![]() ![]() 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. Edited by Jeffrey Cane (tweet ) in New York and Hallam Bullock (tweet ) in London.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. Feedback or tips? Email tweet or connect on LinkedIn. These four cold-brew makers are your best bet.Ĭurated by Dan DeFrancesco in New York. But save yourself some cash, and a trip outside, by doing some home brewing. Who needs Starbucks when you can brew it at home? As the temperatures keep rising, you might be opting for a cold brew over a hot coffee. These 12 North American locations will make you feel like you're in Europe, without having to actually go there. With flights to Europe set to be incredibly high this summer - more on that here - perhaps you want to holiday a bit closer to home. European vibes without going across the pond. This honest, open accounting of the experience is worth the read.ĩ. ![]() What happens when your startup gets shut down. Kristen Anderson, founder of fintech Catch, wrote a fascinating personal essay for Workweek about winding down her startup and the toll it took on her this year. Account icon An icon in the shape of a person's head and shoulders.
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