Musk orders staff to commit to 'hardcore' Twitter or accept severance

Christopher Hutton

November 16, 09:55 AM November 16, 09:55 AM

Elon Musk has amped up his pressure on Twitter employees by demanding they agree to adhere to new standards or resign.

Twitter's owner issued a memo late Tuesday informing employees that they had to sign a pledge to stay with the company, according to the Washington Post. If they did not sign by Thursday evening, they would be dismissed and receive three months of severance pay. The memo reflects Musk's desire to cut costs at the company as he prepares to cover the costs of acquiring Twitter for $44 billion.

WATCH: NASA SUCCESSFULLY LAUNCHES ARTEMIS I MOON ROCKET

Twitter would now be "extremely hardcore," according to Musk. "This will mean working long hours at high intensity. Only exceptional performance will constitute a passing grade."

The ultimatum comes less than a week after Musk reversed the company's remote-work policy and demanded that staff work in the office or face being laid off. Musk already laid off approximately half of the company's staff and continues to claim that the company is still bloated. Musk is expected to pay $1 billion in interest a year to pay off the loans he received to acquire the company.

Musk also delayed one of the company's most anticipated updates to its premium service. Musk unveiled that he would allow users to get verified for $7.99 a month via Twitter Blue and had intended to release the product after the midterm elections. The billionaire later announced that he was "punting" the launch of Blue to Nov. 29 to ensure the product was top-quality.

Twitter is facing increased pressure from advertisers who have begun to pull their campaigns from Twitter as they worry about how Musk could change the company's content moderation policy.

Biden slams Republicans 'rooting for a recession' after last jobs report before election

Katherine Doyle

November 04, 11:00 AM November 04, 11:00 AM

President Joe Biden accused Republicans of “rooting for a recession” in a statement on the final pre-election jobs report.

Friday’s report is the last major economic statistic before Election Day in a race where voters’ financial worries appear to be tilting the balance toward Republicans.

Citing historically low unemployment, a growing economy, and lower gas prices, Biden said the report “shows that our jobs recovery remains strong.”

MIDTERMS 2022: LIVE UPDATES FROM THE CAMPAIGN TRAIL AHEAD OF CRUCIAL ELECTION

The White House has downplayed concern of a recession on the horizon despite high inflation, slowing labor force participation, and wage growth year-over-year.

On Friday, Biden said that the “comments by Republican leadership sure seem to indicate they are rooting for a recession.”

“As long as I’m president, I’m not going to accept an argument that the problem is that too many Americans are finding good jobs,” Biden said. The president has attempted to draw a contrast with Republicans as polls indicate that key groups of voters are unhappy with the White House’s handling of the economy.

Yet Biden acknowledged rising prices Friday as the country’s “top economic challenge,” vowing “to do what it takes” to bring these down.

“I know that American families are feeling squeezed,” he said.

In October, the economy added 261,000 jobs, a higher-than-expected number amid the Federal Reserve’s interest rate hikes. Yet the unemployment rate rose slightly to 3.7%, the Bureau of Labor Statistics showed on Friday.

The figures are expected to be closely scrutinized as voters head to the polls next week and Democrats attempt to defend their congressional majorities after two years in office.

Buyer self-confidence rises for initial time in 4 months

Zachary Halaschak

August 30, 12:12 PM August 30, 12:21 PM

Consumer self esteem ticked up extra than expected in August as fuel charges declined — the very first these boost in 4 months.

The Meeting Board, a nonprofit group that publishes a number of indicators, introduced Tuesday that the Shopper Self-confidence Index is at 102.3 for August, up from 95.3 very last thirty day period.

The index is carefully adopted and actions U.S. optimism towards the overall economy by gauging saving and expending developments. The existing circumstance index (centered on consumers’ views of the conditions of the present-day organization and labor market) and the expectations index (based mostly on consumers' views of the brief-phrase outlook on profits, business, and the labor market) both equally rose as nicely.

Task OPENINGS TICK UP Marginally IN REASSURING Signal FOR LABOR Current market

“Consumer self-confidence improved in August after slipping for three straight months,” claimed Lynn Franco, a senior director of economic indicators at the Convention Board. “The Present Circumstance Index recorded a achieve for the first time due to the fact March."

“The Anticipations Index also improved from July’s 9-calendar year small, but continues to be beneath a reading through of 80, suggesting economic downturn threats carry on. Concerns about inflation ongoing their retreat but remained elevated,” she additional.

The gauge is still a further indication that the country’s worst inflation in 4 decades has peaked and is now on the decrease. However, the Federal Reserve is not nonetheless by means of with its historically intense amount hiking cycle, which has started off to make cracks in the economic climate.

Far more than 19% of individuals mentioned small business ailments have been superior this thirty day period, up from 16.3% very last month. Less people also reported that enterprise situations were being bad.

Much of the higher assurance was likely attributable to declining gasoline prices. In June, fueled by the war in Ukraine, the normal value for a gallon of gasoline breached $5 for the initially time in background. Considering the fact that then, prices have tumbled, with the typical selling price now pegged at $3.84, according to AAA.

Although the uptick in shopper assurance is welcome for the overall economy, Tuesday’s readings are relating to. Even with rising, the expectations index is lower than all but three months in the past 8 several years.

1 stage of resiliency in the financial state as the Fed hikes fascination rates is the labor industry. Just more than 1 in 10 consumers claimed that employment ended up tough to get, which reveals that operate remains abundant for these who want it.

The economy as soon as all over again shocked economists and additional a robust 528,000 work in July, and the unemployment level also fell to 3.5%, matching the ultralow stage it was at prior to the pandemic.

The quantity of career openings also ticked up in July following 3 straight months of declines, another great indicator for the labor current market, which has insulated the financial system from some of the agony stemming from the Fed’s intense level hiking.

The Fed is anticipated to retain mountaineering charges, as was built obvious by Fed Chairman Jerome Powell through his once-a-year tackle in Jackson Gap, Wyoming, very last 7 days. Powell claimed in no uncertain conditions that the central financial institution would keep pushing for lower inflation, even if it signifies some economic “pain” in the coming months.

“Reducing inflation is most likely to call for a sustained period of below-development advancement,” he claimed. “Moreover, there will extremely likely be some softening of labor market place problems. Even though increased desire costs, slower growth, and softer labor industry conditions will provide down inflation, they will also bring some discomfort to homes and firms.”

Economic climate beats expectations in May as inflation remains superior

Zachary Halaschak

June 03, 08:31 AM June 03, 08:43 AM

The overall economy defeat expectations and added 390,000 careers very last month, an encouraging indication of the labor market's resiliency as the Federal Reserve raises curiosity fees.

The examining follows a number of months of potent task gains, which is good economic news that President Joe Biden has touted even as distressing inflation eats into the paychecks of folks across the nation.

FED VICE CHAIRWOMAN LAEL BRAINARD States THERE ARE NO Planned PAUSES IN Rate HIKES

The unemployment price remained at 3.6% in May well, the lowest amount in many years.

The Fed hiked its desire charge target by a quarter of a share level in March, the to start with time doing so in years. It later on jacked up rates by 50 percent a percentage position past thirty day period, a shift that is akin to two simultaneous charge hikes and an aggressive tack taken for the initial time in extra than two many years.

Biden’s acceptance scores have been in a nosedive in recent months as inflation balloons. Shopper rates increased by 8.3% in the 12 months ending in April, a slight downward tick from the 8.5% registered the month right before.

The action is designed to gradual spending and travel down selling prices, which are inflated to the even worse diploma given that the early 1980s. The trade-off for dampening selling prices is that it also slows the economic system and can outcome in the positions marketplace having a strike.

“The financial state and the country have been via a large amount in excess of the previous two several years and have proved resilient,” Fed Chairman Jerome Powell mentioned at a press meeting last month. “It is necessary that we deliver inflation down if we are going to have a sustained period of powerful labor market circumstances that reward all.”

However, some economists imagine the central lender is doing too very little, much too late, given the relative energy of the labor market place and the tenacity of the country’s inflation.

There are also issues that the Fed’s steps to tighten its monetary coverage could knock the economic system into a recession, a prospect that would additional imperil Democrats and Biden heading into this year’s midterm elections.