McKinsey is now offering staff 9 months severance if they agree to leave the company, in a bid to reduce headcount amid a huge downturn in professional services.
When do student loan payments resume?
Pre-debt ceiling deal: August 30
Post-debt ceiling deal: July 31 (est.)
But the most interesting statistic is this ⤵
All consumer spending begins with an economic reality.
It begins with a “one less trip” to the store, a “let’s just split the burrito bowl” at the restaurant, a “let’s stay with your folks” on vacation.
Family budget talks are happening.
Conagra CEO: folks are buying less
Kellogg’s CEO: folks are maximizing pantries
Tyson Prep’d Foods: same, same
The food budget is the first line of defense. And it’s being activated.
This isn’t just about food price inflation.
Did Friday's jobs report confuse a bit?
Good news: there are alternative measures ➡ Withheld Employment Taxes from the Treasury is going to be a better gauge for the health of jobs.
Bad news: 👀 It's not looking very good.
(Why Withheld Employment Taxes? 🧵⤵)
Social Security Income benefits going through an overhaul, a month before the election. 🤔
SSI reaches about 7M recipients… now it’s on deck to expand to folks who qualify for SNAP benefits (closer to 42M).
FYI: the SSA is an “independent” agency in the Executive branch.