The slowdown in AMERICA, billionaires pauper | The recession hit Goldman Sachs, now employees will be facing a layoff.

 

The slowdown in AMERICA, billionaires pauper:

In the world of business, statistics keep coming and going. Sometimes data comes about jobs and sometimes about food and drink. But today such news has also come, after which there was an uproar in the stock market. In a way, the stock market has collapsed. Now let us tell you the news in detail because this news is related to your investment somewhere.

The graph of the Consumer Price Index in America, which came in the past, is referred to as the CPI (US Consumer Price Index). In the CPI figure that came, there was a 0.1% increase from July to this month. That is, no change was seen in it in the last month, but if we look at this figure from year to year, then we will see an increase of 8.3% in the price.

That is inflation in America gradually but reached its peak. However, people got some relief in America last month. There was a drop of 10%in the price of petrol, due to which people heaved a sigh of relief. But food rent, health, electricity, and natural gas have made life difficult for people. There has not been any reduction or relief in inflation.

Let us tell you that in August, the food price in America increased by 0.8%. The figures did not come and people also started giving their reactions to this figure. No one thought that this figure would make the market so bad that the US market would start breaking into a one-way track. The three indexes of the US stock market i.e. Dow, S&P, and Nasdaq fell by about 5%.

In a way, the market crashed. This crash was so tremendous that earlier such a situation was seen only in June 2020. There was no recovery in the market till the close of the market. That is, the market wanted to recover from the lower level, but it could not happen due to heavy selling. Eventually, the Dow closed with a decline of 1300 points.

At the same time, the S&P fell more than 4% and Nasdaq also could not contain itself and closed with a fall of more than 5%. Due to this, the American rich also suffered heavy losses. The loss is such that don't ask. Not one or two, but the entire property worth ₹ 80,000 crores was destroyed. Amazon founder Jeff Bezos suffered a loss of ₹80,000 crores in a single day. At the same time, Elon Musk, the world's richest person, could not escape it.

Their assets have come down by more than ₹70,000 crores. Now tell me a figure came and in total there was a loss of lakhs of crores of rupees in a few minutes. Wait now, this list of losses is not over yet. There are other names included in this list. It also includes the name of Meta owner Mark Zuckerberg, Google founder Sergey Brin and Larry Page.

The wealth of all of them has fallen by more than $ 400 million. Only time will tell what and how much effect will be had on the global market due to heavy selling in the American market.

The recession hit Goldman Sachs, now employees will be facing a layoff.

In Western countries, the fear of recession has started showing in jobs. Jobs are being lost in startups first in the IT sector and then in the financial sector. News coming in is that global investment giant Goldman Sachs has started its layoff. This news is also quite frightening because, for the first time since covid, Goldman Sachs has started such a large-scale layoff.

That is, after two years, there has been a round of layoffs at Goldman. It is being told that the company can start firing people from next week. The company plans to lay off as many as 100 employees. The company calls its annual layoff process Strategic Resource Assessment (SRA). In this process, 1 to 5% of the employees are given pink slips.

According to a report by Reuters, even if the number of layoffs will be less, but even then hundreds of people will have to lose their jobs. At the end of June this year, Goldman's total number of employees had risen to 47,000. This number is 15% more than last year. Now even if 1% of the people are removed from this, even then about 500 people are sure to lose their jobs.

In July itself, Goldman Sachs said that due to the poor economic environment, it may have to slow down recruitment and cut expenses. The company's quarterly profit also declined by 48%. Not only this, but the company's earnings from investment banking have also fallen by 41% compared to a year ago. A recession in America is looming.

Inflation is at its peak and to bring it under control, the Federal Reserve is increasing the rates rapidly. Due to this the market for corporate deals has also cooled down. So far this year, more than 150 IT companies have fired more than 37,000 people. Seventy five American tech companies had fired employees, the most in June.

Big companies like Apple, Google, Microsoft, and Amazon are included in this queue. Overall, the global economic environment remains difficult and the first impact of this is visible on jobs. In the coming time, if the situation does not improve rapidly, then more companies may have to go on the path of layoff.

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