Category: Economy

Full-Time Work Is Being Replaced by Part-Time Jobs as Americans and Businesses Struggle

South Carolina Sun Staff
Uber Driver

Since June 2023, Americans have been increasingly employed in part-time positions, with a subsequent decline in full-time work, according to data from the Bureau of Labor Statistics (BLS).

The number of Americans working part-time in January grew by 96,000 compared to the previous month, while full-time employment sank by 63,000, according to the BLS. The change in the types of employment follows a trend toward part-time employment that has been increasingly exacerbated since June 2023.

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Tesla Recalls over 2 Million Vehicles Due to Issues with Warning Lights: Report

Just the News
Tesla in Parking Lot

Tesla is reportedly recalling over 2 million vehicles due to issues with warning lights on instrument panels, according to news reports.

The issue is expected to be resolved with “over-the-air” software, according to The Wall Street Journal. That means owners will not have to take their vehicles to a dealership to resolve the matter. 

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Job Growth Exceeds Expectations Despite Mass Layoffs

South Carolina Sun Staff
Office Co-Workers

The U.S. added 353,000 nonfarm payroll jobs in January as the unemployment rate remained at 3.7%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists anticipated that the country would add 180,000 jobs in January compared to the 216,000 that were added in December and that the unemployment rate would tick up to 3.8% from 3.7%, according to Reuters. Despite the job gains, American employers cut 82,307 positions in January, a 136% jump from the previous month, amid a wider trend of layoffs as factors like high inflation continue to hurt business conditions.

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Job Cuts Soar as Employers Look for Ways to Lower Costs

South Carolina Sun Staff
Frustrated Worker

The number of job cuts by American employers surged in January as companies looked to lower operating costs to adjust to harsh economic conditions, according to outplacement firm Challenger, Gray and Christmas, Inc.

The number of positions cut by employers in January jumped 136%, with 82,307 positions cut compared to the 34,817 cut in December, according to a report from Challenger, Gray and Christmas. The job cuts come amid a wider U.S. layoff trend due to broader economic struggles, like inflation and adjustments from automation.

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Fed Continues Rate Pause with Cuts on the Horizon

South Carolina Sun Staff

The Federal Reserve announced on Wednesday that it would not change its benchmark federal funds rate, but does project rate cuts later this year.

The Fed’s decision not to raise rates keeps the target range between 5.25% and 5.50%, the highest level since 2001, marking the fourth meeting in a row where the Fed chose to not adjust the rate, according to an announcement from the Federal Reserve following a meeting by the Federal Open Market Committee (FOMC). Investor projections for upcoming FOMC meetings are increasingly predicting a rate cut, with the market calculating around 58% odds that the rate will be reduced in March as of Jan. 31, according to CME Group.

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Top U.S. Automaker Reports $1.7 Billion Loss on Electric Vehicles in Fourth Quarter

South Carolina Sun Staff
Marry Barra

General Motors reported a $1.7 billion loss on Tuesday in its fourth quarter earnings call in the production and sale of its electric vehicle line, despite having positive net income growth in the quarter.

The automaker’s net income for the fourth quarter rose 5.2% year-over-year to $2.1 billion despite a reduction in revenue over that time frame of 0.3%, according to GM’s fourth quarter earnings report. The losses on EVs accompany a $1.1 billion total loss from a six-week-long strike by the United Auto Workers that partially halted operations, with the union gaining a new work contract that could raise labor costs in the coming year, according to the company’s investor earnings call.

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Commentary: The Tricky Business of Branding

South Carolina Sun Staff
Patagonia Clothing

Brand development has become a major focus for firms hoping to find or maintain success in advanced markets. According to Steve Forbes, “Your brand is the single most important investment you can make in your business.” And he certainly is right.

A brand not only serves to identify firms and what they offer, it also conveys a company’s positioning strategy and value proposition. Promotional elements such as logos, names, symbols, and colors, are commonly leveraged for branding purposes but a brand can also be reinforced through pricing and distribution systems. For instance, if a company wants their product to be viewed as the best of the best, then they wouldn’t want it to be found on the shelves at a discount store. This is why Burberry has been known to burn excess inventory and perhaps it is also why premium brands will leverage opportunities to recycle their products.

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Inflationary Woes: More Chain Stores Closed in 2023, Continuing into 2024

The Center Square
Macy's Store

More chain stores closed in 2023 as a result of high inflationary costs, with the trend continuing in 2024 led by the iconic department store, Macy’s.

In 2023, retail stores, pharmaceutical and fast-food chains continued a trend of previous years: declaring bankruptcy and closing their doors or shutting down some locations to cut costs, citing inflation, higher costs, and profit losses.

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Continued Inflation Tops List of Worries for Democrats, Republicans

The Center Square
Grocery Shopping

A new poll shows that Democrats and Republicans are concerned more about inflation than other potential crises, but voters from the two parties don’t see eye to eye on other concerns, including the potential of a terrorist attack on U.S. soil or potential chaos after the 2024 election.

The Center Square Voters’ Voice Poll conducted in conjunction with Noble Predictive Insights found that Republicans (45%) were more concerned about inflation than Democrats (32%). Concerns that inflation could continue and further drive up prices were highest for voters with children under 18 (47%) and those 45 to 54 years old (47%).

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