Jun 4, 2022 - Economy & Business
Business CEOs admit the economy is in a storm
Business leaders are suddenly admitting the U.S. economy is faltering.
Driving the news: Figures out Friday show the jobs boom may be starting to lose heat. Meanwhile, a national labor shortage, surging stock prices and a feeling that healthy consumers are no longer guaranteed have contributed to a "muddled" outlook for business leaders, the Wall Street Journal reports.
- Meta and Uber sharply slowed hiring in recent weeks. Walmart and Target said higher costs are eating into earnings.
What they're saying: "That hurricane is right out there down the road coming our way. ... We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself,” JPMorgan Chase CEO Jamie Dimon said at a conference Wednesday.
- Earlier this week, Tesla CEO Elon Musk emailed executives that he has a "super bad feeling" about the economy and needs to cut about 10% of salaried employees at the electric carmaker.
Yes, but: While predictions of an impending recession are gaining popularity, others see signs of a resilient economy.
- Layoffs are at record lows and households and businesses are still spending, the Washington Post reports.
- Demand for workers remains high, especially for restaurants and airliners. At the same time, job openings are close to record highs, WSJ notes.