HEADLINES IN THE SPOTLIGHT
JOB OPENINGS DECLINING BUT STILL FAR OUTNUMBER AVAILABLE WORKERS Job openings declined slightly in January but still far outnumber available workers as the labor picture remains tight, according to recently related data. The Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed there are 10.824 million openings, down some 410,000 from December, the Labor Department reported. That equates to 1.9 job openings per available worker, or a gap of 5.13 million. Despite the decline, the total was still higher than the FactSet estimate of 10.58 million. December’s number also was revised up by more than 200,000. The JOLTS report showed that hiring was brisk for the month, with employers bringing on 6.37 million workers, the highest total since August. While quits, a signal of worker confidence in mobility, fell to 3.88 million, the lowest level since May 2021. Layoffs, however, rose sharply, up 241,000 or 16%.
NORDSTROM STARTS WINDING DOWN CANADIAN OPERATIONS Nordstrom reported lower sales and profits for the holiday quarter, although earnings topped Wall Street’s expectations. The company said it expects sales to decline in the new fiscal year, reflecting in part its decision to wind down its Canadian operations. “We entered Canada in 2014 with a plan to build and sustain a long-term business there. Despite our best efforts, we do not see a realistic path to profitability for the Canadian business,” said CEO Erik Nordstrom. As of Jan. 28, the company said it had six Nordstrom stores and seven Nordstrom Rack stores in Canada. Nordstrom has ceased its Canadian e-commerce platform and expects to finish Canadian store closures in Canada by late June. Even before Nordstrom reported earnings, it cut its forecast and told investors that it had a rough holiday. In January, the department store chain said its net sales dropped 3.5% for the nine-week period that ended Dec. 31 compared with the year-ago period. Its net sales declined sharply during that stretch at its off-price banner, Nordstrom Rack.
APPLE REPORTEDLY CONSIDERING TOUCHSCREEN MAC LAPTOP Rumors in the tech industry are reporting that Apple could release a MacBook Pro laptop with a touch- screen as soon as 2025. The move, if it were to happen, would mark a signifi - cant reversal for Apple, which has said for years that touchscreen laptops are ergonomically inferior, even as competing Windows laptops now have touch- screens as a standard feature. A touchscreen Mac would require significant software changes to accept finger taps, which require larger buttons, instead of mouse clicks. Apple’s iPhone and iPads use an operating system designed for touch- screens, while macOS can currently only be controlled with a mouse and keyboard. Some tech experts are doubtful of the release as Apple’s Mac business doesn’t need a boost current- ly. Mac sales surged when Apple replaced Intel pro- cessors in most of its computers with its own silicon. The change improved battery life and reduced over- heating. Apple’s Mac business generated $40.1 billion in revenue during the company’s fiscal 2022, up 14% from 2021.
BEST BUY WILL SET UP IN-HOME HOSPITAL CARE
Best Buy is best known for installing TVs and home theater systems. Now, its Geek Squad is helping to set up virtual hospital rooms. The consumer electronics retailer announced it has struck a three-year deal with Atrium Health, a North Carolina-based health-care system, to help enable a hospital-at-home program. Atrium Health is part of Advocate Health, one of the country’s largest health- care non-profits. Best Buy’s Geek Squad will go to patients’ homes, set up technology that remotely monitors their heart rate, blood oxygen level or other vitals and train the patient or others in the home how to use the devices. The data would then be shared securely with doctors and nurses through the telemedicine hub from Current Health. Best Buy began setting up virtual-care systems in mid-February for 10 hospitals in and around Char- lotte, North Carolina. The company said it aims to have about 100 patients in the program each day — roughly equivalent to a midsized hospital but without a building. Best Buy and Atrium did not disclose specific finan - cial terms but said Atrium will buy the devices from Best Buy and use Geek Squad services for installa- tion and retrieval when the patient is cleared from care. Patients will pay Atrium through their insurance, including Medicare or Medicaid.
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VOL 23 ISSUE 1 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • VOL 23 ISSUE 1
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