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Morning Brew Daily
Jobs Report Off By 800K!? & Ford’s $1.9B Pivot Away From EV SUVs
Aug 22, 2024
30:19
Snipd AI
A huge job revision reveals the U.S. economy lost 800,000 jobs last year, raising concerns about the labor market. Meanwhile, Ford is pivoting away from its electric vehicle plans due to production challenges. The FTC faces a legal setback regarding non-compete agreements, impacting employee mobility. The podcast also dives into cultural trends like older adults becoming 'boommates' for affordability, and Starbucks revives sales with its beloved Pumpkin Spice Latte. Plus, a look at the banking fallout from Elon Musk’s Twitter deal keeps things intriguing!
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Quick takeaways
- The revision of U.S. job growth estimates reveals a concerning trend of a weakening labor market, with 800,000 jobs removed from previous reports.
- Ford's strategic pivot away from electric vehicles towards gas-electric hybrids reflects its need to adapt to rising production costs and changing consumer demand.
Deep dives
Ford's Electric Vehicle Strategy Reversal
Ford is drastically changing its electric vehicle (EV) approach by canceling plans for two upcoming electric models and reducing its overall EV investment. The company is facing substantial losses within its EV sector, predicting a loss of $5.5 billion this year alone due to high production costs and decreased consumer demand. Ford is shifting its strategy to focus on gas-electric hybrid vehicles, which have proven more popular and profitable in the current market. This pivot reflects Ford's realization that it must adapt to economic pressures while still providing options that cater to consumer preferences.
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