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Exclusive: Meta slashes hiring plans, girds for ‘fierce’ headwinds

June 30 (Reuters) – Facebook-owner Meta Platforms Inc (META.O) has cut plans to hire engineers by at least 30% this year, CEO Mark Zuckerberg told employees on Thursday, as he warned them to brace for a deep economic downturn . “If I had to bet, I’d say that this might be one of the worst …

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Tesla’s run of record deliveries may be reaching the end of the road

Model Y cars are pictured during the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS Register now for FREE unlimited access to Reuters.com register SAN FRANCISCO, June 30 (Reuters) – Tesla Inc (TSLA.O) is expected to end its nearly two-year-long run of record …

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US consumer spending, underlying inflation slow in May

Consumer spending increases 0.2% in May Inflation adjusted consumers spending drops 0.4% Core PCE price index rises 0.3%; up 4.7% year-on-year Weekly jobless claims fall 2,000 to 231,000 WASHINGTON, June 30 (Reuters) – US consumer spending rose less than expected in May as motor vehicles remained scarce while higher prices forced cutbacks on purchases of …

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Tesla layoffs ominous sign for white-collar workers

Recent reports of layoffs at Tesla are an ominous sign for white-collar workers nationwide, “Big Short” investor Michael Burry predicted on Wednesday. Burry argued that blue-collar workers will stay in hot demand in a labor market that has remained tight so far despite a looming recession – while office workers could face job and salary …

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Tesla closes an office as layoff hits Autopilot jobs, including hourly ones

SAN FRANCISCO, June 28 (Reuters) – Tesla (TSLA.O) has shuttered its office in San Mateo, California and laid off roughly 200 employees working on its Autopilot driver-assistant system there, one of the people told Reuters, in a move seen as accelerating cost-cutting. Most of the laid-off people had been hourly workers, that person said. Early …

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Fed officials promise rate hikes, push back on recession fears

June 28 (Reuters) – Federal Reserve policymakers on Tuesday promised further rapid interest-rate hikes to bring down high inflation, but pushed back against growing fears among investors and economists that sharply higher borrowing costs will trigger a steep downturn. “Many are worried that the Fed might be acting too aggressively and maybe tip the economy …

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Legal clashes await US companies covering workers’ abortion costs

June 27 (Reuters) – A growing number of large US companies have said they will cover travel costs for employees who must leave their home states to get abortions, but these new policies could expose businesses to lawsuits and even potential criminal liability, legal experts said . Amazon.com Inc (AMZN.O), Apple Inc (AAPL.O), Lyft Inc …

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Airlines cancel over 700 US flights as labor crunch, bad weather weigh

June 27 (Reuters) – Airlines canceled over 700 flights in the United States on Monday, as adverse demand weather and a shortage of staff hurt their ability to keep up with a surge in summer travel. Total flight cancellations within, into, or out of the United States as of 1.07 pm ET were 747, as …

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Fed policymakers embrace more rate hikes, markets a little less

June 24 (Reuters) – A pair of US central bankers said on Friday they supported further sharp interest rate hikes to stem rapid price rises, even as investors cheered economic data showing inflation expectations to be less worrisome than initially feared. Last week, the Federal Reserve raised its benchmark overnight interest rate by three-quarters of …

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Still very hot, despite isolated layoffs

A ‘We’re Hiring!’ sign is displayed at a Starbucks Mario Tama | Getty Images News | Getty Images Last week, senior product manager for Coinbase David Hong wrote on LinkedIn that he was up at 4am to prepare for a meeting when his company MacBook abruptly shut down. He later found out he was part …

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