 | FRI, MAR 10, 2023 | | | |
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| | | TECH, TRANSFORMATION AND THE FUTURE OF WORK | | | |
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Welcome to the CNBC Work newsletter, brought to you by CNBC Events. Think a friend, colleague or business partner should receive this newsletter? Subscribe here. In February, nonfarm payrolls rose by 311,000 showing another month of solid job growth. This number came in higher than the Dow Jones estimate of 225,000. Overall, the report was mixed: unemployment came in at 3.6%, slightly higher than the estimated 3.4%. In addition, average hourly earnings were up 4.6% from a year ago, but that was lower than the expected 4.8%, which is a bit of good news on the inflation side. On Tuesday this week, Federal Reserve Chairman Jerome Powell spoke to Congress and said interest rates will be higher for longer than originally anticipated. This is a result of continued strength in the labor market and inflation remaining high. Despite a slight decline in job openings, there are still roughly 1.9 jobs open per worker. In response to Powell's remarks, economists and lawmakers both expressed concerns that the Fed's penchant for raising hikes will ultimately lead to widespread unemployment and a recession. The longer inflation stays put, the harder it is to see the "soft" landing the Fed is hoping for.
Watching the fallout from higher rates, let's look at what's happening to Silicon Valley Bank. After its stock plummeted following an announcement to raise capital, Silicon Valley Bank was closed by regulators today. SVB was a major bank for tech start-ups and other venture-backed companies, which were already under pressure due to higher interest rates and a slowdown in initial public offerings. This is the largest bank to fail since the Great Recession in 2008.
For more on the world of work, check out our Key Stories roundup below. Until next time, stay safe, stay healthy and stay in touch. |
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| General Motors will offer voluntary buyouts to a "majority" of its 58,000 U.S. white-collar employees, as it aims to cut $2 billion in structural costs over the next two years, according to a letter sent to workers Thursday from CEO Mary Barra. The "Voluntary Separation Program," or VSP, will be offered to all U.S. salaried employees who have spent five or more years at the company as of June 30. Outside of the U.S., the automaker will offer buyouts to executives with at least two years of time at the company. |
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| The finance industry is not quick enough at getting women into management positions, according to Santander's Executive Chair Ana Botin. "They're getting better, but not fast enough," Botin said in an interview with CNBC's Charlotte Reed last week. Botin said there are steps that financial institutions can take to ensure that women can secure top roles in the sector. |
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Healthy Returns | Moonshots to Miracles | March 29 CNBC Healthy Returns convenes a world-class virtual gathering of CEOs, scientists, investors and innovators in the health care space to reflect on the progress made today to reinvent the future of medicine, including the newest drug breakthroughs and device innovations. Plus, an exclusive rundown of the best investment opportunities in biopharma, health-tech and managed care. Learn more and register here. |
Equity and Opportunity | Securing an Economic Future for all | April 4 From gaps in retirement savings to healthcare costs to diversity in corporate executive ranks, the disparity in opportunities for working Americans continues to break along racial and ethnic lines. While some progress has been made, more work is needed to close these gaps, not just as a moral imperative, but an economic one as well. Studies show that the greater the number of Americans able to secure their financial futures, the greater the benefits to the overall economy. Learn more and register here. |
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