By the first week of December, Twitter had let go about half of its 7,500-employee workforce… But layoffs in the tech sector have been rampant both before and after the Twitter news. In 2022, 140,000 jobs were slashed from both public and private organizations in the industry.
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On October 18th, the Internal Revenue Service (IRS) announced the annual inflation adjustments for the 2023 tax year. Many key tax provisions, including the income thresholds for the federal tax brackets, will increase by about 7% to account for the high inflation Americans have seen throughout 2022.
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The most recent Consumer Price Index (CPI) report brought some bad news for investors. After consistent monthly rate hikes from August of 2021 to June of 2022, July showed no increase giving some belief that inflation could have possibly hit its peak and could begin to come down.
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With inflation steadily increasing due to the numerous issues dealt with in the last two years, investors and consumers show concern as prices continue to rise. Many Fed officials have discussed a strict, aggressive approach to battle these rising costs. But now the long-awaited interest rate hike from the Federal Reserve faces a challenge. The Russian invasion of Ukraine.
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Turkey’s economy, similar to every other nation, has taken a hit with inflation rates. But unlike every other country, President Recep Tayyip Erdogan has refused talks of possible increases in interest rates.
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Fears of stagflation are mounting in China as factory gate prices accelerate, which are costs at which wholesalers buy materials from producers. At the same time, there is a slew of contributing factors.
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The US economy is booming, adding nearly 1 million jobs last month, bringing the unemployment rate down to 6%. Goldman Sachs has bumped up its estimate for the US’s 2021 GDP growth to 10%. If true, the US would replace China as the world’s primary driver of economic growth this year.
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Jerome Powell appears to remain dovish on interest rates as long-term Treasury yields continue to spike. While undermining the equity markets overall, inflation is nowhere near the Fed’s 2% target, and the labor market has not returned to full employment.
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Despite unemployment being at historic lows and job growth being through the roof all prior to the coronavirus pandemic, wage growth had not seen such improvements during that same stretch of economic greatness.
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