Job market’s new ‘normal’

February 4, 2024 • 3 min read

with Matt Turner

Welcome back to our Sunday edition, a roundup of some of our top stories.

On the agenda today:

• America’s job market is back to “normal,” but don’t go looking for a new gig just yet.
• Lenders are bailing out of commercial real estate.
• The Republican party has a nicotine-obsessed subculture.
• Meta spent billions to close offices and lay people off. Now we know why.

But first: Why the next must-watch documentary might just come from Nike (or another brand like it).

AP Photo/Elaine Thompson

This week’s dispatch

The next stand-out documentary

Amid the many movies that showed at the Sundance Film Festival, “Sue Bird: In the Clutch” stood out.

The documentary, which focuses on the career and activism of the WNBA legend, was backed by Waffle Iron Entertainment, Nike’s production arm. (Nike’s first pair of running shoes were famously inspired by waffles.)

The doc will air on Netflix in the US and Canada and is still looking for a theatrical release.

It’s the latest example of a movie backed by a brand. That includes megahits like Barbie that are based on brand IP, but there are many more companies supporting stories that are adjacent to their brand. John Deere, for example, backed a documentary about Black farmers.

Everyone from beer giant AB InBev to outdoors favorite REI is getting in on the action, working with top-notch producers, and in some cases winning awards. “The Long Goodbye,” a short film starring Riz Ahmed commissioned by the digital arts platform of WeTransfer, won an Academy Award in 2022.

For the Nikes of the world, it’s a way to support stories that connect with target customers. For the producers and talent, it’s a welcome opportunity as streaming giants pull back on funding originals and linear TV continues to struggle.

For viewers? We’ll have to watch to find out.

Getty Images; Alyssa Powell/BI

The problem with a “normal” job market

It’s hard to tell what a “normal” job market even looks like these days, but today’s landscape is looking a bit like it did back in 2018 and 2019. January’s job report defied many expectations, with the economy adding 353,000 jobs.

But that doesn’t mean workers are enjoying the heyday of the recent past: Those with a job have a relatively low risk of losing it, but they may be hesitant to quit. And those without a job might have a hard time finding one.

What the current job market means for workers.

Paramount/”Deep Impact”

Lenders are ditching commercial real estate

Some $2.1 trillion of commercial real-estate debt — including that connected to office spaces, apartments, hotels, and more — will come due by the end of 2025.

Banks and other lenders could face big losses on those debts, and recent loan sales show that financial institutions are trying to limit their exposure.

Get the full rundown here.

Also read:

• A commercial real estate crash is unfolding, and regional banks are feeling the pain.

iStock; Rebecca Zisser/BI

Republicans’ Zyn obsession

Republicans are up in arms after Senate Majority Leader Chuck Schumer suggested a federal probe into Zyn nicotine pouches last week. Beneath the outrage is a strange subculture on the right that is staunchly pro-nicotine.

Tucker Carlson is credited as being the singular force in mainstreaming Zyn, claiming nicotine “frees your mind.” But the craze is the most visible among young, male conservatives who staff GOP congressional offices and campaigns.

Inside the party’s nicotine-obsessed subculture.

Josh Edelson/AFP/Getty Images; Isabel Fernandez-Pujol/BI

Wall Street loves Meta these days

Despite losing an astonishing $16 billion on the Metaverse last year, the Street hasn’t soured on Meta. In fact, shares spiked 20% the day after it reported earnings.

A big reason why: Meta’s bottom line is improving. Its revenue (16%), operating income (62%), and profit (69%) all increased in 2023.

How Zuck won back investors.

Also read:

• Mark Zuckerberg says Meta may never go back to large-scale hiring as its Year of Efficiency becomes ‘permanent.’
• Why dragging tech CEOs in front of Congress might mean something this time.
• Meta told staffers it’s increasing upcoming cash bonuses due to the company’s stellar performance.

This week’s quote

“The experience taught me not to tie my self-worth to my job like that again.”

— Mariana Kobayashi, a LinkedIn employee who was laid off, then landed an offer that nearly doubled her salary.

More of this weeks top reads:

• Google cofounder Larry Page quietly bought a Puerto Rican island for $32 million.
• A former Microsoft VP explains why executive pay cuts wouldn’t prevent layoffs.
• China’s chances of staging an economic rebound this year look slim.
• SAP employees feel “betrayed” by the tech company’s “radical” return-to-office U-turn.
• The Wall Street Journal slashed its DC bureau. Insiders are calling it a “bloodbath.”
• These AI tools are changing content creators’ work processes.
• More than 60 former Wealth Assistants clients sued the get-rich-on-Amazon startup.