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Younger generations gained more wealth than others since 2019, study says

Younger generations grew their wealth much faster than older Americans after the pandemic began, thanks largely to stocks, according to a new study.The total wealth of Americans under 40 surged by 80%, to $9.5 trillion, between the first quarter of 2019 and the third quarter of 2023, according to a study by the New York Federal Reserve. The wealth increase far outpaced that of older generations. Americans between the ages of 40 and 54 saw their wealth increase just 10% over the same period, and those over 55 had wealth…

Flights attendants push airlines for higher wages

CHICAGO, ILLINOIS - JANUARY 24: American Airlines workers picket at O'Hare International Airport on January 24, 2023 in Chicago, Illinois. The workers, mostly flight attendants with the Association of Professional Flight Attendants (APFA), were picketing to demand better working conditions as their contract negotiations continue. (Photo by Scott Olson/Getty Images)Scott Olson | Getty Images News | Getty ImagesAirline pilots won pay raises worth billions of dollars in new labor deals last year. Flight attendants are now…

Airfare is down, but here’s why that may not last for long

Travelers at LaGuardia Airport in New York on June 30, 2022.Leslie Josephs | CNBCAirfare fell 6.4% in January from a year earlier, the Labor Department said in its monthly consumer price index on Tuesday. It might not last too long.January is typically a slower month for travel as customers take fewer trips following the new year. Domestic travel usually picks up during school breaks and spring holidays.The drop comes even though carriers are facing capacity constraints this year, in part because of an engine recall from…

UPS announces 12,000 job cuts; reports drop in package volume

A United Parcel Service truck searches for a house driving along the coast of Cape Cod on July 24, 2023 in Orleans, Massachusetts. Robert Nickelsberg | Getty ImagesUPS fell short of Wall Street revenue estimates Tuesday, reporting drops in shipping volume, both internationally and domestically, in its fourth-quarter earnings report. The company also announced 12,000 layoffs as part of an effort to align resources in 2024.The workforce reductions will save the company about $1 billion in costs, CEO Carol Tomé said on a…

Home sales dampened by severe winter weather, Redfin says

A "For Sale" sign stands outside a home following a snow fall in Geneseo, Illinois, U.S., on Monday, Jan. 20, 2020. The National Association Of Realtors is scheduled to release Existing Homes Sales figures on January 22. Photographer:Bloomberg | Bloomberg | Getty ImagesSevere winter weather is hindering home sales across the country, according to a Thursday report from real estate company Redfin.The median U.S. home-sale price has been steadily increasing, rising around 5% in the first four weeks of January, alongside…

American Express CEO says spending is strong, delinquencies are down from 2019

Stephen Squeri, chairman and chief executive officer of American Express Co., speaks during an Economic Club of New York event in New York, US, on Thursday, Nov. 10, 2022.Stephanie Keith | Bloomberg | Getty ImagesAmerican Express CEO Stephen Squeri on Friday said the credit card company saw "good consumer spending" during the holidays and signs of strong overall health for U.S. spending.In particular, delinquency rates were "lower than they were in 2019," Squeri told CNBC's Scott Wapner in an interview at the American…

Birkenstock shares slump on earnings after IPO

A Birkenstock banner hangs outside the New York Stock Exchange in New York on Oct. 11, 2023, as Birkenstock launches an initial public offering.Angela Weiss | Afp | Getty ImagesBirkenstock shares slumped nearly 10% Thursday after the company warned about its 2024 outlook during its first earnings report since its initial public offering.The German shoe brand reported a quarterly loss of about 28.3 million euros, or about $30.8 million, with an adjusted EBITDA margin of over 30% for its prior fiscal year. Company…

Jamie Dimon warns on U.S. economy in 2024, 2025

Jamie Dimon, President & CEO,Chairman & CEO JPMorgan Chase, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17yth, 2024. Adam Galici | CNBCJPMorgan Chase CEO Jamie Dimon said he remains cautious on the U.S. economy over the next two years because of a combination of financial and geopolitical risks."You have all these very powerful forces that are going to be affecting us in '24 and '25," Dimon told Andrew Ross Sorkin Wednesday in a CNBC interview at the World…

The 2023 U.S. economy, in charts

A pedestrian holds an umbrella as they walk along a street in the rain in Times Square, New York, on Sept. 26, 2023.Ed Jones | AFP | Getty ImagesThe state of the U.S. economy may be a chief concern among Americans, but 2023 wound up as a pretty good year for the macroenvironment.Spending remained high, markets posted big gains and the Federal Reserve's battle against inflation showed signs of cooling — without freezing. Then there's the almost logic-defying resilience of the job market.The U.S. labor market ended the year…

Maersk Red Sea pause shows Operation Prosperity Guardian limits

A cargo ship crosses the Suez Canal, one of the most critical human-made waterways, in Ismailia, Egypt on December 29, 2023. (Photo by Fareed Kotb/Anadolu via Getty Images)Anadolu | Getty ImagesThe threat to global trade in the Red Sea remains high, even with efforts to protect commercial vessels from attacks by Iranian-backed Houthi militants based in Yemen.Danish shipping giant Maersk's decision on Tuesday to pause Red Sea and Gulf of Aden transits until further notice underscores the difficulty for the U.S.-led…