Category Archives: Business

Meet the 30-year-old on the verge of selling his company to Adobe for $20B

Almost overnight, this 30-year-old has become the tech world’s newest titan — and is poised to become one of the world’s youngest billionaires.

Dylan Field, the co-founder and CEO of San Francisco-based Figma, is on the cusp of an epic windfall after Adobe
ADBE,
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announced plans to acquire his company for $20 billion this week. Field will stay on with Figma (which makes collaborative design tools), and he reportedly owns a a sizable stake in his company. Forbes estimated it at 10%, which means Field could be looking at a $2 billion payday from the deal. (Field declined to provide details of his ownership share with MarketWatch.)

Considered something of an upstart rival to Adobe, Figma describes itself as a “design platform for teams who build products together.” Its distinguishing factor is that it’s cloud-based, which has made its products especially valuable to designers and other workers separated physically from one another during the pandemic — or to those continuing to collaborate in today’s hybrid work environment.

And Adobe clearly saw value in Figma’s model. The acquisition is said to be the largest in Adobe’s history, although some Wall Street analysts have questioned whether it paid too much. (What’s more, Adobe’s shares tumbled toward their worst week since 2002 in light of the news.) But Adobe chief executive Shantanu Narayen advised investors that the deal will “significantly expand our reach and market opportunity.”

Either way, it’s a mighty leap for Field, who started Figma with Evan Wallace, a one-time Brown University classmate, in 2012. As a Wall Street Journal story noted, Field was living in a gritty San Francisco apartment just four years ago, and buying dollar cups of coffee on his way to work.

“I had a very small sip of Champagne last night.”


— Dylan Field, co-founder and CEO of Figma

On Friday, MarketWatch caught up with Field, who grew up in northern California, to learn more about the Adobe deal — and how it will change his life. Here is some of what he had to say (some comments have been edited for brevity and clarity):

On how Field’s life may change with the payout from Adobe: While Field wouldn’t discuss the specifics of what he’ll earn from the deal, he doesn’t deny he stands to benefit significantly. He says he’s not thinking about much beyond his company and its next chapter. “Right now, I’m just all in on Figma and trying to think about how to make Figma successful, especially in this new context,” he says. In other words, he’s not yet planning on colonizing Mars with his riches a la Elon Musk.

But Field admits he’s still pretty buzzed about the events of the past week. “It’s very cool though, I’m not going to lie,” he says.

On how he celebrated the deal: Field is known to love wine, but he says he hasn’t been drinking much in the last few weeks because he’s been so focused on his work and the deal. Nevertheless, he says, “I had a very small sip of Champagne last night” with the Figma team.

On Figma’s value proposition: Put simply, it’s all about the ability to work together via the cloud. “We’re able to make it collaborative,” says Field of the tools that Figma offers. “So, if you’re a designer and I’m an engineer, no longer do we have to exchange files back and forth… We can make edits together. We can riff off each other’s ideas. That collaboration mattered to a lot of our customers.”

A newer product that Figma offers is FigJam, which Field describes as a “whiteboard solution.” The thought behind it, Field explains, is “that we can help people go from ideation and brainstorming into the design process and all the way to production.”

On why and how the Adobe deal came together: Field notes that when he co-founded the company there was a serious question as to whether the world had enough designers to make Figma a viable entity. “We weren’t sure there’s a big enough market here,” he says. But with the world going ever more digital — and, by extension, tapping increasingly into digital design tools — the design community has flourished, and the need for good design has become ubiquitous. “Every company has to care about design,” he says.

“Adobe’s mission is creativity for all, Figma’s mission has been to make design accessible for all. Those are two sides of the same coin in some ways.”


— Dylan Field, co-founder and CEO of Figma

Thus, Adobe’s desire to tap into what Figma offers its customers as a leading-edge digital design platform, Field explains. And not just tap into it, but also help Figma expand its platform through adding different tools and capabilities — not only for the designer audience, but also for the broader creative audience. “That got us really excited, because it accelerates the impact that we already wanted to have, but also scales the impact,” Field says.

On Figma’s image as an “Adobe killer”: Yes, Figma has been described as that. And Field once even tweeted, “Our goal is to be Figma not Adobe.” Field says he still stands by the remark in that the two companies are distinct in certain respects, although he also notes they ultimately share similar goals: “Adobe’s mission is creativity for all; Figma’s mission has been to make design accessible for all. Those are two sides of the same coin in some ways.” He adds that both companies are aligned “around craftsmanship and community” and “there’s so much we can do together.”

On Field’s views about education: Much has been made of the fact that Field didn’t graduate from college — he attended Brown University, but left in his junior year to start his entrepreneurial career (he got accepted for a fellowship program run by financier Peter Thiel). Field says he is not anti-college per se. “I care a lot about learning, and (going to) a university can be a great way to do that in a structured fashion.” But he also says there are other ways to gain knowledge, pointing to online courses that are readily available. As a result, Field finds it hard to fathom that a lot of companies still require college degrees of applicants. “I think they’re missing out on a lot of great talent,” he says.



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What happened to 2 dollar bills?

“If you had a $2 bill, perfect,” said Heather McCabe, a writer and $2 bill evangelist who runs the blog Two Buckaroo chronicling her spending with twos and other people’s reactions. “It’s a very useful thing to pay for a small amount.”

Yet the $2 note is the unloved child of paper currency.

It’s considered a curiosity to some and scorned by others in the United States. The myths around the $2 bill — nicknamed “Tom” by fans because it features Thomas Jefferson’s portrait on the front — are endless. Many Americans think $2 bills are rare, are not printed anymore or have gone out of circulation.

Wrong.

The Treasury Department’s Bureau of Engraving and Printing (BEP) will print up to 204 million $2 bills this year, based on an annual order from the Federal Reserve System. There were 1.4 billion $2 bills in circulation in 2020, according to the latest data from the Federal Reserve.
But $2 bills account for just 0.001% of the value of the $2 trillion worth of currency in circulation.

BEP doesn’t have to request new $2 bills each year, like it does for other bills. That’s because $2 bills are used so infrequently and last longer in circulation. The Fed orders them every few years and works down the inventory.

“Many Americans have pretty dubious assumptions about the $2 bill. Nothing happened to the $2 bill. It’s still being made. It’s being circulated,” McCabe said. “Americans misunderstand their own currency to the extent they don’t use it.”

Bad luck

The United States first issued $2 bills beginning in 1862, around the time the federal government first started printing paper money. Alexander Hamilton’s portrait was on the two until a new series was printed in 1869 with Jefferson.

But the deuce was unpopular and never gained a foothold with the public.

A major reason: The the $2 bill was considered bad luck. Superstitious people would rip off the corners of the bill to “reverse the curse,” making the bills unfit to use.

“He who sits in a game of chance with a two-dollar bill in his pocket is thought to be saddled with a jinx,” the New York Times said in a 1925 article. “They have been avoided as ill-starred.”

The two was also known for keeping controversial company. It was associated with gambling, where it was the standard bet at racetracks, and prostitution.

And during the nineteenth century, crony candidates frequently used $2 bills to bribe voters. Someone holding a $2 bill was thought to have sold a vote to a crooked politician.

The Treasury Department during the 1900s tried unsuccessfully several times to popularize the use of the $2 bill. In 1966, it gave up and discontinued printing the bills “because a lack of public demand.”

But a decade later, as the United States approached the bicentennial, the Treasury designed a new $2 bill series with a portrait of the signing of the Declaration of Independence on the back.

The aim was to cut the number of $1 bills in circulation and save the Treasury money on production costs.

But the relaunch in 1976 failed. People viewed the new version as a collector’s item and hoarded them instead of going out and spending them.

The Postal Service offered to stamp them only on April 13, the first day they were issued in honor of Jefferson’s birthday, unintentionally adding to the idea that they were commemorative bills -— a misconception that continues to this day.

“The press and public now tend to link the $2 bill with the Susan B. Anthony dollar under the general heading of ‘fiascos,'” the New York Times said in 1981.

There’s no rational reason why $2 bills aren’t as popular as other bills, said Paolo Pasquariello, a professor of finance at the University of Michigan. But people exhibit a preference for multiples of 1 and 5, he said.

Another reason $2 bills never took off: Cash registers, invented in the late 1800s, were never designed with a place to hold them, so cashiers didn’t know where to stash them.

“There wasn’t an alteration of cash registers for $2 bills,” said Heather McCabe. “The infrastructure of paying for things didn’t change. There was not an adjustment of how people work with that bill.”

If cash registers had a familiar slot for $2 bills, the bill would be more popular, she argued.

$2 subculture

But there are people who swear by $2 bills. In fact, communities and subcultures have developed around them.

US Air Force pilots who fly U-2 spy planes always keep a $2 bill in their flight suits.
Since the 1970s, fans of Clemson University’s Tigers football team have paid and tipped with $2 bills -— “Tiger Twos” — in other cities’ restaurants, bars, shops and hotels. The tradition started as a way to prove to Georgia Tech in Atlanta that it would benefit the city to schedule games against Clemson.
“There is a degree of popularity to them. There is a sense of excitement,” said Jesse Kraft, a curator at the American Numismatic Society. “But as far as putting them back into circulation, that’s the key that’s missing.”

Kraft is a proponent of adopting $2 bills more widely.

He notes that it’s about half as expensive for the Treasury to print a $2 bill than higher denominations, which come with costlier security features on the paper. It’s also more efficient to print $2 bills than $1 bills because the Treasury can print twice as much for the same amount of money and requires less storage.

John Bennardo, who made a 2015 film about $2 bills called “The Two Dollar Bill Documentary,” has made it his mission to “educate people and enlighten them and start using $2 bills in their life.”

In short, he concludes, $2 bills are underappreciated in the United States and a way for strangers to meet and engage.

“You will get remembered if you use a $2 bill,” Bennardo said. “It has this ability to connect people in way that other bills don’t. It opens up a dialogue between you and the cashier.”

“It’s a practical bill with inflation. But it’s social currency as well.”

CNN’s Harry Enten contributed to this article.

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Several people in WWE were let go today – Wrestling News

Brandon Thurston at Wrestlenomics is reporting that there were several layoffs at WWE earlier today.

Thurston wrote:

“I’m told there were layoffs today to WWE’s marketing department. Multiple people at the VP level were let go. Possibly a part of a restructuring to that department. EVP Catherine Newman was hired this summer as the new head of marketing.”

There were other company changes today. In their latest SEC filing, it was announced that Barstool Sports CEO Erika Nardini resigned from her position on the Board of Directors. The filing also officially announced that Michelle McKenna and JoEllen Lyons Dillon were elected to be on the Board.

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“Concurrent with the election of Mses. Dillion and McKenna, Erika Ayers Nardini has resigned from the Board,” WWE’s filing said. “With the recent acquisition of Barstool Sports by Penn Entertainment, Ms. Ayers Nardini’s time will be focused on the next chapter of this business and partnership. Ms. Ayers Nardini’s decision to resign from the Board was not due to any dispute or disagreement with [WWE], its management or any matter relating to [WWE’s] operations, policies or practices.”

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San Francisco airport workers ‘arrested and cited’ after ‘civil disobedience’

A food workers union at San Francisco International Airport says 41 protesters were arrested and cited for blocking traffic.

The union, Unite Here Local 2, said in a Friday press release that the group intended to practice “civil disobedience” with the potential to “block traffic” in protest for higher wages.

Union members and supporters of Unite Here Local 2 blocked traffic outside terminal three at the airport on Friday afternoon, according to a press release by the group.

Food service workers at the airport voted 99.7% in favor of authorizing a strike in August.

STRIKES BECOMING MORE COMMON AMID INFLATION, TIGHT LABOR MARKET

The union, Unite Here Local 2, said in a Friday press release that the group intended to practice “civil disobedience” with the potential to “block traffic” in protest for higher wages. (California State Sen. Josh Becker / Fox News)

“The non-violent civil disobedience, as well as picket lines by hundreds of workers and supporters, drew attention to workers’ fight against poverty wages and unaffordable health care,” a press release by the union states.

According to the press release, many fast-food workers “have not seen a raise in three years,” and make $17.05 an hour, requiring people to work two or three jobs in order to make ends meet.

Lucinda To, a lounge attendant at the United Club as well as a server at Cat Cora’s Kitchen at the airport, said in the press release that she lives on four hours of sleep per day.

SURVEY FINDS NEARLY 50% OF NYC OFFICE STAFF GO INTO THE OFFICE ON A TYPICAL WEEKDAY

Union members and supporters of Unite Here Local 2 blocked traffic outside terminal three at the airport on Friday afternoon. (California State Sen. Josh Becker / Fox News)

“I have to work two jobs to support my family, and I’m exhausted from living on four hours of sleep a day,” To said. “I’m making $16.99 per hour even though a meal at the airport costs at least $20. I hope this protest will show people that workers at SFO need a change, and we are ready to strike for it.”

Among those present at the protest were former California Assemblywoman Lorena Gonzalez Fletcher and State Sen. Josh Becker.

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The union, Unite Here Local 2, said in a Friday press release that the group intended to practice “civil disobedience” with the potential to “block traffic” in protest of higher wages. (California State Sen. Josh Becker / Fox News)

The union noted that a “strike could begin at any time.”

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Survey finds nearly 50% of NYC office staff go into the office on a typical weekday

Nearly 50% of New York City’s office workers now go into the office on a typical weekday, according to findings from a recent survey.

The Partnership for New York City said Thursday its survey found an average of 49% of Manhattan office workers are working in person weekdays as of mid-September, roughly two and a half years into the COVID-19 pandemic. 

That proportion went up 11% from April when 38% reported to the workplace.

MALCOLM GLADWELL SAYS PEOPLE MUST RETURN TO THE OFFICE TO REGAIN ‘SENSE OF BELONGING’

The sun sets on 432 Park Avenue, the Empire State Building, One Vanderbilt and the Chrysler Building on the midtown Manhattan skyline Jan. 25, 2022, in New York City. (Gary Hershorn/Getty Images / Getty Images)

Only 9% of Manhattan office workers go into the office five days a week, according to the survey. The highest percentage, 37%, are in person three days a week. About 16% of employees work remotely on a full-time basis in mid-September, compared to 28% in April, the survey found.

The industries with the highest average daily attendance rates were real estate, law and financial services. Real estate firms posted 82% average daily attendance, with law offices and financial services firms having 61% and 56%, respectively, according to the survey.

JEFFRIES CEO WANTS STAFF BACK IN THE OFFICE RATHER THAN THEIR ‘LONELY HOME SILOS’

While 90% of the employers surveyed encourage a return to the office, only 10% require daily in-person attendance from their employees, the survey found. Hybrid work is offered or will be offered by 77% of employers.

An aerial view of Lower Manhattan at sunset. (iStock / iStock)

By January, 54% of Manhattan’s office employees are expected to work in person on a typical weekday, according to the survey. 

The Partnership for New York City conducted the survey from Aug. 29 to Sept. 12 with over 160 major Manhattan office employers. A majority of the respondents were from the financial services, real estate, law, media and tech sectors.

Rockefeller Plaza in Midtown Manhattan. (iStock / iStock)

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Many big Wall Street firms, including Morgan Stanley, Goldman Sachs and JPMorgan, recently have been taking steps to reduce remote work. Companies in New York City and elsewhere had to send their employees home during the beginning of the pandemic.

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Colorado man reportedly shoots at postal worker because he thought they were stealing mail

EL PASO COUNTY, Colo. (KKTV) – A man is facing serious charges after authorities believe he fired shots at a postal worker in El Paso County.

The incident happened on Sept. 15 at about 4:20 p.m. in the Calhan area, east of Colorado Springs. Deputies were called to the 9900 block of Calhan Highway after reports someone was shooting a gun outside of a home. Calhan Police joined deputies in responding to the scene and learned two people had been shot at and no one was hit.

“After further investigation it was determined the homeowner of the residence believed someone was stealing his mail. At the time of the incident, one of the victims was working as a contracted employee of the United States Post Office delivering mail,” part of a news release from the El Paso County Sheriff’s Office reads. “The vehicle utilized was not marked with markings to indicate the service provided.”

The suspect was identified as Stephen Teague. Teague was charged with felony menacing with a deadly weapon along with misdemeanor menacing.

According to online court records, Teague does not appear to have a criminal history in Colorado.

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Chick-fil-A worker praised for helping a woman and baby being carjacked, deputies say

The Okaloosa County Sheriff’s Office is crediting a worker at a local Chick-fil-A restaurant for running to help a woman with a baby who was being carjacked. (Okaloosa Sheriff, Twitter)

Estimated read time: 1-2 minutes

FORT WALTON BEACH, Fla. — The Okaloosa County Sheriff’s Office is praising a Chick-fil-A employee in Florida who it said rushed to the aid of a woman who was being carjacked.

The woman was getting a baby out of her vehicle outside the restaurant in Fort Walton Beach when a man wielding a stick approached and demanded her keys, the sheriff’s office said Wednesday in a news release.

The man then grabbed the keys from the waistband of the woman’s pants, opened the vehicle’s door and got inside, the release said.

Hearing the woman’s shouts for help, an employee rushed to intervene, deputies said.

The employee, identified by the operator of the Chick-fil-A as Mykel Gordon, got into a physical struggle with the suspect, who punched Gordon in the face, the release said.

As the two tangled in the parking lot, others came to apparently help subdue the suspect, a video shared on Twitter by the sheriff’s office shows.

The sheriff’s office is crediting the employee as a good Samaritan who stopped the suspect from fleeing.

“A major shout-out to this young man for his courage,” the department said in the post.

Matthew Sexton, the operator of the Chick-fil-A branch, told CNN he is relieved everyone is safe.

“I’m grateful for my amazing Team Member, Mykel Gordon, who so selflessly jumped in to intervene and help our Guests. I couldn’t be prouder of his incredible act of care,” Sexton said

The suspect, a 43-year-old man, was arrested and charged with carjacking with a weapon and battery, the sheriff’s office said.

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Worker shortages in education, healthcare and rail jobs are fueling labor crises

Exhausted workers in education, healthcare and the railroad industry are pushing back after months of staffing shortfalls

Striking nurses demonstrate for better working conditions on the public sidewalks outside Riverside Hospital on Sept. 13 in Minneapolis. (Annabelle Marcovici for The Washington Post)

The U.S. economy came within hours of shutting down because of a standoff between unions and railroad carriers over sick pay and scheduling, highlighting just how dramatically staffing shortages have reshaped American workplaces and driven exhausted workers to push back.

With more than 11 million job openings and only 6 million unemployed workers, employers have struggled for more than a year to hire enough people to fill their ranks. That mismatch has left employees frustrated and burnt out, and is fueling a new round of power struggles on the job.

While the railway dispute, which the White House helped resolve early Thursday, has garnered the most attention, a number of other strikes are spreading across the United States. Some 15,000 nurses walked out of the job in Minnesota this week, and health-care workers in Michigan and Oregon have recently authorized strikes. Seattle teachers called off a week-long strike, delaying the start of the school year.

At the center of each of these challenges are widespread labor shortages that have caused deteriorating working conditions. Staffing shortfalls in key industries, such as health care, hospitality and education, have put unprecedented pressure on millions of workers, igniting a wave of labor disputes as well as new efforts to organize nationwide.

Everything you need to know about the averted rail strike

Too many industries are still struggling to find workers. The share of working-age Americans who have a job or are looking for one is at 62.4 percent, a full percentage point lower than it was in February 2020, according to Labor Department data.

The reasons are complex and broad. Early retirements, a massive slowdown in immigration that began during the Trump administration, as well as ongoing child care and elder care challenges combined with covid-related illnesses and deaths have all cut into the number of available workers.

“We have approximately 2.5 million fewer people in the labor force than we were on track to have with pre-pandemic trends,” said Wendy Edelberg, director of the Hamilton Project at the Brookings Institution. “That’s a big number, and it means that people who are still there, who are still working these jobs, are having to do even more.”

The stress of working at a job that’s understaffed is playing a big role in workers’ demands, which often revolve around staffing — or lack of it. Seattle teachers wanted better special education teacher-to-student ratios. Railroad conductors and engineers were asking for sick leave. And the nurses who stopped work in Minnesota said they’re looking for more flexible schedules and protections against retaliation for reporting instances of understaffing.

“If you look at sectors like nursing homes, local schools, railroads — employment has fallen like a stone,” said Lisa Lynch, an economics professor at Brandeis University and former Labor Department chief economist. “And with that, you see a marked increase in labor action and strike activity. People are tired and overworked.”

Biden scores deal on rail strike, but worker discontent emerges

Although the U.S. economy has officially recouped the 20 million jobs it lost at the beginning of the pandemic, the gains have been uneven. Major shortfalls remain, particularly in low-wage industries that have lost workers to higher-paying opportunities in warehousing, construction, and professional and business services. The hospitality and leisure industry is still down 1.2 million jobs from February 2020. Public schools are missing nearly 360,000 workers and health care has yet to recover 37,000 positions. Rail transportation, meanwhile, is down 12,500 jobs.

After months of juggling extra duties, Sabrina Montijo quit her $19-an-hour teacher’s aide job in the Bay Area in August. She now cares for her two young children full-time and says she isn’t sure when she’ll return to the workforce.

“Ever since the pandemic started, we were incredibly short-staffed,” Montijo, 33, said. “I had to work off-the-clock because there was nobody there. We couldn’t find staff and if we did, we were constantly having to train someone, always having to start over.”

Between the added pressure at work and trouble finding affordable child care, she says it just made sense to leave. Managing on just one income from her husband’s job as a butcher at Safeway hasn’t been easy, but Montijo says it’s better than the alternative.

“It got to the point where I didn’t feel like I had a choice,” she said. “I was having to set up arts and crafts, do science projects, make phone calls and talk to parents — all at the same time. There’s only so much one person can do.”

America faces catastrophic teacher shortage

Worker burnout has become a persistent problem across the economy, though labor economists say it is especially pronounced in industries with acute labor shortages. Many front-line workers in retail, restaurants, education and health care who worked throughout the pandemic — often putting their health and well-being at risk — say their jobs are becoming even tougher as vacancies pile up.

Although employers across the economy say they’re struggling to find and keep workers, labor shortages are most pronounced in retail (where roughly 70 percent of job openings remain unfilled), manufacturing (about 55 percent) and leisure and hospitality (45 percent), according to a U.S. Chamber of Commerce analysis of Labor Department data.

“When you look at the jobs that are having trouble hiring, it’s the ones with really long hours, inflexible schedules, not great pay and limited benefits,” said Paige Ouimet, a professor at the University of North Carolina’s Kenan-Flagler Business School who focuses on finance and labor economics. “Running your workers like this — asking them to do 20, 30 percent more because you’re short staffed — it’s very much a short-term strategy. You’re going to keep losing people.”

In many cases, employers have begun raising wages in hopes of attracting new workers. The highest wages gains have been in the lowest-paying industries, like hospitality, where average hourly earnings are up 8.6 percent from a year ago. (That’s compared to an increase of 5.2 percent for all workers.)

But while those pay increases may not be going far enough in attracting or keeping workers, economists say they are contributing to inflation. Restaurants, airlines, health-care companies and transportation providers are all charging more, in part, they say, because of rising labor costs.

Aveanna Healthcare, which provides home health care and hospice services, is collaborating with the Medicaid programs it works with to increase reimbursement rates to offset higher pay for nurses.

“Inflation has driven our workforce to seek employment that can and will pay higher wages,” Tony Strange, the company’s chief executive, said in an earnings call last month. “We need to increase caregiver wages on average 15 percent to 25 percent in certain markets that we serve. We will systematically go through state by state and contract by contract and adjust reimbursement rates.”

As covid persists, nurses are leaving staff jobs — and tripling their salaries as travelers

New inflation data released this week showed that prices remained stubbornly high, in large part because of rising costs for services including health care and transportation. Unlike prices for TVs and furniture, which are largely dependent on the cost of materials and shipping, economists say service inflation tends to be closely linked to workers’ wages.

“It is clear that the tight labor market is leading to wage growth, which is leading to price growth,” said Jason Furman, an economics professor at Harvard University. “Inflation in services tends to be much more persistent and it’s much harder to bring down. Gasoline prices are very volatile. Goods prices are somewhat volatile. But in services, if prices are high one month, they’re probably going to remain high next month.”

It’s unclear whether — or when — many of the people who left the workforce during the pandemic will return. That’s particularly true for workers 55 and older, who have stopped working at higher rates. The job market is still short more than 500,000 workers from that age group.

“There’s been a very significant and persistent decline in labor force participation among workers over 55,” said Edelberg of the Brookings Institution. “The pandemic has been a moment of introspection and reevaluation, and it has led a lot of people to step out of the labor force.”

Joseph White, who lives in Nashville, lost his job at Guitar Center six months into the pandemic. But he says he’d had enough: The store was constantly short-staffed and customers were intractable. In one instance, a shopper pulled a gun on him for trying to enforce the company’s mask mandate.

“I’m tired, I’m broken down, worn out and old,” the 62-year-old said. “I was worked to death for so long that finally, I said, there’s no way I’m going back.”

He’s begun drawing on Social Security payments to make ends meet, and helps his wife run her small shop, Black Dog Beads. But White says he has no intention of joining the labor force again.

“Our quality of life is far better even though we have less income,” he said. “I got tired of being a commodity.”

Lauren Kaori Gurley and Jeff Stein contributed to this report.

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Gautam Adani, India’s richest man, surpasses Jeff Bezos on billionaires list

The jostling among the world’s richest humans intensified Friday as three men rotated through the No. 2 spot in the span of 24 hours, highlighting the volatility of the markets and meteoric rise of Indian billionaire Gautam Adani on a list long dominated by tech titans.

On Friday morning, Adani edged out French business magnate Bernard Arnault and pushed Amazon founder Jeff Bezos down to the No. 4 spot on Forbes’s real-time billionaire rankings. The shake-up didn’t end there, however, Adani fell to No. 3, ahead of Bezos, by the afternoon.

By 5 p.m. Friday, Arnault was worth $154.7 billion, Adani $152.2 billion, and Bezos $146.9 billion. Staggering numbers by any measure, but well behind the $273.2 billion fortune of Elon Musk.

As chair of the Adani Group, a multinational conglomerate, Adani’s portfolio of companies and investments spans coal mining, data centers, airports and renewable energy. And his wealth has soared over the past year, just as the value of the largest American tech companies has slipped alongside much of Wall Street’s biggest names.

Here’s what you need to know about Adani:

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Across Minnesota, higher mortgage rates take a toll on home sales and listings

The doubling of mortgage rates over the past year is beginning to take a toll on home sales across Minnesota.

This week, mortgage rates topped 6% for the first time in 14 years as lenders continue leaping ahead of the expected hikes to the main rate set by the Federal Reserve.

On Friday, a new report from the Minneapolis Area Realtors showed the lowest monthly sales figure for any August in eight years and the lowest number of listings for any August in at least a decade.

“We’re seeing a less competitive landscape as the market has slowed given current interest rates,” said Denise Mazone, a Twin Cities real estate agent and president of Minneapolis Area Realtors. “But the silver lining is that a less frenzied market could spell more inventory and opportunity for persistent buyers.”

A similar story is unfolding across the state. St. Cloud experienced the steepest decline of all regions for home closures, a 26% year-on-year drop.

House prices are still rising, sales are happening quickly and sellers are still getting close to their asking prices. At the same time, entry-level and working-class buyers are having to stretch their budgets as they shop for a dwindling number of listings.

The move to a 6% mortgage rate from 3% a year ago has a bigger effect on monthly payments than most people think, said Chris Galler, chief executive officer of Minnesota Realtors.

“In most people’s minds, they go, ‘Oh, that’s only 3%,'” Galler said. “It’s not. You really have to look at the impact, which is that it’s 100% more interest.”

Because of that, the monthly payments on a $270,000 house today as the same as for a $310,000 house purchased a year ago. “That’s about $40,000 that they lost out on as far as buying capacity,” Galler said.

In the Twin Cities last month, buyers signed 4,981 purchase agreements, 24% fewer than last year and the lowest figure for any August since 2014, according to Minneapolis Area Realtors. Closings, a reflection of deals signed two to three months earlier, were also down by about the same amount.

The median price of those sales increased 5.6% to $369,750, the smallest annual gain since the summer of 2020.

There were also far fewer home sellers last month. In the Twin Cities, there were only 6,186 new listings, nearly 20% fewer than last year and the least for any August in a decade.

The trends were similar statewide, according to Minnesota Realtors. The group said closings were down 17% with the median sales price increased 4.4% to $330,000. New listings were down 19%. St. Cloud saw a 32% drop in listings.

The market slowdown isn’t all bad for potential buyers. In this market, sellers will likely spend more time and money making sure their house is in good condition, Galler said. And because there will be fewer multiple-offer situations, buyers can insist on housing inspections — a practice some buyers skipped as a way to improve their offer during the height of the homebuying frenzy last year.

“I wouldn’t call it a buyer’s market yet,” said Shawn Hartmann, a Twin Cities sales agent. “But it’s ranging toward a balanced market.”

Most of Hartmann’s clients are shopping for houses priced at less than $500,000 and those are the buyers who have been most affected by higher rates.

Upper-bracket sales are still strong. While closings of houses priced at less than $500,000 are down compared with last year, closings on homes priced at more than $500,000 have been up nearly double-digits compared with last year.

That’s in part because there are fewer options for entry-level buyers, but also because those buyers are most affected by higher mortgage rates. Redfin said Friday that cash purchases remain above pre-pandemic levels with a quarter of all homes in the Twin Cities being bought with cash during July.

Hartmann said properties that are competitively priced, in top-notch condition and in good locations are still in high demand. He recently got a dozen offers for way more than the asking price on a midcentury modern house near Como Park in St. Paul.

It sold for $120,000 more than the $535,000 asking price at the end of last month.

The deal was something of an anomaly, Hartmann said. Demand for housing typically slows during fall, but that decline is more pronounced this year. He said that as mortgage rates increase he’s starting to hear from more would-be sellers than buyers.

“When we have more people talking about selling than buying it gives me some indication that the market could be changing up a bit,” he said. “And right now more people are interested in selling.”

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