From MarketWatch:
Housing market is tipping in favor of buyers, real-estate agents say
It’s been a long winter in the housing market. Economic unease, uncertainty about taxes, fluctuating mortgage rates, and rain and snow have kept buyers and sellers on the sidelines throughout much of the country.
Those insights – and more detailed observations – come from investment bank Credit Suisse, which polls real estate agents around the country every month. Its February edition, released a few days ago, paints a more uniform picture of housing conditions around the country, though some distinctly local matters, like the impact of the government shutdown on Washington, D.C., or the “red tide” in Gulf Coast Florida, stand out.
…
| New York/Northern New Jersey | “Buyers are out in force, but seem reluctant to purchase as prices creep higher.” “Majority of home buyers are in first-time price ranges.” “Some concern about taxes and the possibility of declining home prices in the future.” |
Good Morning New Jersey
So much for being a financial superstar…
“Just a month ago the Governor patted himself on the back as he signed the minimum wage increase bill. During today’s Senate Budget hearing, we learned that incredibly, while he was preparing this budget, the Governor failed to provide the very funding necessary to meet the increased spending obligations triggered by his new minimum wage policy,” O’Scanlon said.
“At today’s hearing, we heard from those who take care of our most vulnerable residents. Over and over again, these hardworking and compassionate folks told us that they will be crushed if we don’t provide the funding increases they need to comply with this policy.
“I don’t care if you opposed or supported the minimum wage increase. We all should be outraged that the state itself isn’t living up to the policy it championed, and inflicted upon itself.
“There can be no claim of ignorance here. I have been warning people about these implications for years, dating back to when we first began discussing the possibility of a massive wage hike.
“The minimum wage increase was also a key plank in Murphy’s campaign for Governor. It’s a policy that was debated throughout the entire first year of his administration. The fact that apparently, no one in his administration had the foresight to anticipate that there would be actual cost increases – and provide for those increases in this budget – is astounding.”
https://tworivertimes.com/towns-grapple-with-minimum-wage-hike/
Middletown, with nearly 70,000 residents spread out over 58.7 square miles, is one of the largest towns in Monmouth County and, like many other municipalities, the township employs maintenance, department of public works operations and recreational workers at minimum wage.
Middletown Township administrator Anthony P. Mercantante said he has done a study of the township’s work- force and determined that the minimum wage boost will affect 17 workers in July. But that number will grow as the rate gradually increases and more workers must receive pay increases. By 2024 when the minimum wage reaches $15 an hour, the number of employees af fected by the bill will be 112.
Mercantante called the bill “misleading.”
“It’s a ‘ripple up’ effect that wasn’t considered,” Mercantante said Wednesday. “Some of our contracted workers have mandatory separations between levels of workers. This is seen a lot in the police department. If a minimum wage worker is required to make $15, by contract their super visor is going to have to receive a raise, too, and so on.”
Middletown Mayor Tony S. Perry said if all services and programs remain the same, taxpayers can expect that raise to increase its annual township budget by approximately $750,000.
“A lot of people question that number, that it doesn’t sound right, and think it’s an impossibility. What they’re not considering, and what hasn’t been clearly explained by legislators, is the total compensation and the downhill rolling effect it has on taxpayers,” Perry said. Highlands Borough administrator Kim Gonzalez said, in the case of her town, with a population of about 5,000 on 1.4 square miles, and others like it, smaller size means a smaller budget with maneuvering needed and little wiggle room to spare.
…
For example, Gonzalez pointed out that many municipalities employ crossing guards.
“Guards don’t usually start above $10 an hour, let alone $15. It’s something all towns need to watch and it can make a big impact on a community,” she said.
Who could have known $15 an hour minimum wage would have all these consequences. This economy thing is like really really complicated and stuff.
lw – I’ll definitely keep at least 1000 shares (out of at least 2250 I’ll end up with as of this writing). If BMY gets above it’s 30 week (not day) moving average, I’ll definitely have a stop starting at 3% below the 30 week MA.
As for the CVR, that’s more attractive than just the $9, considering that if 2 of those 3 drugs make it, it’s likely to do more for BMY’s share price than the $9 kicker.
The merger will position BMY as the top oncology player, a top five immunology company, and the top cardiovascular player in biotech.
BMY/CELG spread now above $40….
Ex, going to have to figure out whether I want to hold newco LT, or if I just take my gains and cash out when the spread nears the $50 offer, likely on the back of the shareholder votes next month….Any view on the CVR? Hate to hinge my decision on that but….
It’s no surprise why the unions, whose members all made more than $15 an hour, were such vocal supporters of the $15 minimum wage … ripple up.
“Some of our contracted workers have mandatory separations between levels of workers. This is seen a lot in the police department.
Look at the bright some, some police chief will now get paid $200k as a result of the “ripple up”.
Keep in mind, the more “ripple up” that happens, the less of an impact that the minimum wage increase will have on poverty, affordability, cost of living, etc. Ripple up means that wage increases simply become broadly inflationary.
Guys, you don’t think he knew this? It’s part of the plan to tackle our debt problem. INFLATION! This is not going to be unique to nj, it will be national. I don’t see how they can handle this any other way besides raising taxes which is not going to happen. So you create inflation, which raises tax revenue, while making it easier to handle debt load.
Grim,
It will increase the speed of the pensions going bust too I bet. Plus raise property taxes
Rents are where you are going to see it have a material impact.
Says Robert Francis O’Rourke (Beto, the guy married to the billionaire’s daughter) :
“…it is clearly an imperfect, unfair, unjust and racist capitalist economy.”
Now there’s a platform everyone can get behind. Robert Francis 2020. Ottoman is probably getting some wood.
The tax deductibility change has now created a perverse incentive in the economy that favors renting from commercial landlords. Remember, corporate owners can still deduct 100% of property and income taxes, unlike resident owners. You’ve eliminated the tax equality that previously existed, whether it was paid outright as an owner, or paid as a portion of rent, as a renter. Very easy to arbitrage this inequality to profit, so it will be done.
So now you are going to increase demand for rentals, likely push more housing stock into corporate ownership.
I think this gets further amplified as property taxes get pushed higher and higher.
Higher demand for rentals, higher property taxes —— higher rents, across the board.
It becomes very, very easy for completely negate any increased income on the low end, through higher cost of living.
Add in the new stormwater taxes, this is going to hit a number of dense communities very hard – these new taxes will be passed through as increased rents. No surprise, it’s going to disproportionately impact the low-end as these become dollar-for-dollar pass-throughs.
Expat
The coastal libs don’t realize people weren’t voting for Beto, they were voting against lying Ted.
Part of the plan. They took out the COLA in pensions until the fund reaches 80% funding. So those pensions are about to be worth significantly less. These people are probably getting screwed the hardest.
Hold my beer says:
March 22, 2019 at 8:43 am
Grim,
It will increase the speed of the pensions going bust too I bet. Plus raise property taxes
Paterson needs something like $2 billion dollars to fix it’s stormwater/sewerage issue.
They have 50,000 housing units.
That’s $40,000 per housing unit. So what does that translate to? An increase of $4,000 a year, for the next 10 years? That never goes away BTW. Who can afford that?
Also, the increase in pay will further help pay the pensions debt. State workers have to pay a percentage of their salary into the pension. So as salaries are raised, so is the payment into the fund.
So as salaries are raised, so is the payment into the fund.
And so do benefits paid out.
As a defined benefit pension, input dollars per person do not equal output dollars per person. Contributors seldom contribute to the fund, what they take out of the fund. Their payout is based on their incomes, not their contributions.
This only makes things worse.
You would need to significantly increase salaries on the low end, and significantly reduce salaries for those nearing retirement.
Grim,
Yes, but significantly down the road. The cost doesn’t come due immediately.
The savings comes from inflation eating into the current payouts. Without COLA, these people are going to be losing 3% a year at the minimum. In 10 years, you just ate away at 30% of their compensation. I expect way higher inflation with the minimum wage being boosted to 15 dollars. Expect major inflation.
For any union contracts that are indexed to the minimum wage, near term retirees will benefit.
Inflation, huh? Wishful thinking is always a great strategy.
30,000 is the new floor at 15 an hour. I don’t see how inflation doesn’t come about. You are putting significantly more money into the hands of people that spend every penny. Plus, can you now pay the mcds manager 50,oo0 when workers are getting 30,000? Can you get teachers to work for 50,000 when they can go to mcds for 30,000 with no college debt?
Unemployment.
I didn’t realize a state governor has the power to create inflation.
Critical Thinking!!! Good God!!
Disclosure: Just sold for about a 1% gain. Not bad for well under two days investing dollars in dollars.
The Original NJ ExPat says:
March 21, 2019 at 7:04 am
Just a minor money maker, but I bought 4000 shares of UUP at the close yesterday. Yep. I used dollars to buy dollars.
Expect major inflation.
I don’t see how inflation doesn’t come about.
I’ve heard this somewhere else. I think it was years ago
Wow has the left become more unhinges and radical. Ban Huck Finn. They aren’t really a fan of the constitution and liberty at all.
No first amendment, no second amendment, infanticide, no private health car, eliminate the electoral college, open borders.
Watch the rout unfold.
Falling interest rates – Always a sign of major inflation. 10 year rates at 15% in the early 1980’s, that must have been deflation? Pumpkin for brains.
Expect major inflation.
You are correct, it might not have an inflationary impact. They might fire workers and replace them with automation or a worker who will increase productivity to take on the lost worker’s job. So no guarantees, but I would think inflation would come.
PumpkinFace says:
March 22, 2019 at 9:38 am
Expect major inflation.
I don’t see how inflation doesn’t come about.
I’ve heard this somewhere else. I think it was years ago
My landlords, who live in a condo down in Florida, much smaller than their house that we are renting, changed the bank account to which I transfer our $2950 per month rent. The new account is an LLC.
The “hot” market I sold into has now turned “cold” in Boston. Go figure.
The tax deductibility change has now created a perverse incentive in the economy that favors renting from commercial landlords.
Good Morning you whiny bitchez – Yeah yeah yeah same as it ever was.
I can picture Pumps as a homeless vagrant, shrouded in a smelly blanket, sitting on a steam grate in NYC, saying things like this to himself.
Also, the increase in pay will further help pay the pensions debt. State workers have to pay a percentage of their salary into the pension. So as salaries are raised, so is the payment into the fund.
Expect reduced employment, increased automation and increased costs for products and services requiring manual labor. At some level the currently minimum wage jobs do not provide enough economic value to the employer. You’ll see what is seen in high wage places(like Switzerland), reduced hours for most retail, more retail stores going under, and lower end/mid range restaurants going under. For businesses(or municipal governments for that matter…) if they are not fairly successful the increased minimum wage will break them. Most are increasing prices to get out in front of wages and hoping sales volumes don’t go down.
ok, so pay for government workers has consistently risen over time. Teachers were starting out $22k a year in 1990. Now they start out $45-50k a year. How has that pension debt improved since then? In fact, the correlation is exactly the opposite you are claiming. Pay goes up, pension debt goes up. Of course, correlation does not equal causation, but it’s ludicrous to argue that that one helps the other when no data supports that.
Ottoman is probably getting some wood.
Can you really notice the difference between flaccid and erect when you have a micro pen1s?
Without COLA, these people are going to be losing 3% a year at the minimum. In 10 years, you just ate away at 30% of their compensation.
If I’m losing 3% per year for 10 years on a fixed asset, I’m not down 30%. What do you do for a living?
The End Is Nigh (Stu Edition):
https://nypost.com/2019/03/21/neighbors-fear-construction-of-billionaires-massive-nj-mansion/
Everyone in Trenton assumes the revenue line….. their biggest single disconnect from reality…… fundamentally do not understand the challenge of creating the top line…
Blue Ribbon Teacher says:
March 22, 2019 at 9:20 am
I didn’t realize a state governor has the power to create inflation.
10:48 as little as possible.
re: End Is Nigh – Melih Abdulhayoğlu from Clifton NJ moving on up Montclair..
Math is not the strongpoint of this blog……..
You lost me. Check this.
“Unless your pension has an unusually high COLA or you project an unusually low future inflation rate, the buying power of your pension benefits will drop sharply across decades. A 53-year-old who projects a $48,000 per year pension starting at age 65 with no COLA and a 2.99% inflation rate will receive $48,000 in checks at age 65, but those checks will only be worth $33,172 in today’s dollars. At age 75, that $48,000 benefit will only be worth $24,707 in today’s dollars. At age 85, the annual benefit will only be worth $18,402 in today’s dollars.”
http://valueyourpension.com/inflation-cola-pension-calculator/
Fast Eddie says:
March 22, 2019 at 10:48 am
Without COLA, these people are going to be losing 3% a year at the minimum. In 10 years, you just ate away at 30% of their compensation.
If I’m losing 3% per year for 10 years on a fixed asset, I’m not down 30%. What do you do for a living?
Chi…old news. They missed three important parts of the story. First, he tore down too historically significant and beautiful home that any of us would have killed to live in. One of them was recently refinished maintaining historic accuracy and materials. Two, he bought a thirds lot in front of the house so that he could remove the trees giving his monstrous home a clearer view of NYC. Three, about fifteen years ago, he destroyed another historic (though less so) home on the corner of Watchung and Upper Mountain Avenue to build this ugly POS where he currently lives.
https://goo.gl/maps/D4R8GmkiJuB2
Go up and down the block to see what the current crop of homes there look like. Most were built in the 1800s and are GRAND.
Pumps. What happens to your 401K? Do the math.
re: End Is Nigh – Melih Abdulhayoğlu from Clifton NJ moving on up Montclair..
Is the problem his ethnicity or the size of the house? Not quite sure.
He’s lived in Montclair for almost two decades. His current monstrosity is not garish enough.
I for one welcome our new Montclair overlords.
I, for one, hope my son will date one his daughters.
Montclair owes him a parade, not criticism. He’s singlehandedly float the entire town with the property taxes on a 60k square foot home.
Melih Abdulhayoğlu ? Is his wife Ottoman from this blog?
I think he only has sons. Still okay. The couple can adopt.
Three, about fifteen years ago, he destroyed another historic (though less so) home on the corner of Watchung and Upper Mountain Avenue to build this ugly POS where he currently lives.
I know the place, pretty modest for a billionaire.
At least it wasnt Justin Bieber as rumored
I can’t wait to see this tax bill but it won’t really matter to the family.
Some men from Turkey marry Turkish women. Some Turkish men marry women who can cook Turkey.
https://bit.ly/2um3WRj
Let’s say you are not allowed to invest your current 100,000 dollar 401k (no cola). You can just hold it. In 10 years, you are telling me you can purchase the same amount with that 100,000 dollars? It got destroyed by inflation. That’s what will happen to pensions with no cola.
Libturd, can’t say I didn’t warn you. says:
March 22, 2019 at 11:39 am
Pumps. What happens to your 401K? Do the math.
Didn’t people on this blog say we lost Tepper due to high taxes? They need to realize what you understand….it doesn’t matter to rich people. If it does matter, the rich individual is not really rich, or some total cheapa$$ unable to enjoy their wealth.
Mike S says:
March 22, 2019 at 11:54 am
At least it wasnt Justin Bieber as rumored
I can’t wait to see this tax bill but it won’t really matter to the family.
Did Murphy build revenues from legal weed taxes into the budget? I don’t think they have the votes to pass the bill yet.
Vote is scheduled for Monday
They don’t have the votes, I suspect it’ll be pulled.
I heard some story that some police agencies are concerned that legalization will impact their ability to make money off of impounded vehicles and what not
Ex, good insight on the value of cvr v. impact of same events on bmy share price. Have to think about that more.
So right now i’m sitting next to a cast iron stove in front of picture windows on the edge of a lake admiring a huge expanse of totally white landscape from 4 inches of snow overnight. Already picking my spot to fire up a cohiba robusto and bourbon after my boys win. Let’s go red!
https://www.mirrorlakeinn.com/dining/cottage/
If you believe in the rights of the individual. How can you be against weed legalization? Arresting people for possession ruins lives, and puts the cost on future taxpayers. The individual arrested will most likely never get a good job and a go down a path where the taxpayer will be responsible for the future costs. They will become a taker instead of a producer.
U.S. Treasury Yield Curve Inverts for First Time Since 2007
The fortunate thing is that nothing really bad happened in the ensuing 12-18 months after the last instance, so there is nothing concerning……
I am dying…… good for you man…. seriously…. floored…
Leftwing says:
March 22, 2019 at 12:35 pm
Ex, good insight on the value of cvr v. impact of same events on bmy share price. Have to think about that more.
So right now i’m sitting next to a cast iron stove in front of picture windows on the edge of a lake admiring a huge expanse of totally white landscape from 4 inches of snow overnight. Already picking my spot to fire up a cohiba robusto and bourbon after my boys win. Let’s go red!
4PM? super early
Yeah 4p. That’s good, duck out after for an early dinner
Without COLA, these people are going to be losing 3% a year at the minimum. In 10 years, you just ate away at 30% of their compensation.
Still wrong. It’s closer to 26%. The example you gave was 12 years. Then again, I don’t really give a f.uck to be quite honest. If you want to beat inflation, don’t sit on your a.ss and expect a COLA. You’ll f.ucking die waiting. Make your own money.
Where was this when I was in high school?
https://nypost.com/2019/03/22/texas-teacher-sent-student-nude-photos-masturbating-video-via-snapchat-court-docs/
Since this past fall I have been drawing all over my SPX charts comparing 2007-8 to 2018-19. It doesn’t exactly match, but it rhymes. Nobody is paying any special attention to the 2018 September high, just like nobody now was paying much attention to the 2007 October high. Meanwhile, everybody thinks the stock market has done great this year, which it has, but my sector analysis model had Utilities on top for many weeks now, usually joined by Real Estate(REITS). We know what that means. Last week I noticed Large Cap Staples ( different animal than Staples overall, Mid caps don’t have much in the way of dividends), not up to number three yet, but climbing quickly.
Almost nobody has uttered the dreaded words, “bear market rally” in the first quarter.
U.S. Treasury Yield Curve Inverts for First Time Since 2007
Jimmy Carter became the oldest living ex-President today.
Trump issues emergency declaration to have Carter neutralized and buried beneath the wall. A simple headstone with a peanut on it will be erected on the Mexican side of the wall.
^^^ There will be a small engraving, “Best Peanut Butter Sandwiches of All time – served at Trump Tower.”
TNX back to 2.46
Cola my ass.
Left.
Gator Jr. won tier 2 states in 5 overtimes. Bantom minor. His bantom major team should be phenomenal next year. There’s probably a solid 6 kids on the team who should be playing tier one. The funny thing is, three are from Montclair, three are from Glen Ridge. The parents of the Montclair kids have money, so they’ll probably send them private. But it would make for some great rivalry games watching these kids play against each other after playing together since 3rd grade.
I signed him up for district tryouts (for their development camp down in Voorhees).
I can’t force him to play top level, but maybe he’ll change his mind if other coaches start recruiting him. None the less, he’s still straight A’s and going into honors everything except English. Who woulda thought?
He’s playing Spring Hockey on Indian Hills high school spring squad. It should be interesting watching him defend against kids 4 years older than him. Better use the body!
Sorry, I was confused about what you were talking about. Thought you were attacking the idea. Yes, I provided a generalized figure that was not the exact percentage. I didn’t actually sit down and do the specific math to account for the 3% loss on the total year after year because it’s not going to be that much of a difference. It was just to make a point, not be exact with the percentage.
Fast Eddie says:
March 22, 2019 at 1:47 pm
Without COLA, these people are going to be losing 3% a year at the minimum. In 10 years, you just ate away at 30% of their compensation.
Still wrong. It’s closer to 26%. The example you gave was 12 years. Then again, I don’t really give a f.uck to be quite honest. If you want to beat inflation, don’t sit on your a.ss and expect a COLA. You’ll f.ucking die waiting. Make your own money.
2:18 Carter rips farts more righteous than anything trump cam bloviate.
Exsesxx.. ss..
Ar u drnc… (hiccup)… burp?
3:38 watching the UC Anteaters take Kansas State.
Gonna play mah basss.
This place has really degenerated.
4:43 I say NJ is aight. Just save my meager Pension. Friskies!
Sorry, I was confused about what you were talking about. Thought you were attacking the idea. Yes, I provided a generalized figure that was not the exact percentage. I didn’t actually sit down and do the specific math to account for the 3% loss on the total year after year because it’s not going to be that much of a difference. It was just to make a point, not be exact with the percentage.
You mean the 5 seconds it should take?
Carter was dead to rights several years ago…… Merck’s pill is magic….. fcuk the people that say pharma companies gouge the sick….. yeah its $150,ooo/year, but how much money was poured into R&D and also failures….. he’s CURED!
The Original NJ ExPat says:
March 22, 2019 at 2:18 pm
Jimmy Carter became the oldest living ex-President today.
Trump issues emergency declaration to have Carter neutralized and buried beneath the wall. A simple headstone with a peanut on it will be erected on the Mexican side of the wall.
Send him to Ithaca!
Libturd, can’t say I didn’t warn you. says:
March 22, 2019 at 2:32 pm
Left.
Gator Jr. won tier 2 states in 5 overtimes. Bantom minor. His bantom major team should be phenomenal next year. There’s probably a solid 6 kids on the team who should be playing tier one. The funny thing is, three are from Montclair, three are from Glen Ridge. The parents of the Montclair kids have money, so they’ll probably send them private. But it would make for some great rivalry games watching these kids play against each other after playing together since 3rd grade.
I signed him up for district tryouts (for their development camp down in Voorhees).
I can’t force him to play top level, but maybe he’ll change his mind if other coaches start recruiting him. None the less, he’s still straight A’s and going into honors everything except English. Who woulda thought?
He’s playing Spring Hockey on Indian Hills high school spring squad. It should be interesting watching him defend against kids 4 years older than him. Better use the body!
https://www.businessinsider.com/antitrust-suit-accuses-drug-companies-working-together-increase-generic-prices-2018-12
chicagofinance says:
March 22, 2019 at 5:02 pm
Carter was dead to rights several years ago…… Merck’s pill is magic….. fcuk the people that say pharma companies gouge the sick….. yeah its $150,ooo/year, but how much money was poured into R&D and also failures….. he’s CURED!
The Original NJ ExPat says:
March 22, 2019 at 2:18 pm
Jimmy Carter became the oldest living ex-President today.
Trump issues emergency declaration to have Carter neutralized and buried beneath the wall. A simple headstone with a peanut on it will be erected on the Mexican side of the wall.
Cornell up 4-0 after two periods……
Mueller report is done and delivered to AG Barr.
My prediction is the report gives us nothing. Republicans will be mad because it attempts guilt by association. Dems will be mad because no actual crimes committed by Trump. If he had anything of substance, it would have leaked a long time ago.
Special counsel Robert Mueller “will be concluding his service in the coming days,” according to Peter Carr, spokesman for the special counsel’s office.
Carr went on to say, “A small number of staff will remain to assist in closing the operations of the office for a period of time.”
Boomers…leaving a path of destruction wherever they go. Lmao
https://www.wsj.com/articles/a-growing-problem-in-real-estate-too-many-too-big-houses-11553181782
“Baby boomers and retirees built large, elaborate dream homes across the Sunbelt—only to find that few people want to buy them.”
Has to be one of the dumbest boomer moves….building million dollar homes in cheap retiree locations that have no job market to support it.
They’re probably the same idiots who younger in life bought a house with expensive taxes on a double yellow keeping their kids lonely and unsocialized when they were small.
^^^Their kids probably hold the grudge all through life and don’t even want to visit their parents later in life at their new big lonely house.
Expat,
This billionaire chose to live on a double yellow, just another Pumpkin huh? Btw, this is actually a busy road as opposed to mine.
Libturd, can’t say I didn’t warn you. says:
March 22, 2019 at 11:37 am
Chi…old news. They missed three important parts of the story. First, he tore down too historically significant and beautiful home that any of us would have killed to live in. One of them was recently refinished maintaining historic accuracy and materials. Two, he bought a thirds lot in front of the house so that he could remove the trees giving his monstrous home a clearer view of NYC. Three, about fifteen years ago, he destroyed another historic (though less so) home on the corner of Watchung and Upper Mountain Avenue to build this ugly POS where he currently lives.
https://goo.gl/maps/D4R8GmkiJuB2
Go up and down the block to see what the current crop of homes there look like. Most were built in the 1800s and are GRAND.
For the better part of three decades, economists have worn out their chalkboards trying to map a path back to the glory days of 7% growth. So far, the only point they agree on is that we must be doing something wrong.
Here’s a crazy idea: What if it’s something simple? What if companies could fix the problem by hiring better middle managers?
Five years ago, the Gallup organiza-tion embarked on one of the most ambitious deep dives it has ever conducted; an analysis of the future of work based on a decade of input from nearly 2 million employees and more than 300,000 business units. The results confirmed something Gallup had seen before: a company’s productiv-ity depends, to a high degree, on the quality of its managers.
What no one saw coming, however, was the sheer size of that correla-tion—something Gallup calls “the single most profound, distinct and clarifying finding” in its 80-year history. The study showed that managers didn’t just influence the results their teams achieved, they explained a full 70% of the vari-ance. In other words, if it’s a superior team you’re after, hiring the right manager is nearly three-fourths of the battle.
https://www.wsj.com/articles/the-economys-last-best-hope-superstar-middle-managers-11553313606?emailToken=330529bf0249e051bf51dd8d017903f0dh7zQpI/1UnQcrMXgBVh2sswhEPcRsGcFxQi7Ka9NNagwJPi1AE3hBIOz7v5yjckwaybwMgbBJqeI53LoAc1C//fPq+ezsaBizgvhwHW1Xng4EwgHdnMuUjdwMZiREGf&reflink=article_copyURL_share
“No other single factor, from compensation levels to the perception of senior leadership, even came close. “That blew me out of my chair,” says Jim Clifton, Gallup’s chief executive.”