Business News

NWQWM Morning Financial Report

The U.S. economy added 390,000 jobs in May, better than expected despite fears of an economic slowdown and with a roaring pace of inflation.  At the same time, the unemployment rate held at 3.6%, just above the lowest level since December 1969.

 

New orders for U.S.-manufactured goods increased less than expected in April, but demand for products remains strong, which should help to keep factories humming.  The Commerce Department said that factory orders rose 0.3% in April after advancing 1.8% in March.  Manufacturing, which accounts for 12% of the U.S. economy, is being pinned by still strong demand for goods even as spending shifts back to services.

 

Tesla CEO Elon Musk has a “super bad feeling” about the economy and needs to cut about 10% of jobs at the electric carmaker, he said in an email to executives seen by Reuters.  The message, sent on Thursday and titled “pause all hiring worldwide”, came two days after the billionaire told staff to return to the workplace or leave, and adds to a growing chorus of warnings from business leaders about the risks of recession. Tesla employed almost 100,000 people at the company and its subsidiaries at the end of 2021

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