Why quitting pays

Yet again, fresh data has shown the US economy’s resilience seemingly knows no bounds, with robust demand keeping inflation elevated and heaping pressure on the Federal Reserve to keep raising rates for longer. Retail sales rose last month by the most in almost two years, and separate measures of manufacturing also came in better than expected, according to reports released Wednesday. Combined with Tuesday’s inflation report, which showed the overall rate slowing just slightly, the figures reveal an economy spurning Fed efforts to rein it in. “The economy is generally performing better than expected,” said Bill Adams, chief economist for Comerica Bank. “These data collectively make the Fed more likely to surprise to the upside.” Here’s your markets wrap. —David E. Rovella

Sometimes, conventional wisdom is that way for a reason. Take the one about how if you really want a big raise, you have to jump. The historically tight US labor market has been proving that one true of late—in spades. Almost half of the workers who changed jobs in recent years were rewarded with a pay raise that exceeded the rate of inflation. Apparently, it pays to quit.

A decade ago, the Bank of Japan led the way with an unprecedented experiment in monetary stimulus. The central bank massively increased purchases of government securities and eventually moved to cap yields on government debt. It was like having gigantic money-printing machines running 24 hours a day. Now, with inflation well above the BOJ’s comfort zone, policymakers face a difficult decision on how to pivot without frightening markets. This is the challenge facing Kazuo Ueda, who was just nominated to be Japan’s central bank governor.

ASML Holding, a central player in the global semiconductor industry, accused a former China-based employee of stealing confidential information, the second such breach linked to China in less than a year. The Dutch company’s position as a crucial part of the supply chain for the most advanced technology has long made it a big target for corporate espionage. Now it’s been revealed that this latest theft involved a software system used to store technical information about ASML’s prized machinery. The breach occurred in a repository that includes details of the lithography systems critical to producing the fastest, most powerful chips.

Just as Russia launches what appears to be its long-feared winter offensive, German Defense Minister Boris Pistorius indicated western allies are struggling to put together two full battalions of Leopard 2 tanks to send to Ukraine—as was promised.

India reached a milestone at the end of last year when it overtook China as the world’s most populous nation. But that explosive growth is hardly reflected in the size of its commercial aviation fleet. Today the entire country has only about 700 aircraft—fewer than United Airlines alone—and just 50 widebody jets to transport its increasingly mobile 1.41 billion people. That, however, is about to change—and in a big way.

Internet providers are doubling their fastest speeds, making 2-gigabit offers their newest battleground. Verizon on Wednesday followed Comcast as the latest broadband provider to turn up the speed on internet service, with an offer to attract bigger-spending customers who want a more robust service for gaming and streaming.

Workers of the world are more exhausted than ever. More than 40% of people with desk jobs feel burned out at work, a pandemic-era high. The pain is particularly acute outside the US.

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In 2023, 3.6 million Americans will turn 40 and, if they haven’t already, promptly freak out. This will be the third batch of millennials to hit the milestone. But this group probably won’t rebel like their parents, who in their 40s and 50s bought flashy boats or booked flights to Bali. They aren’t divorcing a spouse (they never had one) or getting a tattoo (they already have them). No, this generation is going to do the midlife crisis differently.

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