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Mumbai: The rupee slipped 1 paisa to an all-time low of 84.40 against the US dollar in early trade on Wednesday, as persistent <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword> and a muted trend in domestic equities weighed on the local unit. Forex traders said the USDINR pair has shown significant volatility in recent sessions, with the rupee inching closer to its all-time low of 84.40. This downward pressure is largely driven by global factors, particularly the Dollar Index's strengthening. At the interbank foreign exchange, the rupee opened at 84.40 against the greenback, registering a fall of 1 paisa over its previous close. On Tuesday, the rupee fell 1 paisa to a new lifetime low of 84.39 against the US dollar. "It appears that the rupee has established support around the current levels, with depreciation limited near 84.50," CR Forex Advisors MD Amit Pabari said. Pabari further added that the RBI stands tall as the depreciation in the rupee seems to be limited as the <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) continues to sell the dollars to protect the sharp depreciation. "For the 5th consecutive week, India's forex reserves declined, possibly due to RBI selling the dollars. Currently, the forex reserves of India stand at USD 682 billion down from the recent all-time high of USD 704 billion," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.04 per cent at 105.98. Brent crude, the global oil benchmark, rose 0.25 per cent to USD 72.07 per barrel in futures trade. On the domestic equity market front, Sensex was trading 210.66 points, or 0.27 per cent lower, to 78,464.52 points. The Nifty fell 100.45 points, or 0.42 per cent, to 23,783.00 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 3,024.31 crore, according to exchange data. On the macroeconomic front, retail inflation breached the Reserve Bank's upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices. Inflation based on the consumer price index (CPI) was 5.49 per cent in September and 4.87 per cent in the year-ago month. India's industrial production expanded by 3.1 per cent in September after recording a contraction in the preceding month, as all three major segments -- mining, manufacturing, and power generation -- showed improvement. However, the growth in the Index of Industrial Production (IIP) during the month was lower than 6.4 per cent registered in September 2023.

Rupee falls 1 paisa to all-time low of 84.40 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">rupee</keyword> recovered from its <keyword id="22025417" type="General" weightage="20" keywordseo="all-time-low" source="keywords">all-time low</keyword> level and opened 25 paise higher at 83.84 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords" meta.keywordsubtype="org" meta.entityname="US dollar" meta.hostid="261" meta.entityid="US dollar">US dollar</keyword> in morning trade on Tuesday, mirroring the rebound in the domestic equity market, even as aggressive dollar bids from foreign banks exerted pressure on the local unit. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said risk aversion in the <keyword id="19908188" type="General" weightage="20" keywordseo="global-markets" source="keywords">global markets</keyword>, escalation of geopolitical tensions in the Middle East and outflows by foreign investors further dented investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.92 and then touched an early high of 83.84, registering a 25 paise gain from its all-time closing low of 84.09 against the American currency. On Monday, the rupee slumped 37 paise to settle at an all-time low of 84.09 against the US dollar. "The rupee is being sold off in good times and bad times indicating the demand for US dollar as foreign portfolio investors exit the Indian equity market on high valuation concerns," said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.16 per cent to 102.85 points. Brent crude, the global oil benchmark, was trading at USD 77.15 per barrel in futures trade, on fears of spreading Middle East conflict that could hit supplies outweighing fears of a possible US recession that could hurt demand in the world's biggest oil consumer. Moreover, Israel and US are bracing for a significant escalation after Iran and Hamas pledged to retaliate against Israel for killings last week of a Hamas Leader, traders said. In the domestic equity market, the 30-share BSE Sensex rebounded 903.63 points, or 1.15 per cent, to 79,663.03 points, while the Nifty increased by 270.50 points, or 1.12 per cent, to 24,326.10 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 10,073.75 crore, according to exchange data.

Rupee recovers from all-time low level, opens 25 paise higher at 83.84 against US dollar

<keyword id="6355302" type="General" weightage="100" keywordseo="rupee" source="Orion">Rupee</keyword> opened on a muted note and fell to an all-time low of 83.72 against the US dollar on Thursday, dragged down by the strength of the American currency in the overseas market and significant foreign fund outflows. Forex traders said the fall in the domestic unit came on the heels of a significant downturn in the Indian equity markets, sparked by the government's decision to hike the <keyword id="22422932" type="General" weightage="20" keywordseo="tax-rate" source="keywords">tax rate</keyword> on <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">capital gains</keyword>. At the interbank foreign exchange market, the local unit was trading in a narrow range. It opened at an all-time low of 83.72 against the American currency, registering a fall of 1 paisa from its previous close. On Wednesday, the rupee depreciated 2 paise to hit its all-time closing low of 83.71 against the US dollar. The government's decision to hike the tax rate on capital gains dampened market sentiment, exerting immense pressure on the rupee and the equity market. "Post-budget day, the benchmark Indian equity indices, BSE Sensex and Nifty 50, dipped by approximately 0.3 per cent and 0.2 per cent, respectively, as foreign institutional investors withdrew a staggering USD 350 million from Indian stocks. "Adding to the turmoil, persistent high demand for dollars, driven by defence and oil payments, compounded the currency's woes," CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.21, lower by 0.17 per cent. Brent crude futures, the global oil benchmark, fell 0.75 per cent to USD 81.10 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 425.14 points, or 0.53 per cent lower at 79,723.74 points. The broader NSE Nifty was down 120.65 points, or 0.49 per cent, to 24,292.85 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 5,130.90 crore, according to exchange data.

Rupee slips to all-time low of 83.72 against US dollar; Fall sparked by tax rate hike on capital gains, per traders

<ul class="summary-list"><li>Angel Hutchinson, a South African au pair, has cared for one child in Maryland since 2019.</li><li>Hutchinson has worked for four wealthy families since 2015, facing both challenges and perks.</li></ul>Angel Hutchinson, 31, was born and raised in Durban, South Africa, but now lives in Maryland, where she's worked as an <a target="_blank" class="" href="https://www.businessinsider.com/au-pair-care-vs-nanny-childcare-2024-1">au pair</a> for almost five years.Hutchinson's current employers are the fourth wealthy family she's worked for stateside since September 2015. She's parlayed those experiences into a<a target="_blank" href="https://www.tiktok.com/@angel__0209"> successful side hustle on TikTok</a>, helping other would-be au pairs follow in her footsteps.She told Business Insider that the difference between an au pair and a <a target="_blank" class="" href="https://www.businessinsider.com/nanny-share-benefits-less-expensive-childcare-social-interaction-2024-3">nanny</a> is in the scope of the role. "An au pair is like a cousin who lives with you and is part of the family — when they go out for dinner, you all go out for dinner," she said. "I'm the extra eyes for the parents."Hutchinson has had negative and positive experiences — in some families, she felt unwelcome and overworked, but in others, she's been whisked off on snowboarding trips and vacations in Puerto Rico.<h2 id="0711039e-5cc2-478c-afd6-4a14ece3c8d4">The job is quite low-paying, but there are perks</h2>Overseas applicants will likely be recruited under the <a target="_blank" class="" href="https://www.businessinsider.com/moved-us-student-visa-work-microsoft-green-card-2024-9">J-1 visa</a> rules. "It doesn't count as a job. It's more like a cultural exchange program, often below minimum wage. It is peanuts," she said.She said au pairs are not allowed to be required to work nights, in particular, but will typically work 45 hours per week and a maximum of 10 hours a day.Board and lodging are covered, but wages are considered pocket money: the<a target="_blank" href="https://www.aupairusa.org/au-pair-cost/#:~:text=The%20minimum%20weekly%20stipend%20for,stipend%20of%20%24225.00%20per%20week."> State Department has set a current minimum of $225.00 per week</a>. Some more seasoned au pairs, she said, make $300-350.She earns more than this because she negotiated a higher than minimum wage. "Au pairs are allowed to negotiate for more; however, most families pay this because au pairs are afraid to speak up."<h2 id="eb5135dd-4d4c-4edd-a1e2-e2f8a28605cb">The application process is rigorous but straightforward</h2>Hutchinson studied theology and planned to go into ministry full-time. "My family felt I was wasting my life by coming to live with another family, but I was frustrated with life at that moment. I was in a relationship but wasn't sure if I wanted to get married yet. So I was like, OK, I'm going to find out."Hutchinson's interest in becoming an au pair was sparked by her college dean, who talked fondly of her experiences as an au pair in America two decades earlier. "She still spoke with her family, who would visit her."She filled out the forms and paid fees to one of the many agencies she found online — around 1300 ZAR, or about $70. She had to have a driver's license and a high school education and undergo medical checks.Once accepted, she was asked to upload a profile, including a video, which interested families could browse. Typically, they would video chat with a potential au pair from afar before hiring one for a 12-month position.<h2 id="431f484e-69df-4fc8-91de-6300511c1208">Hutchinson was unhappy with her first two families</h2>Hutchinson's first employers didn't ring alarm bells until she landed in America. "I remember getting a tour of the house, and when I was done, they told me to go unpack my stuff in my room. I closed the door and bawled my eyes out," she said. "I just felt like something was off."This couple were wealthy Indian-Americans in New Jersey; the father was a pharmaceutical VP, and the mother a medical director. There were two children, aged 13 and 6, where the latter was Hutchinson's prime focus. "It felt like they were unprepared for me or had forgotten I was coming in the three months since we last spoke."The main issue was a misunderstanding of her role, stretching the definition of childcare. "I had to water the plants — because they were the kid's favorite. I had to dust the cupboard — because the kid's doll was on top of it."She also struggled to connect with the kids, as they would speak Bengali to their parents. She quickly asked for a rematch (au pair speak for resigning). "They said you can't go because we've already had two girls leave before you."A week later, Hutchinson's father died, and she was offered compassionate leave to return to South Africa for the funeral. Once home, she rematched there, returning three weeks later to a different family, but not a better situation.This was another New Jersey-based family, with two school-age kids of 5 and 8, a mother who worked as a deputy principal, and a father who ran a tech business. The mom had described her kids to Hutchinson as "having a lot of energy."The truth was more complicated: Her special needs kids were in therapy and rarely able to play with other au pairs' children at the playground. The daughter was particularly difficult for Hutchinson to care for.<h2 id="43f3c48b-429a-4db1-b767-bc0a04acbab1">The third family was a better fit</h2>By January 2016, Hutchinson was primed to return to South Africa, but she tried to rematch one last time. This family proved life-changing. "I still visit them to this day," she said.This Colorado-based couple, both anesthesiologists, had a 9-year-old daughter and a 3-year-old son. They lived in the mountains and drove a nine-seater Denali. "We went on vacation a lot. They're a snowboarding family, so they taught me, and we went camping."She never felt pressured to work late and could come and go as she pleased. Hutchinson felt very much at home in the Rockies. "The people were so welcoming in <a target="_blank" class="" href="https://www.businessinsider.com/biggest-culture-shocks-after-moving-from-italy-to-colorado-2024-8">Colorado</a> — it's by far the best place I lived."<h2 id="bcc44968-fb3f-4d6d-9063-520f63ed6167">She went back to South Africa, but it wasn't a forever move</h2>After that stay, she went home. Two years later, after spending time in South Africa looking after a boy for a German family in her neighborhood, she decided to come back to the States.A different, wealthy family spotted her video and asked if she'd consider coming to live with them in Maryland. The mother was a thoracic surgeon, and the father was a VP. They had one young child, barely 6 at the time.The moment she arrived in September 2019, Hutchinson felt at home. "They were overprepared, trying to ensure I had the best time ever."Almost five years later, Hutchinson is so settled with them that she's more like a surrogate daughter. They buy her a pair of the family's matching pajamas at Christmas, and she's always invited to family gatherings. "The only time I don't do something with them is if I don't want to."She also drives a brand-new VW Jetta. "In other families, you have to share a car to go to the store or have to ask. This one said 'We bought this car for you to use. You can have freedom and a sense of independence. Come and go when you want.'"She doesn't work weekends, which frees her up to socialize. "All the people I now call my best friends are Americans I met at church." Hutchinson said it's partly because her principles in life align with those of her current employer that she finds the job so rewarding.<div type="image" title="three girls take a selfie in New York City" height="2268" width="4032" msid="113521902" hostid="261" sizebytes="637314"></div><h2 id="b61bd862-494a-40c2-9bb6-7ecb033be40a">She decided to make America her permanent home</h2>Hutchinson is currently waiting for approval for her <a target="_blank" class="" href="https://www.businessinsider.com/big-tech-green-card-applications-pause-2024-5">green card</a>, which those employers sponsored. She's applied via her visa, this time an EB-3, or skilled worker.She's still waiting on paperwork, but once her au pair time concludes, she plans to pursue a different path. "I've always been fascinated with the tech world. I'm hoping to pursue a career in that industry."Want to share your story? Email Lauryn Haas at lhaas@businessinsider.com.

An au pair for wealthy families shares the highs and lows of the unpredictable job

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and <keyword id="20220719" type="General" weightage="20" keywordseo="depreciated" source="keywords">depreciated</keyword> 3 paise to close at its all-time low of 83.66 (provisional) against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Friday, weighed down by strong American currency and muted trend in domestic equities. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> <keyword id="19993499" type="General" weightage="20" keywordseo="traders" source="keywords">traders</keyword> said weak domestic markets and elevated <keyword id="19900090" type="General" weightage="20" keywordseo="oil-prices" source="keywords">oil prices</keyword> pressured the rupee, however, likely <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) intervention prevented a sharp fall in the domestic unit. At the interbank foreign exchange market, the local unit opened at 83.64, and touched an intra-day high of 83.60 and a low of 83.66 against the dollar during the trading session. It finally settled at an all-time low level of 83.66 (provisional) against the American currency, registering a loss of 3 paise from its previous close. On Thursday, the rupee depreciated 5 paise and settled at a new low of 83.63 against the US dollar. "We expect the rupee to trade with a slight negative bias on weak global markets and a strength in the US Dollar. Weak Asian and European currencies may also weigh on the rupee," Anuj Choudhary — Research Analyst at Sharekhan by BNP Paribas — said. Choudhary said Foreign Institutional Investors (FIIs) inflows and any intervention by the RBI may support the rupee at lower levels. "USDINR spot price is expected to trade in a range of Rs 83.40 to Rs 83.90," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.16 per cent at 104.33. Brent crude futures, the global oil benchmark, were trading marginally lower by 0.07 per cent at USD 85.05 per barrel. In the domestic equity market, the 30-share BSE Sensex tumbled 738.81 points to settle at 80,604.65 and Nifty dropped 269.95 points to 24,530.90. Meanwhile, the Asian currencies were all down after a fall in European currencies as the European Central Bank (ECB) kept rates unchanged in its meeting with a possibility of a cut in September, traders said. FIIs were net buyers in the capital markets on Thursday as they purchased shares worth Rs 5,483.63 crore, according to exchange data.

Rupee falls 3 paise to close at all-time low of 83.66 against US dollar

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> recovered from its all-time low level and appreciated 9 paise to 83.69 against the US dollar in early trade on Friday, amid a positive trend in domestic equities. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said foreign fund outflows from Indian equities following the government's decision to hike the tax rate on <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">capital gains</keyword> weighed on the local currency and restricted the move upwards. At the interbank foreign exchange market, the local unit opened at 83.72 against the American currency, then rose to 83.69 against the American currency, registering a rise of 9 paise from its previous close. On Thursday, the rupee dropped by 7 paise to close at an all-time low of 83.78 against the US dollar. "The rupee remains under significant pressure, hovering near all-time low levels. This strain is due to the government's recent decision to hike the tax rate on capital gains, sparking major outflows of Foreign Institutional Investments (FIIs). "However, the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has been actively capping the downside, preventing further depreciation by maintaining the rupee at around 83.75," CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.30, lower by 0.05 per cent. Brent crude futures, the global oil benchmark, rose 0.18 per cent to <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 82.52 per barrel. In the domestic <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword>, the 30-share BSE Sensex was trading 291.71 points, or 0.36 per cent higher at 80,331.51 points. The broader NSE Nifty was up 114 points, or 0.47 per cent, to 24,520.10 points. <keyword id="19932515" type="General" weightage="100" keywordseo="Foreign-Institutional-Investors" source="keywords" meta.keywordsubtype="org" meta.entityname="Foreign Institutional Investors" meta.hostid="261" meta.entityid="Foreign Institutional Investors">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 2,605.49 crore, according to exchange data.

Rupee recovers from all-time low, rises 9 paise to 83.69/USD in early trade

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> recovered from its all-time low level and appreciated by 5 paise to 83.65 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Monday, as the American <keyword id="20256153" type="General" weightage="20" keywordseo="currency" source="keywords">currency</keyword> retreated from its elevated level. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders said foreign fund inflows and possible intervention by the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) supported the rupee at lower levels and restricted the downfall. At the interbank foreign exchange market, the local unit opened at 83.66, and touched an early high of 83.65, registering a gain of 5 paise from its previous close. On Friday, the rupee depreciated 7 paise to settle at its all-time low of 83.70 against the US dollar. "A weakening dollar -- prompted by shifts in the macroeconomic landscape and emerging cracks in US economic data -- caused the dollar index to dip to 104. This scenario saw emerging market currencies rising against the dollar," CR Forex Advisors MD Amit Pabari said. However, despite these rupee-supporting factors, the Indian currency hasn't appreciated significantly, Pabari added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.29, lower by 0.10 per cent. Brent crude futures, the global oil benchmark, rose 0.69 per cent to USD 83.20 per barrel. On the macroeconomic front, India's forex reserves jumped by USD 9.699 billion to an all-time high of USD 666.854 billion for the week ended July 12, the RBI said on Friday. In the previous reporting week, the kitty had increased by USD 5.158 billion to USD 657.155 billion, surpassing the previous high of USD 655.817 billion for the week ended June 7. "This increase (in forex reserves) suggests that the RBI is actively preventing the Rupee from strengthening, even in the face of significant inflows into the equity and debt markets," Pabari said. In the domestic equity market, the 30-share BSE Sensex was trading 264.92 points, or 0.33 per cent lower at 80,339.73 points. The broader NSE Nifty was down 88.10 points, or 0.36 per cent, to 24,442.80 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 1,506.12 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank">Google Pixel 9 Pro Fold to launch in India on August 14 alongside the Pixel 9 series</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank">Reliance Jio and Airtel added 3.45 million subscribers in May 2024, while Vi lost nearly a million</a>

Rupee recovers 5 paise from all-time low to 83.65 against US dollar in early trade

<ul class="summary-list"><li>Elon Musk dumped millions into Pennsylvania and camped out in the state to deliver it to Trump.</li><li>His super PAC built a last-minute canvassing effort and spearheaded untested ground-game techniques.</li></ul>Elon Musk, the world's richest man, took a frenzied and controversial gamble on the biggest swing state in the 2024 race, and <a target="_blank" class="" href="https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11">it paid off. </a>President-elect Donald Trump won Pennsylvania and, with it, another <a target="_blank" class="" href="https://www.businessinsider.com/trump-2024-election-win-5-stats-to-explain-result-2024-11">four years in the White House</a>.Between opaque money channels and the chaos of day-to-day ground operations, the full scope of <a target="_blank" class="" href="https://www.businessinsider.com/business-leaders-react-donald-trump-winning-election-silicon-valley-2024-11">Musk's</a> efforts in the <a target="_blank" class="" href="https://www.businessinsider.com/pennsylvania-grocery-store-voters-talk-economy-inflation-harris-trump-2024-10">Keystone State</a> aren't yet clear. But they were substantial.On July 13, Musk publicized his <a target="_blank" href="https://x.com/elonmusk/status/1812256998588662068?lang=en">support for Trump on X,</a> posting a video of the former president after he survived an <a target="_blank" href="https://www.businessinsider.com/secret-service-elon-musk-investigation-tweet-biden-kamala-assassination-2024-9">assassination attempt</a> in Butler County, PA.Musk set up a war room of sorts in Pittsburgh and spent the <a target="_blank" class="" href="https://www.businessinsider.com/election-trump-harris-outrage-garbage-mark-cuban-puerto-rico-2024-11">race's final weeks</a> galavanting across the state. He urged Pennsylvania voters to head to the polls in apocalyptic terms, telling them in late October that <a target="_blank" href="https://www.businessinsider.com/elon-musk-america-super-pac-trump-turn-out-voters-2024-10">the 2024 election</a> would determine "the fate of Western civilization."<h2 id="d23cb44a-cd94-4837-9c9d-ff0134e1a228">Musk spent more than $130 million on the election, much of it late in the game.</h2>Musk's Keystone State tour-de-force began on October 5, when he attended his <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-rally-butler-pennsylvania-assassination-attempt-2024-10">first campaign rally alongside Trump in Butler, PA. </a>Beyond appearing beside Trump, Musk hosted his own events in Pennsylvania.Between October 17 and October 20, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-x-newsnation-town-hall-video-2024-5">he hosted four town halls in as many days</a> across the state. On October 26, he hosted another town hall.<div type="image" title="Elon Musk and Donald Trump at a rally in Butler, PA." height="5504" width="8256" msid="115060193" hostid="261" sizebytes="7890120"></div>Tom Eddy, chairman of the Erie County Republican Committee, told BI the day after the election that Musk is a well-liked figure in the state, particularly because he's created successful companies."And those things can play very well with the American economy," Eddy said, noting that the issue was top of mind for many voters in his swing district that ultimately voted for Trump.Much of Musk's work in Pennsylvania happened through the super PAC he created, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-america-pac-targets-young-men-vote-2024-9">America PAC.</a>Under new legal guidance for 2024, these outside groups can coordinate directly with campaigns. Trump's campaign and America PAC signed a data-sharing agreement, which let them jointly determine which voters to target. For the most part, America PAC spent its money on canvassing and digital advertising.According to documents filed with the Federal Election Commission in late October, Musk funneled just under $119 million into his PAC, including $43.6 million in the first two weeks of October alone. As of October 16, he publicly disclosed spending <a target="_blank" href="https://www.businessinsider.com/elon-musk-trump-gop-spending-130-million-2024-10">more than $130 million overall </a>to help Trump and Republicans, though donations made past that date won't appear on public filings until late November. It remains unknown how much Musk has given to "dark money" groups, which are nonprofits that don't disclose their donors.Musk, the Trump campaign, and the Harris campaign did not respond to requests for comment for this article.<h2 id="69e7381f-e923-4fa6-a1a3-b990c7582f8f">The ground game was key to Musk's effort.</h2>In Musk's mind, voter mobilization was key to winning Pennsylvania, and he was particularly focused on turning out low-propensity voters in rural areas, the New York Times reported. He even hired <a target="_blank" href="https://www.businessinsider.com/chris-young-republican-operative-elon-musk-hired-donald-trump-donor-2024-8">Chris Young</a>, a Republican operative with extensive experience in field operations, to guide his political spending.Campaigns and outside groups typically spend months, if not years, building the architecture of voter mobilization. Some Democrats doubted America PAC's efforts ahead of Election Day."You gotta find the people. You gotta train the people. You gotta design and print everything. You gotta use the data," Daniel Fee, a Democratic strategist in Pennsylvania, told Business Insider before the election. "Field is not like, 'I knocked on your door and now I'm done.'"He added, "If late money was all you needed, that's all anybody would do."<div type="image" title="America PAC invested most of its resources into canvassing and digital efforts." height="4681" width="7409" msid="115060194" hostid="261" sizebytes="3445228"></div>But Charlie Gerow, a Republican strategist in Pennsylvania, told BI on Wednesday that Musk's positive effort was undoubtedly felt on the ground."Elon Musk took up residency here the last week to 10 days of the campaign and was a big help in pushing President Trump over the finish line," he said.Republican leaders in three key Pennsylvania counties told Business Insider before the election that they were confident in America PAC's get-out-the-vote effort. Canvassers for America PAC knocked on around 2.3 million doors in Pennsylvania alone, the Times reported.On Wednesday, Eddy said that while it's hard to credit just one person, Musk "obviously" had an impact in improving Trump's canvassing effort.Patricia Poprik, the chairwoman of the Bucks County Republican Committee, said Republicans in the state were thrilled to have the mogul on their side. "People are enjoying it, and they like seeing him," she said two days before the election.Other Republican officials BI spoke with echoed Poprik."It's been kind of surreal, to be honest," Christian Nascimento, chair of the Montgomery County Republican Committee, said. "He is just this singular figure."<h2 id="64da1222-2fce-4b78-b72c-5a8241ff78a9">America PAC used unconventional, untested get-out-the-vote efforts.</h2>America PAC didn't just rely on traditional door-knocking — it also turned to novel methods, including some that landed the group in legal jeopardy. The PAC offered <a target="_blank" href="https://www.businessinsider.com/elon-musk-trump-superpac-donations-politics-2024-10">registered voters in Pennsylvania $100</a> to sign a petition in support of the First and Second Amendments, and another $100 to refer another signer. Registered voters in other swing states could earn $47 per referral.At an America PAC event in Harrisburg, PA on October 19, Musk announced that he would award <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-1-million-giveaway-legal-questions-2024-10">$1 million each day</a> through November 5 to a swing state voter who signed the petition. The first winner, John Dreher, hailed from Pennsylvania.<div type="image" title="Elon Musk hands out a $1 million check" height="3001" width="4500" msid="115060196" hostid="261" sizebytes="1988604"></div>Democrats and legal scholars were quick to question if the move violated election law. The <a target="_blank" class="" href="https://www.businessinsider.com/doj-warns-elon-musk-voting-sweepstakes-reports-2024-10">Department of Justice</a> sent Musk a warning letter and the Philadelphia District Attorney <a target="_blank" class="" href="https://www.businessinsider.com/judge-could-halt-elon-musks-1m-america-pac-giveaway-2024-10">filed a civil case</a>, calling the petition an "unlawful lottery."Donald Green, a professor at Columbia University who studies field efforts, told BI that Musk's project could inaugurate a "new era" of pumping money into campaigns."This certainly opens the door to doing things that don't pay for people to vote, but certainly pay people to do things that are tip-toeing up to the vote," he told BI the day after the election.As of October 29, America PAC had mailed out more than 87,000 checks to people who referred petition signers, according to a <a target="_blank" href="https://x.com/america/status/1851435453091602781">post from the organization on X.</a>Green told BI that the petition was likely most useful for the quiet data it collected, which was shared with the Trump campaign under new federal election rules."If the take-home message from this campaign is that these kinds of last-minute list-building operations are effective, you can expect to see more of them," Green said ahead of the election. "I would say that the magic is not the petition per se, but the list-building that follows from it."<h2 id="10f87c68-a314-4f2a-a182-aff565771cb7">Musk's work in Pennsylvania reverberated beyond state borders.</h2>Musk's sprawling, last-minute effort in Pennsylvania had stakes <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11?_gl=1*d48hdb*_ga*MTYzNzE5MDYzNC4xNzI2NjY1NTMw*_ga_E21CV80ZCZ*MTczMDkyMjQ1Ny4xNDMuMS4xNzMwOTI0MjYyLjIzLjAuMA..">beyond his wallet</a>. Now that Trump has won the White House, thanks partly to the state's 19 Electoral College votes, Musk stands to amass even more power. The president-elect offered to put him in charge of a "Government Efficiency Commission" that oversees the very agencies that regulate Musk's many businesses."If he loses, I'm fucked," Musk said on a podcast at the beginning of October.Lucky for Musk, both he and Trump came out on top — in Pennsylvania and pretty much everywhere else.

Elon Musk went all-in on Pennsylvania — and his expensive effort paid off big time

<ul class="summary-list"><li>Retail sales held up surprisingly well over the summer in spite of concerns about a sharper slowdown.</li><li>The picture is <a target="_blank" class="" href="https://www.businessinsider.com/retailers-showing-squeezed-us-shoppers-have-two-very-different-realities-2024-8">more complicated among lower-income shoppers</a>, auto parts and dollar store execs say.</li></ul>As the summer comes to a close, it seems that most of the worst-case economic scenarios have been avoided.The relief was apparent during the most recent earnings cycle as <a target="_blank" class="" href="https://www.businessinsider.com/walmart-results-sales-profits-relief-retail-sector-2024-8">retailers reported sales that held up</a> surprisingly well in spite of concerns about a sharper slowdown.Share prices for Walmart and Costco continue to reach all-time highs as inflation-weary consumers flock to value-oriented retailers, and investors largely forgave <a target="_blank" class="" href="https://www.businessinsider.com/home-depot-earnings-americans-in-deferral-mindset-consumer-spending-2024-8">home improvement suppliers</a> for soft sales during the quarter.Given rising home values, strong employment figures, a booming stock market, and cooling inflation, US household finances appear to be in <a target="_blank" class="" href="https://www.businessinsider.com/how-americans-build-wealth-changing-stocks-homes-people-missed-out-2024-8">a remarkably good spot</a>.But Americans are not a monolith, as Jefferies consumer strategist Carey Kaufman pointed out in a note to clients Tuesday."The U.S. consumer is three consumers," he wrote: the top fifth of the income scale, the bottom fifth, and the middle three-fifths.Heading into the autumn, a considerable number of those in the bottom quintile appear to be running on borrowed time.<h2 id="739846fc-9a1d-438a-b3ae-10a6df2e3f47">Telling signs from spending at auto parts and dollar stores</h2>In contrast to the rosy outlook from stores that serve relatively large (and growing) shares of middle- and upper-income customers, auto parts and dollar store retailers are telling a more complicated story among their core customers who have lower household incomes."When times are good, our core customer normally works her 30- to 40-hour a week job, but also has a secondary job that she normally works 15 to 25 hours in. What she told us in Q2 was that is going away or has gone away," Dollar General CEO Ted Vasos said earlier this month at the Goldman Sachs Global Retailing Conference.Vasos said that reduction in earnings, coupled with higher prices from years of inflation, has put <a target="_blank" class="" href="https://www.businessinsider.com/dollar-general-shows-how-bad-economy-is-for-some-shoppers-2024-8">increased pressure on lower-income households</a>. If things continue according to historical trends, those concerns begin to get more serious for middle and upper-income segments as well."When things start to move south in the economy, our core customer feels it first," Vasos said. "We usually see it before most retailers start to feel it."Dollar Tree, which owns Family Dollar, reported similar consumer headwinds during its quarterly earnings this month.Auto parts stores are another retail category that is especially tuned in to what's happening at the lower ends of the economic scale.Much of their consumer-facing business is driven by helping people keep their cars and trucks running smoothly, Mizuho analyst David Bellinger told Business Insider."That's the lower end consumer who works on their car out of economic necessity," he said. "So maybe if they don't have to make a fix, they could delay a few months. That's kind of what's happening now."Advance Auto Parts CFO Ryan Grimsland said during the company's earnings call last month that DIY customers are deferring "maintenance that you would typically want to see," like skipping an oil change or ignoring a check-engine light.That can help extend the household budget for a time, but as Genuine Parts CEO Will Stengel put it earlier this month, "there's only so long you can defer an issue."And repairs aren't the only auto-related expense seeing cut-backs. Ally Financial this week reported worse than expected loan performance in July and August."Our borrower is struggling with high inflation and cost of living, and now more recently, a weakening employment picture," Ally CFO Russell Hutchinson <a target="_blank" class="" href="https://www.reuters.com/business/finance/ally-financial-flags-intensifying-credit-challenges-shares-slump-2024-09-10/">said</a>, according to Reuters.One thing that deferred maintenance and missed payments have in common is they are both problems that get more expensive with time. Nobody wants to be stranded on the side of the road or hounded by collections agents, but more people are finding themselves hoping to make it one day or week at a time.Indeed, as Dollar General's Vasos observed, paychecks aren't going as far as they once did."What we noticed was an even tighter core consumer at the very last week of each of the months in Q2," he said. "While that's always a tighter week of the month for our core consumer, it was by far the weakest."The expected interest rate cut from the Federal Reserve next week won't solve these difficulties overnight, but it could signal that improvement is in sight.Interest rate effects take a while to work through the economy, Bellinger noted, as big purchases are financed, working hours are scheduled, and business activity ticks back up.Still, with any luck, the creeping sense of economic anxiety might begin to subside, not just for the middle class, but for the households that have borne the real brunt of America's war on inflation.

Auto parts and dollar store execs warn that low-income Americans are stretched thin and running on borrowed time

<ul class="summary-list"><li>Dustin Snyder was unsatisfied with his office job and felt like he had no work-life balance.</li><li>He made the decision to become an electrician and has no regrets.</li></ul>If your Sunday evenings are tainted by the thought of clocking into work the next morning, you're not alone. Dustin Snyder used to be one of those people. He worked a slew of jobs but wasn't satisfied with any of them."I worked in retail for quite a while," Snyder told Business Insider. "Then I ended up working in a call center for a big cellphone company." There, he climbed the ladder until he became a corporate account manager, supervising business projects for large clients.The office environment became tedious to Snyder. He disliked the formal dress code and the inability to unplug from work. He switched jobs, this time to an e-commerce startup. However, Snyder still wasn't satisfied with the work, which felt incredibly similar to his previous job. Snyder was taking his laptop on vacation, and his phone was constantly blown up with emails.That was until Snyder talked to a friend of a friend who happened to be an electrician. Snyder, now 43 years old, has been an electrician for the last six years, and he's never looked back."As a union electrician, my life is a million times better," he said. "Six years in, and I'm still learning all the time, making more than I did before, and often have fun at work."If you've experienced a similar situation and are contemplating making the white-to-blue-collar leap, Snyder shared the following advice and observations.<h2 id="98ab6d47-4fce-4126-8da5-a2373ef3591e">It's not hard to break in</h2>Snyder had no previous trade training before his career switch, but he didn't find the transition particularly difficult.He started with an entry-level position as a low-voltage installer to get some on-site training. After nine months, Snyder applied and was accepted for an apprenticeship, which combined classroom training with on-the-job experience. Snyder was an apprentice for three years, working and going to night classes once a week. After finishing his apprenticeship and receiving the proper certification, Snyder officially became a low-voltage electrician.The training doesn't break the bank, either. "You pay a little for the schooling, but you're also working while you're going to school, so basically you're learning and getting paid at the same time," Snyder said.A four-year college degree isn't necessary. "if someone came out of high school and went into being a commercial electrician, they could potentially be making $73 an hour at age 22 with zero debt," he added.Electricians are a fast-growing job category, so there's definitely no shortage of jobs. According to the <a target="_blank" href="https://www.bls.gov/ooh/construction-and-extraction/electricians.htm">Bureau of Labor Statistics</a>, the profession is projected to grow 11% in the next decade — well above the 4% average growth for all occupations.<h2 id="74e2fe7e-c94a-44db-8d54-ead5687ff11f">There's more diversity in the trades than you'd expect</h2>"A lot of people might think it's all people with jacked-up trucks and camo hats and jackets, and it's not as many as you would think," Snyder said.His coworkers include people of different genders, sexual orientations, and ethnic backgrounds. While the majority of blue-collar jobs are held by men, the trades are indeed becoming more diverse. According to the <a target="_blank" href="https://www.dpeaflcio.org/factsheets/the-professional-and-technical-workforce-by-the-numbers">AFL-CIO</a>, the share of women in construction jobs increased by over 60% between 2013 and 2023, from 2.6% to 4.3%.There are also a lot of blue-collar jobs out there, and an electrician is just one of them. You could be a plumber, a machinist, a painter, an HVAC technician — the list goes on. Even within the electrician label, there are different specializations, such as low voltage, commercial, and marine."Those are all good jobs, and any of them might appeal to somebody who's interested in doing something with their hands," Snyder said.<h2 id="9d4d69ed-0b01-427b-ab70-0bdaefc9c98d">You will work unconventional hours</h2>If you like to sleep in, a blue-collar job might not be for you. Snyder works from 6 a.m. to 2:30 p.m."A start time between 6 a.m. to 7 a.m. is pretty much the norm for most trades," Snyder said.For electricians or construction workers, it's important to start before peak traffic hours and maximize daylight.On an average day, Snyder wakes up between 3:30 and 4:00 a.m. He specializes in audiovisual equipment, so his day-to-day tasks may involve repairing or upgrading conference rooms in commercial buildings or college classrooms. After leaving work and running errands, Snyder's usually in bed by 7 p.m.The lifestyle can interfere with your social life. "I can meet for happy hour, but that's about it," Snyder said.<h2 id="fc3d62e6-5445-491e-9b04-e840de03c6b0">Being part of a union has its perks</h2>Snyder is a member of a labor union called the International Brotherhood of Electrical Workers (IBEW). The union provides benefits, job security, collective bargaining, and a sense of community."Excellent," was Snyder's response when asked to describe his pay and benefits as a union member. Based in Seattle, he makes just over $48 an hour, accrues another $3 an hour for his 401(k), and also has a pension. That's well above the <a target="_blank" href="https://www.bls.gov/ooh/construction-and-extraction/electricians.htm">median electrician hourly wage</a> of $29.61 an hour, according to the Bureau of Labor Statistics.His health insurance is through the union, not his employer, so Snyder isn't worried about losing coverage if he switches jobs. If he's on the hunt for a new job, Snyder doesn't have to apply individually and interview — the union helps facilitate matching available jobs to union members looking for work.For Snyder, being an electrician provides him with engaging work and great benefits. Six years after making the switch, Snyder's confident that he made the right choice."I'm finally actually happy with what I'm doing," Snyder said.Do you have an unconventional career story that you'd like to share? Feel free to reach out to Christine at <a target="_blank" href="mailto:cji@businessinsider.com">cji@businessinsider.com</a>.

'My life is a million times better': A man who quit his desk job to be an electrician shares his takeaways from the switch

<ul class="summary-list"><li><keyword id="23254035" type="General" weightage="20" keywordseo="home-improvement-retailers" source="keywords">Home improvement retailers</keyword> are among the first to see a lift from the Fed's rate cut.</li><li>Share prices for <keyword id="20320193" type="General" weightage="20" keywordseo="Home-Depot" source="keywords" meta.keywordsubtype="org" meta.entityname="Home Depot" meta.hostid="261" meta.entityid="Home Depot">Home Depot</keyword> and <keyword id="23254034" type="General" weightage="20" keywordseo="Lowes" source="keywords" meta.keywordsubtype="org" meta.entityname="Lowe's" meta.hostid="261" meta.entityid="Lowe's">Lowe's</keyword> are up, and <a target="_blank" href="https://www.businessinsider.com/fed-interest-rates-cut-jerome-powell-labor-market-mortgage-pantheon-2024-9">spending on projects is expected to follow</a>.</li></ul>The US Federal Reserve's decision Wednesday to <a target="_blank" class="" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">cut rates by half a percentage point</a> has created a flurry of immediate reactions, but the real effects of the policy are likely to take several months to bear out. Still, some areas of the economy are already seeing a lift in response to the news — and the fact that the Fed went with the larger of the two most likely options under consideration. <a target="_blank" href="https://www.businessinsider.com/comparing-lowes-vs-home-depot-2023-12">Home improvement retailers,</a> in particular, are among the companies who were primed to come out of the gate strong with a rate cut, and, true to form, shares for Home Depot and Lowe's were up as of Thursday's market close. "Home-related companies should soon see the beginnings of fundamental recovery exiting this year," Mizuho analyst David Bellinger told Business Insider. "Aside from any initial noise in the market, Home Depot and Lowe's should keep grinding higher as all this comes together." And while a rising <keyword id="19998639" type="General" weightage="20" keywordseo="stock-price" source="keywords">stock price</keyword> carries its own benefits for a company, the uptick is a signal of a much more important change still to come: sales. Executives for both Home Depot and Lowe's have characterized their businesses as being constrained by low housing turnover and high borrowing costs, both of which are results of the Fed's tight interest rate policy. Home Depot CFO Richard McPhail described his company's core customer as having "<a target="_blank" href="https://www.businessinsider.com/home-depot-earnings-americans-in-deferral-mindset-consumer-spending-2024-8">a deferral mindset</a>" in spite of being in a generally healthy financial position. In short, most <a target="_blank" href="https://www.businessinsider.com/americans-doing-less-diy-worrying-sign-economy-lowes-earnings-2024-8">big-ticket spending on home improvement</a> comes from one of two places: people buying and selling homes and homeowners renovating existing homes with borrowed money. Unless they have to fix something urgently, a lot of folks have decided they're better off waiting to upgrade. Fed Chairman Jerome Powell talked about the impact on the <keyword id="20759748" type="General" weightage="20" keywordseo="housing-market" source="keywords">housing market</keyword> in his remarks following Wednesday's announcement. "The housing market is in part frozen because of lock-in with low rates. People don't want to sell their home," he said. "As rates come down, people will start to move more, and that's probably beginning to happen already." What's more, Powell signaled in his speech that further cuts are likely if the data support them, which can encourage some of those sitting on the sidelines to go ahead with a new mortgage or credit line with the expectation that they can simply <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/how-to-refinance-personal-loan">refinance</a> in a few months when rates come down further. Additionally, Home Depot and Lowe's have taken great care to manage investor expectations through the <a target="_blank" href="https://www.businessinsider.com/lowes-dicks-macys-sound-alarm-us-shoppers-spending-2023-8">slumping sales and slimmer profits</a> over the past year. In particular, both companies <a target="_blank" class="c-link" href="https://www.businessinsider.com/home-depot-1-billion-wage-boost-improved-worker-safety-satisfaction-2023-5">continued to invest in their stores</a> with the expectation that pent-up demand would eventually be unlocked. (Truist Securities analyst Scot Ciccarelli has referred several times to a "coiled spring" for the retailers.) Max Rakhlenko, a TD Securities analyst, said in a note on Wednesday that Lowe's management was expecting a "phased recovery" in which homeowners start with smaller projects before getting more comfortable with larger ones that require tapping into their house's equity. "We're aggressively working in this downturn," Lowe's CEO Marvin Ellison said during his earnings call last month, adding, "Whenever the macro inflection occurs, we just want to be ready to take advantage of it." It appears Ellison may not have to wait much longer. Correction: September 20, 2024 — An earlier version of this story misstated the day a TD Securities analyst sent out his note on Lowe's. It was Wednesday, not Thursday.

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