(Bloomberg) -- About 8,300 miles east of Wall Street, on a stretch of Bangalore’s Outer Ring Road, sits what was once the heart of the global financial industry’s back office.Before the pandemic, this cluster of glass-and-steel towers housed thousands of employees at firms like Goldman Sachs Group Inc. and UBS Group AG who played critical roles in everything from risk management to customer service and compliance.Now the buildings are eerily empty. And with case counts soaring across Bangalore and much of India, work-from-home arrangements that have sustained Wall Street’s back-office operations for months are coming under intense strain. A growing number of employees are either sick or scrambling to find critical medical supplies such as oxygen for relatives or friends.Standard Chartered Plc said last week that about 800 of its 20,000 staffers in India were infected. As many as 25% of employees in some teams at UBS are absent, said an executive at the firm who spoke on condition of anonymity for fear of losing his job. At Wells Fargo & Co.’s offices in Bangalore and Hyderabad, work on co-branded cards, balance transfers and reward programs is running behind schedule, an executive said.While banks have so far avoided major disruptions by shifting tasks to other offshore hubs, India’s Covid crisis has exposed a little-discussed vulnerability for companies that have spent decades outsourcing functions to the country. India’s outbreak is intensifying even as vaccinations fuel economic recoveries in other parts of the world, heightening fears of a back-office bottleneck at a time when Wall Street firms have rarely been busier.“This is not a local, India-only problem, this is a global crisis,” said D.D. Mishra, senior director analyst at researcher Gartner Inc. The current wave will be “significantly bigger” and organizations with India-based staff “will need to take action to plan for and mitigate if needed,” Mishra and his colleagues wrote in a note last week.Nasscom, the key lobby group for India’s $194 billion outsourcing industry and its almost 5 million employees, has downplayed the threat to operations. But Mishra and fellow analysts at Gartner say they’re fielding a daily flood of calls from anxious global clients asking about the Covid-19 situation.India’s total coronavirus infections have risen to 21.5 million, of which about a third were added since mid-April. The state of Karnataka, whose capital is Bangalore, reported almost 50,000 new infections for a second straight day, with 30% of all results throwing up a positive result.Experts have warned the crisis has the potential to worsen in the coming weeks, with one model predicting as many as 1,018,879 deaths by the end of July, quadrupling from the current official count of 234,083. A model prepared by government advisers suggests the wave could peak in the coming days, but the group’s projections have been changing and were wrong last month.In Bangalore, Delhi and Mumbai, the three main bases for the financial giants’ operations, infection rates have reached such alarming levels that local governments have ordered stringent restrictions on movement.While the crisis has hit swathes of the nation’s $2.9 trillion economy, the latest wave has notably affected the twenty-something segment of the population that dominates outsourcing companies and is hard to replace. Most of them are English-speaking, technically-skilled workers.Continuity PlanningFor now, back-office units are marshaling part-time workers or asking employees to perform multiple roles and re-assigning staff to make up for those who are absent. They are scheduling overtime, deferring low-priority projects and conducting pandemic continuity planning exercises for multiple locations should the virus wave intensify.A Wells Fargo employee said some work is getting transferred to the Philippines, where staff is working overnight shifts to pick up the slack. The San Francisco-based bank employs about 35,000 workers in India to help process car, home and personal loans, make collections, and assist customers who need to open, update or close their bank accounts. The company didn’t respond to a request for comment.An employee at UBS said that with many of the bank’s 8,000 staff in Mumbai, Pune and Hyderabad absent, work is being shipped to centers such as Poland. The Swiss bank’s workers in India handle trade settlement, transaction reporting, investment banking support and wealth management. Many of the tasks require same-day or next-day turnarounds. A UBS representative didn’t respond to a request for comment.With uncertainty surrounding how soon the Indian government will contain the crisis, one executive who asked not to be identified likened the situation to flying blind without any idea how many employees will be affected from one week to the next.Rebalancing Loads“We are looking carefully at how we can rebalance loads,” Standard Chartered Chief Executive Officer Bill Winters said on an earnings call last week, noting that some work has been routed to Kuala Lumpur, Tianjin and Warsaw. “In any case, we think we are very well provided for.”Barclays Plc CEO Jes Staley said some functions were shifted to the U.K. from India. Call volumes have increased and people are distressed, he said, adding that signs of pressure was something to watch for. The bank has 20,000 employees in India.Last year, when a sudden lockdown ordered by Prime Minister Narendra Modi saw these banks scrambling to keep their operations running, the European Banking Authority said the push to outsource support functions “exposed these banks to operational risks.”After asking their employees to work from home en masse last year, most of them have continued to operate at near 100% work-from-home levels. Natwest Group Plc’s workforce in Bangalore, Delhi and the southern city of Chennai -- accounting for a fifth of its global total -- is completely set up to work from home.Management BandwidthSimilarly, thousands of Goldman employees are working from home, doing high-end business tasks such as risk modeling, accounting compliance and app building. A representative for the bank said workflows can be absorbed by the wider team if needed and there’s been no material impact so far.Citigroup Inc. said there’s currently no significant disruption, while Deutsche Bank AG said employees were working seamlessly from home. Morgan Stanley and JPMorgan Chase & Co. detailed relief efforts they are undertaking, but didn’t elaborate on the impact on their operations. Last week, HSBC Holdings Plc Chief Executive Officer Noel Quinn said he’s “watching it closely” and ruled out any material impact at this stage.Besides worrying about disruptions to operations, employee well-being and securing medical help are also taking up a lot of management bandwidth at every large outsourcing unit.At a recent all-hands, virtual corporate strategy team meeting at Accenture Plc, for instance, the talk wasn’t about the usual pay-raises or promotions. Instead, worker after worker demanded flexibility, reduced workloads and no-meeting Fridays, an executive said, asking not to be named discussing internal company matter.Their size has become a hindrance, one executive said, but it’s not clear where else they can go for talent and scale, he added.“We are telling clients they need to relax service levels and reduce expectations for the coming few weeks,” said Mishra, the Gartner analyst. “This not a normal situation.”(Updates infections and deaths in eighth and ninth paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- China’s appetite sent Brazil soybean exports to a record high in April, with the Asian nation working to feed its growing hog herd just as planted area for the oilseed may drop.Brazil shipped 12.6 million metric tons to China in April, a 19% jump from a year earlier and the most in a single month in data going back to 1997, according to Brazilian Trade Ministry data published on Thursday. The volume shipped to all destinations also hit a record in April, surpassing the previous high by 2.5 million metric tons.China has been buying massive amounts of soybeans and corn to rebuild the world’s largest hog herd. The demand comes after Brazil’s shipments started later than usual this year following a delay in the soybean harvest. As supplies from the new crop have reached ports, exports have sped up.Chinese soybean area may drop for the first time in six years, shrinking 7.3% from a year earlier, according to the China National Grain and Oils Information Center. Soybean imports will rise to 102 million tons in the year starting October, from 98 million tons this year, it said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
LONDON (Reuters) -Europe's consumers will feel the hit from price rises this year as companies seek to recoup revenues and cover pandemic-related costs. Over the past year, the fallout from COVID-19 has contorted both the demand and supply sides of the global economy, creating bottlenecks in supply chains, havoc in freight markets and a rally in raw materials from corn to copper. Lockdowns, meanwhile, have deprived well-off consumers in Europe and elsewhere of the opportunities to spend their cash, creating record levels of savings and a window of opportunity for companies to push through price increases.
The stage is set for an explosion in the amount of stock buybacks, says Goldman Sachs.
Stocks traded mixed Friday as investors digested a disappointing April jobs report, which showed the U.S. economy added back far fewer jobs than expected last month despite easing stay-in-place restrictions.
Sen. Elizabeth Warren (D-MA) has many concerns over cryptocurrencies, including concerns over its environmental impact.
(Bloomberg) -- EXAMPLEDiscover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here.In the pandemic’s second year, some familiar worries -- about inflation, capital flight or public debt -- are starting to surface across the developing world. Except in one corner.In Asia, policy makers aren’t too preoccupied with these classic emerging-market problems. Their economies look increasingly like they’ve emerged.That’s largely down to lessons learned from the traumas of the past three decades –- from the late-1990s regional meltdown to the global crash of 2008 and the so-called “taper tantrum” of 2013 -- and the defenses put in place as a result.“Asian countries have used past crises to learn and build resilience,” said Sonal Varma, an economist at Nomura Holdings Inc. in Singapore.Their economies now boast hefty foreign-exchange reserves, stronger financial systems and an unassailable place as the world’s manufacturing powerhouse. Their stock markets, like those in the developed world, have posted gains during the pandemic while other emerging regions lost ground.In India, which is battling the world’s worst Covid-19 outbreak, the central bank chief has cited the buffer provided by its foreign exchange reserves, which have grown more than tenfold since 2000. “This gives us the confidence to deal with global spillovers,” Governor Shaktikanta Das said Wednesday as he introduced new support measures.Similarly, Indonesia and Thailand’s reserves are holding near records after expanding more than five- and seven-fold, respectively, over that period.All of this has left the region’s policymakers largely unfazed by the great inflation scare roiling many of their peers.With U.S. bond yields on the rise and the prices of food, energy and raw materials soaring, emerging nations like Brazil, Russia and Turkey have been forced into interest-rate hikes this year -– even though their economies are still recovering from Covid-19.By contrast, central bankers in Asia sound more like the Federal Reserve’s Jerome Powell -- arguing that any price increases will likely be modest and transitory. No emerging Asia economy has raised their benchmark interest rate so far in 2021, and only Pakistan is forecast to do so by year-end, according to Bloomberg.The region is likely to undershoot inflation targets this year like it did in 2020, TD Ameritrade analysts said in an April 19 report.Lessons LearnedAt the start of the Asian crisis in 1997, policymakers responded with fiscal consolidation and higher interest rates. The ensuing slump cost the region hundreds of billions of dollars in lost output and triggered a profound rethink of how economies should be managed.When the global crash of 2008 arrived, Asian economies were more resilient “because they responded with countercyclical fiscal and monetary stimulus,” according to a report this year by the United Nations Economic and Social Commission for Asia and the Pacific. And there’s been no major debt crisis in the region since the 90s, “thanks in part to the rapid growth of local currency bond markets.”The markets for government and corporate debt in emerging Asian economies were worth more than $20 trillion last year, up from less than $1 trillion two decades earlier.Some countries also moved to impose long-term restraints on spending -- like Indonesia, which enshrined a budget-deficit cap equal to 3% of GDP in law. When the rule was broken during the pandemic, investors broadly accepted the assurance that it would be reinstated when the emergency was past.On debt vulnerabilities and other metrics, Asian economies generally rank the strongest in Bloomberg’s emerging-market scorecard.Trade has given Asia an extra buffer throughout the pandemic, as its exports bounced back relatively fast. South Korea and Taiwan, the key suppliers to a tight global market for semiconductors, are in an especially strong position.For some analysts, those economies -- where per-capita economic output is around $30,000 -- are too wealthy to be considered emerging markets anyway. That highlights a wider problem with the term, which evolved to describe a class of financial assets and doesn’t capture distinctions between economies and societies.The group known as Emerging Asia often includes giant but poorer economies like India, as well as much richer ones like Taiwan. Others on the widely-used MSCI EM Asia index include Indonesia, South Korea, Malaysia, Pakistan, Philippines and Thailand -- as well as China, which many in the financial world place in a category of its own.‘Sigh of Relief’Whatever the labels, the proximity of the world’s fastest-growing large economy has been a boon for neighbors, especially in the pandemic.Around the middle of last year, many Asian companies “were facing sudden stops in orders and liquidity,” said Taimur Baig, chief economist at DBS Bank Ltd. in Singapore. “As China’s factories began to hum, a sigh of relief percolated through Asia’s elaborate supply chain.”Many emerging-market investors already treat Asia differently. Ian Samson, a fund manager at Fidelity International in Hong Kong, says it’s in effect a separate bloc.“In terms of the fundamentals -- whether it’s structural growth or fiscal balances -- Asia has been outperforming Latin America” and emerging markets in Europe, Africa and the Middle East, Samson said. Asia is especially dominant in emerging-market equities, accounting for the large majority of total investment, he said -- partly because it has bigger companies, and partly because more of them are in high-growth sectors like technology.Paul Sandhu at BNP Paribas Asset Management sees Asian out-performance continuing “for the foreseeable future” -- and he points to strengths that go beyond economics to include governance. In the early phases of the pandemic, Asia “handled it better than any other economy, whether in emerging markets or developed markets,” he said.To be sure, Asia has its share of problems. Beyond India’s deadly second wave of Covid-19 infections, there have been resurgences in Thailand and the Philippines too, while vaccination campaigns are lagging.Other economic challenges include escalating private debt and longer-run question marks over central-bank independence -- issues that trouble some developed economies too. And the growing tensions between the U.S. and China create headaches for countries seeking to stay on good terms with both.Still, the region’s economies generally have more room for error than most of their counterparts, according to Baig at DBS.“No emerging economy in Asia at present is characterized by debt sustainability concerns or a dramatic collapse in investor sentiment, which seems to be the case in a number of emerging economies elsewhere,” said Baig.(Updates to add Indonesia and Thailand foreign currency reserves in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Discover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here.U.S. job growth significantly undershot forecasts in April, suggesting that difficulty attracting workers is slowing momentum in the labor market and challenging the economic recovery.Payrolls rose 266,000 from a month earlier, according to a Labor Department report Friday that represented one of the largest downside misses on record. Economists in a Bloomberg survey projected a 1 million hiring surge in April.The unemployment rate edged up to 6.1%, though the labor-force participation rate also increased.The report stunned investors as Treasury yields plunged and the dollar turned sharply lower. U.S. stocks rose on expectations that monetary policy will remain conducive to economic growth for a sustained period. The eurodollar market pushed back its pricing for a Federal Reserve rate increase to mid-2023.Follow reaction in real-time here on Bloomberg’s TOPLive blogThe disappointing payrolls print leaves overall employment more than 8 million short of its pre-pandemic level and is consistent with recent comments from company officials highlighting challenges in filling open positions.“It’s a lot faster to lay off workers than it is to hire them back,” said Sarah House, senior economist at Wells Fargo & Co. “While we are seeing some workers come back into the labor force it just isn’t fast enough.”While job gains accelerated in leisure and hospitality, employment at temporary-help agencies and transportation and warehousing declined sharply.Fed Chair Jerome Powell said last week the dichotomy between a large number of unfilled positions and millions of unemployed likely reflects a combination of a skills gap, child care obligations and lingering virus fears.What Bloomberg Economics Says...“April payrolls fell dramatically short of expectations, as a clumsy reopening of the economy appears rife with frictions, such as skills-mismatches, parents unable to return to the workforce amid a significant share of schools not yet open, and far from complete vaccination efforts.”-- Carl Riccadonna, Yelena Shulyatyeva, Andrew Husby and Eliza Winger, economistsFor the full note, click hereMassive fiscal stimulus including the latest $1.9 trillion package passed by President Joe Biden in March may also be impacting the pace of job growth. Some firms indicate enhanced unemployment benefits and the latest round of pandemic-relief checks are discouraging a return to work even as job openings approach a record.A sustained period of tepid job gains could support calls for further government spending.In an interview with Bloomberg Television, Minneapolis Fed President Neel Kashkari said the data justified why the Fed is continuing to deliver its own stimulus. “Today’s jobs report is just an example of we have a long way to go and let’s not prematurely declare victory,” he said.On an unadjusted basis, payrolls rose by more than 1 million last month. Seasonal adjustments usually call for a large hiring gain in April, which may in part explain why the headline number fell short of forecasts.Another reason for the more moderate employment gain is problems in the nation’s supply chains. For instance, motor vehicle production has been severely hampered by shortages of semiconductors. The jobs report showed manufacturing payrolls declined 18,000 in April, driven by a sharp fall in jobs at automakers.Average hourly earnings rose 0.7% in April from a month earlier, to $30.17, the jobs report showed. The wage data for April suggest that the rising demand for labor associated with the recovery from the pandemic may have put upward pressure on wages, the Labor Department said in a statement.A separate measure of compensation that isn’t subjected to shifts in industry employment -- the employment cost index -- rose 0.9% in the first quarter. That was the largest quarterly gain since 2007, according to the Labor Department’s data last week.“While the jobs numbers themselves were certainly disappointing, I think there are a few nuggets in here that are positive development,” House said.Participation RateLabor force participation, a measure of the percentage of Americans either working or looking for work, rose to 61.7% in April from 61.5%, likely supported by increased vaccinations that helped fuel the reopenings of many retail establishments, restaurants and leisure-facing businesses.Average weekly hours increased to match the highest in records dating back to 2006. The gain in the workweek, increased pay and the improvement in hiring helped boost aggregate weekly payrolls 1.2% in April after a 1.3% gain a month earlier.Workforce participation for men age 25 to 54 increased last month, while edging lower for women.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
There was a slight pullback in oil prices following Wednesday’s highs, but the rally is still very much on and bullish sentiment is palpable as summer driving season nears
Barry Silbert, a power player in the digital-asset sector, said he's betting against dogecoin and is urging investors in one of the hottest trades in 2021 to convert their doge holdings into bitcoin.
(Bloomberg) -- The European Central Bank is set to reward some of the region’s biggest financial institutions with more than 1 billion euros ($1.2 billion) this year in return for keeping up the flow of credit during the pandemic.Six lenders including ING Groep NV and Deutsche Bank AG have disclosed their expected benefit from the central bank’s targeted longer-term loan programs. Together, the banks said they earned about 416 million euros in the first quarter while other lenders said they intend to book gains later in the year.Seven years after turning banking on its head with the introduction of negative interest rates, the ECB is dangling enhanced subsidies to get banks to pump cheap cash into an economy lurching from one crisis to another. The benefits help offset some of the pressure from the ECB’s other policies which have eaten into lending profits and introduced costs for client deposits.An ECB spokesman declined to comment on the payments. ECB President Christine Lagarde said in April that the program plays a “crucial role” in supporting bank lending to firms and households.The ECB has offered several rounds of such targeted long-term loans. The latest allotment was in March when it made 330.5 billion euros available to banks. The favorable rates are paid subject to conditions on the banks reaching specific targets regarding the amount of loans they make to the broader economy.The lenders benefit even more now than with similar operations in the past because the conditions were sweetened during the pandemic so that that they can borrow at an even lower rate than the ECB’s negative deposit rate. While the deposit rate acts as a charge on reserves, that’s more than outweighed by the generosity of the rate on the long-term loans.“We don’t earn the money for free,” Deutsche Bank finance chief James von Moltke told analysts on a conference call last week. “The business is executing on lending, supporting clients, that allows us to achieve those thresholds.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
It takes every cent I earn to get by and pay debt service. If I were to retire today, I would draw $1,200 a month in Social Security, or $1,400 a month if drawing against my ex-husband’s account (we were married 23 years). See: Confused about Social Security — including spousal benefits, claiming strategies and how death and divorce affect your monthly income?
Ethereum has outperformed major digital currency rivals this year, bolstered by the surge in decentralized finance (DeFi) and the anticipation of a technical adjustment this summer, but it faces hurdles that could stall its rise. With a jump of more than 350% in its price this year, ethereum has the second-largest market capitalization after bitcoin, but not as much cache and perhaps more operational challenges that could prevent it from eclipsing its major rival. In the crypto world, the terms "ethereum" and "ether" have become synonymous.
Families can get up to $50 off their bill to stay connected during the pandemic.
(Bloomberg) -- Copper soared this week to an all-time high, continuing a sizzling rally that’s seen prices double in the past year.The previous copper record was set in 2011, around the peak of the commodities supercycle sparked by China’s rise to economic heavyweight status — fueled by massive amounts of raw materials. This time, investors are betting that copper’s vital role in the world’s shift to green energy will mean surging demand and even higher prices. Copper futures rose as high as $10,440 a ton in London on Friday. What’s the big deal about copper?Through human history, copper has played a critical role in many of civilization’s greatest advances: from early monetary systems to municipal plumbing, from the rise of trains, planes and cars to the devices and networks that underpin the information age.The reddish brown metal is mostly unrivaled as an electrical and thermal conductor, while also being durable and easy to work with. Today, a vast array of uses in all corners of heavy industry, construction and manufacturing mean it’s a famously reliable indicator for trends in the global economy.The copper market was one of the first to react as the Covid-19 coronavirus emerged in Wuhan, with prices slumping by more than a quarter between January and March last year. Then as China’s unprecedented steps to control the domestic spread of the virus started to yield results, copper rapidly rebounded -- and it hasn’t looked back since.But it’s not just China driving the rally. While the country accounts for half of the world’s copper consumption and has played an integral part in copper’s surge, demand there has actually softened this year. Yet prices continue to drive higher.Why is copper surging now?It’s partly due to evidence of recoveries in other major industrial economies, with manufacturing output surging in places like the U.S., Germany and Japan. But investors have also been piling into copper on a bet that global efforts to cut carbon emissions are going to mean the world needs a lot more of the metal, putting a strain on supply. New mine production may be slow to arrive, as mines are hard to find and expensive to develop.Electric vehicles contain about four times as much copper as a conventional car, and vast amounts of copper wiring will be needed in roadside chargers to keep them running. Bringing electricity from offshore wind farms to national power grids is also a copper-intensive exercise.Governments around the world have announced ambitious infrastructure investment plans, much of which involves construction, green energy, or both.Are things that use copper getting more expensive?Increasingly, yes. Major manufacturers have been hiking prices for air-conditioning units and fridges over the past few months, and they’re warning there may be more to come.Still, copper is often used in small quantities in complex consumer goods, and so the doubling in prices over the past year won’t be nearly as painful for consumers as an equivalent jump in food or fuel prices would be. Similarly, governments rolling out big spending programs might not be too worried about a rise in copper alone.But with other raw materials rising too, there are growing signs that they’ll get less bang for their buck as the cost of big-ticket items like wind turbines rise.What does it mean for the economy?There are mounting concerns that the broad rally in everything from lumber to steel will force central bankers to step in to stop inflation in raw-materials markets spiralling out of control.In turn, the stellar economic rebound that’s driving the commodities rally may start to stall as businesses are hit by higher interest rates, compressed margins, and waning demand from consumers. The key question for policymakers at the Federal Reserve — and traders on Wall Street — is whether the broad spike in commodities prices will be temporary.Could the rally fizzle out?In the case of copper, there are some signs that spot demand is starting to cool, particularly in China, and some analysts and traders say the record prices aren’t justified by today’s fundamentals.The view among policymakers is that the rise in commodities prices will prove short-lived, as consumers will focus their spending on services and experiences as economies open up, easing the strain on demand for commodities-intensive items such as second homes, electronics and appliances seen during lockdown.For copper though, it’s not just about strong demand today. In fact, a lot of expected spending on renewables and electric-vehicle infrastructure is yet to really materialize. When it does, it could transform the outlook for copper usage in countries such as Germany and the U.S.How high could copper go?Trafigura Group, the world’s top copper trader, and Goldman Sachs Group Inc. both say prices could hit $15,000 a ton in the coming years, on the back of a global surge in demand due to the shift to green energy. Bank of America says $20,000 could even be possible if drastic issues arise on the supply side.The copper market itself may also be facing a big shift. Trafigura predicts that demand growth in China will be eclipsed by rising consumption in the rest of the world over the coming decade, in a dramatic reversal of the recent trend. That could help underpin a new “supercycle” in the copper market, driving prices higher for years on the back of a step-change in global demand.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
U.S. stock funds now are riding a river of new cash from investors — and that is not a bullish sign. In fact, fund flows are a contrarian indicator: the U.S. stock market in the past has performed better when there is a net outflow of cash. The evidence is summarized in the chart below, which plots net inflows of cash to U.S. stock funds (both open-end and exchange-traded funds) by year over the past decade.
Everyone has a different idea of what wealth is. You could ask 20-somethings what they think wealth is, and they might describe extravagant houses or a private jet. Someone older might mention lucrative investments. Everyone seems to have a different … Continue reading → The post What Is the Financial Definition of Wealth? appeared first on SmartAsset Blog.
The 39-year-old landlord, who was born and raised in Toronto, Canada, reached $1 million Canadian dollars, or approximately US$791,000, in 2019, though he felt he had reached financial independence even sooner. Chad found the FIRE Movement, made it to $1 million CAD before 40, and became a firefighter and sheepherder along the way. The former network administrator and his partner, Catherine, who is a Ph.D. student and research coordinator, save between 50% and 80% of their income every year and live off of $27,000 in annual expenses.
As the US economy continues to open up, the April jobs report from the US Bureau of Labor Statistics shows the boom in delivery jobs has taken a tumble. The industry covers workers who deliver and pick up packaged good, employed by companies like Amazon, Fedex, and DHL. When the Covid-19 pandemic halted the world and people stayed home, the demand for online retailers, online grocers, delivery firms shifted into high-gear.
The residential construction sector is pumping the brakes, judging by April's jobs numbers, despite the strong demand for homes.