TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Amazon is ending it’s work-from-home policy.
Category
🥇
SportsTranscript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:05Interest rates are top of mind for investors as the Federal Reserve kicks off a two-day
00:09meeting.
00:10Policymakers have new data to consider as they decide how deep of a cut to make.
00:15Retail sales surprisingly rose in August and a sign the economy remained on firm footing.
00:20Meanwhile, factory output rebounded sharply in August after a hurricane-related slowdown
00:25the prior month.
00:27In other news, the list of high-profile corporate names ordering workers back to the office
00:32full-time continues to grow.
00:35Amazon told its employees that all corporate workers must return to a five-day in-person
00:40work week as of January 2025.
00:43Previously, Amazon only required workers to be in office three days a week.
00:49CEO Andy Jassy laid out his rationale for a full return-to-office policy in a note to
00:54employees.
00:56We've observed that it's easier for our teammates to learn, model, practice, and strengthen
01:01our culture.
01:02Collaborating, brainstorming, and inventing are simpler and more effective.
01:07Teaching and learning from one another are more seamless, and teams tend to be better
01:12connected to one another.
01:15Previous attempts to scale back work-from-home were met with stiff resistance by Amazon employees.
01:20Experts, however, point out that times have changed and the balance of power has shifted
01:25back to employers.
01:27Amazon is not alone in ending or scaling back work-from-home, so has some of the nation's
01:33biggest employers, including General Motors, Walt Disney, Walmart, UPS, Meta, and IBM.
01:41One thing to note about this list, many of those companies either overhired during the
01:45pandemic or have seen business slow markedly from a pandemic peak.
01:51Despite these high-profile names, work-from-home is not totally dead.
01:55According to a survey taken at the beginning of the year by the Conference Board, only
01:59four percent of CEOs said a full return-to-office policy was a priority.
02:05That'll do it for your daily briefing from the New York Stock Exchange.
02:08I'm Conway Gittins with The Street.