Intellizence AI platform for Company and Market Intelligence monitors hundreds of growth and risk signals in thousands of public and private companies daily. Following is the executive summary of the trending topics and macroeconomic indicators for November 2022.
Trending Topics:
- Inflation and Slowdown of the Economy
- Layoffs
- Over 215 companies announced the layoffs of thousands of people – many are technology companies. Major announcements – Meta (11,000), Amazon (10,000), and Twitter (50% of employees). Read more
- Over 215 companies announced the layoffs of thousands of people – many are technology companies. Major announcements – Meta (11,000), Amazon (10,000), and Twitter (50% of employees). Read more
- Hiring Freezes
- Many leading companies (Apple, Amazon, and Disney) announced hiring freezes.
- Crypto Companies Bankruptcies
- The bankruptcy filing by FTX led to cascading impact on crypto companies. BlockFi, the digital asset lender, was one of the major companies that filed for Chapter 11 bankruptcy protection in the wake of FTX’s collapse. BlockFi has over 100,000 creditors. Read more
- China COVID Shutdown
- China’s strict policy on COVID lockdown has led to labor disruption in manufacturers like Foxconn, and Disney’s Shanghai resort, while electric carmaker Nio shut down two factories.
- China’s strict policy on COVID lockdown has led to labor disruption in manufacturers like Foxconn, and Disney’s Shanghai resort, while electric carmaker Nio shut down two factories.
- Black Friday Sales
- Consumers spent a record $9.12 billion online shopping during Black Friday – Adobe.
- NRF polling and research showed that 196.7 million consumers shopped over the long weekend, 17 million more people than in 2021. The majority of those shoppers – 123 million – shopped in stores over the weekend, up 17% over last year. The number of online shoppers grew by a smaller percentage, rising 2% to 130.2 million online shoppers this year.
- Shopify reported a 17 percent increase in Black Friday sales over 2021. Traditional in-store retailers in the U.S. saw little change from the same day last year.
Macroeconomic Indicators:
- U.S. consumer spending powers ahead in October; inflation cooling – U.S. Personal Consumption Expenditures (PCE) Index
A key measure of consumer prices slowed somewhat in October, another hopeful sign that inflation pressures could be moderating, giving the economy a powerful boost. The consumer price index increased 0.4% for the month and 7.7% from a year ago, both lower than estimates.
The Personal Consumption Expenditures price index, or PCE, rose 6% in October compared to a year earlier, the Commerce Department reported. That’s down from the upwardly revised 6.3% annual increase reported for September.
- U.S. Jobs Data November 2022: Wages rise 5.1%; over 263,000 new jobs added – U.S. Bureau of Labor Statistics
Total nonfarm payroll employment increased by 263,000 in November, and the unemployment rate remained at 3.7 percent. Notable job gains occurred in leisure, hospitality, health care, and government. Employment declined in retail trade and transportation, and warehousing.
Average hourly earnings for all employees on private nonfarm payrolls rose by 0.6%, $32.82 for the month, double the estimate, and 5.1% annually versus the 4.6% expectation. While average hourly earnings of private-sector production and nonsupervisory employees rose by 19 cents, or 0.7 percent, to $28.10.
- The Services economy turns in a strong November performance – Institute for Supply Management (ISM)
In November, the Services PMI registered 56.5 percent (a reading of 50 or higher signals growth)— an increase of 2.1% over October’s 54.4, which was down 2.3% compared to September. The economic activity grew at a faster rate, for the 30th consecutive month, in November.
ISM reported 13 service sectors that it tracks saw gains in November. These sectors are – Real Estate, Rental & Leasing, Mining, Agriculture, Fishing & Hunting, and Forestry. Other Services – Construction, Health Care & Social Assistance, Public Administration, Retail Trade, Professional, Scientific & Technical Services, Accommodation & Food Services, Utilities, Transportation & Warehousing, and Educational Services. The three industries reporting a decrease in business activity were: Management of Companies & Support Services, Wholesale Trade, and Information.
- U.S. Manufacturing Index Indicates First Contraction Since May 2020 – Institute for Supply Management
Activity in the U.S. manufacturing sector in November contracted for the first time in over two years. The ISM said its manufacturing PMI slipped to 49.0 in November from 50.2 in October, with a reading below 50 indicating a contraction. Economists had expected the index to edge down to 49.8.
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