Twitter layoffs, rate hikes

WASHINGTON (AP) – America’s employers continued to hire vigorously in October, adding 261,000 jobs, a sign the economy remains a picture of solid job growth and painful inflation as Election Day approaches. Hiring was brisk across industries, although the overall addition of 315,000 in September fell. The unemployment rate rose to a still-healthy 3.7% from a five-decade low of 3.5%. The government also said the average hourly wage rose by an average of 4.7% year-on-year, a smaller year-on-year increase than in September. A strong job market is deepening the challenges the Federal Reserve faces as it raises interest rates as quickly as possible since the 1980s to try to bring inflation down from a near 40-head high.

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Widespread layoffs on Twitter begin a week after Musk’s acquisition

Twitter began widespread layoffs on Friday as new owner Elon Musk overtook the social platform. The company had emailed employees that they would know by 9 a.m. PDT (12 p.m. EDT) if they had been fired, but did not say how many would lose their jobs. Musk didn’t confirm or correct investor Ron Baron on a conference stage in New York on Friday when he asked Musk how much money the billionaire Tesla CEO would save after he “fired half of Twitter” earlier in the day. Twitter’s roughly 7,500 employees have faced layoffs since Musk took the helm. Musk has already fired top executives, including CEO Parag Agrawal.

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