US and international data releases are missing forecasts at an accelerating pace, highlighting rising investor angst that the spread of the Delta coronavirus variant will slow the pace of the global economic recovery.Several closely watched US economic measures published in recent weeks have come in well below Wall Street expectations, indicating the powerful economic growth from the depths of the Covid crisis may be losing steam.
A new report from Bloomberg suggests that Apple (AAPL) will become the latest corporation to delay the return of its global workforce to the office (until at least January). Wells Fargo (WFC) and Chevron (CVX) have already postponed their September returns following an uptick in coronavirus cases, while Amazon (AMZN) and Facebook (FB) have pushed their return into early next year.
The battle over the gig economy is far from over. Last year, companies like Uber, Lyft, DoorDash, Postmates, and Instacart sunk $200M into Proposition 22, which exempted them from treating drivers as employees in California. Instead, the app-based businesses promised new protections to workers. While California voters ended up passing the measure with an overwhelming majority, a California Superior Court Judge decided he knew better. The companies have vowed to appeal.