Executive Leadership Briefing

Millions of U.S. workers are not expected to return to the workforce, according to a new study from researchers at Stanford University. The report raised concerns among observers that progress toward reaching pre-pandemic levels of employment may stall, resulting in stubbornly high inflation. Labor force participation remaining low poses challenges for employers trying to recover from slow population growth and a weak labor force following the pandemic, forcing some businesses to compete for a shallow pool of candidates and push increasing labor costs on to customers.

Auto industry experts predicted car supply shortages will last into the next year with the backlog of demand from consumers likely to keep inventories low even if issues such as the microchip shortage are solved soon. Modest income buyers have been largely priced out of the new vehicle market as a result of increased costs and lower supply, and the war in Ukraine has slashed already strained global auto production. With auto supplies low, wealthy buyers remain in a strong position while auto dealers have limited leasing options for some buyers due to high demand.

New York City employers will be required to list salary ranges in job descriptions within the next month following similar moves from states such as Washington. Business groups in the city warned that the requirement may harm diversity hiring efforts, though some observers argue that salary transparency provides an opportunity to promote equal pay clarity. Some experts have noted pay transparency can cause companies to hire fewer people but said transparency can also allow companies to close pay gaps and employees may also be happier as a result.

Travel industry experts forecasted a chaotic summer travel season due to high consumer demand pitted against understaffed airlines. Understaffing has not been limited to airport staff as pilot shortages have plagued the airline industry, with pilots reporting fatigue and heightening safety concerns while travel demand begins to spike. American Airlines’ CEO has promised reliability for customers as the peak travel season begins, although some analysts have raised the prospect of long lines and canceled flights becoming the new normal for travelers as airlines struggle to meet demand.

Mortgage rates reached an average of 5% for the first time since February of 2011, worsening pressure on would-be buyers already dealing with skyrocketing home prices. Although the increase in rates is predicted to cool the market by reducing demand, the reduction in price is expected to be modest as demand continues to exceed record low housing supply. Observers expect the spring buying season to be cooler than last year as less than a quarter of consumers reported to Fannie Mae that it was a good time to purchase a home.

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https://turbinelabs.com/ (Turbine Labs) has tracked 7,311 media articles and blogs and 11,703 social media posts over the last 24 hours.

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Google plans to invest about $9.5 billion in U.S. offices and data centers this year, up from $7 billion in 2021. The investment will create at least 12,000 new full-time jobs and reinforces the search-engine giant’s confidence in having workers return to the office. A recent poll found that 52% of respondents are thinking of switching to a full-time remote or hybrid job this year. The pandemic prompted many workers to place more desire in flexibility and compensation rather than connecting with co-workers.

A recent shooting in a Brooklyn subway car has revived conversations about public safety and threatens the “return to normal” messaging being promoted by officials. New York Mayor Eric Adams said he will continue riding the subway to set an example and promised to increase police presence on trains. Public transit ridership in major cities is seeing a steady increase as more people return to in-person work – New Jersey’s average transit ridership increased to about 80% as of this week.

Lawmakers are facing increased pressure amid high inflation to cancel student loan debt. While some are concerned canceling some of the estimated $1.6 trillion student loan debt would only add to inflation, Democrats are leery to bash the idea publicly and upset the party’s base. President Joe Biden recently extended the pandemic pause on payments through the end of August but stopped short of forgiving debtors. The Education Department said the pause will allow more than seven million borrowers with defaulted federal loans to get the default removed from their credit report.

Coronavirus cases are on the rise in the U.S., up 14% nationwide from two weeks ago. Philadelphia brought back its indoor mask mandate this week, becoming one of the only U.S. cities to have such a mandate. Still, less than one in 10 Americans now describe COVID-19 as a crisis, with the majority calling it a manageable problem or no problem at all. Experts are calling for businesses to implement long-term plans to deal with waves of sick workers as COVID-19 cases fluctuate.

Major American companies in every industry pledged in recent years to change hiring habits by opening the door to higher-wage jobs for people without four-year college degrees, and data shows a gradual shift but highlights the challenge of changing entrenched hiring practices. Nearly four-in-ten Americans ages 25 and older have a bachelor’s degree, a share that has grown over the last decade.

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https://turbinelabs.com/ (Turbine Labs) has tracked 15,001 media articles and blogs and 12,520 social media posts over the last 24 hours.

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A U.S. district judge in Florida struck down mask mandates for public transportation, ruling that the mandate went beyond the purview of U.S. health officials. The Transportation Security Administration and United Airlines both announced they would no longer be enforcing mask wearing while the White House called the ruling “disappointing.” Mask mandates have proven to be an effective tool for limiting the spread of COVID-19, with some research showing a drop in mask wearing can lead to a surge in cases.

The price of natural gas reached its highest level since 2008 as Russia’s invasion of Ukraine has caused global energy markets to spike. Natural gas is among a number of commodities experiencing a surge in price beside corn and wheat, placing additional pressure on already-strained gas reserves in the U.S. Experts have warned consumers to expect further surges in gas prices with some states having already suspended excise taxes on the resource to lower prices.

A U.S. appeals court ruled for the second time that scraping information from publically available data was legal in a win for archivists and journalists and a legal loss for professional networking site Linkedin. The decision also represents a win for the commercial sector where web scraping is used for market analytics and product analysis. Tech companies have opposed data scraping practices in recent years, leading some academics to accuse companies of making it difficult to research their technologies.

A new report found that large retail companies have used inflation to hike prices for consumer products and generated dizzying profits as a result. The companies analyzed all gained a cumulative profit increase of roughly $99 billion in the last two years, far beyond what the researchers determined would be needed to cover increasing business costs. The report’s release comes at a time when economic analysts and government officials have said inflation will likely remain high while consumers may continue to see hiked prices as companies probe to see how high they can push prices.

Official data revealed that China’s economy grew during the first three months of the year, although economists noted the fallout of prolonged lockdown orders in the country may darken the country’s financial outlook for the year. Some economic experts have warned the global ripples of economic turmoil from China’s isolation orders may be felt worldwide, with worsening supply chain disruptions and inflation listed as primary concerns. The International Monetary Fund lowered China’s growth forecast for the year and warned many nations may grow slower due to large amounts of accumulated debt from the pandemic.

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https://turbinelabs.com/ (Turbine Labs) has tracked 17,221 media articles and blogs and 13,670 social media posts over the last 24 hours.

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Elon Musk launched a takeover bid for Twitter, offering to buy it for $54,20 a share, weeks after he became the social media company’s largest shareholder. The offer would value the company at about $43 billion. Musk – the world’s richest man – is currently worth about $260 billion. Facebook remains the most widely-used online platform among U.S. adults but overall growth among most social media platforms, including Twitter, has plateaued in recent years.

Starbucks ramped up the company’s campaign against a unionization push in its U.S. stores, saying new benefits being developed for chain employees legally can’t be extended to unionized locations. Amazon has also been accused of intensifying its anti-union efforts following years of cracking down on workers’ attempts to organize. Last year, the company spent $4.3 million on anti-union consultants. The National Labor Relations Board reported that from October 2021 through last month, 1,174 petitions were filed seeking union representation – up 57% from the same period a year earlier.

Amazon sellers who use the company’s packaging and delivery service will see a 5% surcharge on shipping due to growing inflation, compounding on a fee hike that took effect in January. In 2021, sellers paid Amazon about $103 billion in fees, making up about 22% of Amazon’s revenue. The move puts pressure on sellers to raise their own prices as the U.S. already sees an increase in U.S. consumer prices. Uber and Lyft added fuel surcharges last month and FedEx and the USPS also increased prices.

A bipartisan group of retired public officials is urging Congress to fund a program that would prepare the nation to meet any future viral threat head-on. The $100 billion, 10-year effort includes creating vaccine candidates, developing antiviral medications, building out manufacturing capacity and improving security in laboratories that deal with dangerous viruses. Bill Gates recently outlined steps for preventing another pandemic, including a yearly $1 billion investment in a global epidemic response team. One study suggests that outbreaks similar to COVID-19 will become more frequent due to population growth and environmental degradation.

The average American is using nearly four times the amount of energy considered to have a good life. Comparing energy use and quality of life, researchers found the magic number to be 75 gigajoules a year, comparable to about 8 gallons of gasoline – Americans are using 284 gigajoules a year per capita. Transportation is the main driver of energy use, stemming from Americans’ increased use of cars, trucks and air travel.

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https://turbinelabs.com/ (Turbine Labs) has tracked 20,749 media articles and blogs and 13,894 social media posts over the last 24 hours.

The next Turbine Labs https://turbinelabs.com/future-of-work-briefing/ (Leadership Briefing) will be delivered on Friday, April 15, at 9:30AM ET.

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The U.S. and its European allies reinforced their stance against Russia Thursday, warning Moscow against the use of chemical weapons in Ukraine and announcing new Russian sanctions. President Joe Biden also announced the U.S. will accept 100,000 refugees fleeing Ukraine. A new poll found the majority of Americans think Biden has been too cautious in his handling of the war, even as a majority report they are wary of sparking a broader conflict.

Uber reached an agreement to list all New York City taxis on its app, forming an alliance that could ease the ride-hailing giant’s driver shortage and temper high fares. Uber’s shares rose on the news and marked a departure from the company’s previous goal of disrupting the U.S. taxi industry. Gig economy workers in Europe have gone on strike amid high fuel prices, saying their wages have eroded. Gas in the U.S. hit a national average high last week but has since gone down, according to AAA.

Thursday’s strong job report may push the Federal Reserve to raise interest rates at its next policy meeting in May, following Fed Chair Jerome Powell’s sentiment to move more aggressively to keep high inflation from becoming entrenched. Nearly half of Americans view inflation as their top concern and nine in 10 say the amount they spend on gas, fuel or energy and food has increased over the last year.

Former TikTok moderators filed a federal lawsuit seeking class-action status against the video-sharing app and its parent company, ByteDance. TikTok depends on the work of moderators who scrub the app of distressing content before its 1 billion active users see it. While moderators often work behind the scenes, there is a growing movement to hold tech giants accountable for the welfare of these workers, who can experience emotional trauma caused by reviewing hundreds of disturbing videos every week.

Google announced it will make improvements regarding which product reviews it shows in search results in an attempt to provide consumers with higher quality and more helpful information. The criteria for product reviews to be prioritized is strict and must include in-depth details, a Google software engineer said . Nearly all consumers report reading reviews when shopping online and over half read reviews while shopping in brick-and-mortar stores to assess potential purchases.

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https://turbinelabs.com/ (Turbine Labs) has tracked 18,473 media articles and blogs and 16,528 social media posts over the last 24 hours.

The next Turbine Labs https://turbinelabs.com/future-of-work-briefing/ (Leadership Briefing) will be delivered on Monday, March 28, at 9:30AM ET.

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Russia’s stocks moved sharply Thursday after the market partially reopened for limited trading after its month-long shutdown. The Institute of International Finance projected the Russian economy will contract by 15% in 2022 as a result of the war in Ukraine. Western investors, who own up to 80% of the Russian market’s free-float, will be prohibited from selling.

Energy-based conglomerate Koch Industries has emerged as one of the biggest financial backers of the battery industry, analysts say. The money comes as many green startups need to spend heavily to commercialize their products. CEO Charles Koch has historically fought climate regulation and operates thousands of miles of pipelines that move oil and gas around the country. Even as green-focused firms begin to prosper, the world’s largest oil producer Saudi Aramco made a $110 billion profit in 2021 – more than double what it earned the previous year.

The Russia-Ukraine war is pushing exporters and logistics firms transporting items like auto parts and smartphones to avoid land routes passing through Russia. The new routes, often forged by sea, are adding costs and threatening to worsen the global supply chain crisis. The director general of the World Trade Center called for addressing chokepoints by bringing more countries into international production networks. Enterprises are increasing the use of artificial intelligence, machine learning and robotics in an effort to modernize warehouses.

The top editor at Buzzfeed News resigned as the digital-media company cuts staff and projects a loss of up to $20 million this quarter. The changes follow Buzzfeed’s first earnings as a public company, which fell short of what it promised SPAC investors. Several large shareholders reportedly urged Buzzfeed’s CEO to shut down the news organization despite winning several awards, including a Pulitzer Prize. Buzzfeed’s public listing continues to be a cautionary tale for digital media startups seeking new funding and looking to go public.

A new study found the use of pictures and emojis can signal less authority, with respondents overwhelmingly attributing more power to the person who chose a verbal vs. a visual representation of the message. Despite this, working remotely has prompted an increased usage of emojis to express emotion or adhere to social norms in conversations with colleagues.

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https://turbinelabs.com/ (Turbine Labs) has tracked 26,758 media articles and blogs and 18,647 social media posts over the last 24 hours.

The next Turbine Labs https://turbinelabs.com/future-of-work-briefing/ (Leadership Briefing) will be delivered on Friday, March 25, at 9:30AM ET.

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President Joe Biden departed for Brussels Wednesday for meetings with fellow leaders of NATO and the European Union. Biden is expected to announce sanctions on Russia’s lower house of Parliament in an effort to further punish President Vladimir Putin. The trip is one of the highest-stakes presidential trips in recent memory and a moment for Biden to demonstrate the foreign policy credentials he promised as a candidate.

The White House announced that without additional funding approval from Congress, the administration is out of funding for COVID-19 testing, treatment and vaccines. Of the $1.9 trillion American Rescue Plan, $300 billion remains unobligated, $240 billion of which has been allocated for cities and states already. The U.S. Travel Association urged the White House to lift COVID-19 travel restrictions while health experts warned of a potential uptick in cases caused by the omicron descendent BA.2.

Traditional nine-to-five work hours are becoming less common among employees – one of the many changes to work and life that emerged during the pandemic. The flexibility is likely to persist in certain fields, like tech, public relations and consulting. More than half of U.S. adults said the ability to work from home or have flexible schedules is more important to them now than before the pandemic, while 50% of company leaders reported wanting their employees back in the office in the next year.

The City of Miami Beach declared a state of emergency in an effort to curb violence across the city this spring break. The move came after multiple shootings this past weekend. Major cities across the U.S. are contending with increases in crime rates, with New York City seeing a nearly 40% increase in overall crime when comparing January 2020 to January 2021. A shooting at an Arkansas car show on Saturday left one dead and 27 wounded, marking the largest mass shooting event in the U.S. in 2022 so far.

A recent survey found that Gen Z and Millenials are not limiting themselves to a traditional day job, with the majority of both generations reporting they are considering earning extra income in 2022. About 70% of both Gen Z and Millenials have sought out a side hustle or additional business opportunities. The music festival Lollapalooza announced that the CEO of Goldman Sachs, who occasionally moonlights as an electronic dance musician, will perform at the festival in July.

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https://turbinelabs.com/ (Turbine Labs) has tracked 19,455 media articles and blogs and 39,343 social media posts over the last 24 hours.

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The White House warned companies that Russia could be planning to launch cyberattacks against critical U.S. infrastructure – a claim the Kremlin denied. The deputy national security advertiser for cyber and emerging technology called for companies to secure their systems, back up data and run drills.

U.S. home prices are up nearly 19% in the past 12 months and are expected to hit a year-over-year rate of 22% as soon as May. The new forecast by Zillow foresees a subtle slowdown in the rate of growth beyond the spike. Many millennials reportedly maxed out their budgets to buy a home in 2020 then later regretted the decision.

Ketanji Brown Jackson began her first day of Supreme Court confirmation hearings Tuesday, vowing to be an independent judge in her opening remarks. While she has broad support from Democratic senators, Republicans are expected to press her on her record as a public defender. Overall, 53% of surveyed individuals said they approved of President Joe Biden’s decision to make his first Supreme Court nominee a Black woman, while 80% of Black Americans approved of the decision.

No survivors have been found from the crash of China Eastern’s Boeing 737-800 that aviation experts are calling “unprecedented” given the plane’s excellent safety record. The plane’s model is considered one of the safest aircraft ever made, unlike the 737 Max. China is one of the most important markets for Boeing and has been expected to drive sales amid flattened demand in the U.S. and Europe.

Some 22 million people were under threat from the spring storm system moving through the South and as many as 80 homes in Texas have already been damaged. Louisiana’s federal and state authorities reminded the thousands of hurricane survivors living in government-provided mobile homes to have an evacuation plan ready. Experts reported severe climate-related storms and disruptions could cause ports around the world to lose almost $10 billion a year by 2050.

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https://turbinelabs.com/ (Turbine Labs) has tracked 21,307 media articles and blogs and 24,804 social media posts over the last 24 hours.

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Companies with Russian ties are working to navigate their business after sanctions leveled on Russia over recent weeks curbed the flow of goods and money between the country and Western markets. Ukrainian President Volodymyr Zelenskyy criticized Nestle for its powerful list of multinational companies maintaining Russian business operations as many other companies including Koch Industries, Credit Suisse and Renault grappled with increased pressure to punish Russia.

Rising fuel prices are taking a toll on small businesses, with more than half of polled owners reporting that higher energy prices were affecting their businesses. The recent challenge compounds pandemic-related obstacles like supply-chain issues, a tight labor market and rising interest rates. With no further COVID-related relief funds from Congress in sight, the Small Business Administration announced it will extend the deferment periods for disaster loans once again.

Dr. Anthony Fauci predicted an uptick – not a surge – in coronavirus infections despite the current decline in cases, hospitalizations and deaths in the U.S. As more mask mandates are abandoned, a new poll found Americans’ emotional and physical health is bouncing back. Nearly 65% of respondents now favor governments lifting all COVID-19 restrictions, but three in four say they’d go back to masking if infections increase.

The Securities and Exchange Commission is expected to propose new disclosure rules that would require companies to report their contributions to greenhouse gas emissions as well as how climate change might affect their business. Allergy season is getting worse as the climate changes, according to new research. Hotter temperatures are causing some plants to produce more pollen and a study found that if carbon emissions remain high allergy season could begin 40 days earlier. Pollen seasons since the 1990s have gotten substantially longer and start earlier.

While millions of students held off going to college during the pandemic, programs at community colleges in skilled trades have seen an uptick in enrollment. In some places, it’s as high as 40% more. Interest in programs in construction, HVAC and automotive repair is increasing as many students rethink the value of college.

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https://turbinelabs.com/ (Turbine Labs) has tracked 7,516 media articles and blogs and 21,037 social media posts over the last 24 hours.

The next Turbine Labs https://turbinelabs.com/future-of-work-briefing/ (Leadership Briefing )will be delivered on Tuesday, March 22, at 9:30AM ET.

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Stock futures fell Thursday after days of sharp gains following the Federal Reserve’s interest rate increase as investors returned their focus back to the Ukraine war. Talk of compromise from both Moscow and Kyiv boosted morale across the globe on Wednesday, leaving investors hopeful, but the Organization for Economic Cooperation and Development estimates the Ukraine crisis could knock more than a percentage point off global growth and add upwards of two percentage points to inflation this year. Weekly jobless claims totaled 214,000 for the week ending March 12.

President Joe Biden signed a law requiring key businesses to report when they had faced a cyberattack to the government aimed at protecting critical infrastructure in the U.S. The move comes amid a rush to prevent cyberattacks from foreign criminals and hacking groups as U.S. officials remain concerned about the impact of the war in Ukraine. According to new research, the number of cyberattacks being waged by both countries is “staggering.”

Retailers are facing price resistance as inflation remains staggeringly high, with roughly 43% of consumers saying if prices continue to increase, they will delay purchases of less importance to stick to a budget. Macy’s tried to raise prices on some of its household items by upwards of $100 but shoppers pushed back. Discount retailers including Burlington and Ross say supply-chain constraints have left their shoppers with ample merchandise as full-price competitors cope with backlogs at U.S. ports.

After years of turning a blind eye to password sharing, Netflix announced it will begin testing ways that inhibit users from sharing accounts outside of their household, making users pay for any additional members. Netflix plans to test the new option in Costa Rica, Chile and Peru over the coming weeks before introducing it globally. Netflix recently raised the price of its monthly subscriptions in the U.S., following the suit of streaming services like Amazon Prime which were once an affordable alternative to cable.

Major airlines reported a faster than expected travel demand bounce back this year, with February bookings for U.S. travel beating numbers preceding the pandemic. Industry executives expressed optimism that carriers’ worst days are behind them as demand skyrockets with low COVID-19 case numbers boosting consumer confidence. Delta reported its best day of sales in its 100-year history last week. A new survey suggests nearly all travelers say it is important their travel spending has a positive effect on the destination they visit.

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https://turbinelabs.com/ (Turbine Labs) has tracked 20,793 media articles and blogs and 20,606 social media posts over the last 24 hours.

The next Turbine Labs https://turbinelabs.com/future-of-work-briefing/ (Leadership Briefing )will be delivered on Friday, March 18, at 9:30AM ET.

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