🧐 Why the Recession Is Always Six Months Away

Plus: Meta Is Said to Plan Thousands More Layoffs as Soon as This Week, You're Now a 'Manager.' Forget About Overtime Pay, and more…

Today’s pick

Why the Recession Is Always Six Months Away. Continued strong hiring and consumer spending are complicating Federal Reserve Chair Jerome Powell’s campaign to tame inflation. (Nick Timiraos / Wall Street Journal)

Nick Timiraos @NickTimiraos

The next economic downturn has become the most anticipated recession in recent U.S. history. It also keeps getting postponed Goldman economists say higher-than-anticipated consumer spending this year could support a terminal Fed rate of 5.75%-6%

wsj.comWhy the Recession Is Always Six Months AwayContinued strong hiring and consumer spending are complicating Federal Reserve Chair Jerome Powell’s campaign to tame inflation.

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Meta Is Said to Plan Thousands More Layoffs as Soon as This Week. Meta Platforms Inc., the owner of Facebook and Instagram, is planning a fresh round of layoffs and will cut thousands of employees as soon as this week, according to people familiar with the matter. The world's largest social networking company is… (Sarah Frier / Bloomberg)

Sarah Frier @sarahfrier

Scoop: Meta is planning a fresh round of layoffs, affecting thousands. This is separate from the organizational “flattening” we already reported, per our sources. bloomberg.com/news/articles/… w/ @KurtWagner8 @EdLudlow

bloomberg.comBloomberg - Are you a robot?

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You're Now a 'Manager.' Forget About Overtime Pay. For four years beginning in 2014, Tiffany Palliser worked at Panera Bread in South Florida, making salads and operating the register for shifts that began at 5 a.m. and often ran late into the afternoon. Ms. Palliser estimates that she worked at… (Noam Scheiber / The New York Times)

Noam Scheiber @noamscheiber

The number of people labeled "managers" has been growing much faster than the number of workers overall, and that accelerated during the pandemic. One reason: It's a way for employers to avoid paying workers overtime.

nytimes.comYou’re Now a ‘Manager.’ Forget About Overtime Pay.New evidence shows that many employers are mislabeling rank-and-file workers as managers to avoid paying them overtime.

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Sceptical investors worry whether advances in AI will make money. Silicon Valley VCs fearing a repeat of falling crypto values warn against pouring cash into hype-fuelled start-ups. (George Hammond / Financial Times)

Financial Times @FT

Sceptical investors worry whether advances in AI will make money

on.ft.comSceptical investors worry whether advances in AI will make moneySilicon Valley VCs fearing a repeat of falling crypto values warn against pouring cash into hype-fuelled start-ups

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A Gen Z Mystery: My Instagram Posts Keep Showing Up on Facebook!. More than a decade ago, Qu'ana Underwood, then a middle school student in Philadelphia, joined Facebook. But as other social media platforms appeared, Facebook “became an afterthought,” she said. Then last March, after Ms. Underwood… (Kalley Huang / The New York Times)

Sheera Frenkel @sheeraf

Gen Z wants to know why their Instagram photos keep getting posted to Facebook. Got to contribute to this fun story by @KalleyHuang

nytimes.comA Gen Z Mystery: My Instagram Posts Keep Showing Up on Facebook!Teenagers and young adults are flummoxed. The reason it keeps happening involves an online prompt and product design.

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