Business Update – November 2, 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
The Dow Jones had a really great October
The Dow tumbled a bit on October 31, but despite that was still up 14% for the month. That means it had its best monthly gain since January 1976.
Most people have stopped making retirement contributions
A new report from Allianz Life shows that 54% of respondents have stopped making contributions to their retirement accounts due to the increased cost of living. Additionally, 43% of those respondents said they have dipped into their existing savings to make ends meet.
It now takes more money than ever to be able to retire
To add insult to injury, a recent survey by Northwestern Mutual showed that adults who expect to retire at 64 now need to save $1.25 million to retire comfortably.
Salary Transparency law takes effect in New York City
New York City’s Salary Transparency in Job Advertisements came into effect this week. It requires employers to post salary information on job listings. The law received plenty of pushback from corporations but was passed last spring.
Eurozone inflation hits record 10.7%
Similar to what we’re seeing here at home, record energy and food bills are driving the cost of living up and slowing economic activity in continental Europe.
Ukraine ships record tonnage of grain despite warnings from Russia
A large handful of vessels loaded with grain left the port of Odesa on Monday. The shipment is a joint effort supported by the UN and Turkey and is meant to stave off a global hunger crisis.
China’s workers flee Apple’s biggest iPhone factory following COVID-19 outbreak
The massive factory complex in Zhengzhou city was hit with a wave of COVID-19, causing thousands of employees to flee. About 200,000 people work at the factory. It’s unclear how the outbreak will disrupt production.
How to ease “beginner’s mind”
Learning new skills as an adult can be extremely intimidating, and is anxiety-inducing for some. But, many of us are grappling with the reality of being a beginner as we switch careers. Learn four key ways that you can embrace the transition here.
IRS hires 4,000 people to help with upcoming tax season
The Internal Revenue Service announced last week that it has hired more representatives to help answer phones and provide other services during tax season. Details can be found here.
The fun is over on Twitter less than a week into Musk’s takeover
While news of internal shakeups at the social media giant continue to come in, major Hollywood players have been vocal that they are leaving the platform now that it’s owned by Elon Musk. Most cite an uptick in hateful rhetoric as their primary reason for leaving.
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