Cisco axing thousands of jobs in second round of layoffs amid shift to AI: report
Network equipment maker Cisco plans to cut thousands of jobs in its second round of layoffs this year as it shifts focus to higher-growth areas such as cybersecurity and artificial intelligence, according to people familiar with the matter. The number of people affected could be the same or slightly higher than the 4,000 employees Cisco […]
Paramount slashing thousands of jobs, writes down value of cable networks by $6B
Paramount Global on Thursday said it would write down the value of its cable-networks business by about $6 billion and cut 15% of its workforce, even as its streaming business reported its first quarterly profit. Paramount shares rose more than 5% in after-hours trading. The impairment reflects declining viewership for cable networks such as Nickelodeon, […]
Jobless claims drop after weak jobs report triggered concerns
Initial claims for jobless benefits fell by 17,000 last week, a small but positive sign for overall employment levels amid resurfacing fears of a U.S. economic recession. The Labor Department said Thursday that jobless claims for the week ending Aug. 3 fell to 233,000 from 250,000 the previous week. The four-week moving average increased by […]
Stocks plunge as weak jobs report, tech woes rattle Wall Street
Stocks fell sharply on Monday morning as growing concerns about the strength of the U.S. economy and the outlook for microchip production spooked Wall Street. The Dow Jones Industrial Average plunged 2.8% after trading on Monday, opening 1,100 points lower. Dow futures were down more than 1,200 points before the market opened on Monday. The […]
July Jobs Report ‘Generally’ ‘An Indicator of Continued Strength’
In an interview with Bloomberg on Friday, Acting Labor Secretary Julie Su responded to the July jobs report by saying that the number of jobs in July was “still above 100,000. It’s still broad-based,” adding, “Generally, this is an indicator that the economy remains strong.” Host Katie Greifeld asked, “You actually spoke to us back […]
July Jobs Report ‘Part of’ Transition to ‘Steadier’ Growth, We Don’t Look at Just One Month
On Friday’s “CNN News Central” broadcast, Acting Labor Secretary Julie Su responded to the July jobs report, saying “we’re looking at trends, not just one month of data,” and that while the July number is “lower than expected, it’s part of a transition to continued job growth, growth at a steadier, more sustainable pace.” Su […]
Harris is ‘Biden’s co-pilot’ on ‘Bidenomics’ policies that prompted woeful jobs numbers: Trump camp
The Trump campaign has called Vice President Kamala Harris “co-pilot” for President Biden, who has been under pressure from the Democratic presidential nominee after July’s weak employment report. Unemployment rate In the United States, it reached its highest level in nearly three years. U.S. Department of Labor Employers reported on Friday were 114,000 jobs The […]
Stocks sink on sour jobs report
Business and Economics Full text Intel to cut 15,000 jobs after ‘disappointing’ second-quarter results Intel plans to cut 15,000 jobs, or about 15% of its workforce, CEO Pat Gelsinger said in a memo to employees on Thursday. Full text Warren criticizes Powell over jobs report: ‘Cut interest rates now!’ Sen. Elizabeth Warren (D-Mass.) […]
Kamala Harris Blames Trump for Bad Jobs Report
Vice President Kamala Harris’ campaign on Friday blamed former President Donald Trump for the recent spike in unemployment under her and President Joe Biden’s administration. “As president, Donald Trump has failed the American people, ripping millions of jobs from our economy and bringing us to the brink of recession,” said James Singer, a spokesman for […]
Stocks, recession, Fed, jobs, Boeing, Chevron
“The Craman Countdown” panelists Thomas Hayes and Nick Timilaos assess the current state of the U.S. economy. Weak job growth, manufacturing data send stocks plummeting Dow and S&P 500 fall sharply for the week, Nasdaq headed for correction Recession forecaster lights up, spooking Wall Street Fed Chairman Jerome Powell raises hopes for September rate cut […]