U.S. factory gauge falls for fifth month to lowest since May 2020
The latest data—released Wednesday—underscores how a combination of rising interest rates, waning demand for merchandise, and economic uncertainty are weighing on factory activity.
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Key inflation gauge cools further, paving way for smaller Fed rate hike
The figures added to mounting evidence that the worst bout of inflation in a generation has passed as the Fed’s aggressive tightening campaign works its way through the economy.
Spotify to cut about 6% of jobs in latest tech layoffs
The music streaming giant has about 9,800 employees. In recent years it has made a massive investment in acquiring podcast networks, creation software, a hosting service and the rights to popular shows like “The Joe Rogan Experience” and “Armchair Expert.”
DOJ offers 75% reduction in fines to companies that admit crimes
In some cases, companies could avoid any fines when they voluntarily disclose misconduct, cooperate with investigations and fully prevent the problems from recurring.
Companies skirt overtime pay with dubious management titles
The practice, often deployed by retail and restaurant companies, takes advantage of the Fair Labor Standards Act, which exempts firms from paying overtime wages if the employee is a manager and gets paid a salary above a certain threshold.
U.S. labor data surprise as job market runs hotter than forecast
Private payrolls increased 235,000 last month, led by small- and medium-sized businesses, according to data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. The figure exceeded all but one forecast in a Bloomberg survey of economists.
Amazon to eliminate more than 18,000 jobs
Eliminating 18,000 workers would be the biggest cut yet for tech companies during the current slowdown, but Amazon also has a far bigger workforce than Silicon Valley peers.
U.S. manufacturing contracts for a second month, helping ease prices
The Institute for Supply Management’s gauge of factory activity fell to 48.4 last month, the lowest level since May 2020 and down from 49 in November, according to data released Wednesday.
IMF chief warns of ‘tough year’ for world economy
International Monetary Fund Managing Director Kristalina Georgieva said one third of the world is expected to be in recession in 2023.
Experts: Here are the five benefits U.S. employees want most
These are the top strategies and benefits experts say will be important in 2023. Hint: They go beyond free lunch, commuting stipends and other sweeteners that dominated this year’s return-to-office push.
U.S. pending home sales fall to second-lowest level on record
Consumers rate current home-buying conditions as the worst since the early 1980s, according to a survey by the University of Michigan.
Americans’ wallets set for hit from winter home-heating bills
Power prices spiked during this storm in part because demand came in way higher than several U.S. grid operators had forecast.
Dealmaking slips by almost a third in 2022 marked by volatility, inflation
Megadeals announced early in the year were soon replaced by jitters about getting mergers and acquisitions over the finish line, with monthly deal activity plummeting by almost half from May to June. The volumes have yet to recover.
Great SPAC crash of 2022 deepens as investors cash out in droves
At least 80 special-purpose acquisition companies, which have raised $24 billion in total, face a wall of investor meetings that will give clients the chance to exit ahead of a new U.S. tax that could hurt their returns.
Key inflation gauge sees smallest monthly rise in more than year
The report, the last of 2022, points to inflation that—while much too high—is beginning to ease.
Biden’s student-loan plan to get expanded review from Supreme Court
The U.S. Supreme Court has expanded a planned showdown over President Joe Biden’s student-loan relief plan, saying it will hear arguments from two borrowers who contend they are being unfairly excluded from the full scope of the program.
Workers have high hopes for pay hikes next year—perhaps too high
While the labor market remains tight, evidenced by last month’s better-than-expected increases in both jobs and wages, employers are gaining back some leverage just in time for the tough conversations between bosses and employees to begin.
Vanguard quits net-zero group after GOP criticism
Indiana Attorney General Todd Rokita was among the leaders of multistate effort to stop companies like Vanguard from ESG investing, which puts an emphasis on environmental, social, and governance issues.
Biden’s bid to restore student-debt relief rejected by another court
Wednesday’s ruling by a three-judge panel of the New Orleans-based court is the latest blow to a plan that has been shadowed by legal doubt since President Joe Biden announced it in August.
Thanksgiving air travel lagged 2019 despite rebound in flying
Major carriers United Airlines Holdings Inc., Delta Air Lines Inc. and American Airlines Group Inc. said they had relatively smooth operations during the holidays, with only a handful of cancellations.