The bottom line
The percentage of American women who are out of the labor force has plummeted from 66 percent in 1950 to 43 percent today. Men, however, show the opposite long-term trend. Just 14 percent of men were out of the labor force in 1950. Today, that figure is 31 percent.
The New York Times
Google is investing $550 million in JD.com, one of China’s biggest e-commerce companies. The firm is largely run on automation: One of its fulfillment centers in Shanghai can pack and ship 200,000 orders per day with just four employees, all of whom service the robots.
The combined wealth held by the world’s millionaires has increased for the sixth consecutive year, topping out at $70 trillion for the first time. The number of high-net-worth individuals grew by nearly 10 percent, to 18.1 million last year. The United States, Japan, Germany, and China are home to the most millionaires, accounting for 61 percent of the world’s high-net-worth individuals.
The number of black employees at JPMorgan Chase has fallen for the sixth year in a row, despite a 2016 pledge by CEO Jamie Dimon to aggressively recruit African-Americans. In 2017, African-Americans made up 13.4 percent of the company’s workforce—a decline from 16 percent in 2011. At Citigroup, black workers now make up about one in 10 employees, down from one in six in 2009.
Starting salaries at elite law firms have hit $190,000 a year. The increase comes two years after New York firm Milbank, Tweed, Hadley & McCloy began offering a $180,000 annual starting salary.
The Wall Street Journal
China’s millionaire janitors
“At most big companies, it’s pretty clear who the millionaires are: top executives, rainmakers, science whizzes with Ph.D.s,” said Venus Feng in Bloomberg.com. But at Chinese camera lens manufacturer Sunny Optical, whose stock has climbed faster than any other in MSCI global indices over the past decade, “the richest employees are just as likely to be factory workers, janitors, and cafeteria chefs.” In 1994, early Sunny employees were offered small stakes in the company “at a negligible cost” based on their years of service. The company, founded by “a former appliance-factory worker with a high school education,” is now a $22 billion behemoth supplying lenses for the likes of Samsung. Today, a mere 0.013 percent stake is “enough to mint a millionaire”; the average holding is about $17 million per employee. The stock has surged more than 9,500 percent since June 2008, beating even Netflix’s 7,500 percent gain.