General Motors' Cruise on Thursday announced internally that it will lay off 900 employees, or 24% of its workforce, the company confirmed to CNBC. The layoffs, which primarily affected commercial operations and related corporate functions, are the latest turmoil for the robotaxi startup and come one day after Cruise dismissed nine "Key leaders" for the company's response to an Oct. 2 accident in which a pedestrian was dragged 20 feet by a Cruise self-driving car after being struck by another vehicle.
Toy giant Hasbro is laying off more than a thousand workers and closing its office in Providence, Rhode Island.
Why would a toy company be laying off so many workers just before Christmas? Shouldn't this be a boom time for them? Some people suspect it is directly due to their partnership with Disney, a brand which has become toxic for many Americans in recent years.
When a major toy company is laying off workers even before the holiday season is over, that is a really bad sign for the economy.
"Final figures confirmed eurozone GDP contracted 0.1% in the third quarter. What's more, the detailed breakdown showed the European economy has no engines of growth at the moment. Although private consumption posted a small gain over the previous quarter, the near-term outlook still looks dire, and with both investment and exports unlikely to provide much momentum, the economy looks set to slide into recession in the fourth quarter," Oxford Economics said.
The mainstream media would like us to believe that 2024 will be a wonderful year for the economy.
The truth is that economic conditions have already been deteriorating all around us, and I am extremely concerned about what is coming during the year ahead. I would encourage you to check out my brand new book entitled "Chaos" for a detailed analysis of what is coming in 2024.
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