Today: Big City Exodus as WFM Workers Relocate

Across the country, city migration patterns have been redefined in recent months. Has COVID-19 made you reconsider where you live? This week, initial jobless claims for the week ending September 19th came in at 870,000.

Warren Buffett says 4 choices in life separate the doers from the dreamers. All that and more in this Sunday summary.

Full Show Notes & Transcript: http://vyten.us/high-exodus

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Transcript

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From Vyten Career Coaching, I’m Vincent Phamvan. This is How I Got Here.

Today, across the country, city migration patterns have been redefined in recent months. 

It’s Sunday, September 27th.

Has COVID-19 made you reconsider where you live? New data from LinkedIn shows that the net arrivals are down in large metro areas such as New York, San Francisco, Seattle, Boston, and Portland from April through August of this year according to LinkedIn News.

Everyone leaving a metro area must go somewhere though, and that's creating opportunities for a number of smaller cities. Net arrivals are up in Jacksonville, Florida, which is a logistics hub and Amazon fulfillment center. Milwaukee is another one, which may be due to Wisconsin's relatively low unemployment rate. Others include Salt Lake City, Sacramento, and Kansas City, Mo.

In the Job Market, Jack Kelly wrote in Forbes that… Another 870,000 Americans have filed for first-time unemployment benefits last week, according to the United States Department of Labor. The number of unemployed people is still stubbornly high, but lower than the high point of almost 7 million people seeking benefits back in March. 

This is the 27th consecutive week of historically high jobless claims. As of the week ending Sept. 5, about 26 million Americans have received some type of unemployment benefits. To put things into perspective, 665,000 people filed for unemployment at the peak of the 2007 to 2009 financial crisis—the Great Recession.

On Wednesday, Fed Chairman Jerome Powell called for more fiscal support, telling lawmakers: “We’ve come a long way pretty quickly, and that’s great. But there’s a long way to go. So I just would say we need to stay with it, all of us. The recovery will go faster if there’s support coming both from Congress and from the Fed.”

Six months ago, New York’s financial industry abandoned its corner offices, conference rooms and trading floors almost overnight as the coronavirus raged across the city.

“Covid is effectively gone from New York,” said Jason Mudrick, who runs Mudrick Capital, told the New York Times why he sees little reason to keep his 26 employees home. “I personally think that all my hedge fund colleagues who are not coming back until later are just taking it as an excuse to have a long summer vacation.”

The fitful nature of the finance industry’s return highlights how the waning threat of the coronavirus in New York — at least for now — has done little to reduce uncertainty around when things will return to normal. With governmental guidance remaining nebulous, many Wall Street firms have made up return-to-office policies that reflect their business and their leaders’ philosophies.

Large banks, where face time and long hours are considered virtues, are generally urging workers to come back. Many hedge funds, which attract more seasoned workers who can afford sophisticated workstations at home, are not. Private-equity firms and asset managers, which have a mix of workers and deal with both long- and short-term investments, appear to be taking a middle path.

Finishing off this week with a story from Inc Magazine, where Warren Buffett Says 4 Choices in Life Separate the Doers From the Dreamers. The 90 years young, the Oracle of Omaha is still impressing with important life lessons.

His advice falls into 4 lessons.

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Number 1: Pick your friends wisely. 

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When speaking with a group of college students recently, Warren said quote 'You will move in the direction of the people that you associate with. So it's important to associate with people that are better than yourself. The friends you have will form you as you go through life. Make some good friends, keep them for the rest of your life, but have them be people that you admire as well as like.'

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Number 2: Go to bed a little smarter each day 

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One way to do so is by reading. He says there is strong similarities with investing in quote "That's how knowledge builds up. Like compound interest."

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Number 3: Improve your communication skills

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Buffett invested in improving his capacity to communicate better at an early age, which he said would increase your worth: "One easy way to become worth 50 percent more than you are now at least is to hone your communication skills--both written and verbal."

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Number 4: Say no

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Buffet learned a long time ago that the greatest commodity of all is time, which leads to his fourth and last powerful life lesson… quote… The difference between successful people and really successful people is that really successful people say no to almost everything.

That’s all for this week’s Sunday summary. I’m Vincent Phamvan and you’ve been listening to How I Got Here from Vyten Career Coaching. I’ll see you next time.

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