Industry Insights: July 19, 2023
by Jordan DeGraw • July 19, 2023
Godzilla IRL Coming 2024…🦖
Hey there, readers!
Welcome back to our weekly dose of industry insights. We’ve got some fascinating updates to share with you today, so let’s dive right in!
The latest labor market data reveals an interesting shift. After peaking during the pandemic, Americans have been holding onto their jobs, thanks to better wage opportunities and increased workplace flexibility. This change indicates a cooling labor market.
Additionally, the Labor Department has confirmed a drop in inflation to 3% for June. However, with historically low unemployment rates of around 3.6%, and a robust economy, the Federal Reserve might still raise interest rates this month to target a 2% inflation rate. The remaining factors that need to align for inflation to get back on track are housing and used car prices, which have been buoyed up by low pandemic-era interest rates and limited supply.
In exciting news, a new system called FedNow is set to revolutionize money transfers. This system will enable banks to transfer funds instantly, eliminating frustrating wait times, especially during weekends and holidays. Consumers will benefit from faster access to funds, avoiding check cashing fees and potentially steering clear of late fees. Additionally, businesses will have the opportunity to offer more frequent payroll cycles, such as weekly or daily payments.
Shifting gears, the return to office work is making waves in the US. While there are nearly a billion square feet of unused office space available, Big Tech companies are urging employees to return to the office. As a result, office occupancy rates have reached around 50%, significantly lower than the nearly 100% pre-pandemic levels. With more people commuting to work, brace yourselves for the return of rush hour traffic!
Instagram’s latest text-based app, Threads, has made an impressive debut. Within just five days of its release, Threads garnered a staggering 100 million users. For comparison, it took Instagram two and a half years to reach the same milestone. This incredible growth has had an unexpected impact on Twitter, as its traffic seems to be declining following Threads’ launch. While there’s no advertising platform available yet, it’s wise for brands to start posting organically on Threads to tap into this new audience and enjoy increased reach.
In another noteworthy development, TikTok is contemplating the launch of its own online retail store, putting it in direct competition with giants like Amazon. If this plan comes to fruition, TikTok will handle everything from purchasing its own inventory to logistics and customer service. Keep an eye out for further updates on this exciting potential venture!
Just for Fun:
Las Vegas always manages to capture our attention, and this time, it’s with the largest spherical structure on Earth! With an impressive 580,000 square feet of LED lighting, this architectural wonder resembles a planet-sized basketball. Talk about a striking sight to behold!
Here’s a fun fact that adds a whole new dimension to our digital communication. A Canadian judge recently ruled that a thumbs-up emoji can be considered a legally binding agreement. So, next time you’re engaging in a conversation via text messages, remember the power of those little icons!
Lastly, in a story that sounds like it’s straight out of a monster movie, Japan is planning to release wastewater from a nuclear power plant into the ocean. If you’re a fan of Godzilla, this might feel eerily familiar. Let’s hope this real-life scenario doesn’t have the same catastrophic consequences!
That’s all for this week’s industry insights. We hope you found these updates as intriguing as we did! Join us next time for more exciting news from the ever-evolving world.
Until then, take care and keep exploring! Bon appétit!
Your friendly Industry Insights devotee,