Unemployment filings in the United States dropped last week, as fewer Americans filed for unemployment benefits while the labor market remains tight and inflation pressures continue to persist. Applications for jobless claims for the week ended Jan. 21 fell to 186,000 from 192,000 the previous week, the Department of Labor reported on Jan. 26. This was…
Unemployment Filings Drop in Fresh Sign of Tight Labor Market and Persistent Inflation Pressures
January 26, 2023
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US and Global Economy to Grow Slower in 2023, Possibility of Recession in Some Nations: UN
January 26, 2023
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Business & Marketseconomic recessioneconomyglobal economyInternationalrecessionUnited NationsUSUS economyWorld
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The global economy is predicted to register a slower growth this year, continuing the trend from last year, with the United States also poised to mark a smaller pace of growth and several countries likely to see a “mild recession,” according to the United Nations. Global economic growth in 2023 is projected to be 1.9…
Wall Street Opens Higher on Soft Landing Hopes, Tesla Boost
Wall Street’s main indexes opened higher on Thursday after data showing a resilient labor market and better-than-expected economic growth last quarter helped ease worries of a deep recession, while Tesla’s bullish outlook added to the cheer. The Dow Jones Industrial Average rose 27.82 points, or 0.08 percent, at the open to 33,771.66. The S&P 500…
IBM to Cut 3,900 Jobs Amid Tech Layoff Trend
Technology firm IBM plans on reducing its headcount by 3,900 jobs, the company announced Wednesday, while delivering better-than-expected fourth-quarter revenue results and joining a host of big tech companies that are also laying off employees. The layoffs account for roughly 1.5 percent of IBM’s total global workforce. The latest round of job cuts will focus…
SAP to Cut Up to 3,000 Jobs Worldwide, Mulls Qualtrics Sale
January 26, 2023
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Business & MarketsCompaniescutseconomyEuropeGermanyInternationaljobsMarketsMedia & Big TechrecessionSAPWorld
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BERLIN—SAP said Thursday that it is cutting up to 3,000 jobs worldwide, or about 2.5 percent of its workforce, after a sharp drop in profits at Europe’s biggest software company. It comes amid a broader wave of job cuts in the technology industry, including mass layoffs at Google, Amazon, Microsoft, and other tech giants in…
Dollar Skulks at 8-Month Low, Central Bank Meetings in Focus
SINGAPORE/LONDON—The dollar fell to an eight-month low against its peers on Thursday, as a gloomy U.S. corporate earnings season stoked recession fears ahead of a slew of central bank meetings next week The euro squeezed its way to a new nine-month high of $1.09295 and was last just below that level, little changed on the…
Oil Prices Firm on China Demand Optimism
January 26, 2023
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LONDON—Oil prices rose 1 percent on Thursday on expectations that demand will strengthen as top oil importer China reopens its economy and on news U.S. crude inventories have risen less than expected. Brent crude futures rose 78 cents, or 0.9 percent, to $86.90 a barrel by 1046 GMT. U.S. West Texas Intermediate (WTI) crude futures…
Hopes of Slowdown in Rate Hikes Bolster Shares Ahead of US GDP
January 26, 2023
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LONDON—Stocks firmed on Thursday as investors bet that central banks meeting next week will signal a slowdown or even a pause in interest rate hikes for later in the year to make recession less likely and ease pressure on corporate earnings. Oil prices were steady after U.S. crude stocks rose less than expected, while gold…
The Washington Post Cuts 20 Newsroom Jobs
January 25, 2023
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The Washington Post announced that it will slash several positions in cutbacks, one week after the publication’s owner, Jeff Bezos, visited the offices. At least 20 newsroom staffers have been terminated, and 30 open positions will not be filled, according to a Jan. 24 note addressed to staff from the paper’s executive editor, Sally Buzbee. This is…
Ford to Cut up to 3,200 European Jobs, Union Says, Vowing to Fight
BERLIN—Ford Motor Co. plans to cut up to 3,200 jobs across Europe and move some product development work to the United States, Germany’s IG Metall union said on Monday, vowing action that would disrupt the carmaker across the continent if the cuts go ahead. Rising costs for electric vehicle battery materials and projected slowdowns in…
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