What we’re reading (6/14)
“Airline Stocks Have Soared. They're Not In The Clear Yet” (CNN Business). “Air travel in the United States is back. That's great news for airline stocks, which have rallied this year on hopes that domestic trips would make a return. What's happening: The Transportation Security Administration said over the weekend that it screened more than 2 million passengers on Friday — the highest number since early March 2020. Before the pandemic, TSA screened an average of 2 million to 2.5 million travelers per day.”
“Goldman Sachs Says Value Stocks Will Outperform In The Near Term - But Growth Stocks Will Take The Lead By End Of 2021” (Business Insider). “The rotation into value stocks spurred by the global economic recovery is mostly over, but investors should expect near-term outperformance of value names before growth stocks regain market leadership by the end of 2021, according to Goldman Sachs. ‘History, valuations, positioning, and economic deceleration indicate that most of the rotation is behind us,’ Goldman analysts led by Ben Snider said in a recent note.”
“Bank Of America CEO Brian Moynihan Says Consumer Spending Is 20% Higher This Year Than 2019” (CNBC). “American consumers are spending more freely as the economy continues to open up, according to Bank of America CEO Brian Moynihan. Transaction volumes on customers’ credit and debit cards and over the Zelle payment network has grown by 20% so far this year compared to this point in 2019, Moynihan told CNBC’s Becky Quick Monday on CNBC’s ‘Squawk Box.’ The comparison excludes 2020, an abnormal year in many respects because the onset of the pandemic led to widespread stay-at-home orders.”
“‘Great Resignation’ Wave Coming For Companies” (Axios). “Workers have had more than a year to reconsider work-life balance or career paths, and as the world opens back up, many of them will give their two weeks' notice and make those changes they’ve been dreaming about…[s]urveys show anywhere from 25% to upwards of 40% of workers are thinking about quitting their jobs.”
“The Pandemic Revealed How Much We Hate Our Jobs. Now We Have A Chance To Reinvent Work” (Time). “[Millions are] reassessing their relationship to their jobs. The modern office was created after World War II, on a military model—strict hierarchies…[b]ut after years of gradual change in Silicon Valley and elsewhere, there’s a growing realization that the model is broken. Millions of people have spent the past year re-evaluating their priorities. How much time do they want to spend in an office? Where do they want to live if they can work remotely? Do they want to switch careers? For many, this has become a moment to literally redefine what is work.”
