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India's services sector showed robust expansion in October, per the <keyword id="22267674" type="General" weightage="20" keywordseo="HSBC-India-Services-PMI" source="keywords">HSBC India Services PMI</keyword> (Purchasing Managers' Index), which rose to 58.5 last month, up from September's ten-month low of 57.7. October's figures managed to exceed even the long-run PMI average of 54.1, largely on the back of a strong sales pipeline and elevated demand. Employment, or job creation in this sector accelerated to its fastest growth rate in 26 months. Anticipating solid, sustained demand in the near term, firms added new employees at the most rapid pace in over 2 years. October also saw <keyword id="23834175" type="General" weightage="20" keywordseo="input-costs-rise" source="keywords">input costs rise</keyword> at their fastest pace in 3 months, indicating renewed demand and economic activity in the country. The ISM Services PMI, an indicator of the economic health of the US, also exceeded expectations, reaching 56.0 compared to the forecasted 53.8, suggesting strong growth within the services sector. "During October, the Indian services sector experienced strong expansions in output and consumer demand, as well as job creation, which achieved a 26-month high," said Pranjul Bhandari, Chief India Economist at HSBC. The sector saw increased business activity across multiple fronts, with export sales showing significant growth and companies reporting stronger demand from international markets including Africa, Asia, the Americas, the Middle East, and the UK. However, industry experts remain cautiously optimistic about the sector's prospects. Suman Chowdhury, Chief Economist at Acuité Ratings &amp; Research, noted that while the October recovery is promising, several factors warrant careful monitoring. “The recovery in the PMI indices in October 2024 is promising for the second half of the fiscal after the dip in several high-frequency indicators in September 2024. Industrial and service activity has expectedly received a boost from the anticipated spike in consumption demand in Q3 FY25, driven by the festivities and the marriage season," she said. Chowdhury added that it will be crucial to monitor the sustainability of these PMI indices at these elevated levels, given the reported weakness in urban demand in Q2 as flagged by FMCG companies. She also noted that potential increases in wholesale and core retail inflation, combined with higher input costs and wage pressures, could delay expected interest rate cuts. RBI governor Shaktikanta Das also noted that inflation and CPI figures for October might be elevated, pushing ahead any chances of interest rate cuts in the near future. Acuité Ratings &amp; Research maintains its GDP growth forecast at 7.0% for FY25 while acknowledging the multiple downside risks that will require close observation in the coming months.

India's Services Index jumps to 58.5 in October as employment grows the fastest in 26 months

Emerging technologies are set to revolutionise India’s workforce and can generate an additional 2.73 million tech jobs by 2028, according to ServiceNow’s AI Skills and Jobs Report. This growth comes amid India’s overall workforce expansion, expected to reach 457.62 million by 2028—a 33.9 million increase since 2023. ServiceNow, through partnerships and its ‘RiseUp’ program, aims to bridge the skills gap, positioning India as a competitive force in the global tech arena. Retail, manufacturing, education, and healthcare are projected to experience robust job creation, with retail alone expected to add 6.96 million roles. Professionals in these sectors have opportunities to upskill in areas such as software development and data engineering. Meanwhile, demand for tech roles like Software Application Developers, Systems Software Developers, and Data Engineers is expected to surge, driven by expanding sectors like manufacturing and telecommunications. Generative AI is also reshaping tasks within tech roles, increasing efficiency and automating routine processes. Systems Administrators, AI Systems Engineers, and Implementation Consultants, for example, will gain hours back each week as AI automates tasks. ServiceNow reports a $5 million cost savings and productivity boost from using generative AI across its operations, illustrating the practical impact of AI-led automation. To build a tech-ready talent pipeline, ServiceNow has been proactive, training over 97,000 Indians through its ‘RiseUp with ServiceNow’ initiative in the past year. The company’s University Academic Program, launched with government partnerships and institutions like NASSCOM’s FutureSkills Prime, is ensuring graduates possess job-ready digital skills, strengthening India’s tech ecosystem. With AI as a critical driver, India is expected to see a significant workforce transformation, meeting both domestic and global demand for skilled tech professionals.

AI can create 2.7 million tech jobs by 2028 in India, study says

<ul class="summary-list"><li>Some employers are waiving degree requirements, yet it's not leading to widespread hiring.</li><li>Employers might not ask if you have a degree, but many still care, a labor market expert told BI.</li></ul>When a job posting states that the role <a target="_blank" class="" href="https://www.businessinsider.com/job-openings-bachelors-college-degree-no-education-requirements-2024-2">doesn't require a degree</a>, Ranji McMillan starts to worry.More than likely, she said, the job will be in sales or involve work that's not a good match for her experience."If someone says that they're not looking for a degree, you have to look at what they want you to do because it just seems like they're going to give you crap work," McMillan told Business Insider.McMillan is 42 and lives in the Northridge section of Los Angeles. She's been looking for work for more than a year and a half. McMillan has an associate degree but not a bachelor's. Yet, she has more than a decade of experience managing the merchandise used in photo shoots for big-name retailers.When she looks at job listings, she estimates that she runs into a formal degree requirement most of the time.McMillan is one of millions of US workers bumping up against what's sometimes called the paper ceiling. It's happening even as more employers are setting aside requirements that applicants for some jobs have bachelor's degrees. The goal is often framed around wanting to hire for skills, not pedigree, yet many bosses have been slow to take the next step: actually bringing on workers who don't hold four-year degrees.<div type="image" title="Ranji McMillan" height="989" width="1600" msid="114401257" hostid="261" sizebytes="127056"></div>David Deming, a professor of political economy at Harvard's Kennedy School, told BI that while some employers might no longer require a bachelor's degree for certain roles, those doing the hiring still might care whether an applicant has one."Firms are wanting credit for removing a requirement, but that doesn't necessarily mean they're changing their hiring at the end of the day," he said.Deming said many employers look upon a worker with a four-year degree as an investment — one that can be molded into what the firm wants.<h2 id="69b8e63e-70be-4448-99d6-752bcbe1d346">Hiring based on skills</h2>The Burning Glass Institute, a nonprofit that examines the future of work and learning, and Harvard Business School found in a <a target="_blank" href="https://www.hbs.edu/managing-the-future-of-work/Documents/research/Skills-Based%20Hiring.pdf">study</a> released in early 2024 that even when employers hire people without four-year degrees for roles that once required them, it doesn't occur in large numbers.Hiring for skills or experience rather than for formal education accounted for just one in 700 hires in 2023, the study found.The researchers examined more than 11,000 roles at large firms and compared hiring at least a year before and after the employer ditched a degree requirement. The study reviewed changes in roles from 2014 to 2023.Reluctance by some employers to bring on workers without four-year degrees matters because only about 36% of people 25 and older in the US had a bachelor's degree or higher in 2023, according to the Census Bureau.In part, that's because the <a target="_blank" href="https://www.businessinsider.com/gen-z-millennials-skipping-college-living-paycheck-to-paycheck-2024-5">high cost of tuition</a> can be a major barrier.<h2 id="448d7f69-1fca-482e-a27e-c42712ac78c2">A boost for employers</h2>Adding workers based on their abilities rather than what's on their résumé can be a win for business. The consulting firm McKinsey &amp; Company, citing research, notes that hiring for skills is "<a target="_blank" href="https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/taking-a-skills-based-approach-to-building-the-future-workforce">five times more predictive</a>" of how someone performs on a job than hiring based on educational attainment and more than twice as predictive than hiring based on a person's work history.Boston Consulting Group research found that those hired based on their skills tend to get promoted at about the same pace as traditional hires yet <a target="_blank" href="https://www.bcg.com/publications/2023/rise-of-skills-based-hiring">stay with an employer</a> for 9% longer.Still, Mona Mourshed, the founding CEO of Generation, a nonprofit network focused on economic mobility, told BI that while many notable and large organizations support skills-first hiring, "the vast majority of employers are not there yet in terms of their practice."She said Generation recently completed nearly 100 interviews with large and midsize employers around the world, including in the US, asking what goes into their hiring decisions. Much of it, she said, comes down to hiring managers wanting to limit risk. Often, it's easiest to go with a résumé that looks similar to what previous hires have had, Mourshed said."Employers will only hire a different profile when they are desperate for talent," she said.Mourshed said that even for organizations that might be open to looking first at skills, cuts to HR departments in recent years have stretched some recruiting teams. That means there could be fewer people to take a second look at someone who doesn't hold the typical academic qualifications, she said.<h2 id="3055d66a-7df6-45c2-8c68-1871f46e67be">The 'easiest and laziest filter'</h2>Chris Hyams, CEO of Indeed, told BI that for many jobs, employers simply default to the degree."What people are looking for, because it's the easiest and laziest filter, is a four-year degree from a 'good school,'" he said.But that's often short-sighted, Hyams said. He pointed to the plight of his brother-in-law, whom Hyams described as "a brilliant guy" who didn't finish college. Instead, he built and ran a music studio before becoming a Salesforce administrator, Hyams said. Yet, he has had a difficult time finding work after losing his job about a year and a half ago."He's been the finalist for five different positions where they said, 'You're actually the best candidate we interviewed, but we require a four-year degree,'" Hyams said. "It's the dumbest thing."According to BCG, there are 70 million workers in America who are so-called STARs — <a target="_blank" href="https://www.bcg.com/publications/2023/rise-of-skills-based-hiring">skilled through alternative routes</a>.<h2 id="38c1ee96-779b-4954-8bf5-e31158131cde">Workers will need more training</h2>In the coming years, many workers will need more, not less, learning to do their jobs. The US Department of Education forecasts that by 2027, <a target="_blank" href="https://www.ed.gov/about/ed-initiatives/raise-bar/raise-the-bar-postsecondary-and-career-pathways">70% of jobs</a> will require schooling or training beyond high school.Often, that might mean a four-year degree. Researchers at the Georgetown University Center on Education and the Workforce estimate that 42% of jobs in 2031 will require candidates to have at least <a target="_blank" href="https://cew.georgetown.edu/cew-reports/projections2031/#resources">a bachelor's degree</a>, while 28% of jobs will need someone to have a high school diploma or less.Bethlam Forsa, CEO of Savvas Learning Company, which produces instructional materials for kindergarten through high school students, told BI that there's often a gap between the "job-ready" skills students possess and what employers seek. She said research has shown that students who don't want to attend college are often not told about alternative paths like internships or career and technical education programs."We have a system that's primarily college-bound," Forsa said.She also said employers might need to adapt their evaluation methods to better assess what job seekers can do. Employers could, for example, look to any certifications an applicant might have earned as a way to hire for skills, not a college degree, Forsa said.The research firm Gartner reported in July that 74% of HR leaders it surveyed believe that most employers are shifting the <a target="_blank" href="https://www.gartner.com/en/documents/5618392">focus of how they manage talent</a> to skills. Yet only about four in 10 surveyed reported that their organizations had implemented processes that would enable this to play out.Focusing on skills can also be a way to keep people within an organization, not just hire them, according to Jon Lester, the vice president of HR technology, data, and AI at IBM.He told BI that nearly a decade ago, the average IBMer spent 31 hours a year learning new skills. By 2023, that was up to 87 hours. All of this learning, Lester said, assists with retention. It also sits at the heart of how IBM compensates its employees, he said."People get salary increases mostly because of the skills they've learned," Lester said.Research supports that thinking. According to McKinsey, skills learned at work contribute 46% of the <a target="_blank" href="https://www.mckinsey.com/~/media/mckinsey/business%20functions/people%20and%20organizational%20performance/our%20insights/the%20state%20of%20organizations%202023/the-state-of-organizations-2023.pdf">average person's lifetime earnings</a>.For her part, as McMillan continues to search for a job, she often breaks down in tears — sometimes several times a week.She said she's been filling out surveys and doing whatever else she can to earn a few extra dollars. Last month, a friend gave her a $50 grocery store gift card to help her get by.When McMillan looks at job listings and contemplates whether a degree is necessary, she said she thinks that even if she had a bachelor's, it would have "dust on it by now.""I definitely would have had to evolve by now if I did get that 20 years ago," she said.Do you have something to share about what you're seeing in the workplace or in your job search? Business Insider would like to hear from you. Email our workplace team from a nonwork device at <a target="_blank" href="mailto:thegrind@businessinsider.com">thegrind@businessinsider.com</a> with your story, or ask for one of our reporter's Signal numbers.

More employers say they don't care if you went to college. Most still seem to.

Wang is the CEO and cofounder of <a target="_blank" class="" href="https://www.businessinsider.com/layoffs-tiger-global-and-y-combinator-scale-ai-artificial-intelligence-2023-1">Scale AI</a>, a data-labeling company valued at $13.8 billion. The company employs contractors to annotate training data essential for developing AI models. The company initially focused on data labeling for autonomous vehicles but has since expanded to power the generative AI boom, working with prominent startups such as OpenAI. Before founding Scale AI, Wang was an algorithm developer at Hudson River Trading and held software-engineering roles at Quora and Addepar.See Business Insider's full <a target="_blank" class="" href="https://businessinsider.com/ai-power-list-2024">AI Power List</a>

Alexandr Wang's startup gets data ready to power the generative AI revolution 

<ul class="summary-list"><li>23andMe's business is floundering after a data hack, lawsuit, and tumbling stock prices.</li><li>The company's problems have led to concerns about how it handles consumer genealogy data.</li></ul>Things have gone downhill for <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/dna-testing-ancestry-23andme-share-data-companies-2018-8">23andMe</a>.After the direct-to-consumer genetic testing company launched in 2006, it appeared to be on a steady incline and a notable standout among Silicon Valley ventures. As of 2021, according to Crunchbase, it had raised over $1 billion from investors.However, a 2023 <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/23andme-data-stolen-hacked-sold-dark-web-2023-10">data hack</a> kicked off a series of problematic hurdles that 23andMe just can't seem to clear.News that hackers were selling user data — which included birth details and names — on the <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/23andme-data-stolen-hacked-sold-dark-web-2023-10">dark web</a> broke that October. The company confirmed in December that <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/23and-me-hack-data-breach-personal-data-2023-12">hackers had accessed ancestry data</a> for just under 7 million users. A data breach notification filing in January said it took 23andMe <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/23andme-hackers-breached-customer-accounts-took-five-months-to-detect-2024-1">five months</a> to realize hackers had stolen the data.The incident led to a class action lawsuit, which 23andMe settled this September for $30 million, according to Reuters.Less than a week later, the independent directors of 23andMe's board resigned in a letter addressed to CEO and cofounder <a target="_blank" class="" href="https://www.businessinsider.com/23andme-ceo-anne-wojcicki-life-career-family-photos-2021-3">Anne Wojcicki</a>.The letter said the directors "wholeheartedly support" 23andMe's mission, but "it is also clear that we differ on the strategic direction for the Company going forward."<div type="image" title="23andMe CEO Anne Wojcicki" height="1991" width="2982" msid="113994219" hostid="261" sizebytes="309018"></div>The Wall Street Journal reported that despite earning $299 million in revenue in 2023 and $219 million in 2024, the company never made a profit. Its stock price peaked in February 2021 but has steadily declined since, reaching an all-time low of 29 cents.23andMe's reputation took a further hit with consumers in September when Wojcicki said in an SEC filing she was "considering third party takeover proposals." She walked back that statement later that month in a separate filing, but the damage was done.Outlets like The Atlantic reported that Wojcicki's potential sale of 23andMe could also mean the sale of user data. The director of cybersecurity at Electronic Frontier Foundation, a nonprofit focused on digital privacy, urged their 186,000 X followers to delete their data from 23andMe. That post garnered more than 531,000 views in three days.The X post touched on concerns plaguing the DNA test kit industry: Your private DNA data may not stay private."Data is data — once it's out there, it's very hard to control," <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/privacy-security-risks-genetic-testing-23andme-ancestry-dna-2019-2">James Hazel</a>, a biomedical researcher, told Business Insider in 2019.23andMe says the personal data it collects includes registration information like birth date, genetic information like a user's genotype, sample information like saliva, and self-reported information."Beyond our contracted laboratory, with which we work to process a customer's sample and deliver their results, customer information will not be shared with any other entity unless they provide us with consent to do so," a 23andMe spokesperson told Business Insider.The spokesperson said the company doesn't share data with "employers, insurance companies, law enforcement agencies or any public databases."<h2 id="412bbc19-4bef-4532-9c97-39228ce572c0">Here's how to ask 23andMe to delete your data</h2>Users who want their personal information removed from 23andMe can opt-out in the "23andMe Data" section in Account Settings. But 23andMe says it is legally required to retain some information."While we will delete the majority of your Personal Information, we are required to retain some information to comply with our legal obligation," the company's website says."23andMe and/or our contracted genotyping laboratory will retain your Genetic Information, date of birth, and sex as required for compliance with applicable legal obligations... even if you chose to delete your account," the company's privacy statement says.The privacy statement says 23andMe will also retain some information associated with user accounts, like email addresses.For users who participated in 23andMe Research, their genetic data and self-reported information won't be used in future research projects."Customers always have the option to delete their account at any time, and once the request is confirmed, we will immediately and automatically begin the deletion process," the spokesperson said. "Deleting an account and associated data will permanently delete the data associated with all profiles within the account. If a customer asks us to store their genetic samples, they will be discarded."

23andMe is floundering. Here is how to delete your data.

<ul class="summary-list"><li>US stocks rise as key earnings and economic data are anticipated this week.</li><li>Major tech firms, including Amazon, Microsoft, Alphabet, and Apple, are set to report earnings.</li></ul>US stocks jumped on Monday ahead of what's shaping up to be a pivotal week for earnings and economic data.More than 90 <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> companies are set to report results this week, and investors will be keenly focused on third-quarter updates from <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/meta-stock">Meta Platforms</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/AAPL-stock">Apple</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>.Combined, these five mega-cap tech giants are worth about $12 trillion.So far, 37% of S&amp;P 500 companies have reported earnings results. Of those companies, 78% beat profit estimates by a median of 6%, while 58% beat revenues estimates by a median of 2%, according to data from Fundstrat.In the oil market, crude prices plunged more than 6%, representing the biggest one-day decline since September 2022 after Israel's attack against Iran over the weekend avoided oil facilities.It's a big week for economic data as well, with third-quarter GDP set to be released Wednesday morning. The Atlanta Fed's GDPNow Tracker suggests growth of 3.3% in the quarter, while economists expect growth of 3.2%.Investors will also get a look into inflation with the release of the PCE index on Thursday, which is the Federal Reserve's preferred inflation gauge.According to economist estimates, the year-over-year PCE Index is expected to be 2.1%, a slight decrease from last month's reading of 2.2%.Finally, investors will turn their attention to the October jobs report on Friday. Economists expect 110,000 jobs added to the economy last month, a big decline from the September employment report, which came in hot with 245,000 new jobs.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,834.93, up 0.46% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,414.07, up 0.71% (+299.67 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,634.68, up 0.59% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Here's what is at stake for your investments in next week's Presidential election.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-price-record-high-became-etf-interest-rates-trump-costco-2024-10">Gold has become one of the world's hottest investments as it outperforms the S&amp;P 500. Here's why.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/trump-deportation-immigration-policy-election-housing-home-prices-construction-costs-2024-10">Donald Trump's proposed immigration crackdown could make housing more expensive by depleting the construction workforce.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil plunged 6.39% to $67.19 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 6.05% to $71.45 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was lower by 0.21% to $2,748.80 an ounce.</li><li>The 10-year Treasury yield was flat at 4.240%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> increased 1.46% to $68,936.</li></ul>

Stock market today: US stocks jump ahead of crucial week of earnings and data

<ul class="summary-list"><li>VCs are lobbing cash at the presidential election and key congressional races, FEC data shows.</li><li>While most VCs favored Democrats, a16z's crypto giving dwarfed all other donations.</li></ul>America is bitterly divided over politics, and the tech industry — once portrayed as a liberal bastion — is <a target="_blank" href="https://www.businessinsider.com/election-a-distraction-silicon-valley-wants-to-be-over-2024-8">no different.</a> Among the sector's investor class, these disputes typically play out behind closed doors, with checkbooks rather than <a target="_blank" href="https://www.businessinsider.com/silicon-valley-political-divide-twitter-elon-musk-kamala-harris-2024-8">angry social media posts</a>.This election cycle, investors at the top venture capital firms have plowed tens of millions of dollars into the election, both backing their favored political candidates and just cannily promoting commercial interests.Business Insider trawled political donation data released by the Federal Elections Commission to see how employees at VC firms have donated by candidates and political entities as the hotly contested race enters its final phase.The data is limited, focusing only on a subjective grouping of 10 high-profile firms, and cutting off at varying points over the summer. More recent FEC donor data will be released in the days and weeks ahead of the November 5 general election, often the most turbulent time in any cycle.The sheer volume of donations captured in the FEC filings underscores the significance of the tech constituency in the political arena, how the Silicon Valley elite has embraced politics of late, and just how flooded by money modern American politics has become.<h3 id="dd94bff4-8a0b-4fe4-8f40-59db1deb3131">The big spenders</h3>For venture capitalists, talking politics can invite scrutiny — or worse, turn off founders seeking funds for what might be the next big thing. It's part of the reason why many firms won't take positions on political issues or push a candidate on their employees.While that hasn't stopped individual investors from voting with their dollars, many VC firms are quick to point out that donations do not represent the organization's political stance.Except when they do.Andreessen Horowitz, or a16z, is the sole firm in our dataset to make political contributions directly. In this election cycle, it contributed $47 million to groups working to elect blockchain-friendly candidates, including Fairshake, a titanic crypto-industry backed super PAC. The firm is all-in on crypto, investing in Solana and Yuga Labs, and launched a $4.5 billion investment fund focused on this area in 2022.While the names of the firm's founders, Marc Andreessen and Ben Horowitz, also appear on filings for donations to these groups, a16z says on its <a target="_blank" href="https://a16zcrypto.com/posts/article/contributing-to-fairshake-pac/">website</a> that these contributions come from the firm, not the founders personally. Though the distinction a16z draws between itself and its founders might be slightly artificial, given Andreessen and Horowitz created, own, and named the firm after themselves.For all the brouhaha about Andreessen and Horowitz putting <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-vcs-in-silicon-valley-2024-7">millions of dollars</a> behind Trump's latest bid for the White House and Horowitz hedging his bets with <a target="_blank" href="https://www.businessinsider.com/read-ben-horowitzs-email-a16z-saying-plans-donate-kamala-harris-2024-10">a planned donation to Harris</a>, the data shows the two are a rare breed among venture investors: relatively bipartisan donors.Horowitz sent roughly 59% of his personal political contributions to Republicans and a little under 40% to Democrats, while Andreessen more strongly favored Republicans this election cycle, with 64% of his donations.In the time period covered by the data, a16z even eclipsed Greylock, where outgoing partner and <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">Democrat megadonor</a> Reid Hoffman has personally pumped nearly $30 million in recorded donations into the presidential election and key congressional races.Investors at Founders Fund, which has backed SpaceX and Palantir, are nearly 100% Republican in donations, though the bulk of contributions came from Keith Rabois, who left the firm in January to rejoin Khosla Ventures. Employees of venerable firm Kleiner Perkins are the opposite, giving almost entirely to Democratic causes, as is the case for Y Combinator, the colossal startup accelerator.Like Andreessen Horowitz, Sequoia Capital is largely bipartisan. Unlike a16z, its biggest donors are largely split on party lines. Michael Moritz, who left the firm midway through last year and continues to serve as an advisor to Sequoia Heritage, its wealth management group, gives to Democrats, while Sequoia partner Shaun Maguire donates to Republicans.<h3 id="3ae3c5f1-4f98-4417-8e68-d3e367656034">Number-crunching</h3>When a candidate's campaign or other political entity receives political donations, they must report it either quarterly or monthly to the FEC, along with information about the donors, including the donor's employer. The federal agency processes these filings, before releasing them in a searchable format on its website.The data analyzed for this story cuts off on August 31 for entities that report donations on a monthly basis (including presidential campaigns, national party committees, and some PACs), while the cut-off for entities that report quarterly (including Congressional committees and some PACs) is June 30. (The filing deadline for Q3 data for quarterly filing entities was October 15, but this data isn't yet readily available in full online.)Business Insider selected 10 venture capital firms to focus on, taking into account fund size and cultural and industry significance. The list encompasses employees ranging from general partners and firm founders to marketers and executive assistants.The findings should not be interpreted as an exhaustive accounting of all venture capital investors' donations to date, but as a comparative analysis of how some of the industry's most significant players have approached political giving over the summer as the election heated up.Business Insider divided the recipients into three categories: Democrat-aligned, Republican-aligned, and unaffiliated — a grouping that includes both bipartisan groups like Fairshake and independents like West Virginia senator Joe Manchin, as well as organizations like The Lincoln Project, run by self-described Republicans but in practice supporting Democratic causes.<h3 id="383b71f4-35bb-4d3d-9fd8-a1daae48b9df">Hoffman vs. Horowitz</h3>Hoffman, the top individual donor, has developed a reputation as tech's Democratic Party standard-bearer. In this election cycle, records show his efforts include $2 million to help fund an <a target="_blank" href="https://www.forbes.com/sites/saradorn/2024/01/31/billionaire-reid-hoffman-spent-2-million-on-bidens-new-hampshire-write-in-campaign-fec-records-show/">unusual write-in effort</a> for President Joe Biden in New Hampshire, and millions to joint fundraising committees for Harris after Biden dropped out. Hoffman also <a target="_blank" href="https://www.nytimes.com/2023/12/05/us/politics/nikki-haley-reid-hoffman-donation.html">gave $250,000</a> to a super PAC supporting Nikki Haley, the last major candidate to challenge Trump for the Republican nomination.Most donors more closely resemble Hoffman than Horowitz: clearly partisan, with an overwhelming majority of their donations going to support one party.Vinod Khosla of Khosla Ventures is another of the biggest donors on the Democratic side of the aisle, with more than $3 million in recorded donations during the time period to recipients including the Democratic Congressional Campaign Committee and Harris' presidential campaign. Khosla's giving puts him just above John Doerr, chairman of Kleiner Perkins and architect of cleantech investing, though he hasn't managed funds for the firm in a decade.Sequoia Capital's Doug Leone is one of VC's most prolific GOP-aligned political donors, giving his almost $3.8 million to the National Republican Committee and other causes.The vehicle of choice for many of these donations is via super PACs, a controversial political fundraising tool that can raise unlimited funds — <a target="_blank" href="https://www.fec.gov/help-candidates-and-committees/candidate-taking-receipts/contribution-limits/">bypassing FEC limits on donations</a> to candidates and other committees — but cannot directly coordinate with candidates. Asides from Fairshake, some of the biggest super PACs out there favored by VC investors include Future Forward PAC, a tech billionaire-linked Democrat-supporting group, and <a target="_blank" href="https://www.businessinsider.com/elon-musk-trump-america-super-pac-2024-10">America PAC, a right-wing entity founded by Elon Musk</a>.Investors also gave to several joint fundraising committees, which take money for multiple candidates or organizations. They, too, became favored over the years because a joint fundraising committee allows candidates to rake in cash while sharing the costs of fundraising — think website hosting fees, high-end hotels, and catering for splashy Hamptons fundraisers. The most well-loved committees in our dataset were the Harris Victory Fund and Harris Action Fund, the joint fundraising efforts between the Harris campaign, the Democratic National Committee, and state Democratic committees.Reached for comment by Business Insider, none of the named investment firms agreed to make employees available for interviews about their political giving. Perhaps, from the donors' perspectives, they don't need to: They're already putting their money where their mouth is.Have a tip or a story? Connect with Melia Russell via email at <a target="_blank" href="mailto:mrussell@insider.com">mrussell@businessinsider.com</a> or by phone at (603) 913-3085. Reach Rob Price at <a target="_blank" class="" href="mailto:rprice@insider.com">rprice@businessinsider.com</a>. For sensitive matters, use the Signal app on a non-work device for encrypted messaging.

Venture capital is going to war over the election. Here's the data to prove it. 

<keyword id="22865833" type="General" weightage="20" keywordseo="online-vendors" source="keywords">Online vendors</keyword> have generated 15.8 million <keyword id="19914922" type="General" weightage="20" keywordseo="jobs" source="keywords">jobs</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>, including 3.5 million for women, with about 1.76 million retail enterprises participating in <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> activity, says a report released on Wednesday. The report 'Assessing the Net Impact of e-Commerce on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">Employment</keyword> and Consumer Welfare in India' was launched by Commerce and Industry Minister Piyush Goyal. "Plugging in data from our survey, we estimate that online vendors generate 15.8 million jobs, including 3.5 million jobs for women," the report prepared by Pahle India Foundation (PIF), a Delhi-based policy research institute, said. E-commerce, according to the report, has been a key driver of employment generation In India. On an average, online vendors employ 54 per cent more people and almost twice the number of female employees, compared to offline vendors. The report noted that two of the most widely-recognised contributions of e-commerce penetration in the retail sector are --growth in employment and improvements in consumer welfare. It said rather than displacing physical markets, e-commerce is expanding into new territories like tier 3 cities. "Our data shows that a higher percentage of Tier 3 city consumers spend more than Rs 5,000 per month on online shopping as compared to consumers from bigger cities," it said, adding this is the India consumption story, which enables the co-existence of physical and digital retail. The study analysed the impact e-commerce has had on employment and consumer welfare through a pan-India survey of 2,062 online vendors, 2,031 offline vendors, and 8,209 consumers of products from e-commerce websites across 35 cities in 20 states and UTs. According to the report, each e-commerce vendor on an average employs about 9 people, of which 2 are female, while each offline vendor employs about 6 people, of which only 1 is female. It pointed out that there was increase in employment across skill levels, including high-skilled (management, marketing), medium-skilled (customer service, operations), and low-skilled (warehousing, logistics, delivery) functions. The report said that the growth of e-commerce and accompanying digitalisation have fundamentally changed the skill sets and roles required in the industry. "Vendors have experienced improved business performance parameters since listing online, including higher sales and profits," it said. According to the report, 60 per cent and 52 per cent of vendors, respectively, state that their sales and profits have increased since the time they have started selling online. "Overall, more than two thirds of the online vendors interviewed experienced an increase in online sales value and profits in the past year," the report said, adding that 58 per cent saw an increase in both. Barring costs, it said vendors have seen a positive shift in all other aspects of business performance since they started selling online. The report said there is a strong business case for offline vendors to list on e-commerce platforms or pursue an omni-channel strategy. "E-commerce integration has accrued significant benefits to vendors from smaller cities and micro-enterprises," it said. The study also delves into how e-commerce has reshaped consumer behaviour, noting that consumers have shifted to online shopping for reasons that include convenience, product variety, and access. "A highly engaged consumer base is indicated by the fact that more than 50 per cent of all respondents to the survey spent more than two hours on e-commerce platforms a week, and that 70 per cent made a purchase via e-commerce in the last month alone," it said. Speaking at the event, former NITI Aayog Vice Chairman Rajiv Kumar said, e-commerce has revolutionized India's retail landscape. Ministry of Statistics and Programme Implementation(MoSPI) secretary Saurabh Garg lauded the government's initiatives expanding digital public infrastructure that have enabled the smooth expansion of e-commerce. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

Online vendors generated 15.8 million jobs in India: e-commerce report

<ul class="summary-list"><li>Odds of a "no landing" scenario for the economy are rising amid continued strong economic data.</li><li>This scenario is bullish for stocks, even if it means slower rate cuts.</li></ul>As Wall Street engaged in a forecasting tug-of-war over the path of the US economy, few predicted anything other than a soft landing or a recession this year — but in the past month, a streak of hot macro data has placed a third option on the table.The "no landing" scenario entails a continued run of hot economic data and growth that boosts markets but also precludes a steep rate-cutting cycle from the Federal Reserve.For investors, that could mean a playbook that continues to lean into equities, with an emphasis on high dividend-yielding stocks.Soft landing? Hard landing? More like no landingInstitutions such as Bank of America and UBS have recently noted rising odds of a <a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cuts-outlook-economy-recession-no-landing-borrowing-2024-10">"no landing" outcome</a>. In this scenario, US growth remains stronger than estimated, keeping inflation above target and interest rates elevated.Consider the amount of positive data points that have surprised investors recently.There was <a target="_blank" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">September's blowout jobs print</a>, which showed employers added a stunning 254,000 new positions and pulled the unemployment rate down to 4.1%.Meanwhile, recent GDP and gross domestic income revisions have also been "overwhelmingly positive," BofA said, and this week's robust retail data shows that consumer spending has stayed strong, as real core control retail sales climbed 0.4%, compared to 0.1% in August and above estimates of 0.3%.<div type="image" title="Chart showing core control retail sales" height="1382" width="2368" msid="114399411" hostid="261" sizebytes="85128"></div>"This has led to fewer questions about downside risks and more on upside risks," BofA summarized in a Monday note.Reacceleration could make investors uneasy, dashing hopes for swift rate cuts from the Fed. As <a target="_blank" href="https://www.businessinsider.com/inflation-september-cpi-consumer-price-index-federal-reserve-interest-rates-2024-10">inflation ticked up to 2.4% in September</a>, odds of an upcoming half-point <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">interest rate cut</a> have tanked, and investors see 25 basis points as the most likely move in November.According to BofA, a no-landing scenario is bullish for stocks as long as inflation doesn't flare up again.The trading playbookHarris Financial Group's Jamie Cox told Business Insider that an inflation rebound is unlikely. In his view, inflation will continue to come down, allowing the Fed to lower rates gradually. Paired with strong GDP growth, investors should readjust expectations of how deep these rate cuts will be, the managing partner said.According to Cox, that means that short-term interest rates will drop to around 3% in the no landing scenario, even if long-term rates remain elevated.That's good news for equities, as it will prompt money market investors and T-bill traders to move back into the stock market, he said. As this happens, high-dividend value sectors with strong cash flows will receive a boost. These include staples, utilities, and telecom. A steepening yield curve should also benefit financials."They're not going back and buying Nvidia, that money is not going back into Apple and all that kind of stuff," Cox said, referring to go-to tech names during the rate cycle's peak. "You can see the flows of funds, you know, back into dividend-paying stocks. And that's why the market's broadening back out."Meanwhile, small caps can also expect to see upside, he said. The rate-sensitive sector has been under pressure in past years but was recently upgraded to neutral by Morgan Stanley. The bank said it would turn "outright bullish" on the sector if upward revisions to GDP continue, among other things.Whatever investors do, they shouldn't get bearish and sell.After all, a no landing scenario is the best outcome for the economy, Cox said, and given hot growth, the situation effectively tosses recession fears out the window.This would be just the fourth time in US history that the Fed has cut interest rates without a downturn, he added. In each case, markets were incredibly strong two to three years out, he said."[This scenario isn't] the base case for a lot of people who want bond yields and interest rates to drop a lot, and I think that people need to be careful about what they expect the Fed to do," the managing partner said. "The rates are not going to drop as much as what people think, and that's okay; it's actually good."

Here's the trading playbook as data piles up in support of a 'no landing' for the US economy

<ul class="summary-list"><li>Kanny is a startup that uses character assessments to improve the <a target="_blank" class="" href="https://www.businessinsider.com/multiple-job-interviews-a-pain-but-also-benefit-workers-2024-8">hiring processes</a> for employers.</li><li>Character is more crucial than skills, but it's often hard to evaluate, Kanny's CEO told BI.</li></ul>One area of my <a target="_blank" href="https://www.businessinsider.com/finding-job-awful-right-now-drop-in-openings-tough-search-2024-9">work</a> where I appear to be better than others is remaining humble.That's according to a survey of some colleagues who rated me on six traits.My coworkers — geniuses, all — made the evaluation using a tool from the startup <a target="_blank" class="" href="https://www.kanny.com/">Kanny</a>, which aims to improve hiring by assessing what it calls a job candidate's work character."The most important thing when hiring is not hard or soft skills or even expertise. It is character," Kanny CEO and cofounder Sean Vassilaros told me. "It's also the most important or most difficult thing to ascertain."He said Kanny is trying to return some power to the employer — though that may seem counterintuitive to many job seekers, for whom it can feel like bosses hold all of the proverbial cards. Bosses can <a target="_blank" href="https://www.businessinsider.com/why-hard-to-find-job-us-though-unemployment-low-2024-2">ghost candidates</a> — or sometimes list <a target="_blank" href="https://www.businessinsider.com/fake-job-listings-rampant-labor-market-employment-hiring-process-difficult-2024-5">fake jobs</a> — and they can put people through round after <a target="_blank" href="https://www.businessinsider.com/people-looking-for-jobs-enduring-many-rounds-of-interviews-2024-7">round of interviews</a>.Yet the control that job seekers have, Vassilaros said, is in shaping the narrative of who they are."How many times have you heard the story of, 'Hey, I hired this person. They knocked my socks off in the interview,'" he said. And then "'they turned out to be an absolute disaster.'"Vassilaros said that because workers control their résumé, references, social media presence, and LinkedIn profile, it can be difficult for would-be employers to suss out a sus applicant."The entire hiring process is curated by the candidate," he said. "It's all packaged up in this sales job to hand to you."It's of course reasonable that job seekers would seek to present themselves in the best light, Vassilaros said. The trouble is that when that happens, it often leaves those conducting an interview without a way to get "really good, keen insights.""I, for sure, can't ask your references," he said. "These are your champions, as they should be."<h2 id="d3ff94a0-902b-4c70-a34c-0b99b67ffc75">The reviews are in</h2>I signed up for Kanny, albeit with some trepidation, using my LinkedIn login. That's how Kanny knew who I was and found coworkers. They could have been former colleagues or people I work with now. Someone requesting a review can also limit the ask to former coworkers.Within a day or two of completing my sign-up, I received a few texts and emails from people, leery of a scam, asking whether I actually wanted their feedback on my character. I assured them it was legit and that I would Venmo them in exchange for a favorable review (kidding).Vassilaros said worries about whether the request is valid is one reason the company encourages people to let current and former colleagues know the request is legitimate. Kanny offers templates for email, text, and LinkedIn messages. Users must opt in to see whether and how others have reviewed them.Reviewers rate someone on six criteria: integrity, accountability, respect, humility (ahem), confidence, and grit.A former boss told me it only took a minute or so to complete. That's partly because reviewers move a slider to the left or right. There isn't a field for a reviewer to enter open text.That's by design, Vassilaros said. The idea is to have everyone marked on the same scale. It's a way of making subjective data more objective, he said, and less reliant on sentiment."They can't be like, 'This guy stole my lunch,'" he said. "We don't want that information."The algorithm considers what Vassilaros calls "work relationship" information, including how closely, how long — and how long ago — you worked with someone. Scoring is also set so that if certain reviewers are too negative or too positive, their impact is blunted."This is not meant to tank or to hurt anyone. This is meant, literally, to reward but also give you information on how to develop and get better," he said.Reviewers are anonymous — and responses are only shown in aggregate though it takes at least five reviews before Kanny will generate a report.I only heard from a handful of people, and I'm not sure how many colleagues actually evaluated my character traits. Given my above-average score in some areas, I'd imagine it was only a handful of true believers.Once I logged in to Kanny's website, I could see my ratings on a dashboard and how I compared with other Kanny users —hence my not-so-humble-bragging about my humility. And if I'm honest, my results in that category were only a tiny bit above the average.It was fun to see my scores from mystery colleagues. Yet more important, it struck me that anytime you can offer employers better insights into how a job seekers' colleagues regard them, it could be a notable step toward making the hiring process feel more humane.Users like me can ask others to review them; by the end of the year, Vassilaros said, Kanny plans to open up the tool to corporate customers. That way, an employer could request that an applicant go through the Kanny process and get ratings.He said he plans to integrate Kanny into the <a target="_blank" href="https://www.businessinsider.com/why-your-resume-gets-rejected-job-search-bots-people-ats-2024-5">applicant-tracking systems</a> most large employers use to help manage their hiring process.Vassilaros said a recruiter needing to sort through 1,000 applicants for a role might instantly whittle it down to 20 by ranking according to these character snapshots.From there, a recruiter could dig into a person's report to learn about an applicant's strengths and weaknesses.Yet, Vassilaros said, a low score in a particular category might not be a dealbreaker.He offered the example of a software developer who got high marks for accountability and integrity but came in lower on respect. That suggests he might not work well with others, Vassilaros said. "That may be acceptable for that role," he said.<h2 id="8e895964-3bc8-4993-8695-9a4e94228f26">Looking at character in other ways</h2>Kyle Samuels, founder and CEO of the executive search firm Creative Talent Endeavors, told me that understanding an organization's character is crucial when hiring. A company like REI or Patagonia, he said, might focus on helping employees shine, whereas an investment bank might value a more competitive, self-driven worker.Samuels said that an applicant's character can be revealed throughout the hiring process. What is a person's demeanor? Does the candidate show up on time? Is the job seeker rude to his assistant?"Those are things sometimes that have stopped me from even having an interview with a candidate," he said.Samuels has also seen job seekers pass along proprietary information from their current employer to try to impress a prospective boss. That can be a red flag, Samuels said."There are certain companies who will clutch their pearls at that. And there are other companies saying, 'So, you're bringing over your client list, right?'" he said.In some industries, killing it at work might allow individuals with less favorable character traits to thrive, he said. You might be a jerk, Samuels said, but if you brought in $4 million in sales this quarter, an employer might be willing to overlook gaps in character.Samuels said a tool that gets at a candidate's character might be most helpful for lower-level roles, where the interview process is often less extensive than for a senior position.<h2 id="e35ebf96-a7dc-4a90-a51d-86d4132b41d0">Defining character can be messy</h2>Rebecca Arnold, founder of Root Coaching &amp; Consulting, told me that she's not sure that character assessments based on someone's LinkedIn connections would eliminate the type of bias that is often part of a job seeker's references."You probably don't have thousands of enemies in your LinkedIn network," she quipped.Arnold also said that broad terms like respect and integrity can be open to interpretation.Getting it right is important but often difficult for employers, she said."They often only find whether someone is really strong in these characteristics or weak after they've been hired," Arnold said, adding that bringing in people who fall short around character can hurt an organization's culture.Vassilaros, from Kanny, said that the company has technology that can find people you've worked with who might not be connections on LinkedIn. He also said the company tries to define the attributes reviewers use so that the terms are specific to work.Vassilaros added that his experience running other companies made it clear to him how hard it is to determine a candidate's character before making a hire."I was probably batting about a 60% success rate," he said.Vassilaros said his goal is to make character in the workplace a bigger focus."That should drive the conversation," he said.Do you have something to share about what you're seeing in the workplace or in your job search? Business Insider would like to hear from you. Email our workplace team from a nonwork device at <a target="_blank" href="mailto:thegrind@businessinsider.com">thegrind@businessinsider.com</a> with your story, or ask for one of our reporter's Signal numbers.

I tried a tool that lets your coworkers rate your character. The startup behind it wants employers to use it for hiring. 

<ul class="summary-list"><li>The fourth quarter started with losses in the stock market.</li><li>Investors are in wait-and-see mode back ahead of new job-opening and manufacturing data on Tuesday.</li></ul>Major stock indexes slid on Tuesday to kick off the fourth quarter.All eyes are on economic data this week that could sway market confidence. Labor prints are particularly important, as job-market strength will <a target="_blank" href="https://markets.businessinsider.com/news/stocks/best-case-scenario-for-stock-market-outlook-fourth-quarter-ms-2024-9?_gl=1*925l0f*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyNzc4NjA5Mi42NzMuMS4xNzI3Nzg4ODk2LjYwLjAuMA..">determine</a> Federal Reserve policy in its November meeting.Job openings data is scheduled for Tuesday morning, followed by the ADP employment report and initial jobless claims on Wednesday and Thursday.The September jobs report will arrive on Friday, with economists forecasting 150,000 jobs added for the month. Unemployment is projected to stay flat at 4.2%.A strike affecting US ports on both the East and West Coasts is also drawing trader attention this week, as analysts start to caution about macroeconomic impacts.Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,715.25, down 0.8%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,055.24, down 0.7% (275 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,978.76, down 1.2%</li></ul>Here's what else happened today:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-correction-job-market-inflation-interest-rates-2024-9?_gl=1*1shyatr*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyNzc4NjA5Mi42NzMuMS4xNzI3Nzg2NzM2LjYwLjAuMA..">The equity market faces a 10% correction</a> as the labor market stalls, Stifel stock chief says.</li><li>3 cheap stock market sectors to snap up as the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-fed-rate-cuts-value-cyclicals-corporate-profits-2024-9?_gl=1*yxm7cx*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyNzc4NjA5Mi42NzMuMS4xNzI3Nzg2Njc1LjYwLjAuMA..">Fed delivers a stimulus 'double whammy,'</a> according to BofA.</li><li>Top Wall Street strategists await a strong <a target="_blank" href="https://markets.businessinsider.com/news/stocks/jobs-report-lower-profit-quality-stocks-unemployment-labor-market-2024-9?_gl=1*wvd1l6*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyNzc4NjA5Mi42NzMuMS4xNzI3Nzg2ODI3LjYwLjAuMA..">jobs report to boost low-quality stocks</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/tesla-q3-deliveries-preview-wall-street-expects-beat-mojo-returns-2024-9">Here's a preview of what Wall Street expects</a> from Tesla's upcoming third-quarter results.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil slid 1.2% to $67.38 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, fell 1% to $70.98 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> increased 0.62% to $2,675.8 an ounce.</li><li>The 10-year Treasury yield dropped 5 basis points to 3.743%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> inched 0.3% higher to $63,638.</li></ul>

Stock market today: Indexes slide as investors await crucial economic data

<ul class="summary-list"><li>Benjamin Fields balances teaching jobs while traveling globally without his employers knowing.</li><li>Fields, a Ph.D. student, teaches virtually, allowing him to travel when he's not in Oklahoma.</li></ul>This as-told-to essay is based on a conversation with<a target="_blank" href="https://www.linkedin.com/in/benjamin-njila-fields/"> Benjamin Fields</a>, a 26-year-old teacher, student, and business owner. The following has been edited for length and clarity.I attended Cornell University and double majored in global and public health sciences and sociology.Based on my mother's income, I received nearly $300,000 in grants to help pay for college. I also ran Division One track and field, which helped me travel to tournaments internationally.Now, I balance traveling frequently with two teaching jobs. My employers have no idea.<h2 id="fad7c335-401e-45c8-9c66-8ae24d9af7ab">After graduating in 2020, I entered a Ph.D. program at U.C. Berkeley, studying sociology</h2>The first year was remote because of the pandemic, so I took classes online. After the pandemic, I moved to campus.As part of my <a target="_blank" class="" href="https://www.businessinsider.com/how-got-doctorate-studied-while-raising-young-kids-parenting-2024-4">Ph.D. program</a>, I must teach one class each semester and summer since I don't have outside funding. I started teaching courses, and I also grade assignments and conduct office hours.I'm supposed to be physically present there, but I do this work virtually and teach virtual classes. Professors don't verify that I'm on campus — I do everything through Zoom.<h2 id="fd30a4c1-e786-407a-99b5-45d1fe86189c">I first quietly vacationed in December 2020</h2>I had the opportunity to speak at a conference in Dubai, and the Dubai government funded my transportation and hotel.I said yes because being in Dubai for five days was a good experience. I didn't tell the university I was gone. After that, I was hooked.I went to Colombia at the beginning of 2021 and the Ivory Coast later that year. I committed to myself to go on <a target="_blank" class="" href="https://www.businessinsider.com/quiet-vacation-from-300k-wall-street-job-not-fulfilling-2024-9">quiet vacations</a> as much as possible.In 2022, I went to Portugal, London, Barcelona, Sydney, and Ibiza.<h2 id="10a85524-ce0f-442e-ab64-f6e38665d9c8">My mom is a public school teacher, and the school district where she worked was desperate for teachers</h2>After living on campus for a while, I wanted to move out of Berkeley because I disliked the university vibe. I knew nobody would know, and it was cheaper to live in Oklahoma.I decided to pick up another job <a target="_blank" class="" href="https://www.businessinsider.com/ey-partner-quit-job-finance-math-teacher-2024-3">teaching math to 10th graders</a> where my mom works.I got the job as a public school teacher in 2022. I teach in person during the school year and travel during every school break. I take a big quiet vacation from the university during the summer.<h2 id="025933ca-847c-44be-bc47-fce6987cc6c6">I go on trips for professional development</h2> I give an hourlong talk as part of my research on digital nomadism. After these trips, I take a quiet vacation.At the end of 2022, I took an epic three-week trip to Antarctica. I used the majority of my leave from public school to go. Nobody at my university knew I was gone for that long.In 2023, I returned to the UK multiple times and spent the summer in Vienna, Barcelona, Portugal, Seville, and Paris. I went to Corfu for one week in October, and in December, I went to Cameroon for four weeks.I stay with my girlfriend in London and with family in Cameroon. If I'm not staying at a friend's house, I split an Airbnb with friends.<div type="image" title="a man holding the Eiffel tower in the palm of his hands" height="3024" width="4032" msid="114846335" hostid="261" sizebytes="332500"></div><h2 id="b3161e96-df8e-498e-b369-795886f91adb">I use 2 phones to quiet vacation successfully</h2>One phone number is my personal number. I have another phone number that handles all of my business stuff. <a target="_blank" class="" href="https://www.businessinsider.com/guides/deals/best-vpn-deals">I use a VPN</a> that puts my location in San Francisco.I use Google Fi as my cellphone provider because it gives me WiFi tethering and up to 50 GB of data worldwide. I can easily run a connection anywhere I go.There were two instances where I thought I might be discovered. I had to have a colleague cover for me for one class I couldn't make, and another instance where I had to teach from a closet so no one knew where I was.<h2 id="458b6d8b-7b9f-4465-a9aa-69048bb65bda">I'm a mix of a backpacker and a luxury traveler</h2>I can afford the travel by working in university positions called readerships on campus. I get assignments, hold office hours, and get paid. I use the readership money to survive living in Oklahoma.I use my salary as a teacher to travel. After tax, I get $3,000 a month, which I combine with credit card points and miles.I also have a small boutique fragrance company called <a target="_blank" href="https://maisonjila.com/">Maison Jila</a>. The business makes me about $1,500 a month. I pre-pack the boxes, and each time I get an order, my mom slaps the label on and drops it off at USPS.I also wrote some<a target="_blank" href="https://affiliate.insider.com?h=290279aa2b33cdb3787595cec1271bacf6c74f8f725daf2136f1472f80cc9080&amp;postID=6723a9c35a4dacb1fa9b5ee6&amp;postSlug=quiet-vacation-jobs-teacher-employers-have-no-idea-2024-11&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2Fstores%2FBenjamin-Fields%2Fauthor%2FB0CJ61TGGQ"> eBooks on personal finance,</a> and I collect sales on those every two months.<h2 id="962ab2e3-351b-460e-87bd-b5e34ae37c51">I'm creating my dream life and have a meticulous calendar</h2>I have about three hourlong classes, three times a week. There have been times when I've stayed up very late to attend a class from another time zone, but it could be worse.After that, I have my teaching positions. We have to attend an original lecture for the class and then have the sessions we teach each week.From there, I fill the time with marketing and creating content for my perfume business. I also have time set aside to write more personal finance books.<h2 id="0ff4c24b-6143-47ff-8acd-f6813ca3eaf6">I plan to finish my Ph.D., travel, and build a business that fully supports my lifestyle</h2>I used to work at Subway during the summer in high school for 60 hours a week. I dreamed I could one day own that Subway and set my own rules.I didn't know about places like <a target="_blank" class="" href="https://www.businessinsider.com/saw-formula-one-grand-prix-live-monaco-worth-it-2024-6">Monaco</a>, Colombia, Singapore, or Macau — all I knew was working jobs where people treat you poorly. I grew up knowing that would not be my life.I want to own properties worldwide and build a work-optional lifestyle. I see my perfume business supporting me, and if I'm still teaching, I'll use that money to pay for travel and investments. I like living life on my terms.Want to share your quiet vacationing story? Email Lauryn Haas at lhaas@businessinsider.com.

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