More dominos falling in the economy. Manufacturing index plummeted to covid level lows and a key US manufacturer, Intel, says it will be firing 20% of its workers.
Intel to lay off more than 20% of workforce, Bloomberg News reports
April 23 (Reuters) - Intel (INTC.O), opens new tab is set to unveil plans this week to slash more than 20% of its workforce, in a move to streamline operations and reduce bureaucratic inefficiencies, Bloomberg News reported on Tuesday, citing a person with knowledge of the matter.
The ‘Golden Age’ of US Manufacturing Stumbles Out of the Gate
A Federal Reserve Bank of Philadelphia report on Thursday showed that manufacturing business conditions plunged this month, echoing another report on factory activity in New York state. The Philadelphia Fed’s new orders measure fell to the lowest since 2020, and manufacturers expected to pay higher prices over the coming months. Taken together with an April survey from the Federal Reserve Bank of New York, Bloomberg Economics predicts that the closely-watched ISM manufacturing purchasing managers PMI — a gauge of the sector’s nationwide health — will slide deeper into contraction when it’s released on May 1. The reports are among the best evidence we have on the state of the sector since the April 2 “Liberation Day” tariffs were unveiled.
Intel to lay off more than 20% of workforce, Bloomberg News reports
April 23 (Reuters) - Intel (INTC.O), opens new tab is set to unveil plans this week to slash more than 20% of its workforce, in a move to streamline operations and reduce bureaucratic inefficiencies, Bloomberg News reported on Tuesday, citing a person with knowledge of the matter.
The ‘Golden Age’ of US Manufacturing Stumbles Out of the Gate
A Federal Reserve Bank of Philadelphia report on Thursday showed that manufacturing business conditions plunged this month, echoing another report on factory activity in New York state. The Philadelphia Fed’s new orders measure fell to the lowest since 2020, and manufacturers expected to pay higher prices over the coming months. Taken together with an April survey from the Federal Reserve Bank of New York, Bloomberg Economics predicts that the closely-watched ISM manufacturing purchasing managers PMI — a gauge of the sector’s nationwide health — will slide deeper into contraction when it’s released on May 1. The reports are among the best evidence we have on the state of the sector since the April 2 “Liberation Day” tariffs were unveiled.
