Economic Overview - Concerns about a slowing US economy have led to significant declines in Wall Street, with the S&P 500 down 1% and the Nasdaq Composite falling 1.5% [1] - The worst October for US layoffs since 2003 was reported, with 153,074 job cuts announced, a stark increase from 55,597 in October 2024 [2][5] - A total of 1.09 million job cuts were announced in the first ten months of this year, representing a 44% increase from 761,358 cuts in 2024 [5] Federal Reserve Insights - The Federal Reserve is currently operating with limited data due to the government shutdown, complicating its ability to assess the economy and set interest rates [3] - Fed board member Austan Goolsbee expressed caution regarding further interest rate cuts, emphasizing the need for careful decision-making in the absence of clear data [4] Market Reactions - The FTSE 100 and European stocks also experienced declines, with the Stoxx Europe 600 down 0.7% and the Dax in Germany falling 1.3% [6] - Technology companies were particularly affected, leading to the heaviest losses in the European market [6]
US stock market values tumble amid reports of high layoffs and hiring freezes
The Guardian·2025-11-06 18:35