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Founder, editor and CEO of SideHusl.com Kathy Kristof joined Varney & Co. to share some of her best tips and tricks on how consumers can supplement their wealth with new job opportunities.

All eyes will be on the March jobs report when it comes out Friday morning amid signs the once rock solid labor market is finally beginning to crack in the face of higher interest rates.  

The Labor Department's high-stakes payroll report is projected to show that hiring increased by 239,000 last month and that the unemployment rate held steady at 3.6%, according to a median estimate by Refinitiv economists.

That would mark a drop from the 311,000 gain in February and would be the weakest monthly job growth since December 2020.

Construction workers on a job site March 10, 2023, in Miami, Fla. (Joe Raedle/Getty Images / Getty Images)

While monthly jobs data is always important, the Federal Reserve is closely watching this particular report for evidence that the labor market is finally softening after months of strong job gains as policymakers try to wrestle inflation under control. The consumer price index has cooled slightly from a peak of 9.1% in June, but it remains about three times higher than the pre-pandemic average.

JOB CUTS SURGED 15% IN MARCH, AND LARGE-SCALE LAYOFFS 'WILL LIKELY CONTINUE:' REPORT

"Here we go again. The upcoming employment report will be the most important ever, just like the previous dozen or so," said Dan North, senior economist at trade credit insurer Allianz Trade North America. "Will it show a cooling labor market, giving the Fed room to breathe, or will it come out strong, putting [a 25 basis point interest rate hike] back on the table in May?"

A lower-than-expected figure on Friday could be a welcoming sign for the U.S. central bank, which has already approved nine straight interest rate hikes and opened the door to a 10th increase at its May meeting. 

ARE TECH LAYOFFS THE CANARY IN THE US JOBS MARKET?

The labor market has remained historically tight over the past year, but there are signs of a slowdown. A separate report released Wednesday showed there were about 9.9 million job openings in February, the first time since May 2021 that the number of available jobs dipped below 10 million. 

However, job openings remain historically high. Before the COVID-19 pandemic began in early 2020, the highest on record was 7.6 million. There are still roughly 1.7 jobs per unemployed American. 

A hiring sign is shown during a job fair at a Schneider Electric manufacturing facility in Hopkins, S.C., Jan. 18, 2023. (Micah Green/Bloomberg via Getty Images / Getty Images)

There has also been a wave of notable layoffs over the past few months, and the list grows longer by the day. Amazon, Apple, Meta, Lyft, Facebook, Google, IBM and Twitter are among the companies letting workers go.

"The data in hand right now suggest the job market lost momentum since last fall," said Bill Adams, chief economist for Texas-based Comerica Bank. "If inflation reports for March come in softer than expected, or there is another batch of negative economic headlines between now and the decision, it would likely tip the balance toward a hold in May. But inflation is still the Fed’s foremost concern, so a May hike can’t be ruled out."

JOBLESS CLAIMS COME IN HIGHER THAN EXPECTED AHEAD OF MARCH JOBS REPORT

Job losses could soon bleed into the broader labor market. Fed Chairman Jerome Powell has made it clear that policymakers anticipate job growth will slow and unemployment could climb as the Fed raises interest rates higher, but he has argued that an alternative where prices soar unchecked is worse.

Recruiters speak with job seekers during a job fair in Miami Dec. 16, 2021. (Eva Marie Uzcategu /Bloomberg via Getty Images / Getty Images)

For many economists, the possibility of unemployment rising has become a question of when not if.

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The central bank previously projected the jobless rate will march substantially higher to 4.6% and remain elevated in 2024 and 2025 as steeper rates continue to take their toll by pushing up borrowing costs. That could amount to more than 1 million job losses.

Hiking interest rates tends to create higher rates on consumer and business loans, which slows the economy by forcing employers to cut back on spending.

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Entertainment

Black Sabbath, Elton John and Rod Stewart among music giants paying tribute to Ozzy Osbourne

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Black Sabbath, Elton John and Rod Stewart among music giants paying tribute to Ozzy Osbourne

Black Sabbath have paid tribute to their former frontman Ozzy Osbourne after the megastar died at the age of 76.

Osbourne’s death on Tuesday morning was announced in a statement, which said he died surrounded by his family.

His death came just weeks after he reunited with his Black Sabbath bandmates – Tony Iommi, Terence “Geezer” Butler and Bill Ward – and performed a huge farewell concert for fans.

The band paid tribute to him on Instagram by sharing an image of Osbourne on stage at the farewell gig in Birmingham and writing “Ozzy Forever”.

Ozzy Osbourne’s life in pictures

Iommi, the band’s lead guitarist, said he was in disbelief at the news.

“It’s just such heartbreaking news that I can’t really find the words, there won’t ever be another like him. Geezer, Bill and myself have lost our brother.”

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Watch: Ozzy’s last concert

Butler, Black Sabbath’s bassist and primary lyricist, thanked Osbourne for “all those years – we had some great fun”.

He said: “Four kids from Aston – who’d have thought, eh? So glad we got to do it one last time, back in Aston. Love you.”

Ozzy Osbourne salutes the crowd with his wife Sharon during the 46th Annual Grammy Awards. Pic: AP
Image:
Osbourne with his wife Sharon during the 46th Annual Grammy Awards. Pic: AP

Sir Elton John described Osbourne as his “dear friend” and a “huge trailblazer” who “secured his place in the pantheon of rock gods”.

“He was also one of the funniest people I’ve ever met,” the singer wrote on Instagram.

Ronnie Wood, of The Rolling Stones, wrote: “I am so very sad to hear of the death of Ozzy Osbourne. What a lovely goodbye concert he had at Back To The Beginning in Birmingham.”

Born John Michael Osbourne on 3 December 1948 in Aston, Birmingham, he became known as the godfather of heavy metal.

The self-styled Prince of Darkness pioneered the music genre with Black Sabbath before going on to have huge success in his own right.

He was famous for hits including Iron Man, Paranoid, War Pigs, Crazy Train and Changes, both with the band and as a solo star.

Legendary American heavy metal band Metallica shared an image of them with Osbourne from 1986 along with an emoji of a broken heart.

Posting on Instagram, Sir Rod Stewart said: “Sleep well, my friend. I’ll see you up there – later rather than sooner.”

Queen guitarist Sir Brian May said he was “grateful I was able to have a few quiet words” with Osbourne after his farewell show at Villa Park three weeks ago.

He said the world will miss the singer’s “unique presence and fearless talent”.

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Business

Goldman Sachs boss sounds warning to Reeves on tax and regulation

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Goldman Sachs boss sounds warning to Reeves on tax and regulation

London and the UK’s leading status in the global financial system is “fragile”, the boss of Goldman Sachs has warned, as the government grapples with a tough economy.

Speaking ahead of a meeting with the prime minister, David Solomon – chairman and chief executive of the huge US investment bank – told Sky News presenter Wilfred Frost’s The Master Investor Podcast of several concerns related to tax and regulation.

He urged the government not to push people and business away through poor policy that would damage its primary aim of securing improved economic growth, arguing that European rivals were currently proving more attractive.

Money latest: Mortgage shake-up to save ‘time and money’

He said: “The financial industry is still driven by talent and capital formation. And those things are much more mobile than they were 25 years ago.

“London continues to be an important financial centre. But because of Brexit, because of the way the world’s evolving, the talent that was more centred here is more mobile.

“We as a firm have many more people on the continent. Policy matters, incentives matter.

More on Uk Economy

“I’m encouraged by some of what the current government is talking about in terms of supporting business and trying to support a more growth oriented agenda.

“But if you don’t set a policy that keeps talent here, that encourages capital formation here, I think over time you risk that.”

He had a stark warning about the recent reversal of the “Non Dom” tax policy, which occurred across both the prior Conservative government and the current Labour government, which has played a part in some senior Goldman partners relocating away from London.

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Chancellor will not be drawn on wealth tax

Richard Gnodde, one of the bank’s vice-chairs, left for Milan earlier this year.

“Incentives matter if you create tax policy or incentives that push people away, you harm your economy,” Mr Solomon continued.

“If you go back, you know, ten years ago, I think we probably had 80 people in Paris. You know, we have 400 people in Paris now… And so in Goldman Sachs today, if you’re in Europe, you can live in London, you can live in Paris, you can live in Germany, in Frankfurt or Munich, you can live in Italy, you can live in Switzerland.

“And we’ve got, you know, real offices. You just have to recognise talent is more mobile.”

Goldman is understood to have about 6,000 employees in the UK.

Rachel Reeves is currently seeking ways to fill a black hole in the public finances and has refused to rule out wealth taxes at the next budget.

Mr Solomon expressed sympathy for her as her tears in parliament earlier this month led to speculation about the pressure of the job.

“I have sympathy, I have empathy not just for the chancellor, but for anyone who’s serving in one of these governments,” he said, referring to the turbulent political landscape globally.

Commenting on the chancellor’s Mansion House speech last week, he added: “The chancellor spoke here about regulation, she’s talking about regulation not just for safety and soundness, but also for growth.

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Takeaways from chancellor’s Mansion House speech

“And now we have to see the action steps that actually follow through and encourage that.”

One area he was particularly keen to see follow through from her Mansion House speech was ringfencing – the post financial crisis regulation that requires banks to separate their retail activities from their investment banking activities.

“It’s a place where the UK is an outlier, and by being an outlier, it prevents capital formation and growth.

“What’s the justification for being an outlier? Why is this so difficult to change? It’s hard to make a substantive policy argument that this is like a great policy for the UK. So why is it so hard to change?”

The Master Investor Podcast with Wilfred Frost is available across multiple podcast platforms

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Politics

Goldman Sachs boss sounds warning to Reeves on tax and regulation

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Goldman Sachs boss sounds warning to Reeves on tax and regulation

London and the UK’s leading status in the global financial system is “fragile”, the boss of Goldman Sachs has warned, as the government grapples with a tough economy.

Speaking ahead of a meeting with the prime minister, David Solomon – chairman and chief executive of the huge US investment bank – told Sky News presenter Wilfred Frost’s The Master Investor Podcast of several concerns related to tax and regulation.

He urged the government not to push people and business away through poor policy that would damage its primary aim of securing improved economic growth, arguing that European rivals were currently proving more attractive.

Money latest: Mortgage shake-up to save ‘time and money’

He said: “The financial industry is still driven by talent and capital formation. And those things are much more mobile than they were 25 years ago.

“London continues to be an important financial centre. But because of Brexit, because of the way the world’s evolving, the talent that was more centred here is more mobile.

“We as a firm have many more people on the continent. Policy matters, incentives matter.

More on Uk Economy

“I’m encouraged by some of what the current government is talking about in terms of supporting business and trying to support a more growth oriented agenda.

“But if you don’t set a policy that keeps talent here, that encourages capital formation here, I think over time you risk that.”

He had a stark warning about the recent reversal of the “Non Dom” tax policy, which occurred across both the prior Conservative government and the current Labour government, which has played a part in some senior Goldman partners relocating away from London.

Please use Chrome browser for a more accessible video player

Chancellor will not be drawn on wealth tax

Richard Gnodde, one of the bank’s vice-chairs, left for Milan earlier this year.

“Incentives matter if you create tax policy or incentives that push people away, you harm your economy,” Mr Solomon continued.

“If you go back, you know, ten years ago, I think we probably had 80 people in Paris. You know, we have 400 people in Paris now… And so in Goldman Sachs today, if you’re in Europe, you can live in London, you can live in Paris, you can live in Germany, in Frankfurt or Munich, you can live in Italy, you can live in Switzerland.

“And we’ve got, you know, real offices. You just have to recognise talent is more mobile.”

Goldman is understood to have about 6,000 employees in the UK.

Rachel Reeves is currently seeking ways to fill a black hole in the public finances and has refused to rule out wealth taxes at the next budget.

Mr Solomon expressed sympathy for her as her tears in parliament earlier this month led to speculation about the pressure of the job.

“I have sympathy, I have empathy not just for the chancellor, but for anyone who’s serving in one of these governments,” he said, referring to the turbulent political landscape globally.

Commenting on the chancellor’s Mansion House speech last week, he added: “The chancellor spoke here about regulation, she’s talking about regulation not just for safety and soundness, but also for growth.

Please use Chrome browser for a more accessible video player

Takeaways from chancellor’s Mansion House speech

“And now we have to see the action steps that actually follow through and encourage that.”

One area he was particularly keen to see follow through from her Mansion House speech was ringfencing – the post financial crisis regulation that requires banks to separate their retail activities from their investment banking activities.

“It’s a place where the UK is an outlier, and by being an outlier, it prevents capital formation and growth.

“What’s the justification for being an outlier? Why is this so difficult to change? It’s hard to make a substantive policy argument that this is like a great policy for the UK. So why is it so hard to change?”

The Master Investor Podcast with Wilfred Frost is available across multiple podcast platforms

Continue Reading

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