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Great news: Forecasters expect hotter-than-average temperatures this summer and teased an âextreme heat beltâ forming in the US by 2053 thatâll push heat indexes above 125 degrees Fahrenheit at least once a year. Probably worth clarifying here that âgreat newsâ was targeted at vultures.
In todayâs email:
Applying pressure: Good jobs come to those who wait⊠and wait⊠and wait
Organized retail crime: Target has bigger problems than shoplifting
Digits: App Store fraud, Bitcoin and esports in trouble, and more newsy numbers
Around the Web: Bizarre landmarks, philosophy is for the bros, a hungry cat, and more
The Big Idea
Having a terrible time landing a new job? Youâre not the only one
Want a new gig? Be prepared for it to take a while.
2023-05-22T00:00:00Z
Ben Berkley
Job hunting is an exciting time. There are, uh, minimal challenges with dry eyes, and â well, the constant destruction of oneâs self-worth highlights how important having it is, right?
OK, great pep talk. Now get out there and submit some cover letters!
If youâve pursued white-collar work lately, thereâs a good reason why your headâs always looking for a good wall to smack itself against: The market is brutal, perThe Wall Street Journal.
Remember the friendly post-pandemic hiring market?
Thatâs been pretty well-obliterated in many industries, including real estate, finance, and tech. Itâs a simple case of supply and demand:
Supply is down: US job postings have dropped by ~500k since 2022.
Demand is up: The marketâs flooded with experienced candidates following two layoff-packed years â tech firms alone have shed ~363k roles since last year.
The result?
Competition. So much competition. AT&T, for one, said its applicants per posting have nearly doubled YoY.
Employers are realizing they once again get to be picky as hell.
Companies are taking longer to make their picks, per WSJ, with hiring now averaging 11 weeks, up from seven weeks in 2021.
Thatâs taking its toll on candidates, whoâve seen the norm increase from one or two interview rounds to an average of three to four.
In other words, if it isnât going great for you out there, it isnât necessarily on you.
By the wayâŠ
The WSJ highlighted an applicant who completed nine rounds of interviews only to have the company ghost her.
Prospective employers, need a quick etiquette refresher? We pulled together this handy guide:
Candidate completes one interview: Not OK to ghost.
Candidate completes two or more rounds: Not OK to ghost.
Thatâs it. Hope this helps.
TRENDING
Starbucks is crushing more than just barista unionization; the worldâs biggest coffee chain is ditching cubed ice for nugget ice (AKA pebble ice). Itâll take years to fully roll out the new ice machines, but Starbucks ultimately expects less water usage as a result.
SNIPPETS
TodAI in AI: Evolv Technology, maker of AI gun-detection systems, doubled its earnings and increased its stock price 167% YoY after it started marketing to schools. Howâs that for a snapshot of 2023?
Yeah, we know: Fed Chair Jerome Powell said inflation remains âfar aboveâ his target and âwill take some timeâ to come down. No decision has been made on interest rates rising again in June.
No fly zone: A federal judge ruled against American Airlines and JetBlueâs Northeast US partnership due to reduced competition. One economist estimated itâd cost customers $700m+ per year.
Another Twitter clone: Metaâs microblogging contender will launch this summer. Itâll reportedly be a stand-alone text-based app, but integrated with Instagram so that users can keep their handles.
Meanwhile, thereâs lots going on at Elonâs Twitter, per usual: Twitter Blue users are taking advantage of a new 2-hour video upload feature to pirate movies, and Musk tweeted âLawsuit timeâ at Microsoft.
Imagine the utility bills, bills, bills: The buyers of the most expensive home ever sold in California? Jay-Z and Beyonce, who dropped ~$200m on a 30k-square-foot Malibu mansion â actually a discount, given the propertyâs $295m listing price.
Muscle memories: Kellogg is infusing nostalgia into the protein powder market, collaborating with Six Star Pro Nutrition on Frosted Flakes- and Froot Loops-flavored whey powders. Want to properly set up your gym for liftmate Tony the Tiger? His official height is 6â3â.
âSuccessionâ but for real: Morgan Stanley CEO James Gorman is stepping down within the next year, and itâs down to three internal candidates battling it out to replace him at the top.
Mentorship must: A good mentor can take your career to new heights, but the relationship is two-sided. Hereâs how to be the best mentee possible.
CHART
Olivia Heller
People love stealing stuff from Target
Organized retail crime is crushing US retailers.
2023-05-22T00:00:00Z
Ben Berkley
If Targetâs mascot, Bullseye, were a real dog, heâd have A5 Wagyu beef for every meal and roll around in this $3.2m âBugatti of dog collars.â
Target ainât exactly hurting is our point here â its average customer makes ~23 trips per year, spending ~$50 each time; sales topped $107B last year.
Yet we grimaced when we learned about Targetâs growing inventory loss problem.
How much are we talking here?
Last fiscal year, the retailer saw $763m in âshrinkâ: loss of inventory, whether by accident or a deliberate act like shoplifting, fraud, or cargo theft.
CEO Brian Cornell expects Targetâs inventory losses to balloon beyond $1B this year.
Itâs not just Target â Walmart, Walgreens, and Home Depot also recently lamented theft increases.
Whatâs changed?
Organized retail crime is up. (Or, in Target parlance, up & up.)
âItâs not people shoplifting an individual item for personal use,â National Retail Federation president Matt Shay toldCNBC. Stores, he said, are fighting âsophisticatedâ networks stealing throughout the supply chain â on docks, trucks, and railways, as well as in stores.
Efforts to limit secondary markets for stolen goods are underway; a law goes into effect next month requiring US online marketplaces to verify high-volume sellers.
Itâs easy to blame criminals, butâŠ
⊠retailers must also look inward; investing in loss prevention can, yâknow, prevent losses â yet 68.5% of retailers do not have teams fighting against organized retail crime.
Perhaps thatâs because external theft only accounted for 37% of lost inventory last year â employee theft (28.5%) and process failures (25.7%) were other major culprits.
Back to Bullseye: Listen, weâre not saying heâs running a crime syndicate, but does anyone else have a presence in all ~2k Target stores? Just saying, itâs a little suspicious.
Free Resource
What youâre missing from Trends TLDR
Weâre here to spark your startup synapses.
Trends TLDR just covered caffeine microdosing, buying boomer businesses, and a startup shipping breast milk for babies.
The week before that, it was non-sleep deep rest (NSDR), 3D-printed homes, and a professor who cleared $40k in his first month of consulting.
Weâre sending out tasty stories each Tuesday â striking side hustles, plus growth talk with gumption. Join 500k+ builders and bootstrappers who are staying sharp on startups.
Digits: Apple details its bad apples, and more newsy numbers
Plus: Esports lags, Bitcoiners pack their bags, and more.
2023-05-22T00:00:00Z
Ben Berkley
1) Appleâs App Store, which attracts 650m+ weekly visitors, declared itself one of the worldâs most-talented bouncers: The company says it stopped $2.09B in âpotentially fraudulent transactionsâ last year, and booted ~1.7m app submissions that didnât adhere to its strict standards across privacy, security, and content.
2) The Bitcoin faithful havenât reached the moon yet, and it appears there are fewer folks who have faith thatâll happen soon. With the price of Bitcoin down to $26.8k from its 2021 high of ~$69k, 12k+ people gathered at the Bitcoin 2023 conference in Miami Beach to talk shop, down from 25k+ in 2022.
3) Esports industry investors may need to press pause and reconsider their gaming strategy. Esports group FaZe Clan, which went public on the Nasdaq last year, laid off 40% of its employees and risks delisting if it canât get shares back above $1. Meanwhile, Americaâs biggest esports league saw a 32% dip in spring season viewership compared to 2021.
4) In its chase for domestic dominance, JPMorgan Chase has opened branches in 25 new states and DC since 2018, and now boasts ~4.8k branches nationwide. (For context, Bank of America claims 3.9k branches.) JPMorganâs expanding footprint matches its outsized role in US banking â itâs responsible for 13%+ of deposits and 21% of credit card spending.
AROUND THE WEB
đ° On this day: In 1846,the Associated Press, a nonprofit news cooperative, was founded in NYC.Â
đșïž Thatâs cool: In honor of hitting 25k locations, Atlas Obscura staffers rounded up their fave strange places.
đ§ Podcast: My First Millionbrainstorms ChatGPT business ideas with HubSpot founder and CTO Dharmesh Shah.
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