ICYMI: 03.21.23
Childcare Poses as a Barrier to Workforce
The cost of childcare is barring an estimated 380,000 Americans in their peak productivity years (aged 25 to 54) from the workforce.
Bank account data reveals a 7% drop in customers making child-care payments towards the end of last year, compared to the start of 2020.
Here is the breakdown by generation:
Gen Z (1997 to 2013): 21.1%
Millennials (1981 to 1996): 13.3%
Gen X (1965 to 1980): 10.7%
Baby Boomer (1946 to 1964): 22.5%
Silent (1928 to 1945): 29.6%
According to the Department of Labor jobs report, payrolls rose by 311,000 in February.
Job Recruiters Are Catching Applicants Using ChatGPT
Job recruiters have seen a surge in job applicants using ChatGPT to write resumes and complete skills testing.
THREAT OF TIKTOK BAN REACHES FEDERAL LEVEL
The Biden administration is threatening to ban TikTok, owned by Chinese-based company Byte Dance, over national security concerns unless it sells its stake in the app. Shares for Snap and Meta jumped following the report.
USB BUYS CREDIT SUISSE AFTER TURBULENT WEEK
On Monday, March 20th Swiss bank USB purchased its rival bank, Credit Suisse. The acquisition follows a turbulent week for the global investment bank during which it saw the worst weekly decline since the start of the pandemic.
BANKS PLEDGE $30B IN DEPOSITS TO FIRST REPUBLIC
Eleven banks have pledged to deposit $30 billion in First Republic Bank following a grueling week for the troubled bank. Shares for First Republic plummeted after the collapse and closure of Silicon Valley Bank. (Read more about SVB’s collapse.)
OPENAI RELEASES GPT-4; Morgan Stanley puts it to use
OpenAI released GPT-4, and Morgan Stanley rolled out a chatbot powered by the large language model to generate responses from the bank’s broad collection of research and data.
Bitcoin Reaches $28K Amid Fears of Global Banking Crisis
Bitcoin surged to $28,000 over the weekend after a week-long rally spurred on by the banking crisis.
