New jobs nubers and is Tesla cutting back – FESCH.TV

FESCH.TV INFORMIERT:

The May jobs numbers are in. But jobs are out at Tesla. The jobs report for May shows 390,000 jobs added last month, but the markets reacted in negative fashion to finish out the week.

The Dow fell 348, or 1%, to close at 32,899.
The Nasdaq dropped 304 or 2.5%.
The S&P was down over 1.5%, losing 68.

**********

That jobs report was actually better than most expected with roaring inflation. The unemployment rate stayed at 3.6%. One economist says the US continues to see signs of a healthy and competitive job market.

**********

Until you go to Tesla. Just a couple days after forcing his employees to return to the office, Elon Musk now says Tesla is cutting 10% of salaried employees. He says the company is overstaffed. Musk also says he has a “super bad feeling” about the economy. Tesla shares fell 9% on the news.

**********

6/3/22
Are you living paycheck to paycheck? Would making $250,000 a year be enough? A new report shows 36% of those “top earners” in this country are living paycheck to paycheck.

**********

From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.