Economic News
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Brazil's Senate approves a shorter workweek in major win for Lula ahead of runoff
Brazil’s Senate has approved a constitutional amendment to reduce the maximum workweek from 44 to 40 hours without cutting salaries
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US stocks drop to their worst day since July as inflation worsens
U.S. stocks dropped to their worst day since July
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Social Security recipients to get 3.6% cost of living boost, an average of $75 per month
The Social Security Administration projects a 3.6% cost-of-living adjustment for older adults and people with disabilities starting in 2027
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IMF chief urges US and wealthy nations to rein in debt to ease global economic pressure
The head of the International Monetary Fund says the United States and other wealthy nations must urgently tackle mounting global debt, which is weighing most heavily on low-income countries
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GlobalFoundries to open 2 new chip plants in New York with $21 billion in financing from Japan
Semiconductor contract manufacturing and design company GlobalFoundries Inc. says it plans to open two chip-making factories in Malta, New York, financed by an investment of up to $21 billion from Japan
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Netflix is laying off 6% of its workforce, in biggest round of job cuts at streaming giant in years
Netflix plans to lay off about 6% of its workforce as part of wider organizational changes
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Inflation worsened last month to 3.7% in sign that prices remain elevated as midterm elections near
U.S. inflation accelerated last month as gas, clothes, and air fares got more expensive, evidence that rising prices remain an economic challenge just a few weeks before the midterm elections
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China’s trade surplus nears record as pressure mounts from trading partners
China’s trade surplus reached $938 billion for the first nine months, with expectations growing that it could surpass last year’s full-year $1.2 trillion record
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House Democrats plan a first 100-days agenda if they sweep to power in midterm elections
Democrats are preparing an ambitious 100-days agenda if they win the House majority in the midterm elections
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Kroger to lay off 3,000 corporate employees over 3 years as it leans into artificial intelligence
Grocery store chain Kroger says it will lay off 3,000 corporate employees over the next three years as it ramps up its use of artificial intelligence to streamline operations
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