3 min
Chinese manufacturing shrinks amid economic slowdown - August 1, 2022 Executive Leadership Briefing
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- Business News
Household spending has grown increasingly strained, suggesting U.S. consumer spending power has weakened after weathering challenges posed by the COVID-19 pandemic. Consumer confidence in the economy has lowered despite increased spending on services and traveling, with the news coming as consumers spent more in June even as inflation has accelerated in recent months. While earnings reported by retailers such as Walmart painted a gloomy picture for predictions of consumer spending power, reports from American Express suggested spending has shifted to other areas rather than dropped altogether.
Google announced a new initiative eliciting feedback from employees on where to focus on efficiency improvements. The “Simplicity Sprint” effort was presented as a solution to remedy what the company’s CEO says is a lack of productivity following lower-than-expected earnings and ahead of an expected tougher economy. The initiative comes as a number of CEOs have taken a concerned tone about the economy as Meta CEO Mark Zuckerburg emphasized the impact the economic downturn is having on the company’s ad business, an industry where Google is a chief player.
Chinese factory activity shrank in July due to a sluggish global economy and disruptions from COVID-19. Observers noted that weak demand and strict pandemic restrictions drove the drop and suggested the nation is far from achieving post-pandemic normalcy. China’s Xinhua News Agency warned the nation’s economic recovery is not sound as the contraction in manufacturing has been coupled with a national mortgage revolt and drop in home purchases. China’s manufacturing dip, which has brought on a drop in oil prices, is notable given the country’s status as “the world’s factory” and has led some economists to predict the country faces challenges in achieving growth in the third quarter.
Devastating floods have knocked out power and left at least 28 people dead in Kentucky with the state preparing for more rain this week. Gov. Andy Beshear warned residents to prepare for further challenges as search and rescue efforts continued across a number of counties. Some officials called the flash floods exceptional after the state recently suffered from natural disasters such as tornadoes. Many residents have expressed concern over what their next steps will be with some having no insurance coverage to help fund the rebuilding of their lives.
The trial to block the merger of publishing giants Simon and Schuster and Penguin Random House has begun. Supporters of the suit have alleged the merger would harm both consumers and workers. The Department of Justice has argued the merger could prevent many writers from making a living in the industry by lowering advances and may reduce the variety of books published in the U.S. While the suit is in line with the Biden administration’s efforts to reduce corporate consolidation, lawyers defending Penguin Random House argued the government has not found any evidence the merger will actually harm consumers.
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Household spending has grown increasingly strained, suggesting U.S. consumer spending power has weakened after weathering challenges posed by the COVID-19 pandemic. Consumer confidence in the economy has lowered despite increased spending on services and traveling, with the news coming as consumers spent more in June even as inflation has accelerated in recent months. While earnings reported by retailers such as Walmart painted a gloomy picture for predictions of consumer spending power, reports from American Express suggested spending has shifted to other areas rather than dropped altogether.
Google announced a new initiative eliciting feedback from employees on where to focus on efficiency improvements. The “Simplicity Sprint” effort was presented as a solution to remedy what the company’s CEO says is a lack of productivity following lower-than-expected earnings and ahead of an expected tougher economy. The initiative comes as a number of CEOs have taken a concerned tone about the economy as Meta CEO Mark Zuckerburg emphasized the impact the economic downturn is having on the company’s ad business, an industry where Google is a chief player.
Chinese factory activity shrank in July due to a sluggish global economy and disruptions from COVID-19. Observers noted that weak demand and strict pandemic restrictions drove the drop and suggested the nation is far from achieving post-pandemic normalcy. China’s Xinhua News Agency warned the nation’s economic recovery is not sound as the contraction in manufacturing has been coupled with a national mortgage revolt and drop in home purchases. China’s manufacturing dip, which has brought on a drop in oil prices, is notable given the country’s status as “the world’s factory” and has led some economists to predict the country faces challenges in achieving growth in the third quarter.
Devastating floods have knocked out power and left at least 28 people dead in Kentucky with the state preparing for more rain this week. Gov. Andy Beshear warned residents to prepare for further challenges as search and rescue efforts continued across a number of counties. Some officials called the flash floods exceptional after the state recently suffered from natural disasters such as tornadoes. Many residents have expressed concern over what their next steps will be with some having no insurance coverage to help fund the rebuilding of their lives.
The trial to block the merger of publishing giants Simon and Schuster and Penguin Random House has begun. Supporters of the suit have alleged the merger would harm both consumers and workers. The Department of Justice has argued the merger could prevent many writers from making a living in the industry by lowering advances and may reduce the variety of books published in the U.S. While the suit is in line with the Biden administration’s efforts to reduce corporate consolidation, lawyers defending Penguin Random House argued the government has not found any evidence the merger will actually harm consumers.
CONTENT FACTS.
https://www.turbinelabs.com/ (Turbine Labs) has tracked 74,003 media articles and blogs and 48,324 social media posts over the last 24 hours.
Questions or feedback? Don't hesitate to https://www.turbinelabs.com/contact (reach out) to us directly.
3 min