Last month, the economy added 303,000 nonfarm payrolls, potentially translating to a swing higher in consumer cyclical stocks. More dollars are chasing after fewer goods. And so long as inflation does not abate, in a price-ascending environment, it’s better to spend now than save for later.The other factor that could boost consumer cyclical stocks is that Americans have shown little desire to curb their spending. Notably, our collective credit card debt ballooned recently to $1.13 trillion, a new record hig ...

This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: Credit: Pixabay/CC0 Public Domain Best Buy, in a shift toward AI, laid off Geek Squad field agents, home-theater repair technicians and phone support specialists, according to current and former employees. The Minnesota-based retailer declined to offer a specific number of cuts to its workforce. The company said effected and e ...

In a notable advancement for retail customer service, Best Buy Company Inc. (BBY) has partnered with Google Cloud and Accenture to incorporate generative AI (gen AI) technologies into its customer support framework. This collaboration is set to redefine how customers interact with support services, prioritizing efficiency and personalization through the innovative use of Google Cloud's gen AI. The cornerstone of this initiative is the introduction of a gen AI-powered virtual assistant, slated for launch in ...

Consumption spending is the key growth driver for the U.S. economy. Within consumption spending, retail sales are an important catalyst for GDP growth. Given this fact, some large retailers have been evergreen stocks in the last few decades.However, with macroeconomic and inflationary headwinds, retail stocks have been relatively subdued in the last 24 months. In my view, that’s likely to change relatively soon. With inflation gradually cooling and sluggish GDP growth, multiple rate cuts might be on the car ...

Best Buy selects Google Cloud as its AI innovation and strategic partner for several of its key customer care initiatives MINNEAPOLIS, April 9, 2024 /PRNewswire/ -- Cloud Next '24, LAS VEGAS -- Best Buy, Google Cloud, and Accenture today announced a new collaboration that will involve deploying generative AI (gen AI) to greatly improve the experience for Best Buy customers looking for support services. By leveraging Google Cloud's generative AI technology, Best Buy is creating new and more convenient ways ...

Best Buy laid off numerous employees in its field tech support division.Geek Squad workers told 404 Media they were let go last week in brief calls with managers.CEO Corie Barry hinted at the cuts in February, citing inflationary pressure and other investments. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Email a ...

Group 1 - Best Buy has made significant layoffs in its Geek Squad support jobs, with former employees discussing the situation on Reddit [1][2] - The company has not yet disclosed the number of affected employees or the reasons behind the layoffs, although some former employees suggest financial constraints may be a factor [1] - These layoffs appear to be part of a broader strategy to reduce costs and shift focus towards artificial intelligence, amid ongoing pressures in the retail sector from inflation and rising interest rates [3] Group 2 - The retail environment is challenging, leading consumers to cut back on non-essential shopping, which may have influenced Best Buy's decision to reduce its workforce [3] - Despite the layoffs, Best Buy's stock (BBY) saw a slight increase on the morning following the news [3]

Collaboration Aims to Drive Sustainability and Inspire the Next Generation of InnovatorsNEW YORK, April 8, 2024 /PRNewswire/ -- In an exciting new activation, Microsoft, Junk Kouture, and Best Buy have joined forces in driving eco-conscious habits, responsibly recycling old electronics, and a shared commitment to sustainability. The trio are amplifying and empowering the voices of New York's young creatives, offering them a platform to inspire nationwide recycling efforts, drive change in support of a brigh ...

There may be no more important business leader these days than OpenAI CEO Sam Altman.Altman's company kicked off the artificial intelligence (AI) boom with the launch of ChatGPT in November 2022, and since then it's remained at the cutting edge of generative artificial intelligence.It's received an estimated $13 billion in investments from Microsoft and forged a close partnership with the tech giant, powering AI on products like Azure, Github, and Office. OpenAI has also continued to impress with its own pr ...

The shares of retailer Best Buy Co Inc (NYSE:BBY) are enjoying a lift, after an upgrade from Telsey Advisory Group to "outperform" from "market perform," with a price-target hike to $95 from $85. The analyst noted the retailer's membership program, cost management, capital spending, and refreshed stores. Separately, today also marks BBY's ex-dividend day. The majority of brokerage firms are still hesitant on Best Buy stock, however, leaving room for additional upgrades. Of the 21 analysts in coverage, 15 ca ...