Google's parent company, Alphabet, announced it is cutting 12,000 jobs from its global workforce. The layoffs are the latest in a series of job cuts happening across the tech sector. CBS News' Michelle Miller and Lilia Luciano are joined by Herb Scribner, economics reporter for Axios, to discuss what's behind the cuts.
Donald Trump was one of Brexit’s biggest cheerleaders. Now his Scottish golf courses are blaming it after over $5m in losses
Donald Trump's Turnberry golf resort hasn't made a profit in nearly a decade.
- Yahoo Finance
Biden is demanding that Republicans "show your budget." Here's why.
- Detroit Free Press
The size of the checks and when they would be sent out was not specified in a Friday news release from Gov. Gretchen Whitmer and legislative leaders.
- Los Angeles Times Opinion
We (barely) survived past GOP-induced default crises. This time, the most radical, least-seasoned House Republicans could force a looming economic cataclysm.
The Reserve Bank of Australia confirmed the new banknotes will feature a new design honoring "the culture and history of the First Australians"
January proved to be a brutal month for technology company layoffs. A new website, layoffs.fyi, that’s tracking job cuts in the sector, says more than 80,000 jobs were slashed in that month alone.
Employers are suffering from ‘pandemic paranoia’ and they’re scared to let go of workers, according to a global staffing firm
“Pandemic paranoia has set in with employers who remember how hard it was to bring back workers,” Becky Frankiewicz, president of ManpowerGroup, says.
- Yahoo Finance Canada
35% of Canadian homeowners can withstand today's interest rates for 10 months before being forced to sell, the survey found.
- USA TODAY Opinion
Just as a family needs to budget carefully after an unexpected expense, the federal government also needs to rein in its spending.
With warm weather and relatively affordable living costs, Arizona has long been a popular destination for retirees. While the average monthly costs of the necessities (rent, groceries, healthcare and...
- Motley Fool
Arizona could become the first state in the nation to make Bitcoin legal tender. What does that mean for Bitcoin's future prospects?
The U.S. Federal Reserve is likely to need to lift the benchmark rate above 5% and keep it there to squeeze too-high inflation out of an economy where the labor market remains strong even after nearly a year of the most aggressive round of Fed rate hikes in 40 years. That was the betting in financial markets on Friday after the U.S. Labor Department reported employers added more than half a million jobs last month, far more than expected, and the unemployment rate fell to 3.4%, the lowest in more than 50 years. That was also how San Francisco Fed President Mary Daly saw it.
The number of new jobs created in January rose by 517,000 to mark the biggest increase in six months, suggesting little erosion in a dynamic U.S. labor market even as the economy weakens.
A blowout January employment report and continued record numbers of job openings have left the U.S. Federal Reserve with a growing dilemma of whether to take its cue about future inflation from a labor market that seems to remain on fire or take solace in the fact that, at the same time, wage growth continues to cool. The dissonance in the data – continued high demand for workers coupled with some easing in wage inflation – will be a key puzzle for policymakers to resolve as they plot their next interest rate moves. For the Fed, the question is whether the economy can continue from here to the low inflation, low unemployment days seen before the coronavirus struck in 2020, or whether a continued decline in inflation will require a looser labor market and higher joblessness.
- The Hill
The Biden administration will expand eligibility for an Inflation Reduction Act-enabled tax cut for electric vehicles, the Treasury Department announced Friday. The department has updated the classification standards used to determine eligibility, expanding the definition of an SUV. The $7,500 tax credit applies to SUVs costing up to $80,000, but there is no such benefit…
- USA TODAY
Republicans say Social Security and Medicare won't be part of debt ceiling negotiations between Speaker Kevin McCarthy and President Joe Biden.
The U.S. added more than twice as many jobs as expected, indicating the economy is powering ahead despite the Fed's efforts to slow it down.
- Associated Press
Does the Federal Reserve have it wrong? For months, the Fed has been warily watching the U.S. economy's robust job gains out of concern that employers, desperate to hire, would keep boosting pay and, in turn, keep inflation high. The past year's consistently robust hiring gains have defied the fastest increase in the Fed's benchmark interest rate in four decades — an aggressive effort by the central bank to cool hiring, economic growth and the spiking prices that have bedeviled American households for nearly two years.
The U.S. unemployment rate fell to 3.4% from 3.5% in December, while the increases in nonfarm employment for December and November were revised higher.