployed to our 30,000 — and what it costs to lose the next platform.
Chapters:
00:00 Introduction
1:00 Is AI’s easy-money era over?
4:43 Cisco President Jeetu Patel
21:20 Fireworks AI CEO Lin Qiao
37:59 Standard Bots CEO Evan Beard
Anchor and columnist: Deirdre Bosa
Produced by: Jasmine Wu
Editing by: Michael Hoyt
Technical Associate: Sami Savona
Senior Director of Video: Jeniece Pettitt
Additional Footage: Getty Images
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Want to get ahead at work? Then you need to learn how to make effective small talk. In CNBC’s new online course, How To Talk To People At Work, expert instructors teach you how to use everyday conversation to gain visibility, build meaningful relationships and advance your career. Sign up now: https://cnb.cx/4sGlSkh
Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC on Threads: https://cnb.cx/threads
Follow CNBC News on X: https://cnb.cx/FollowCNBC
Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC
#CNBC
AI’s Control Problem: Agents, Costs And Robots
source
-
Other3 years ago
Economic crisis Predictions|Bloomberg Surveillance 11/08/202…
-
Other3 years ago
Suppers Around The World – Tasty Recipes Please recognize th…
-
Food2 years ago
Kardea Brown’s Cheesy Hash Brown Casserole | Delicious Miss Brown | Food Network
-
Politics2 years ago
Russia hawks to Putin apologists: GOP stonewalls Ukraine aid, Tucker Carlson’s trip to Moscow
-
Other3 years ago
Giada De Laurentiis Makes Pan-Fried Zucchini w/ Anchovy Vina…
-
News2 years ago
White House warns of Russia invasion in Ukraine before end of Olympics
-
Sports2 years ago
Top 10 Saves from Week 13 of the 2021-22 NHL Season
-
Other3 years ago
Just how beginner Vivek Ramaswamy is gaining some Trump foll…
-
Other3 years ago
MaxMara Spring/Summer 2013 FULL SHOW|Milan Fashion Week MFW|…
-
Politics2 years ago
George Conway: ‘Lying, intimidating, bullying. That’s Trump at his worst, and that’s Trump always’