Morning Business Report: Layoffs spike in February
Layoffs soared by 245% in February compared to the previous month.
(LILAMAX)- Layoffs soared by 245% in February compared to the previous month, according to data released Thursday by outplacement firm Challenger, Gray & Christmas. Of the approximately 172,000 job cuts, more than one-third—62,000 positions—were eliminated by the Department of Government Efficiency, marking a significant shift in federal employment. With today’s monthly jobs report set for release, economists expect to see the first signs of these federal layoffs, which began in late January, reflected in the data.
The future of 7-Eleven is now uncertain after the founding family behind Seven & i Holdings, the global convenience store chain’s parent company, failed to secure financing for a $58 billion buyout. As a result, the Japanese-based company has announced plans to appoint a new CEO and explore a U.S. stock IPO as an alternative strategy.
Investors struggled to find footing Thursday despite news that new Mexico tariffs have been delayed until April. Despite the postponement, stock markets wobbled, with the Nasdaq leading losses, dropping 483 points as tech stocks suffered another tough trading day.
Entrepreneur and investor Wendy Diamond, founder of the Women’s Entrepreneurship Day Organization, emphasized the growing financial influence of women globally, predicting they will eventually control trillions in the economy. Meanwhile, a new study conducted by Talker Research on behalf of Kiddie Academy found that 91% of female small business owners feel professionally fulfilled—compared to just 55% of women working traditional 9-to-5 jobs.
The Tesla Model Y, assembled in Fremont, California, and Austin, Texas, has been named the most American-made vehicle of 2024, according to Cars.com’s American-Made Index. Coming in second place is the Honda Passport, which is manufactured in Lincoln, Alabama.
