A group of some of the world’s most powerful oil producers agreed to impose deep output cuts, seeking to spur a recovery in crude prices despite calls from the U.S. to pump more to help the global economy. OPEC and non-OPEC allies, a group often referred to as OPEC+, decided at their first face-to-face gathering in Vienna since 2020 to reduce production by 2 million barrels per day starting in November. The move represents a major reversal in production policy for the alliance, which slashed output by a record 10 million barrels per day in early 2020 when demand plummeted due to the Pandemic.
In a KPMG survey over 50% of CEO’s in the US say they are considering cutting jobs in the next 6 months. In their global survey 8 out of 10 are considering cuts. Within the survey the C suite was clear that remote workers would be the first to go. If you are a remote worker you may find it in your best interest to show your face in the office as job security becomes more uncertain.
Applications for US unemployment insurance rose by more than forecast last week, though remained at a historically low level. Initial unemployment claims increased by 29,000 to 219,000 in the week ended Oct. 1, according to the Labor. The rise in claims was just the third increase since the end of July.