Microsoft layoffs
Microsoft confirmed it will cut 10,000 workers citing “macroeconomic” conditions. The tech giant joins Amazon which disclosed it will be cutting 18,000 workers starting today.
Party City files for chapter 11
Party City filed for bankruptcy as higher inflation and heavy debt is forcing the supplier to reorganize.
Bed Bath & Beyond is another retailer that is working to avoid Chapter 11 by closing stores and cutting workers.
Inflation cools further
Inflation at the wholesale level, similar to consumer prices, showed more signs of cooling positive news for the economy.