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As a part of its multiyear restructuring plan, Ford will cut 7,000 jobs, or 10% of its global salaried workforce, the Wall Street Journal reports. Roughly 2,300 of those jobs are in North America, Ford's CEO said in an email Monday.

The big picture: The 500 layoffs coming this week will largely wrap up a restructuring of Ford’s global salaried workforce, but there is still work remaining to gets it global manufacturing operations in good shape, per Axios' Joann Muller.

The big picture: CEO James Hackett, who has been criticized for moving too slowly to restructure Ford’s business, has called 2019 a turning point.

  • Those 2,300 jobs will be cut through buyouts and layoffs. About 1,500 already have happened, and about 500 workers will be let go this week, per AP. The company expects to save about $600 million per year by reducing 20% of its management structure.

What to watch: Ford begins negotiations this fall with the United Auto Workers union, but it's unlikely there will be big blue-collar layoffs in the U.S., where Ford's plants are running full tilt. But plant closings could happen in Europe and South America, where Ford has been struggling. Ford has already announced plans to close two factories in Russia.

Read Hackett's memo:

Go deeper: American manufacturing cities are losing white-collar jobs, too

Go deeper

14 mins ago - Technology

Facebook seeks fountain of youth

Data: Piper Sandler Taking Stock With Teens Study; Chart: Axios Visuals

Facebook CEO Mark Zuckerberg on Monday said that the company is pivoting its strategy to focus on young adults, following reports that teens have fled its apps.

Why it matters: A series of stories based on leaked whistleblower documents suggest the company sees the aging of its user base as an existential threat to its business.

Too big to cover alone: Newsrooms team up

Illustration: Annelise Capossela/Axios

News outlets are increasingly willing to work together on big, multifaceted stories — including this week's reporting on leaked documents from a Facebook whistleblower.

Why it matters: Collaborative efforts help bring more resources to bear on complex stories, some of which require a global reporting effort. But they require high degrees of coordination, and competition can sometimes get in the way.

Axios-Ipsos poll: Confidence in Biden COVID recovery tumbles

Expand chart
Data: Axios/Ipsos poll; Chart: Kavya Beheraj/Axios

Confidence in President Biden's ability to rescue the economy from COVID-19 has dropped since January, even as Americans' faith rises in his ability to make the vaccine widely accessible, according to the latest installment of the Axios/Ipsos Coronavirus Index.

Why it matters: It's Democrats and independents driving the declining economic confidence, from 52% of all U.S. adults at the start of his presidency to 44% now. Their softening faith could hinder Biden's ability to lead and hurt Democrats' position heading into the 2022 midterms.