Anna's Daybreak News

Good morning news friends! Join us on a journey through the tapestry of news, where we unveil the latest stories and shine a spotlight on the narratives that shape our world. 📰🌟

• Last Friday, tens of thousands of Burning Man festival-goers were asked to shelter in place after rainstorm left the event site in thick, pasty mud.


• Burning Man organizers reopened the road leading out of the remote Nevada desert festival on Monday, allowing tens of thousands of attendees to escape after they had been trapped for days by mud.


• When the road finally reopened, a long line of vehicles snaked through the desert, inching along in an epic traffic jam as event organizers urged drivers to take it slowly on Monday and consider delaying their departure until Tuesday to reduce traffic.


• Many of the 64,000 people who remained on site as of Monday may choose to stay one more night and watch the festival's giant namesake effigy go up in flames on Monday night, one day past schedule.


• Burning Man festivalers bravely ventured out of the mud-soaked Black Rock City, with some likely searching for a hot shower and a clean bed - and maybe a fresh pair of shoes!
Source: Read More

• Goldman Sachs Group Inc. has lowered the chance of a US recession to 15%, down from 20%, due to cooling inflation and strong labor market.


• Real disposable income is projected to reaccelerate in 2024 due to solid job and wage growth.


• The researchers strongly disagree with the notion that slowing monetary policy will push the economy into recession.


• It appears that the US economy might be out of the woods, but time will tell if we're headed for a bigger and badder economic downturn than predicted.
Source: Read More

• China has taken small steps to boost its economy after a series of downturns.


• But Beijing isn't opting for a "bazooka" stimulus package, due to Xi Jinping's government's drive to control the growth of debt, shrink the property sector's influence, and the aversion to giving cash to consumers.


• The housing crisis has led to local governments cutting back on spending and exports have been declining.


• The official GDP target of 5% may be missed due to income growth and high unemployment still affecting consumer confidence.


• This feels like shooting yourself in the foot just because you're afraid of moving forward.
Source: Read More

• More than 65,000 U.S. employees lost their jobs in major job cuts this summer, according to Forbes' layoff tracker.


• Biggest round of cuts so far this year came at Yellow Corp., the transportation company that declared bankruptcy last month, letting go of all 30,000 of its employees.


• CVS Health last month slashed roughly 5,000 positions, while rival Walgreens also made cuts affecting up to 400 employees.


• Layoffs have also hit the technology and biotech industries hard, with major reductions at Biogen, Zendesk, Spotify, and Cybersecurity company SecureWorks.


• Despite the numbers, big companies like Farmers Insurance still find ways to cut. Last week, they let go of roughly 2,400 employees—11% of its workforce—in a restructuring effort.


• Regardless of the color of the collar, this has been the big summer of layoffs
Source : Read More

Baked with love,

Anna Eisenberg ❤️