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From Redmi to Vivo – Smartphones set to hit the Indian market in December

<ul class="summary-list"><li>Verily, Alphabet's life sciences group, is preparing to detach from Google.</li><li>Verily has told employees it ultimately intends to become an independent company.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/alphabets-verily-layoffs-google-employees-molecular-science-immune-profiler-r2024-3">Verily</a>, Alphabet's life sciences subsidiary, has set a deadline of December 16 to sever multiple ties to <a target="_blank" class="" href="https://www.businessinsider.com/google-workspace-chief-stepping-down-leaked-memo-2024-11">Google</a>, according to two people familiar with the matter and internal documents reviewed by Business Insider.The company has been working to remove itself from the tech and services it shares with Google, such as its cloud infrastructure and employee benefits. While Verily will still be part of the Alphabet holding company after the December deadline, Verily leaders have told employees the separation efforts are crucial to eventually becoming a fully independent company.Verily, formerly known as Google Life Sciences, started life as a moonshot project inside Google X. It now offers health-related technology services and products, including retinal scanning, clinical trial management, and Lightpath, an AI-powered platform for chronic care."In order to one day become an independent company, Verily must first separate from Google's infrastructure and systems and stand up and operate its own," explained one of the documents reviewed by BI.Verily's effort to separate itself from Google is being driven by its secret <a target="_blank" class="" href="https://www.businessinsider.com/verily-secret-internal-project-flywheel-untangle-technology-alphabet-google-2021-9">Flywheel</a> project, which Business Insider first reported on in 2021."Project Flywheel is the effort that allows us to do this - and is therefore an essential stepping stone on this journey and path to independence," one of the recent internal documents explained.Lately, Verily employees have been issued new laptops, new office badges, and new email addresses that are no longer aliases of the Google email domain, according to one of the people familiar with the matter. The people who spoke to BI asked to not to be identified discussing private matters.Employees will also lose access to Google's employee benefits by the end of December and will receive new benefits fully dictated by Verily, according to one of the internal documents.In the past, Verily leadership has dangled the possibility of spinning off Verily as a public company. One employee told BI that an IPO is still held up "as a carrot" to staff, but it's possible Verily might pursue a different path outside Alphabet."We continue to aspire to be an independent company, but we do not have a set timing for independence at this time," one of the internal documents reads. A timeline for full separation could not be determined by BI."Verily is transitioning from Google's infrastructure to our own, as we continue to grow as an independent Alphabet company," said Verily spokesperson Steven Cooper. "This move enables us to advance our technology based on what's best for Verily and our healthcare and life sciences customers."<h2 id="3c22b081-9990-497f-86a3-c3468b883a92">Uneven results</h2>When Google founders Larry Page and Sergey Brin shook up their company's corporate structure in 2015 and created Alphabet, the goal was to distance some of the more ambitious and costly projects from the main Search business. These projects would benefit from Google's deep pockets but could be nurtured into fully functioning businesses.The results have been uneven so far.Self-driving car division <a target="_blank" class="" href="https://www.businessinsider.com/waymo-cofounder-tesla-robotaxi-data-strategy-self-driving-2024-10">Waymo</a> has gained momentum, but some other projects have been <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-07-03/alphabet-shutters-mineral-licenses-ag-tech-to-berry-producer-driscoll-s">shut down</a> or scaled back amid increased pressure to rein in spending. The moonshot lab, X, has pulled back on graduating new companies into bets, as <a target="_blank" class="" href="https://www.businessinsider.com/google-layoff-moonshot-x-development-sergey-brin-larry-page-astro-2023-01">BI previously reported</a>.<h2 id="76386405-6710-42b2-aa3b-4dc68d634ce3">Can Verily stand on its own?</h2>Whether Verily can stand on its own two feet is still a big question among company insiders. Some current and former employees have criticized Verily's constant pivots between products and pointed to a revolving door of leaders and a mishmash of unrelated projects, which also include a wastewater testing business and a project to reduce mosquito-borne diseases.One of the documents reviewed by BI noted that Alphabet "will continue to be our largest investor" after the December separation. Verily announced a $1 billion investment round in 2022, which was led by Alphabet. It has raised at least $3.5 billion in total, according to Pitchbook data."We are one of the longest running bets, and as such, it makes sense that we are the first Alphabet company to embark on this journey," reads one internal Verily document.An internal Verily FAQ for staff broached the subject of why the company didn't start Flywheel until after its products were more mature."Verily's products are at different development stages ranging from those that already support a growing customer base to those that are in early development," the FAQ stated. "Since Flywheel is a large and complex multi-year effort, we want to execute on it in parallel to the on-going product development efforts so that both will be ready for separation from Google at around the same time."Are you a current or former Verily employee? Got more insight to share? You can reach the reporter Hugh Langley via the encrypted messaging app Signal (+1 628-228-1836) or email (<a target="_blank" href="mailto:hlangley@businessinsider.com">hlangley@businessinsider.com</a>).

Verily has a December deadline to cut important ties with Google, leaked documents show

Mumbai, The share of women investors in mutual funds has increased from 15 per cent in March 2017 to nearly 21 per cent in December 2023, according the latest data of Amfi (Association of Mutual Funds). The overall asset under management in mutual funds crossed the Rs 50 lakh crore-mark in February this year as a large number of passive investors are flocking to mutual funds to save and earn more. The Amfi data showed the share of women investors in mutual funds increased from 15 per cent in March 2017 to nearly 21 per cent in December 2023. This pace of growth was more prominent in the hinterland versus the urban centres during the period. The share of women folios and assets in B-30 cities has increased from 15 per cent to 18 per cent and from 17 per cent to 28 per cent, respectively, the data showed. The report, prepared by <keyword id="19898320" type="General" weightage="20" keywordseo="crisil" source="keywords">Crisil</keyword> for Amfi and released by Sebi chairperson <keyword id="19922107" type="General" weightage="20" keywordseo="madhabi-puri-buch" source="keywords">Madhabi Puri Buch</keyword>, further said that almost 50 per cent of women investors fall in the 25-44 age group as against around 45 per cent for overall set of individual investors. Goa boasts the highest share of women in the mutual fund industry at 40 per cent, followed by northeastern states with high 30s percentages. <keyword id="20911260" type="General" weightage="20" keywordseo="chandigarh-maharashtra" source="keywords">Chandigarh, Maharashtra</keyword>, and <keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> also have over 30 per cent share of women in assets under management. Most female MF investors continue to invest through the regular plan route and stay invested for longer when investing through a mutual fund distributor. The number of women MF distributors has also increased and was near the 42,000-mark as of December 2023 with their total AUM (assets under management) of over Rs 1 lakh crore. Releasing the report, Buch said women can lead and champion the right investment causes by leveraging their perspectives, advocating for inclusive decision-making processes, and fostering environments where diverse voices are heard and valued. <keyword id="20911259" type="General" weightage="20" keywordseo="navneet-munot" source="keywords">Navneet Munot</keyword>, Amfi chairman, said the increasing participation of women in <keyword id="19975903" type="General" weightage="20" keywordseo="mfs" source="keywords">MFs</keyword> is a testament to their growing economic empowerment and greater financial literacy. According to <keyword id="20111053" type="General" weightage="20" keywordseo="venkat-chalasani" source="keywords">Venkat Chalasani</keyword>, Amfi chief executive, increase in the number of women distributors shows their ability to make financial decisions for themselves and guide others reflecting a growing confidence and financial awareness among women.

Women investors' share in MFs grows from 15% in March 2017 to 21% in December 2023

<ul class="summary-list"><li>It's all but guaranteed that the Federal Reserve will cut interest rates this week.</li><li>It comes after years of aggressive inflation-fighting from the central bank.</li></ul>The time has finally come: Americans are about to find out <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-wall-street-how-much-jackson-hole-fed-2024-8">how big of an interest-rate cut</a> they'll be getting this week.On Wednesday, the Federal Open Market Committee will announce its next move on <a target="_blank" href="https://www.businessinsider.com/jobs-unemployment-interest-rates-economy-recession-soft-landing-2024-8">interest rates</a>, and it's all but certain the nation's central bank will cut for the first time in four years. The big question is how much.According to <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch</a>, which estimates interest rate changes based on market predictions, the size of the rate cut is a coin toss. As of Friday afternoon, there's a 51% chance the Federal Reserve will cut rates by 25 basis points and a 49% chance it'll be an extra-large 50-basis-point cut. The probabilities suggest a near-zero chance that the Fed will hold rates steady."The time has come for policy to adjust," Fed Chair Jerome Powell said during his address at a gathering of central bankers in <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-are-coming-federal-reserve-jackson-hole-powell-2024-8">Jackson Hole, Wyoming,</a> last month. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks."The <a target="_blank" href="https://www.businessinsider.com/inflation-august-consumer-price-index-federal-reserve-rate-cuts-2024-9">consumer price index</a> inflation data that came out last Wednesday was the last large piece of data before the Fed meeting. With August's core CPI coming in unexpectedly hotter than expected, it was looking likely a 50-basis-point cut wouldn't happen. That's because a larger rate cut makes borrowing cheaper, which tends to drive up spending and fuel price increases.The <a target="_blank" class="" href="https://www.businessinsider.com/unemployment-rate-job-growth-interest-rate-cuts-federal-reserve-recession-2024-9">job market</a> also supports a rate cut this month — the unemployment rate ticked down in August but stayed above its recent lows, and hiring gains have cooled. Lower rates ease pressure on companies' bottom lines, freeing up budgets for hiring.Many economists hope that the long-sought soft landing of getting inflation under control while avoiding a devastating recession could be near. "This rate cut is great news for middle-class families, not only does it underscore the Fed is convinced that inflation is coming under control, it signals the economy has recovered to a faster, sustainable growth trajectory and is ready for further investments in job creation," Michael Madowitz, the former director of macroeconomic policy at the Washington Center for Equitable Growth, said.<h2 id="d213ed81-690b-4194-9569-8ae1349857cf">It'll take time for the cuts to set in</h2>Alena McTier, a Gen Zer, had been looking to replace the car she purchased in 2017 this summer, but she was up against sticker shock. She can't wait for the <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/when-is-the-next-fed-meeting">Fed to announce rate cuts</a>. She told Business Insider she's been <a target="_blank" href="https://www.businessinsider.com/car-prices-falling-forecast-outlook-new-used-electric-vehicle-market-2024-6">holding on to her car</a> "until a solid decision is made" from the Federal Reserve on interest rates."When they are cut, I am going to actively explore the different rates that are available," McTier, who is looking to buy a used vehicle, told Business Insider in August.It could take a while for McTier to see those lower rates. While some parts of the economy will be immediately impacted, there will still be a lag for relief in some sectors."Given the fact that monetary policy does take time to work its way through the system, it'll be the same to some degree with the rate reductions," Mark Hamrick, senior economic analyst for Bankrate, told Business Insider. He added that prime lending rates will likely be adjusted soon after the decision: "Banks adjust their prime lending rates, the rates reserved for their best customers, and those tend to then be reflected in credit card rates immediately," Hamrick said.Credit card interest rates have been at historic highs — a February <a target="_blank" class="" href="https://www.consumerfinance.gov/about-us/blog/credit-card-interest-rate-margins-at-all-time-high/">report</a> from the Consumer Financial Protection Bureau found that the average annual percentage rate on credit cards has almost doubled over the past decade to 22.8% in 2023. However, the lag means that those hoping to pay off credit cards won't be materially impacted by this month's rate cut — it'll take time for the relief to set in.Rate cuts will also eventually make it cheaper for <a target="_blank" class="" href="https://www.businessinsider.com/recession-outlook-small-business-owner-economy-interest-rate-cuts-2024-9">small businesses</a> to take out loans. When it comes to <a target="_blank" href="https://www.businessinsider.com/how-fed-rate-cut-could-impact-mortgage-rates-homebuyers-2024-9">buying a new house</a> or car, the rate cuts could make things slightly cheaper, but they likely won't have a significant impact on costs in the short term. That's because rate cuts' effects on the housing market are complicated. A rate cut could <a target="_blank" class="" href="https://www.businessinsider.com/buying-home-not-easier-interest-rate-cuts-prices-rent-crisis-2024-8">cause a rush of buyers to enter the market</a> in the short term, driving up prices and competition.Still, some Americans are shaping their finances in anticipation of a rate cut. <a target="_blank" href="https://www.nerdwallet.com/h/data/studies-and-data-analysis#rate-cut-actions">NerdWallet</a> found in a July survey that a majority of Americans reported planning to take financial action once interest rates drop, like buying a home or taking out a loan. Almost a quarter of US adults in the survey said they plan to buy a car, while 15% said this about a home."Regardless of what the Fed decides, if you have credit card debt, your credit card debt is going to remain expensive even if interest rates begin to go down a little bit," Sara Rathner, credit cards expert at NerdWallet, said.How are you shaping your finances in anticipation of an interest-rate cut? Are you planning to make any big purchases or investments? Share your story with these reporters at <a target="_blank" href="mailto:asheffey@businessinsider.com">asheffey@businessinsider.com</a> and <a target="_blank" href="mailto:mhoff@businessinsider.com">mhoff@businessinsider.com</a>.

Welcome to interest-rate cut week: Here's how the Fed's next move will impact everything from home prices to new cars loans

<ul class="summary-list"><li>Tech firm and new EV maker Xiaomi revealed just how much cash it's burning to make its cars.</li><li>The tech firm's EV branch lost about $252 million from April to June, or $9,200 per car.</li></ul>Chinese tech giant Xiaomi, known for making smartphones, turned heads in March when its <a target="_blank" class="" href="https://www.businessinsider.com/china-xiaomi-launch-electric-car-apple-failed-tesla-2024-3">maiden electric vehicle</a> sold out with almost 90,000 preorders within a day of launch.Its new auto branch posted an adjusted loss of $252 million for the second quarter ending June 30 — its first-ever full delivery quarter, the company said in its <a target="_blank" class="" href="https://ir.mi.com/system/files-encrypted/nasdaq_kms/assets/2024/08/21/5-44-48/Announcement.pdf">unaudited results filed on Wednesday.</a>That's despite Xiaomi saying it's on track to smash its target of 100,000 deliveries of its first car, the <a target="_blank" class="" href="https://www.businessinsider.com/phonemaker-xiaomi-unveils-first-ev-taking-on-tesla-2023-12">Speed Ultra 7</a>, by November.The new electric vehicle maker said it delivered 27,307 SU7s in the second quarter, meaning that, on average, it lost $9,200 for each car. The base price of the SU7 is 215,900 yuan, or about $30,000.That's not to say that Xiaomi loses more money when it delivers more cars: The firm reported a higher-than-anticipated gross profit margin of 15.4%.Yet it's signaled for a while that its auto segment would take time to break even, with <a target="_blank" class="" href="https://www.scmp.com/business/china-business/article/3258134/xiaomis-maiden-ev-selling-loss-turbocharges-price-war-forcing-chinas-small-players-out-business">CEO Lei Jun mentioning in April</a> that the car was selling at at a loss, though he didn't say by how much.Citibank analysts <a target="_blank" class="" href="https://www.cnbc.com/2024/04/24/chinas-xiaomi-is-selling-so-many-electric-cars-its-closer-to-breaking-even.html#:~:text=%E2%80%9CBreakeven%20would%20be%20realized%20if,a%2010%25%20loss%20previously%20expected.">wrote in a report at the time</a> that they expected Xiaomi to turn a profit only after hitting annual sales of 300,000 to 400,000 vehicles. They forecast sales of 260,000 cars in 2026.Xiaomi operates one EV factory, which it built itself. Since June, it's been running double-shift operations to <a target="_blank" class="" href="https://www.businessinsider.com/ev-china-electric-vechile-xiaomi-sees-apparent-demand-2024-4">push monthly deliveries past 10,000 cars.</a>A company spokesperson told Business Insider that the firm is focusing on increasing the scale of its EV arm to narrow per-car costs."The scale of Xiaomi EV business is relatively small at the moment, while the auto industry is a typical industry with economies of scale," the spokesperson said.For comparison, competing Chinese EV maker BYD <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/chinas-byd-posts-21-jump-quarterly-ev-sales-closes-gap-with-tesla-2024-07-02/">sold 426,039 cars</a> in the April-June quarter.Xiaomi's spokesperson added: "In addition, Xiaomi's first EV is a pure electric sedan, and its investment cost is relatively high, so it will take some time to digest this part of the cost."Lei Jun, the billionaire cofounder of Xiaomi, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2021-03-30/xiaomi-is-said-to-plan-15-billion-foray-into-electric-cars">said in March</a> that he intended to pour "tens of billions of investment" over the next few years into building Xiaomi's EV division and car technologies.The tech firm has long said its vision for the SU7 is to create a smart car that rivals Elon Musk's Tesla but is priced more in line with the average Chinese income.Xiaomi said customers are still coming in, with 13,000 more vehicles sold in the second quarter and July combined.Its ambitions for its EV range far, including self-driving and self-parking capabilities and an audio-based artificial intelligence assistant to be fully shipped this month.Overall, Xiaomi posted strong results for its second quarter, with sales across all its sectors rising 32% to 88.7 billion yuan compared to the same period in 2023.Net income also hit 5 billion yuan, up 38% from 3.6 billion yuan in the second quarter last year.The company said it plans to build a variety of EV models beyond the SU7 sedan but has not said what they will be.

One of China's hottest new EV makers says it lost $9,200 for each $30,000 smart car it delivered

New Delhi, Foreign direct investment (<keyword id="19946824" type="General" weightage="20" keywordseo="fdi" source="keywords">FDI</keyword>) inflows in India declined 13 per cent to USD 32.03 billion in April-December 2023, dragged down by lower infusion in computer hardware and software, telecom, auto, and pharma sectors, according to the latest government data. FDI inflows stood at USD 36.74 billion during the corresponding nine months of the preceding fiscal. Inflows during the October-December quarter of the current fiscal, however, rose by 18 per cent to USD 11.6 billion as against USD 9.83 billion during the same quarter of 2022-23. The total FDI -- which includes equity inflows, reinvested earnings and other capital -- declined by about 7 per cent to USD 51.5 billion during the period under review against USD 55.27 billion in April-December 2022, the data from the Department for Promotion of Industry and Internal Trade (DPIIT) showed. During the nine-month period of this fiscal, FDI equity inflows decreased from major countries, including Singapore, the US, the UK, Cyprus and the UAE. Investments fell significantly from the Cayman Islands and Cyprus to USD 215 million and USD 796 million, respectively, during April-December 2023 as against the two comparative figures of USD 624 million and USD 1.15 billion recorded in the year-ago period. However, inflows increased from <keyword id="19956313" type="General" weightage="20" keywordseo="mauritius" source="keywords">Mauritius</keyword>, the Netherlands, Japan and Germany. Sectorally, inflows contracted in computer software and hardware, trading, services, telecommunication, automobile, pharma and chemicals. In contrast, construction (infrastructure) activities, development and power sectors registered growth in inflows. State-wise, Maharashtra received the highest inflow of USD 12.1 billion during the period. It was USD 10.76 billion in the same period a year ago. Overseas capital inflows in Karnataka plunged to USD 3.6 billion in April-December 2023 from USD 8.77 billion in the same period of previous fiscal year. Other states/Union Territories where FDI dipped during the period under review included Delhi, <keyword id="19896558" type="General" weightage="20" keywordseo="tamil-nadu" source="keywords">Tamil Nadu</keyword>, West Bengal, <keyword id="19898913" type="General" weightage="20" keywordseo="rajasthan" source="keywords">Rajasthan</keyword> and <keyword id="19904807" type="General" weightage="20" keywordseo="haryana" source="keywords">Haryana</keyword>. The inflow, however, recorded a positive growth in Gujarat, Telangana, and Jharkhand. An official has earlier stated that hardening interest rates globally and worsening geopolitical situation impacted FDI inflows. FDI equity inflows into India declined 22 per cent to USD 46 billion in 2022-23.

FDI inflows decline 13% to $32 billion in April-December 2023

In a boost to Elon Musk's <keyword id="20034452" type="General" weightage="20" keywordseo="starlink" source="keywords">Starlink</keyword>, Communications Minister Scindia has said the spectrum for satellite broadband will be allocated and not auctioned as sought by Indian billionaires Mukesh Ambani and Sunil Mittal. The satellite broadband spectrum will however be not given free and sector regulator Trai will fix a price for the resource, he told PTI in a text and video interview. "Every country has to follow the <keyword id="20848482" type="General" weightage="20" keywordseo="international-telecommunications-union" source="keywords">International Telecommunications Union</keyword> (ITU), which is the organisation that lays out the policy for spectrum in space or satellites, and the ITU has been very clear in terms of the spectrum being given out on an assignment basis. In addition, if you look across the world today, I cannot think of a single country that auctions spectrum for satellite," Scindia said. India is a member of the International Telecommunication Union (ITU), a UN agency for digital technology. Musk's Starlink and global peers like Amazon's Project Kuiper back an administrative allocation. While Ambani's Reliance Jio has been vocal about the need to allocate such spectrum through an auction to provide a level playing field to legacy operators who buy airwaves and set up infrastructure like telecom towers, Mittal last month at an industry event where Prime Minister Narendra Modi was also present articulated the need to use bidding for such allocation. Jio and Mittal's Bharti Airtel - India's largest and second-largest operators, respectively - feel that giving away the satellite broadband airwaves at a pre-decided price by the government will create an uneven playing field since they had to compete in an auction to get spectrum for their terrestrial wireless phone networks. The two are vying for a piece of the satellite broadband segment as well. Musk-led Starlink is demanding administrative allotment of licences in line with the global trend as it looks to tap into the world's fastest-growing mobile telephony and internet market. Scindia said the Telecom Act of 2023 passed in December has put the matter in 'Schedule 1', which means that the Satcom spectrum will be allocated administratively. Such an allocation will be at a government-decided price, and allow foreign firms like Starlink to offer voice and data services. If the spectrum were to be auctioned, it would have made it costlier for Starlink to roll out services. Starlink has applied for a licence to start operations in the country. Scindia, however, offered no clues on the fate of his application. The minister said that the regulatory process is very clear and transparent. The new Telecom Act has been passed, and the Satellite spectrum is very clearly a part of that in schedule one, he pointed out. "...and therefore, we are open to looking at the application of any entity that wants to invest in India at this point in time. I think only one or two licenses have been given out. And whoever else wants to participate, India is surely going to welcome that," the minister said. Last month, Musk, in a post on X, termed the demand made by Jio for shunning sector regulator Trai's consultation paper on satellite broadband being allocated and not auctioned as "unprecedented", and when Mittal made the pitch in the presence of the Prime Minister, he asked if it was "too much trouble" to allow Starlink to provide internet services in India. This was perhaps the first time that Musk, whose networth of USD 241 billion is more than the combined wealth of Ambani, Mittal and Gautam Adani, had spoken directly against demands for a level playing field made by the Indian firms. Musk, the mind behind PayPal, founder of Tesla and SpaceX and owner of X (formerly Twitter), uses his social media platform on a daily basis to make his views known on a vast array of topics.

In a win for Elon Musk, Scindia says no to spectrum auction pitch from Ambani, Mittal

<ul class="summary-list"><li>The economy added 216,000 jobs in December.</li><li>That's way more than the forecast of 170,000.</li></ul>The <a target="_blank" href="https://www.bls.gov/news.release/empsit.nr0.htm">Bureau of Labor Statistics</a> released on Friday the latest employment and unemployment data, highlighting how the workforce was doing before the <a target="_blank" href="https://www.businessinsider.com/economic-outlook-recession-forecast-job-hiring-expectations-inflation-soft-landing-2024-1">new year</a> kicked off.There were 216,000 nonfarm payrolls added in December, above the forecasted growth of 170,000. The most recent gain was also above November's increase."2023 was definitely kind of the story that worst expectations never really came to pass," Aaron Terrazas, chief economist at Glassdoor, told Business Insider. "We didn't have this massive recession that a lot of people were fearing at this time last year, in large part due to the labor market."November's gain was revised from 199,000 to 173,000. Additionally, October's growth was revised from 150,000 to 105,000.Leisure and hospitality ended the year still below its pre-pandemic level. However, it did add some jobs, with an employment gain of 40,000.Construction and information were two other industries that saw an employment gain from November to December. Construction saw a gain of 17,000, while the information sector saw a gain of 14,000. Government work also saw a pretty large one-month increase, with a gain of 52,000.Transportation and warehousing saw employment drop by around 23,000."Couriers and messengers lost 32,000 jobs, while air transportation added 4,000 jobs," Friday's news release from BLS stated. "Since reaching a peak in October 2022, employment in transportation and warehousing has decreased by 100,000."Nick Bunker, economic research director for North America at the Indeed Hiring Lab, said one notable trend "is just how concentrated some of these gains have been."Bunker pointed to "healthcare and government really continuing to be an important source" of job gains as well as the leisure and hospitality industry.The unemployment rate stayed the same from November to December at 3.7%. That rate was just below the 3.8% that was expected to be seen for December."For most of last year, the way the labor market was coming more into balance or sort of moderating in a relatively painless way was that demand was slowing down while supply was picking up," Bunker said. "And while it looks like demand is still moderating a bit, supply really doesn't seem to be growing at the rates we would like to see."While the unemployment rate stayed the same, the labor force participation rate declined from 62.8% to 62.5%. The employment-population ratio also fell slightly — from 60.4% in November to 60.1% in December."Overall this year, that household survey has shown very, very strong labor force numbers," Julia Pollak, chief economist at ZipRecruiter, said adding the series can be noisy."So I don't read too much into the one-month decline," Pollak said. "The trend in labor force participation has been pretty strongly, steadily positive over the course of the year."Average hourly earnings have generally been softening. However, the year-over-year increase in December was slightly higher than the year-over-year increase in November, at 4.1% for December and 4.0% in November. Earnings stood at $34.27 in December.Average hourly earnings climbed 0.4% from November to December.Additionally, the number of quits in November was around the pre-pandemic February 2020 level, per a separate report. There were 3.5 million quits, 8.8 million openings, and 1.5 million layoffs and discharges in November, based on <a target="_blank" href="https://www.bls.gov/news.release/jolts.nr0.htm">data</a> released Wednesday.Pollak said while the new employment report may show the labor market is "all the way back to pre-pandemic normal," the Job Openings and Labor Turnover Survey report suggests "there may be continued slowing ahead.""That's because job openings have slowed meaningfully," Pollak said. "Yes, they're still above the pre-pandemic level, but arguably if you take out the positive time trends in job openings, they aren't."The recent quit data — where quits have broadly been cooling and recently stood around the pre-pandemic mark — could be indicating not as many people are job hopping. Instead, they are part of what could be considered the <a target="_blank" href="https://www.businessinsider.com/quitting-job-big-stay-great-resignation-labor-market-economic-outlook-2024-1">Big Stay</a>.As Terrazas explained in a recent written statement before Friday's report, that doesn't necessarily mean workers like their work."We should not assume that employees are more content in their jobs just because they are staying put," Terrazas said. "In some sense, this is shaping up to be a key challenge for companies in 2024: More employees who aren't necessarily thrilled to be where they are, but also aren't leaving due to the absence of alternatives."Economists and others will be keeping an eye on whether the Fed will be cutting <a target="_blank" href="https://www.businessinsider.com/interest-rates-will-fed-cut-or-pause-inflation-recession-outlook-2023-12">rates</a> in <a target="_blank" href="https://www.businessinsider.com/rate-cut-outlook-fed-not-cutting-anytime-soon-macquarie-says-2024-1">2024</a>. The Federal Open Market Committee will meet at the end of January."We'd like to continue to build on what happened in 2023," Acting Secretary of Labor Julie Su told Business Insider. "This is a finish the job year for 2024. The president's been clear about that, and we're on the right track, but we have more work to do."

The job market wrapped up 2023 with a surprisingly hot December

<ul class="summary-list"><li>75 artists in Minnesota received $9,000 over 18 months as part of a basic income program.</li><li>Most used the $500 a month to pay for basics like groceries, clothing, housing, and transport.</li></ul>Torri Hanna has juggled family and business obligations, replaced her damaged car, covered her credit cards and heating bills, saved up for a down payment, and purchased a new home. She couldn't have done it without her <a target="_blank" class="" href="https://www.businessinsider.com/universal-basic-income-ubi">guaranteed basic income</a>.Hanna is a fiber artist who owns a yarn store/art studio in Fergus Falls, Minnesota. She's one of 75 artists in two neighborhoods of St. Paul and rural Otter Tail County to receive $500 a month for 18 months — a total of $9,000 — with no strings attached as part of a basic-income pilot.The program, Guaranteed Income for Artists, was developed by <a target="_blank" class="" href="https://springboardforthearts.org/">Springboard for the Arts</a>, an independent nonprofit. Participants were picked randomly from a pool of "artists, culture bearers, and creative workers" who received financial aid during the pandemic, when the virus forced businesses to close and gigs and exhibitions to be cancelled.Governments and charities in dozens of countries have rolled out <a target="_blank" class="" href="https://www.businessinsider.com/new-york-basic-income-artists-helped-pay-healthcare-bills-gbi-2024-7">similar initiatives</a> in recent years, as evidence mounts that <a target="_blank" class="" href="https://www.businessinsider.com/universal-basic-income-ubi">direct-cash payments</a> can help alleviate poverty, improve health, and generate other benefits.<div type="image" title="Torri Hanna" height="426" width="568" msid="112952590" hostid="261" sizebytes="27594"></div>Hanna's business, <a target="_blank" class="" href="http://www.tanglestotreasures.com/">Tangles to Treasures</a>, only survived the pandemic with the support of federal loans and relief grants, she told Business Insider.Her daughter also <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-living-with-parents-save-money-housing-crisis-cost-2024-2">moved into</a> Hanna's one-bedroom apartment above her store when the virus shut down college dorms, and finished her degree remotely in 2021.The avid weaver and embroiderer began taking Social Security payments at age 62 in 2022 but has struggled to make ends meet, with sales at her stores still below pandemic levels.Hanna said the $500 in guaranteed monthly income (GMI) from the artist program, which she began receiving in March 2023, has acted as a safety net during a tough period.The first few payments went toward covering her credit cards and raising her credit score. She used later ones to help save a down payment, which she and her daughter used to buy a house together two months ago.Hanna said the certainty of the sum hitting her account each month meant she could better plan her household finances. Her Social Security payments and her daughter's salary covered most of their expenses, meaning she could keep the $500 for unexpected costs such as car or home repairs.<h2 id="a6817af3-2882-42ca-8032-910a37a77a32">'Financial head above water'</h2>It helped her navigate an eight-month period when she was <a target="_blank" class="" href="https://www.businessinsider.com/sandwich-generation-caregiving-minimum-wage-2024-5">providing round-the-clock care</a> to her elderly mother after she had to leave her nursing home. Specifically, she felt comfortable temporarily closing her business and moving into a smaller space.Hanna also had to replace her vehicle after a "run-in with a deer" last month. "Other challenges have been made less daunting knowing that I have a little extra cushion."Eventually, her mother secured a spot in a family-style care facility, which allowed Hanna to return home and reopen her business full-time. She's now using the extra monthly cash to bolster her store's inventory, cover her larger car loan, and keep up with mortgage payments."This money has provided me with a consistent source of income that has been invaluable to keeping my financial head above water," she told BI."Buying a house <a target="_blank" class="" href="https://www.businessinsider.com/zandi-moodys-house-prices-mortgage-interest-rates-affordability-crisis-market-2024-1">would have been a struggle</a>," she continued. "I would be much deeper in credit-card debt. My credit score would be lower, and I probably would have bought a much older and less reliable used car than the 2013 SUV I recently purchased.""There have been times in the last few months when having that money made paying the winter utility bills possible," Hanna noted."I don't worry about skimping on our grocery purchases. Occasionally, we even treat ourselves to a meal out. Mostly, receiving the GMI support has provided stability when life throws me a curve."<h2 id="55342989-a7b8-4b99-831c-7e4121e4ee09">Smart spending</h2>Early results from the pilot, which builds on a citywide program in St Paul, show that recipients spent 36% of their monthly payment on essential retail purchases and maintenance, repair, and professional services.They deployed another 30% on food and groceries, 10% on housing and utilities, 7% on transport, and 4% on healthcare and medical expenses. That may help refute a <a target="_blank" class="" href="https://www.businessinsider.com/how-people-spend-universal-basic-income-ubi-food-housing-transportation-2024-4">common criticism of basic-income schemes:</a> that participants squander the money on luxuries or vices.Researchers found the program supported financial stability, long-term planning, resilience, and inclusion in the notoriously exclusive art world — paving the way for <a target="_blank" class="" href="https://www.businessinsider.com/new-york-basic-income-artists-helped-pay-bills-start-business-2024-8">local artists</a> to continue living in their neighborhoods and working within their communities.<div type="image" title="Jess Torgerson" height="750" width="1500" msid="112952591" hostid="261" sizebytes="79468"></div>For example, another Fergus Falls artist, Jess Torgerson, told BI the monthly cash allowed her to quit a full-time job with unpredictable hours and frequent overtime, and instead focus on her personal artwork and her career as a freelance administrator and curator."I realized that the $500 gave me that little extra cushion that I needed," she said.<h2 id="90590914-0ddc-4b68-a49f-dd373dc5ba48">'Food in my cupboards'</h2>Torgerson said she'd created enough work over the past year or so to stage her own exhibition, curated five exhibitions, and helped organize a summit of more than 100 rural artists from around the country."I reserve the GMI for my groceries," she said. "Pay for freelance work can sometimes be unpredictable. With the security of GMI, I know that I am guaranteed to have food in my cupboards."Similarly, Kandace Creel Falcón — a scholar, writer, and visual artist — told BI the regular lump sum gave them financial freedom and funded their work as a full-time artist.Falcón, who lives with their wife and a bunch of animals including dogs, cats, goats, and chickens, said the money "helps us to tend to our herd." They added that it felt like society saying "we've got your back" to rural artists.<div type="image" title="Kandace Creel Falcón" height="750" width="1500" msid="112952592" hostid="261" sizebytes="47650"></div>The $500 a month has spared another artist from having to move out of their neighborhood after their rent was raised three times in the past year, per an impact report from Springboard, the pilot's developer.Meanwhile, another recipient, who's a hip-hop artist, used the cash to buy back DJ equipment he'd sold to cover rent, per the report. He now spends the money to maintain the SUV he uses to transport his equipment, and to buy groceries."I've literally been using it to restart, or kick-start, my career from a bit of a dead zone," he said.The report's big takeaway is that a guaranteed basic monthly income freed artists to take risks, back themselves by renting studio space or updating equipment, and have creative freedom over their work instead of answering to funders."We recognize the critical role artists play in our communities, yet they often navigate precarious conditions, straddling the line between gig workers and small business owners, making them susceptible to falling through the cracks of social safety net programs." Ricardo Beaird, Springboard's community development director, told BI.Beaird added that the pilot was "about more than financial support — it's about demonstrating the power of direct cash in pursuit of state and federal intervention and giving people the freedom to make the best decisions for themselves and their families."The artist program is poised to expand on September 16 with a fresh cohort of rural artists for the next five years. Administrators have also partnered with a social services organization to give participants access to counseling on finance, student debt, housing, and other needs.

75 artists received $9,000 each in a basic income trial. The cash helped a yarn guru to buy a house and a new car.

<ul class="summary-list"><li>Longshoremen went on strike on Tuesday, shutting down East and Gulf Coast ports.</li><li>A prolonged strike would most heavily affect automakers importing vehicles from Europe.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/consumer-products-most-likely-to-be-impacted-by-port-strike-2024-9">Dock workers across the East and Gulf Coasts </a>of the United States went on strike Tuesday morning.The effects of a prolonged work stoppage would likely be <a target="_blank" class="" href="https://www.businessinsider.com/dockworker-strike-what-will-be-impacted-prices-inflation-martime-longshoremen-2024-9">felt throughout the US economy</a>, including the automotive industry, which depends on ports like New York, Baltimore, and Savannah to handle millions of vehicles arriving from abroad.Fortunately for US consumers, there is a glut of inventory at dealerships across the country, so the immediate impacts of the strike will likely be limited.The latest September data provided by <a target="_blank" class="" href="https://www.coxautoinc.com/market-insights/new-vehicle-inventory-august-2024/">Cox Automotive</a> shows that more than 2.84 million new cars are on sale. If no new inventory arrives, car companies have, on average, a 77-day supply of vehicles to sell. That's well above last year's levels and higher than the 65-day level industry experts agree to be the healthiest. European carmakers like BMW, Mercedes-Benz, Volkswagen, and Volvo will be most heavily affected, <a target="_blank" class="" href="https://www.reuters.com/world/us/us-east-coast-dockworkers-head-toward-strike-after-deal-deadline-passes-2024-10-01/">Reuters reported</a>, citing research by Barclays analysts. But most of these automakers have significantly more than the national average of 77 days of inventory.<div type="image" title="Car for export and import parked on Thursday, May 16, 2019 at the port in Bremerhaven, Germany" height="2064" width="4848" msid="113860491" hostid="261" sizebytes="1336476"></div>According to Cox, BMW has 88 days, Mercedes has 100 days, and Volvo has a 142-day supply.As for VW, the Volkswagen brand has a healthy 66-day supply, while its Audi luxury division has an 86-day supply.The <a target="_blank" class="" href="https://governor.maryland.gov/news/press/pages/governor-moore-announces-new-port-of-baltimore-cargo-records.aspx">Port of Baltimore</a> led the nation last year, handling more than 847,000 cars and light trucks. BMW, Mercedes-Benz, Volvo, and Volkswagen all operate vehicle processing and distribution facilities at the port.Although West Coast ports, which aren't affected by the strike, handle the bulk of traffic coming from Asia, automakers like Toyota and Hyundai also use East Coast ports.Toyota, which brings vehicles for its southern dealerships ashore in Jacksonville, does have the benefit of a hearty inventory to rely upon. Both the main Toyota brand and its Lexus luxury division have less than half of the national average, with 35 and 30 days' worth of inventory, respectively.A Toyota spokesperson told Business Insider in a statement that the company is "monitoring the situation closely and developing countermeasures to minimize any impact" on its customers and dealers.<div type="image" title="Kia Telluride SUVs at the Port of Brunswick in Georgia awaiting transport." height="1688" width="3000" msid="113860488" hostid="261" sizebytes="298436"></div>Other key ports include Savannah and Brunswick in Georgia, which combined processed 830,000 vehicles last year from brands like Mercedes-Benz, Hyundai, and Kia. At the same time, the Port of Jacksonville handled just over half a million vehicles from Toyota and Volkswagen in 2023.More than 45,000 dock workers represented by the International Longshoremen's Association (ILA) walked off the job on Tuesday after failing to come to terms on a new work agreement with a consortium of maritime employers called the United States Maritime Alliance (USMX).The ILA's demands include a 77% increase in pay over the lifetime of the six-year agreement and limits on automation at the ports, <a target="_blank" class="" href="https://apnews.com/article/longshoremen-strike-pay-automation-ports-jobs-consumers-3aa66e0a05db25a49645fad404a5f000">the AP reported</a>.The USMX has counted by offering to increase wages by nearly 50% and retain the current policy on automation.

Car companies have plenty of inventory, but the port strike will affect European brands the most

<ul class="summary-list"><li>Europe's automakers are reeling from plunging EV sales and brutal competition in China.</li><li>Mercedes-Benz became the latest to sound the alarm on Friday, posting a 31% drop in EV sales in its Q3 earnings.</li></ul>Europe's automakers are struggling amid falling demand and increased competition from China, with <a target="_blank" class="" href="https://www.businessinsider.com/mercedes-benz-ev-2030-electric-car-market-trends-2024-2">Mercedes-Benz</a> the latest to sound the alarm over plunging EV sales.The German carmaker said it had seen a 31% drop in sales of battery-powered cars from a year earlier as it reported its third-quarter earnings on Friday.Sales of all Mercedes cars in China also slumped by 10% in the first nine months of the year amid waning demand for luxury vehicles.Mercedes finance chief Harald Wilhelm said the company would pursue "cost improvements" across its business, with Mercedes' return on sales sliding to 4.7% in Q3.The premium automaker is the latest European car giant to run into trouble as <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">the continent struggles with lackluster EV sales</a>.Rivals VW, BMW, and Fiat parent Stellantis have all issued profit warnings in recent weeks, as the European auto industry faces weak demand and competition from Chinese upstarts at home and abroad.Registrations of new EVs in August dropped 44% in Europe and a massive 69% in Mercedes' home market of Germany, industry data shows.Although they <a target="_blank" class="" href="https://www.acea.auto/pc-registrations/new-car-registrations-6-1-in-september-2024-year-to-date-battery-electric-market-sales-5-8/">recovered slightly in September</a>, sales of new electric vehicles this year still remain nearly 6% lower than at the same point in 2023, according to data from the European Automobile Manufacturers' Association.In China, meanwhile, European automakers that once dominated are under increasing pressure from <a target="_blank" class="" href="https://www.businessinsider.com/china-manufacturing-overcapacity-no-benefit-from-cheap-electric-vehicles-bain-2024-6">local rivals pushing inexpensive EVs</a>.They now face the prospect of competing <a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">with the likes of BYD in Europe, too</a>, with Chinese carmakers expanding product lines and setting up manufacturing plants <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">despite the European Union's mooted tariffs</a>.Mercedes' weak sales in China are in contrast with General Motors, which this week said that <a target="_blank" class="" href="https://www.businessinsider.com/gm-stock-earnings-crushing-it-suvs-trucks-evs-2024-10">sales in the country were up 14% from the second quarter</a>, although the Detroit automaker still lost $137 million in Q3.Mercedes did not immediately respond to a request for comment.

You Searched For "new cars december 2023" and got 11 results

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The job market wrapped up 2023 with a surprisingly hot December

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