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The Latest Breaking News from Economy

Micron Shares Drop Following This Analyst Downgrade - Read Why

Piper Sandler analyst Harsh Kumar downgraded Micron Technology, Inc (NASDAQ:MU) from Neutral to Underweight and lowered the price target from $90 to $70. Kumar expressed concerns about Micron's over 50% exposure to consumer-like markets such as PCs, mobile, and others when the global economy will likely face headwinds. Kumar expects the company's chip business catering…

Benzinga

Biden urges economic confidence despite inflation challenge

President Joe Biden touted the state of the U.S. economy following a better-than-expected May jobs report, even as he acknowledged its likely to be overshadowed by record-high inflation that’s causing pain for Americans.

Tribune News Service

Biden Slams Elon Musk's 'Super Bad Feeling' On Economy With 'Trip To The Moon' Wisecrack

President Joe Biden responded to Elon Musk’s comments about having a “super bad feeling” about the economy with a sarcastic quip about the Tesla (NASDAQ:

Benzinga

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Elon Musk, financial Nostradamus, has 'bad feeling' about the economy

He also proposed cutting 10 percent of all Tesla jobs.

Input

Hungary's Russia oil embargo exception 'detrimental to security of Europe': Polish deputy FM

In the week that EU leaders agreed on a sixth round of sanctions against Russia, Polish Under-Secretary of State for Foreign Affairs Pawel Jablonski speaks to FRANCE 24 about the effect he hopes the measures will have on the Russian economy, his disappointment at the Hungarian government's stance regarding sanctions…

France 24

Mid-Morning Market Update: Markets Open Lower; US Economy Adds 390,000 Jobs In May

U.S. stocks traded lower this morning, with the Dow Jones dropping around 150 points on Friday.

Benzinga

Biden says jobs report shows that US is in a good position to combat inflation

The US economy added 390,000 jobs in May, according to the Bureau of Labor Statistics

The Independent UK

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Conor Sen: Consumers are losers in a booming industrial economy

Reasons to worry about a recession are piling up: the Federal Reserve's inflation fight, a slowing housing market, warnings from retailers and venture capitalists and a smattering of layoff announcements. But one part of the labor market is sending a decidedly different signal. Goods-producing employment, which includes industries like manufacturing,…

Tribune News Service

Tesla pauses hiring, Musk says need to cut staff by 10%: Reuters

Tesla Inc. Chief Executive Officer Elon Musk said the electric carmaker needs to cut staff by around 10%, noting he had a “super bad feeling” about the economy, according to an internal email seen by Reuters.

Tribune News Service

Elon Musk has ‘super bad feeling’ about economy and wants to cut 10% of Tesla jobs

Tesla has struggled to restart production at its Shanghai factory after Covid restrictions

The Independent UK

Job growth in US tops estimates, signaling optimism on economy

U.S. employers hired at a robust pace in May while wage gains held firm, suggesting the economy continues to power forward as the Federal Reserve raises interest rates at a steep pace to tame red-hot inflation.

Tribune News Service

Recession is coming, but it's a necessary evil, PNC CEO Bill Demchak says

PITTSBURGH — PNC Financial Services Group CEO Bill Demchak believes the country is headed for a recession, albeit a mild one.

Tribune News Service

Elon Musk seeks 10% job cuts at Tesla over ‘super bad feeling’ about economy

Email to executives also calls for hiring freeze at electric car maker, which has 100,000 staff worldwide

The Guardian - UK

Co-Founders programme awards 10 startups £10,000 each to develop product ideas

The teams will now go on to Co-Founders+ where they'll be given mentors and specialists to accelerate their ideas

Birmingham Post

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Asharq Al-Awsat

Musk Says Tesla Needs to Cut Staff by 10%, Pauses All Hiring

Tesla chief executive Elon Musk said he had a "super bad feeling" about the economy and that the electric carmaker needed to cut staff by around 10%, according to an internal email seen by Reuters. The email, titled "pause all hiring worldwide," was sent to Tesla executives on Thursday. Tesla…

Tribune News Service

Karl W. Smith: Biden’s economic hubris gives way to humility

Treasury Secretary Janet Yellen has finally admitted how badly she underestimated the inflationary threat last year. Although President Joe Biden himself continues to insist the economy is better than it looks, even he acknowledges that Americans won’t view the economy more favorably until rising prices are tamed.

Reuters

Feeling 'super bad' about economy, Musk wants to cut 10% of Tesla jobs

Tesla CEO Elon Musk has a "super bad feeling" about the economy and needs to cut about 10% of salaried staff at the electric carmaker, he said in emails seen by Reuters.

Pedestrian.tv

Labor’s Officially Backed A Minimum Wage Pay Rise, So WTF Does That Mean What Happens Next?

Let's pop our economy hats on.

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StockNews.com

Why the Market’s Next Move Could Be Higher

Just like bull markets breed excesses and complacency, bear markets do the same but in a different way. While it's an open question of whether or not the S&P 500 (SPY) is in a bear market, there's no doubt that certain parts of the market have been in a bear…

Bangkok Post

Doubts linger over job situation

The government's planning unit, the National Economic and Social Development Council (NESDC), reported on May 23 Thailand's unemployment rate dropped in the first quarter to its lowest level since the start of the pandemic, boosted by higher employment in both the agricultural and non-agricultural sectors, as the economy gradually recovers.

The Guardian - UK

FBI sets sights on crypto economy with arrest of former OpenSea staffer

Ex-employee of the NFT marketplace, Nathaniel Chastain, charged with wire fraud and money laundering

The Guardian - UK

How nature’s wealth could be shared fairly

Letter: Dr Richard Pratt explains the idea of a ‘stewardship economy’ developed by his late brother, Julian Pratt

Benzinga

Daimler Truck Head Sees Signs Of Chip Crisis Recovery

Daimler Truck Holding AG (OTC:DTRUY) head Karin Radstrom, in an interview with Bloomberg, acknowledged seeing chip crisis recovery signs. Her comments mirrored with Mercedes Benz Group AG (OTC:DMLRY) production chief Joerg Burzer's recent similar assessment. Radstrom added that the factories are busy with backlog orders after months of outages due to chip component shortfalls.…

The Independent UK

White House says US prepared to handle economic storms as JPMorgan boss predicts ‘hurricane’ ahead

JPMorgan Chase CEO Jamie Dimon is predicting an economic ‘hurricane’ ahead even as the White House says the US economy remains strong

The Conversation

South Africa's economy has taken some heavy body blows: can it recover?

Economists are growing increasingly concerned about South Africa’s economy. This is because the country’s three major macroeconomic problems – lacklustre economic growth, growing inflation and very high unemployment – have been exacerbated by a series of major disruptions.

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