![]() “The world is undergoing a transformation: Russia’s brutal attack on Ukraine has upended the world order that had been in place since the end of the Cold War, more than 30 years ago,” Fink wrote in his letter to shareholders. Looking to make extra cash? This CD has a 5.While he has previously been skeptical about cryptocurrencies, Fink wrote that the havoc caused by Russia’s invasion could boost virtual currencies: “A global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption.” Crucial Quote: This story was originally featured on ĥ side hustles where you may earn over $20,000 per year-all while working from home “Because people were job-hopping so regularly, there wasn’t really a chance to bring them up to the speed, or productivity, that a former worker would’ve had,” he said. ![]() One reason for a fall in productivity could be imperfect hybrid work arrangements, such as when companies ask people to come in for a few days a week without determining how such a system would work in practice.īut increased labor churn from job-hopping individuals during the “Great Resignation” could also lead to reduced productivity, EY-Parthenon chief economist Gregory Daco previously suggested to Fortune. However, economists warn against tightly connecting declines in labor productivity and remote work. Surveys find that managers often report lower or unchanged productivity from remote workers, and CEOs like Meta’s Mark Zuckerberg and Salesforce’s Marc Benioff argue that working-from-home is particularly harmful to new hires. Labor productivity has continued to decline since then, dropping by 2.1% in the first quarter of the year, according to the Bureau of Labor Statistics. Fink said the request was “a key element in bringing down inflation: rising productivity.” “We have to get our employees back in the office,” he said in a Fox Business interview.Īt the time, the asset manager was pushing its employees to follow its mandate to come into the office three days a week. Last September, BlackRock’s CEO blamed the rising trend of working-from-home for sticky inflation. as a way to reverse a fall in productivity caused by a very different phenomenon: The rise of remote work. Yet this improvement could come at the expense of higher-wage knowledge workers “previously considered to be relatively immune to automation,” the consulting firm warns. could “automate work activities that absorb 60% to 70% of employees’ time today,” and in turn grow labor productivity by between 0.2% to 3.3% each year. The new technology could add anywhere between $2.6 trillion to $4.2 trillion to the global economy, estimates McKinsey Global Institute in a report released Wednesday. and productivityĬompanies hope that generative A.I.-a category of tools that include OpenAI’s viral chatbot ChatGPT-could automate a large swathe of knowledge work. (The Fed on Wednesday held off on raising rates again, but forecast two more increases before the end of the year.) A.I. Yet core inflation-which excludes more volatile energy and food prices-came in at 5.3%, staying above 5% for the 18th consecutive motnh.įink warned a few weeks ago that inflation was “still too strong, too sticky,” and so would lead to two to four more interest rate hikes from the U.S. prices rose 4% year-on-year in May, which is the lowest rate of inflation reported in over two years. has the huge potential to increase productivity, and transform margins across sectors,” he predicted, which would “bring down the inflation," reports the Financial Times. ![]() New artificial intelligence technologies can help end our period of record inflation, the head of the world's largest asset manager argued on Wednesday.Ī global slowdown in productivity is a “reason why we have such sticky inflation,” BlackRock CEO Larry Fink said during the company’s investor day event, according to Bloomberg. ![]()
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