Latest news with #AlexBeene
Newsweek
21 hours ago
- General
- Newsweek
Major Swimming Pool Recall After 9 Deaths
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Around 5 million swimming pools are being recalled after nine deaths were reported related to compression straps that could allow a child to access the pools and drown. The U.S. Consumer Product Safety Commission (CPSC) and Bestway (Hong Kong) International Ltd. (China) and Bestway (USA) Inc. (Chandler, Arizona) (Bestway), Intex Recreation Corp. (Long Beach, California) and Polygroup North America Inc. (El Paso, Texas) all announced the recalls Monday for their 48-inch and taller above-ground pools with compression straps. "While some consumers may ignore certain recalls, this is certainly one to take seriously," Alex Beene told Newsweek. Why It Matters With summer temperatures averaging into the 80s in places like Texas and Louisiana, many Americans have purchased new pools to soak off the sun with. However, depending on design flaws, your new pool could pose significant safety risks, especially if you have a small child in your home. Every year in the United States, there are over 4,000 unintentional drowning deaths, according to the Centers for Disease Control and Prevention. And notably, more children ages 1-4 die from drowning than from any other cause of death. What To Know Consumers should take note of the recall if they own a 48-inch and taller above-ground pool with compression straps running on the outside. Stock image of a child jumping off a ladder into an above-ground pool. Stock image of a child jumping off a ladder into an above-ground pools were recalled as the compression strap that surrounds the outside of the pool legs may create a foothold, allowing a child access to the pool and posing a drowning risk, according to the U.S. Consumer Product Safety Commission. Even with the ladder removed, children could still be able to gain access to the pool. "These pools are being recalled because the design still allows small children to access the water using foot holds on the sides — even when the ladder is removed. Tragically, this flaw has led to 9 reported child deaths across the country," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "They now pose a serious drowning hazard and are being pulled from the market." So far, nine children between the ages of 22 months and 3 years old have drowned after gaining access to the pools via the footholds, the commission found. The drownings happened in California, Texas, Florida, Michigan, Wisconsin and Missouri between 2007 and 2022. There were also at least three other incidents in 2011 and 2012 where children gained access to the pools due to the compression strap. Affected consumers should contact Bestway, Intex and Polygroup to get a free repair kit to reverse the design flaw. The pool models sized 48 inches and taller involved in the recall include: Power Steel, Steel Pro, Coleman Power Steel, Metal Frame Pools, Ultra Frame Pools, Prism Frame Pool, Ultra XTR Frame Pool, Summer Waves, Summer Escapes, Funsicle, Sand n Sun and Blue Wave. The products have been sold at stores like Walmart, Target, Home Depot, Costco and Amazon since 2002. What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "There will absolutely be lawsuits and restitution paid to affected families. The core issue is that the pools were not supposed to be accessible to small children without a ladder — yet kids still found a way in. I don't see this leading to bankruptcy, but the fallout will likely include a spike in insurance premiums and an increase in operational costs. Add to that the reputational hit, and the long-term impact on the brand could be significant." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "While some consumers may ignore certain recalls, this is certainly one to take seriously. Bestway, Intex, and Polygroup are recalling certain above-ground pools that have been cited as presenting drowning risks. In fact, nine deaths have been reported due to this factor. These above-ground pools are very popular, with over 5 million having been sold." What Happens Next If you purchased one of the impacted pools, you should immediately contact the brands for the repair kit to be delivered. Delaying could cause unintended accidents and even drownings for consumers or their friends and family, Beene said. "If you own one, take this recall seriously and reach out to one of the three companies for next steps on how to deal with this issue," Beene said.
Newsweek
6 days ago
- Health
- Newsweek
Ozempic Is Costing Grocery Stores Billions
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. GLP-1 medications, including Ozempic and Mounjaro, are already costing grocery stores billions. According to a new report from Big Chalk Analytics, GLP-1 users have cut $6.5 billion from U.S. grocery spending, and the popularity of the weight loss and diabetes medications appears to only be growing. Why It Matters The use of weight-loss medications called glucagon-like peptide-1 (GLP-1) receptor agonists has skyrocketed in recent years. Popular products include Ozempic, Mounjaro, Wegovy and Zepound and have been key treatments for many Americans who are obese or have type 2 diabetes. While the full health effects of these drugs in the long term has not been studied, their prevalence has shown the potential to disrupt industries by lowering grocery and even restaurant profits in the long term. People shop at a grocery store in Brooklyn on May 13, 2025 in New York City. People shop at a grocery store in Brooklyn on May 13, 2025 in New York To Know While GLP-1 medications are already reportedly costing grocers $6.5 billion, the impact could be even costlier in the years to come as 8.3 percent of Americans are planning to start the medications, according to the new Big Chalk survey of more than 4,500 consumers. If this happens, the survey projects losses as much as an additional $4.4 to $10.8 billion. "The changes being seen in grocery stores are the result of people making better choices about food –less ultra-processed food and possibly less food overall," David Navazio, CEO of health care product company Gentell, told Newsweek. Several types of products have seen their purchase rates go down, from cereal and soft drinks to lunch meats. Currently, an estimated 11.2 percent of U.S. adults are on GLP-1 medications, but roughly 20 percent could soon be on the medication in just 12 months. "It's one of the fascinating business 'side effects' of medications like Ozempic that grocery stores are seeing a dip in business," Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. "The idea is these medications suppress hunger, which is causing consumers to purchase food less. And while there is certainly some truth to this, it's too soon to call it a long-term trend. Financially, it can be seen as a good thing for money-strapped customers who can reduce their grocery bills along with their waistlines. Whether or not this economic impact is a lasting one remains to be seen." So far, the medications have triggered grocery volume losses of 1.2 to 2.9 percent, with dollar sales dropping between 0.9 and 2.3 percent, depending on the category, according to the report. GLP-1 users were 65 percent more likely to buy smaller packs of cereal and 48 percent more likely to purchase smaller packs of lunch meats. This extended to soft drinks as well, with those on the medication 36 percent more likely to opt for the smaller sizes. "The opportunity for grocery brands is twofold: A continued migration toward better-for-you products—plus an emphasis on smaller pack sizes—are ways CPG brands can adapt to these changing consumer demands for volume," Rick Miller, partner and marketing effectiveness practice lead at Big Chalk, told Newsweek. What People Are Saying Rick Miller, partner and marketing effectiveness practice lead at Big Chalk, said in a statement: "GLP-1s have crossed the household-penetration threshold where their impact on grocery volumes and dollar sales can no longer be ignored. We're past anecdotes. This is measurable, structural change. Brands and retailers must rethink assortment, pricing, and promotion for a shopper who is literally consuming less." David Navazio, CEO of health care product company Gentell, told Newsweek: "We will see changes in product selection as a result of the changes in people's buying habits, with an emphasis on whole foods, produce, lean meats." For grocery stores, it may take time to adapt. But the change is undoubtedly good for the country as a whole that our population is becoming healthier." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Like anything else, this comes down to supply and demand. If grocery stores are seeing a drop in volume, the next step would usually be lower prices. That's not what we're seeing. Grocery prices were up another 0.3 percent in June, according to the latest CPI data. So if grocers are losing, I'm not quite sure who's winning yet." Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "At any given point in time, there is one part of the economy that is booming at the expense of another. This is just the normal oscillation around economic equilibrium. In very general terms, being less obese is healthier, and I think it is a good thing overall to having a healthier population. Grocery stores will slowly adapt to new eating and shopping habits, which will have knockoff effects in other sectors, while some parts of the economy will see increased spending that can be attributed to GLP-1 use." What Happens Next Beyond the economic impacts, the long-term implications of GLP-1 medications on health are still being studied. A recent study discovered a new link between taking GLP-1 drugs and elevated risk of pancreatitis and kidney conditions, including kidney stones. GLP-1 medications are also tied to a higher risk of digestive problems, including nausea, vomiting, diarrhea, and even stomach paralysis in rare cases. For the business economics of grocers reacting to the uptick in GLP-1 usage, prices have not adequately shifted yet, Thompson said. "America has an obesity problem. If these drugs are helping people eat less and live healthier lives, that's a net positive," Thompson said. "But in a capitalist economy—if Adam Smith's invisible hand is really at work—we should be seeing food prices and health care costs fall also. That's not happening. Health care continues to rise at an alarming rate, and food prices are still climbing. Long term, we might expect some price relief, but we're not there yet."
Newsweek
15-07-2025
- Business
- Newsweek
Map Shows Cities Where Residents Are Looking to Move Away
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A new report has revealed which cities are seeing the highest number of residents looking to move away, and it's bad news for some of the top metros in the country. According to the new Realtor report, 58.9 percent of listing views from the top 100 metros went to homes listed in other metropolitan areas on average—up from 48.1 percent six years ago. Specifically, the San Jose, Washington, D.C., and Seattle metros were losing traction with residents. Why It Matters During the coronavirus pandemic, many Americans fled high-cost-of-living cities in favor of more affordable suburbs and smaller Southern cities. In the years since, local housing markets have shifted considerably as people returned to large cities due to more in-person work or made the lower-cost suburbs and Southern cities their permanent homes. What To Know The top 10 cities that lost popularity among residents in the report were as follows: San Jose, CA Washington DC Seattle, WA Salt Lake City, UT Stockton, CA Durham, NC Chicago, IL Denver, CO Boston, MA New York, NY This was based on the share of listing page views that went to places outside of the metropolitan area where residents already lived during the second quarter. In San Jose, more than nine in 10 online home views were directed to areas outside the metro. Roughly 60 percent of views were to other parts of California, while nearly 35 percent were directed at other states. "Many residents in cities like San Jose, Seattle, and Boston have sought other options outside of their once-home because of rising costs and more remote work opportunities that could allow them to take high-income positions with them to less expensive locations," Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. "Still, rising costs may not be a problem if job opportunities, particularly high-income ones, are plentiful." Home shoppers from the West were the group most likely to search for out-of-metro homes, at 65.1 percent. But the Northeast was not far behind. Over the past six years, the share of out-of-market home searching surged most in the Northeast, rising from 45.4 percent in the second quarter of 2019 to 58.8 percent in the second quarter of 2025. The South saw the second-largest increase, rising from 46.8 percent to 58 percent of the share of shoppers looking elsewhere over the past year. A for sale sign is posted in front of a home for sale on February 20, 2023 in San Francisco, California. A for sale sign is posted in front of a home for sale on February 20, 2023 in San Francisco, People Are Saying Nationwide title and escrow expert Alan Chang told Newsweek: "It is not a surprise to see that major metros across the country see less local buyers. Home affordability has been challenging for the last five years. With normalized mortgage interest rates, the only budget-friendly home purchase option for a majority of the population is to seek lower cost areas to migrate to, assuming their income source can support that move." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Remote work gave people flexibility, and affordability forced their hand. When your income gets eaten up by housing in major metros, you start looking elsewhere, places where you can keep more of what you earn and still have a decent quality of life." What Happens Next Thompson said the housing market is still holding on strong, largely as interest rates remain sticky in the high 6 percent range. "A lot of homeowners are locked into low long-term mortgage rates and have little incentive to sell," Thompson said. "People aren't moving, which means inventory stays tight and new supply continues to lag behind demand."
Newsweek
11-07-2025
- Business
- Newsweek
Employee Confidence Has Dipped to an All-Time Low, Study Finds
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Employee confidence dropped to an all-time low, according to a new report from Glassdoor. The percentage of employees reporting a positive six-month business outlook fell to 43.6 percent in June, down from 44.4 percent in May, signaling widespread unease over the economy and larger job market. Glassdoor began tracking the confidence levels in 2016, per the report. "Employee confidence is a direct representation of what is going on with the economy," Kevin Thompson, CEO of 9i Capital Group and host of the 9innings podcast, told Newsweek. "Consumer confidence sharply turned down in June which reflects economic prospects moving forward. The expectation is for a weakening economy." Why It Matters When employee confidence trends downward, the risk of turnover heightens. Workers with a negative business outlook are more than twice (2.1 times) as likely to look for a new job compared to those with a positive outlook, according to Glassdoor. Low employee confidence can also signal a worsening job market and broadening economic distress. Listings are shown on Indeed, a job-hunting website, on July 5, 2013. Listings are shown on Indeed, a job-hunting website, on July 5, To Know While employee confidence overall was down in June, industry played a role in how workers felt about their company's outlook. White-collar industries like management and consulting dropped by 2.6 percentage points, while information technology, legal, and the pharmaceutical industry also dipped 1.9, 1.8 and 1.5 points, respectively. "When you see headlines of continued layoffs and economic uncertainty over the next 12 months, it's easy to understand why some employees are struggling to remain upbeat in their workplaces," Alex Beene, financial literacy instructor for the University of Tennessee at Martin, told Newsweek. Still, health care employee confidence remained relatively high, with around 50 percent of workers having a positive business outlook for their employers. Hotels and travel accommodation employee confidence climbed 1.1 percentage points, while restaurants and food services also grew by 0.3 points. What People Are Saying Thompson also told Newsweek: "The expectation is for weakening growth and job losses. A recession is being predicted and people are simply awaiting economic deterioration. Employers aren't confident on account of their overall cost given the tariff situation, which directly impacts workers since they are normally the highest cost for businesses." Beene also told Newsweek: "It's the perfect storm of bad economic news in recent months. In the years following the pandemic, many major employers started to dial back their workforce numbers after hiring more during that era. The result was many remaining employees feeling overworked and underpaid with less assistance." What Happens Next Financial analysts predict the job market to diminish in the coming months as a recession becomes a likely possibility. "I expect a slowing jobs market as you have seen a decline of some 200k jobs since January referring to monthly jobs revisions downward, and deteriorating ADP [Automatic Data Processing, Inc.] numbers," Thompson said.
Newsweek
08-07-2025
- Business
- Newsweek
Map Shows Best Cities for Renters
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Around 46 million households rent their homes in the United States, but the affordability and quality of the renting experience can vary dramatically based on where you live. In WalletHub's new report, cities were ranked based on several measures of rental attractiveness and quality of life, including the difference between rent and mortgage payments, cost of living and job availability. While cities like Overland Park, Kansas, ranked high on the list, Memphis, Tennessee, came in as the worst place to rent in the U.S. Why It Matters Inflation has caused rent prices to skyrocket in recent years, and 2024 saw a 5.1 percent increase in rates year-over-year. However, rental rates depend on your exact region and city, and the factors of that location will ultimately determine whether renting or owning is a better option. What To Know The top 10 cities to rent in were Overland Park, Kansas; Scottsdale, Arizona; Chandler, Arizona; Gilbert, Arizona; Bismarck, North Dakota; Sioux Falls, South Dakota; Huntsville, Alabama; Peoria, Arizona; Lewistown, Maine; and Nashua, New Hampshire. Overland Park had significantly high-ranking public schools and also had the highest average home square footage in the country at 2,809 square feet. It also had the eighth-best rental affordability, with only 18 percent of households paying more than 50 percent of their income for housing. Next in the rankings, rounding off the top 20, were Lincoln, Nebraska; Plano, Texas; Fargo, North Dakota; Mesa, Arizona; Cedar Rapids, Iowa; Casper, Wyoming; Phoenix, Arizona; Manchester, New Hampshire; Portland, Maine; and Amarillo, Texas. Arizona was a clear winner in the rankings, taking four spots in the top 10. Scottsdale had a high availability of jobs and a well-ranked driving environment, characterized by good traffic and infrastructure quality. It also had the fourth-best weather and the sixth-best recreation options. Chandler had a relatively high average square footage, at 1,909 square feet. More than 16 percent of homes were built between 2010 and 2023. "Cities like Bismarck and Sioux Falls come as little surprise, as they have wider rental availability at better prices," Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. "Locations like Phoenix and its surrounding suburbs all ranking so high are vastly different in terms of having a higher cost of living, but the Arizona-based county benefits from having higher paying jobs meaning rent is a lower percentage of income," he said. A person walks by a add of apartments to rent in a building on July 1, 2025, in New York City. A person walks by a add of apartments to rent in a building on July 1, 2025, in New York City. Zamek/VIEWpress At the bottom of the list, cities like Memphis, Tennessee, stood out due to a mix of rental affordability factors and quality of life. Detroit, Michigan; Cleveland, Ohio; Tacoma, Washington; New Orleans, Louisiana; and Newark, New Jersey, also scored at the bottom, despite their relatively large sizes. "Detroit, Cleveland, and others ranking at the lowest end are the result of lower paying jobs combined with more scarce housing opportunities in different areas of these cities at higher prices," Beene said. What People Are Saying WalletHub analyst Chip Lupo said in the report: "In the best cities for renters, rent can cost you as little as around 15 percent of your income. You'll also have access to robust laws that protect renters, such as limiting deposits to only a month or two of rent. Our study also considers quality-of-life factors such as a city's traffic congestion, job market or recreation options to make sure you can get a good living experience, not just inexpensive housing." Nationwide title and escrow expert Alan Chang told Newsweek: "It is not surprising to see that CA, FL, and TX had the majority of the rankings out of the list as they represent a very large portion of the housing market. What was surprising to me was that cities like Boise ranked in the bottom third for affordability. This shows that the housing market still hasn't normalized from the last 5 years of dramatic overvaluation." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "The fascinating part of these rankings is the socioeconomic differences of the locations on the top and bottom of the list and the factors that put them these rankings are more than just the cost of renting; it's how it stacks up against income and availability in these markets." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Climate, outdoor lifestyle, and overall quality of life are major differentiators. These can outweigh affordability in many cases which explains why people still choose to live in California despite the high cost of living. The access to nature, mild weather, and overall lifestyle benefits continue to make those cities attractive." What Happens Next While prices remain high in 2025, experts say renters should not necessarily expect a comedown. "While some are expecting a market crash, I don't see one in the near future. This just appears to be the new normal," Chang said.
