The economic landscape has presented an array of challenges that have profoundly affected the business community this year.
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WHEN THE ECONOMY FALLS, JOBS GO WITH IT
As AI continues to take over human jobs, IBM announced a restructuring to focus on software development, cloud services and AI, which could result in 2,700 to 5,000 layoffs.
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TRUMP STOMPS FEET AFTER MAMDANI WIN
U.S. President Donald Trump has taken Zohran Mamdani’s victory in New York City personally, despite assuring his supporters that “pollsters” identified the reasons for the smackdown was that “TRUMP WASN’T ON THE BALLOT, AND THE SHUTDOWN.”
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BESIDES ECONOMY, TRUMP’S OTHER POLICIES UNDER SCRUTINY AFTER ELECTION THUMPING
The main takeaway from last week’s election that saw Democrats win in gubernatorial races across New Jersey and Virginia, and a closely watched mayoral race in New York, was that voters had one thing on their mind: affordability, but President Donald Trump’s immigration policies and his rejection of DEI hires seemed to also appear on the ballot.
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TOP TREND 2023: OFFICE BUILDING BUST
Office Properties Income Trust (OPI), which owns about 17 million square feet of office space across 29 states and the District of Columbia, is suing its bondholders to recover around $135 million they received as a discount.
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FINANCIAL INDUSTRY LEADERS WARN OF STOCK MARKET REVERSAL
The CEOs of Goldman Sachs and Morgan Stanley are among U.S. financial industry leaders warning that the country’s equity markets are increasingly likely to see a sharp correction.
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BUILDERS UNABLE TO SELL NEW HOUSES WITH 4-PERCENT MORTGAGES
Mortgage rates as low as 4 percent are still not motivating enough buyers to commit to home ownership, indicating the American housing market has more troubles than just too-high interest rates, The Wall Street Journal reported.
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RETAIL HOLIDAY HIRING IS THE LEAST SINCE THE GREAT RECESSION
Retailers will hire 265,000 to 365,000 seasonal workers this holiday season, the fewest since at least 2010, according to the National Retail Federation (NRF). Last year, stores took on 422,000 temps as holiday help.
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U.S. BANKRUPTCIES GREW BY DOUBLE DIGITS IN OCTOBER
Last month, households and businesses filed 54,019 bankruptcy claims, up 12 percent year on year and 8 percent from September, according to Epiq, a leading bankruptcy tracking service.
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U.S. JOBS MARKET: LAYOFFS OUTPACE HIRING
The number of workers U.S. employers plan to lay off shot up to 153,704 in October, a 183-percent surge from September and 175 percent more than a year earlier, outplacement firm Challenger, Gray & Christmas reported.