Friday, July 29, 2022

💰 Job-changers won big

Plus: Good news for EV buyers | Friday, July 29, 2022
 
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By Jennifer A. Kingson, Joann Muller and Alex Fitzpatrick · Jul 29, 2022

Did you take part in the "great resignation"? Then you might've wound up better off, Jennifer reports today.

Today's Smart Brevity count: 997 words ... 4 minutes.

 
 
1 big thing: The job-switchers won, big time
Data: Pew Research Center analysis of the Current Population Survey; Chart: Baidi Wang/Axios

Most people who switched employers between April 2021 and March 2022 saw an increase in their real earnings despite surging inflation, according to a new Pew Research Center report, Jennifer A. Kingson writes.

Why it matters: People continue to hunt for new jobs in record numbers amid proof that the "great resignation" is paying off.

Driving the news: 60% of people saw an increase in real earnings after they switched employers, compared with 47% of those who remained in the same job, Pew found.

  • The median worker who found a new job enjoyed a 9.7% bump in inflation-adjusted earnings, compared to a -1.7% dip for those who stayed put.
  • The recent trend was quite different from the previous year: From April 2020 to March 2021, 51% of job-switchers saw a real earnings income boost, versus 54% of people who stayed put.

The higher income for job-switchers "happened despite a surge in the rate of inflation that has eroded real earnings for many others," Pew noted.

By the numbers: In the first quarter of this year, 4 million workers a month changed jobs, for an overall rate of 2.5% — compared with 2.3% in the same period last year, Pew said.

Between the lines: While the "great resignation" is sometimes viewed as a product of white-collar burnout, Pew found otherwise: Workers with a bachelor's degree or higher switched jobs at a rate of 2.1% in the first quarter of this year, about the same as in 2019.

Read the full story.

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2. Why the climate bill matters for EV buyers
An illustration of a dollar sign made of a charging cable.

Illustration: Gabriella Turrisi/Axios

 

Electric vehicles could become a lot more affordable if Congress approves a spending bill that features sweeping climate provisions, Joann Muller reports.

Why it matters: EVs' up-front costs are still too high for many buyers, despite their lower long-term cost of ownership.

Details: In the current version of the bill, EV buyers can earn up to $7,500 in federal tax credits on North American-built vehicles, but only if the battery minerals are mined in the U.S., or in a trade partner country, and the battery is largely built in North America.

  • Cars like the popular Mexico-built Ford Mustang Mach-E would qualify.
  • There are new income qualifications and sticker price limits ($80,000 for trucks and SUVs, $55,000 for sedans) to ensure that the incentives are directed to mass-market customers, not wealthy buyers of luxury EVs.
  • The credits can be applied as a rebate at the time of purchase, rather than at tax filing time, which could make EVs' initial cost more affordable for many.
  • Buyers of pre-owned electric vehicles would be eligible for a credit of up to $4,000 — important, because 70% of cars are purchased used.

The bill would also remove a cap limiting tax credits to 200,000 vehicles per manufacturer. Instead, the credits will sunset for all automakers in 2032.

What to watch: The legislation will need unanimous Democratic support to pass the Senate (which is uncertain), and details could still change during the amendment process.

Read the rest.

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3. What coffee shops reveal about remote work
Illustration of a coffee cup with steam in the shape of a dollar sign.

Illustration: Sarah Grillo/Axios

 

The country's coffee shops appear stuck at about 75% of their pre-pandemic sales volume, per a new Bank of America analysis, Alex Fitzpatrick reports.

  • In part, that's likely because some people are still working from home at least some of the time — meaning they're not stopping by for a morning or afternoon boost on their way to the office.

Why it matters: Tracking drip, Americano and cold brew sales can be a useful way to study remote work and its knock-on effects, as businesses catering to office workers continue to struggle.

The details: BoA's research is based on anonymized, aggregated data from 70,000-plus U.S. stores.

  • Some coffee shops are faring better than others. Those in California, Texas and North Carolina are well above their pre-pandemic sales levels — potentially thanks to population growth in the latter two states, the researchers suggest.

Alex's thought bubble: I love this kind of study. Any time researchers figure out a way to use tangentially related data to track some larger trend, that's my jam.

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4. What we're driving: Ford BlueCruise

Photo courtesy of Ford

 

Joann here. I've driven a number of vehicles recently with Ford's BlueCruise hands-free highway driving assistant, and here's my takeaway: It's still a work in progress.

The big picture: Ford is the second automaker to offer a true hands-free highway driving system. GM's Super Cruise was first in 2017.

How it works: Like GM's system, Ford BlueCruise only works on pre-mapped sections of certain roads at speeds up to 85 miles per hour.

  • Ford has designated 130,000 miles of these so-called Blue Zones across North American highways. (GM Super Cruise works on more than 200,000 miles.)
  • When the instrument cluster turns blue and the steering wheel icon shows the words "hands free," the driver knows they are in a Blue Zone and can safely remove their hands from the wheel.

My first encounter with BlueCruise was in an F-150 Lightning I drove along with another journalist during a media event last May in Texas.

  • It did not inspire confidence at the time. In hands-free mode, the Lightning couldn't handle fairly modest highway curves and kept handing back control.

Ford is aware of these issues, and says it will continue to improve BlueCruise.

  • "Our first generation is purposely conservative," Ford chief engineer Chris Billman told me. "We will grow out of that and support sharper and sharper curves."

Key takeaway: I later drove a Ford Expedition with BlueCruise and a Lincoln Navigator with similar ActiveGlide technology, and both seemed more competent.

Read the full story.

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5. One fun thing: America's UFO capital
An illustration of a UFO flying over a forest.

Illustration: Aïda Amer/Axios

 

Washington has logged the most UFO reports among U.S. states, according to data from the National UFO Reporting Center, Axios' Melissa Santos reports.

By the numbers: Residents have reported 6,812 UFO sightings to the national center, with the earliest reports dating to the 1940s.

  • That's roughly 88 sightings per 100,000 residents — more than double the rate of most states.
  • California, for instance, logged only 39 UFO sightings per 100,000 residents over a similar time frame.

Read the rest.

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A hearty thanks to What's Next copy editor Amy Stern.

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