Spotify, the popular music streaming service, announced on Monday that it is cutting 6% of its global workforce in response to a challenging economic environment that has seen consumers and advertisers limit their spending. With a total workforce of around 9,800 people, the cuts will impact approximately 600 employees. The company, which is based in … Read more
Big Tech companies are facing a tough start to 2023 as they continue to lay off thousands of employees following a difficult 2022. Companies like Meta, Amazon, and Intel announced significant job cuts last year due to high interest rates, inflation, a hawkish Fed, and slowdowns in advertising and consumer spending. Google’s parent company, Alphabet, … Read more
The global economy is showing signs of improvement, with economists upgrading their previously gloomy outlooks. Last week, data releases revealed a slowdown in inflation and less severe downturns in activity. This prompted Barclays to raise its global growth forecast to 2.2% in 2023, an increase of 0.5 percentage points from its last estimate. China’s reopening … Read more
Wholesale prices increased less than expected in October, adding to hopes that inflation is on the wane, the Bureau of Labor Statistics reported Tuesday. The produce price index, a measure of the prices that companies get for finished goods in the marketplace, rose 0.2% for the month, against the Dow Jones estimates for a 0.4% … Read more
Stocks and bonds had an especially bullish reaction to new data out Thursday showing that inflation continues to moderate after reaching a 40-year high over the summer. The Dow (^DJI), Nasdaq (^IXIC), S&P 500 (^GSPC) and Russell 2000 (^RUT) each had their best day since the 2020 pandemic lows. The 5- and 10-year Treasury Notes (^FVX, ^TNX) saw … Read more
The Dow Jones Industrial Average rose Monday as a packed week kicked off, with congressional midterm elections and key inflation data on deck over the next few days. The Dow traded higher by 138 points, or 0.4%, while the S&P 500 gained 0.3%. The Nasdaq Composite climbed 0.1%. Shares of Apple fell more than 1% … Read more
Job growth was stronger than expected in October despite Federal Reserve interest rate increases aimed at slowing what is still a strong labor market. Nonfarm payrolls grew by 261,000 for the month while the unemployment rate moved higher to 3.7%, the Labor Department reported Friday. Those payroll numbers were better than the Dow Jones estimate … Read more
Private payroll growth held strong in October while worker pay rose as well, particularly in the leisure and hospitality industry, according to a report Wednesday from payroll processing firm ADP. Companies added 239,000 positions for the month, ahead of the Dow Jones estimate of 195,000 and better than the downwardly revised 192,000 in September. Wages … Read more
Wholesale prices rose more than expected in September despite Federal Reserve efforts to control inflation, according to a report Wednesday from the Bureau of Labor Statistics. The producer price index, a measure of prices that U.S. businesses get for the goods and services they produce, increased 0.4% for the month, compared with the Dow Jones … Read more
It’s not what the Federal Reserve does, but what it says it could do in the future that will be most crucial when the central bank ends its two-day meeting Wednesday. The Fed is expected to fire off another three-quarter point rate hike — its third in a row. It will also release quarterly forecasts … Read more
