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In other news… graduates migrate from coastal cities, investors migrate from banks, and can AI tackle our loneliness problem?
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CULTURE
City slickers slink out // Illustration by Kate Walker
Graduates are leaving coastal cities
The Future. While major US cities have priced out wage laborers for decades, they’re getting so expensive that even college graduates, who typically flock to metropolises, are leaving. The trend spells trouble for major cities — but it’s an economic opportunity for the rest of the US.
Bye bye nerdy
Rising costs and new opportunities are sending white-collar workers out of the city.
In the past few years, NYC, LA, Boston, Seattle, San Francisco, DC, and San Jose have all sustained a net loss of graduates.
These emigrés seek slightly cheaper cities like Atlanta, Houston, Charlotte, Nashville, and Tampa.
While skyrocketing living costs and housing prices are partly to blame, the rise of remote work has also disentangled the highest-paying jobs from the urban centers where their headquarters are situated, enabling workers to move.
Trickle-out economics
This is certainly a problem for the cities that are losing workers — one that won’t be solved until these places get cheaper.
For the rest of the country, though, an equal geographic distribution of wealth and spending power could help stabilize the national economy and quell the resentment many Americans have for the coastal cities where wealth has long been concentrated. Spread the love.
ECONOMY
Investors split with banks for something mutual // Illustration by Kate Walker
Investors ditch banks for mutual funds
The Future. Over the past 13 months, rate hikes and bank collapses have led US investors to move $1 trillion out of traditional bank accounts — and put it somewhere else to make more money. That’s bad for banks but better for the rest of us.
Of interest
The great fiscal migration comes as investors pursue higher yields than banks offer.
Ever since the 2008 financial crisis, the Fed has kept interest rates so low that investors had little to gain by moving their money around — until March 2022, when the Fed began raising rates to record highs.
But the transition really started after Silicon Valley Bank collapsed; investors then moved nearly $400 billion out of commercial banks and $340 billion into money market funds in just a few weeks.
The reason: banks pay less than .5% interest on checking and savings accounts and under .6% for their money market savings accounts. In contrast, major money market mutual funds pay 4 to 5%.
Move money to make money
Whether choosing liquid options like money market funds or high-yield Treasury bonds that require a long-term investment, many Americans have found that it’s in their best interest to relocate funds. You snooze, you lose.
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AI
Unsplash
How will AI impact loneliness in the US?
The Future. As an antidote to pandemic-driven loneliness, AI-powered mental health services are being deployed to help the estimated 44 million Americans experiencing “significant loneliness” today. While chatbots might offer immediate relief, they could actually increase loneliness long-term, closing people off from the relationships and conversations they need.
The pros
While there aren’t enough mental health professionals to support every lonely person in the US, there is the ability to scale AI and offer it 24/7.
AI can serve three in four rural counties that lack the funds to expand access to mental health care.
AI companions can make small talk and help with fall detection for the 77% of Americans who want to age at home.
AI pets can benefit those who can’t afford to take care of a real furry friend.
The cons
On top of little regulatory approval, ad-driven digital surveillance could make people less inclined to share personal details with chatbots.
The bottom line
The jury is still out on the efficacy of AI-driven mental health services. We may have to go through a lot of trial and error before ruling if they’re a safe alternative to human care.
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Highlights
The best curated daily stories from around the web
Rihanna has the most certified RIAA singles (after Drake)
Rih now has 166.5 million certified units following a batch of new certifications between March and May 2023, overtaking Eminem’s record of 166 million. Drake is the frontrunner, with a whopping 184 million certified units. All they see is dollar signs.
Read More → hypebeast
Office buildings are struggling
For every company instituting a return-to-office policy, another backpedals and lets employees work where they want. People who could work from home during the pandemic still do some (46%) or all (19%) of the time, according to data from WFH Research. As office owners struggle to fill space, delinquency rates for office loans are now 2.8%. Over time, more office space could go to banks or be converted into housing, laboratories, or logistics.
Read More → vox
Savvy retailers go with the flow of the economy
For today’s businesses, accommodating consumer preferences is key to driving sales and growing their brands. Raising prices amid economic uncertainty can backfire when businesses need to retain customers. Knowing when to send emails or texts is critical, as people are bombarded with more messaging than ever before. Implementing automation in stores and BNPL options online can enhance the shopping experience, and customers prefer them.
Read More → forbes
You can now return kids’ clothing to Target for cash
Target is actively seeking to make parents’ lives easier by offering one-year returns on children’s clothing in any condition (ripped, stained, etc.). Returns without a proof of purchase are capped at $100 per year per customer, but items with a receipt or bought with a Target Circle membership are unrestricted. If only retailers for adult clothing brands could follow suit...
Read More → insider
The Weeknd changes his name on social media
While the singer may have dropped his moniker on Twitter and Instagram in favor of his real name, Abel Tesfaye, he hasn’t changed his handle. It’s unclear if Tesfaye is following through on his decision to retire his stage name or if he’s making moves to promote his new HBO series, The Idol, which debuts on June 4th. Stay tuned.
Read More → complex
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Today's email was brought to you by Luke Perrotta and Kait Cunniff. Editing by Melody Song. Publishing by Sara Kitnick.