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Can’t move, won’t move. That’s increasingly the approach of Americans who are in the market for a new job. The share of job seekers who relocated to take up a new position fell to 1.6%, the lowest level on record, in the first quarter of 2023, according to a quarterly survey that’s been carried out by executive coaching firm Challenger, Gray & Christmas, Inc. for decades. Behind the shift in attitudes lies a post-pandemic surge in remote and hybrid positions, which has made it possible for more workers to stay where they’re living even as they change jobs. What’s more,...

President Biden vetoed a bipartisan resolution Tuesday that would have reversed his executive action last year ordering the Department of Commerce not to enforce tariffs on Chinese solar panel manufacturers for two years.

A combination of reasons are responsible for some of America's most beloved chain stores closing en masse across the country Walmart, Nordstrom and Walgreens stores are closing because of issues such as theft, rising rents and the fact that so many still work from home, experts say One expert suggested that retail outlets will likely return but it will be a different experience for shoppers Chains such as Walmart, Nordstrom and Walgreens are shuttering across big cities due to crime, work from home, online shopping and rising rents, experts warn. A study from the JP Morgan Chase Institute found between...

The CEO of New York City grocery store chain Gristedes is sounding the alarm over all the "dumb things" the government is doing as inflation persists. When FOX Business host Maria Bartiromo asked John Catsimatidis when Americans will see a break at the supermarket he said: "When the food executives feel confident that Washington is not doing dumb things." "When they feel that their earnings… are going to survive," he continued. His comments came on the heels of inflation jumping 0.4% in April as prices remain stubbornly high. The Labor Department said Wednesday that the consumer price index, a broad...

VIDEO AT LINK........... President Joe Biden got a little testy with a reporter when he was asked about debt ceiling negotiations. After the president met with congressional leaders on Tuesday, a reporter asked him about an assertion made by House Speaker Kevin McCarthy (R-Calif.). “Speaker McCarthy said that he asked you numerous times if there was anywhere in the federal budget for cuts, but he did not get an answer, so…” the reporter began. However, Biden interjected as he said, “He got a specific answer. He got a specific answer again, today.” “Which is what?” the reporter asked. Biden shot...

Today the BLS released Labor Productivity and Costs for 2023 Q1. Let's take a look. Labor Productivity Details Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours worked by all persons, including employees, proprietors, and unpaid family workers. Nonfarm business sector labor productivity decreased 2.7 percent in the first quarter of 2023 Output increased 0.2 percent and hours worked increased 3.0 percent. From the same quarter a year ago, nonfarm business sector labor productivity decreased 0.9 percent, reflecting a 1.3-percent increase in output and a 2.3-percent increase in hours...

New York City teachers, cops and firefighters lost nearly $30 million in pension funds tied to the collapse of Silicon Valley Bank. Critics accuse Comptroller Brad Lander, who is custodian of the pension systems, of favoring the “woke” bank over shareholders. Five city pension funds had a total of $41,867,214 invested in the doomed bank as of Jan. 31, according to data provided by the comptroller’s office under a Freedom of Information request by The Post. The comptroller’s Bureau of Asset Management oversees the investment portfolios. Among the largest funds left holding the bag were the Teachers Retirement System, which...

New York/London CNN — Another US regional lender caught up in the worst banking crisis since 2008 is looking for help. PacWest Bank (PACW), based in California, confirmed Thursday that it is exploring “all strategic options” after its share price was cut in half in after-hours trading following a Bloomberg report that it was considering a sale. “Exploring strategic options” is Wall Street lingo for “please help.” The last bank to announce it was exploring strategic options was First Republic Bank (FRC). That regional bank failed Monday, and JPMorgan purchased most of its assets. “In accordance with normal practices the...

Retailer Tuesday Morning, a fixture in the home goods market for almost 50 years, is closing all of its stores. The retailer announced the closings on its website. No official closing date was announced. According to the Houston Chronicle, the discount home goods chain filed for Chapter 11 bankruptcy protection in February. It had previously filed for Chapter 11 protection in 2020 while trying to reorganize. The Chronicle reported that Tuesday Morning was granted a request to allow Hilco Global to sell all of its merchandise, Hilco Global is buying Tuesday Morning for $32 million. Tuesday Morning has stores in...

there are no banking rules/laws in the Biden Fed/Treasury system. ... The Dodd-Frank laws are still on the books, but the FDIC decision to insure all deposits, regardless of size, now means those laws, rules and regulations are not required to be followed. Additionally, as a result of JPMorgan gaining another $100+/- billion in deposit assets, the law(s) surrounding the 10% U.S. deposit maximum, within too big to fail banks, no longer exists. Noted in the announcement, “JPMorgan Chase is assuming all deposits – insured and uninsured.” JPMorgan is also assuming assets consisting of $173 billion in loans and approximately...

Getting that pizza delivered could cost $5 to $7 more if the city adopts a new pay rate for delivery-app workers. A controversial proposal by the city Department of Consumer and Worker Protection would hike pay for GrubHub, UberEats, and DoorDash delivery workers far past the $15 minimum wage. Under one plan, deliverers would be paid $33.27 per hour for time spent on active delivery. A second plan would pay them $19.96 hourly for the total time spent online and delivering. A final decision from the agency is expanded soon. The hikes would go into full effect in 2025. A...

House Democrats have identified 31 Republican-held districts and two open Democratic-held districts as critical battlegrounds to reclaiming the House majority in next year’s elections. The Democratic Congressional Campaign Committee (DCCC) released its list of “Districts In Play” Monday, detailing its strategy ahead of 2024. The list follows the DCCC in March naming 29 incumbent House Democrats as vulnerable for defeat. Previewing House Democrats’ 2024 messaging, DCCC Chairwoman Rep. Suzan DelBene (Wash.) said in a press release that the districts’ Republican incumbents “worked hand in hand with Speaker McCarthy to enable the most dangerous wings of their party to threaten our...

...The deal for the bank... included the purchase of about $72 billion in loans, at a discount of $16.5 billion, and the transfer of all the bank's deposits, worth $56 billion. Roughly $90 billion in Silicon Valley Bank's securities and other assets were not included in the sale, and remained in the F.D.I.C.'s control.Silicon Valley Bank had roughly $175 billion in deposits before its collapse, an illustration of how extensive the withdrawals were before it was seized by regulators...As part of the deal, the F.D.I.C. will receive rights linked to the stock of First Citizens, which could be worth up...

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A coalition of midsize U.S. banks, Mid-Size Bank Coalition of America (MBCA), has asked regulators to extend FDIC insurance to all deposits for the next two years, Bloomberg News reported on Saturday citing an MBCA letter to regulators. The letter argued that extending insurance will immediately stop the exodus of deposits from smaller banks, which in turn will stabilize the banking sector and restore confidence in banking system, the report said. The collapse of Silicon Valley Bank, which held a high number of uninsured deposits beyond the FDIC guaranteed limit, prompted customers to move their money to bigger banks and...

Everywhere you turn there’s chatter about the ongoing US economic sanctions against Russia. The Russian Central Bank, Russian banks, Russian companies, Russian oligarchs — and anyone caught helping them — have seen their fortunes entangled since Moscow invaded Ukraine just over a year ago. From Davos to Aspen, American Treasury officials tout the unprecedented scale and scope of this powerful economic weapon. And why not? The effort has been impressive. The US government task forces have beached scores of yachts, grounded planes, blocked hundreds of millions of dollars of central bank assets and cut Russian financial institutions off from the...

Sen. Elizabeth Warren (D-Mass.) on Wednesday said the $250,000 cap on deposit insurance should be reexamined to better suit small business and nonprofit organizations. “I think that we should reexamine, just overall, about why we have limits at $250,000 of protection,” she said on CNBC’s “Squawk Street.” The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 for each depositor if a bank fails. Warren said this insurance was meant for individuals, and a similar level of protections would help small businesses and nonprofit organizations have more confidence when depositing money into a bank.

Democrats, including President Joe Biden and Sen. Elizabeth Warren (D-Mass.), are blaming Donald Trump for the sudden collapse of two banks, Silicon Valley Bank and Signature Bank. But Barney Frank, a leading sponsor of the Dodd-Frank Act, sharply disagrees. The law, signed by then-President Barack Obama in 2010, made significant changes to Wall Street regulations and federal financial regulatory agencies in the aftermath of the financial meltdown in 2008. The bill, though controversial, was theoretically designed to protect Americans. Democrats say Trump is responsible because he signed a law rolling back some of the regulations enacted by the Dodd-Frank Act....

On Monday, California Gov. Gavin Newsom praised the Biden administration’s decision to intervene on behalf of Silicon Valley Bank’s clients after the bank was taken over by the FDIC on Friday amid a bank run. The White House “acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system,” Newsom said in a statement. What Newsom didn’t mention is that it also protected his own companies if they held over $250,000 in deposits. CADE, Odette, and PlumpJack, three wineries owned by Newsom, are listed as clients of SVB on the bank’s website. Newsom also...

Senator Elizabeth Warren (D-MA) Monday on MSNBC’s “The Rachel Maddow Show” claimed it was former President Donald Trump’s “bank regulation reliefs” that needed to be rolled back to protect against more banks collapsing like Silicon Valley Bank last week.Warren said, “The way to understand this crisis is that it has three players. The first is Congress and President Trump, who says, let’s weaken the regulation, which hit really hard. The second part is the regulators themselves and, in particular, the Fed and Jerome Powell, the chairman of the Federal Reserve Bank, who took that change in the laws and he...