Mercury is entering retrograde today, but at least it’s Friday! This is Swapna Venugopal Ramaswamy bringing you the top money headlines.
Are things returning to somewhat normal in the labor market?
In the aftermath of the pandemic, the Great Resignation led to labor scarcity and new employment at higher salaries and better benefits for job seekers.
But now, U.S. wage growth is easing overall, and pay increases for new hires in certain industries have downright tumbled from levels a year ago as a historically hot labor market cools, according to Gusto, a payroll processor for small businesses.
The pullback is mostly affecting sectors that have struggled because of the Federal Reserve’s sharp interest rate hikes the past year, such as housing, finance and technology.
But it’s also starting to spread to other industries, such as manufacturing, as more Americans who left the labor force during the depths of the pandemic stream back in because their COVID-related savings are dwindling and health risks are waning.
Bed frames and Swedish meatballs
Oh, are you in the market for flat-packed furniture that you can assemble yourself?
You are in luck.
IKEA is growing its presence in the U.S.
The ready-to-assemble furniture company on Thursday announced plans to add eight new stores in the U.S., in addition to nine plan and order points (smaller stores dedicated to kitchen, bedroom, and living room planning) and 900 pick-up locations for online purchases.
The company has yet to nail down the locations for the new stores but is looking to launch in cities where it already has a presence as well as new markets, according to Javier Quiñones, IKEA U.S.’s CEO and chief sustainability officer.
The $2.2 billion investment over the next three years should make IKEA’s products accessible to more Americans through both digital and physical storefronts.
