India’s economy achieved an impressive growth rate of 7.8% in the first quarter of the current financial year, driven by solid performances in the agriculture and financial sectors. The agriculture sector recorded a growth rate of 3.5%, while financial, real estate, and professional services saw growth of 12.2%. However, manufacturing, mining, electricity, gas, water supply, and construction experienced a decline in growth.

Despite the positive outlook, the World Bank warns that rising borrowing costs, inflationary pressures, and the fluctuating monsoon may hamper India’s growth in the upcoming quarters. The World Bank predicts a moderate GDP growth rate of 6.3% for the current financial year, while the Indian federal bank expects a growth rate of 6.5%.

American Airlines flight attendants, represented by the Association of Professional Flight Attendants (APFA), have voted overwhelmingly in favor of authorizing a strike if the company fails to agree to “reasonable” contract terms. Over 99% of the flight attendants voted in favor of the strike, which could be initiated if the company and the union were unable to reach an agreement during federal mediation. The strike authorization comes as union workers across various industries are leveraging their increased bargaining power in a tight labor market. American Airlines pilots recently approved a new contract that includes significant pay and benefits increases.

A chronic shortage of engineers in Vietnam poses a significant challenge to the country’s semiconductor industry, and the US plans to establish Vietnam as a chip hub to mitigate supply risks from China. As US President Joe Biden prepares to visit Vietnam, semiconductors are expected to be a key focus, with the US offering support to boost Vietnam’s chip production. However, industry experts warn that the shortage of trained hardware and software engineers could hinder the rapid development of the chip industry.

Vietnam currently has only 5,000 to 6,000 trained hardware engineers, far below the expected demand of 20,000 in five years and 50,000 in a decade. This shortage in skilled labor could make Vietnam vulnerable to competitors such as Malaysia and India. The US may also be interested in boosting Vietnam’s supply of raw materials, such as rare earths, as it aims to reduce its reliance on China. Addressing the skilled labor shortage will be crucial for Vietnam’s semiconductor ambitions.

Companies in North America are reducing their orders for robots as a slowing economy and rising interest rates dampen the demand. The Association for Advancing Automation (A3) reported a 37% decline in robot orders in the second quarter of the year compared to the previous year. This decline follows a drop in orders in last year’s first and fourth quarters. While the pandemic initially drove a surge in robot sales, other factors, such as concerns about inflation and the economy, have led companies to hold off on purchasing robots.

Some industries, like e-commerce, overinvested in robots during the pandemic boom, leading to decreased demand. The softness in robot orders will continue until the fourth quarter or early next year. However, robots are still being adopted in various sectors, including construction, hospitals, and food-processing plants. The tight labor market was a key driver for robot sales, but as worker shortages ease, the demand for robots has declined. Companies like Swinerton are leasing robots instead of buying them to mitigate costs. Overall, the decline in robot orders reflects the broader economic challenges faced by North American companies.

According to Energy Secretary Jennifer Granholm, the United States government plans to make $12 billion available in grants and loans to support automakers and suppliers in retrofitting their plants for the production of electric and other advanced vehicles. Additionally, domestic battery manufacturers will receive $3.5 billion in funding.

The move aims to accelerate the adoption of electric vehicles and address concerns raised by automakers and the United Auto Workers (UAW) union regarding proposed environmental regulations. The UAW has warned that a rapid transition to EVs could endanger jobs in states like Michigan, Ohio, Illinois, and Indiana. The funds will be sourced partially from the Inflation Reduction Act and the Energy Department’s Loans Program Office.

Amazon and Shopify have announced a significant integration allowing Shopify merchants to offer “Buy with Prime” in their stores. This feature enables customers to use their Amazon wallet payment method for purchases on Shopify while enjoying fast, free delivery and the option for returns through Amazon’s fulfillment network. This partnership is surprising given that Shopify previously discouraged merchants from using “Buy with Prime,” but Shopify now aims to give its merchants more choice and expand their selling capabilities.

Amazon will release an app for U.S. Shopify merchants to easily integrate “Buy with Prime” into their Shopify Checkout, leveraging their existing settings and third-party app integrations. This move allows merchants to retain complete control of their brand and customer data while offering customers the convenience and benefits of Amazon Prime. The announcement has positively impacted Shopify’s stock, which rose 4% in aftermarket trading and increased by over 6% after the markets opened.

Walmart requests its pharmacists to voluntarily reduce their working hours and take pay cuts to decrease costs, mainly targeting those in higher wage brackets. This move comes as Walmart pharmacies face pressures from low-profit margins on weight-loss medications and the company’s $3.1 billion legal settlement related to opioids. This year, Walmart’s shares have risen significantly as it becomes a favored choice for bargain shoppers during inflation.

Company representatives have confirmed the reduced hours, citing decreased drug demand during the summer and requests for work-life balance from pharmacists. However, industry experts argue that the underlying reason for the reduction of hours lies in the shortage of pharmacy technicians rather than demand fluctuations. The shortage of technicians, coupled with increased workloads due to the popularity of certain medications, has prompted the scaling back of pharmacists’ hours.

Danish toymaker Lego has reported a 1% increase in revenue during the first half of 2023, reaching 27.4 billion Danish krone ($4 billion), while its publicly traded competitors, including Mattel and Hasbro, have experienced double-digit declines. Despite macroeconomic pressures such as higher material and shipping costs, Lego’s diverse range of products and strong brand appeal have allowed it to maintain market share and offset expenses. The company remains optimistic about its future growth and expects to outpace the market by offering fresh and relevant sets and expanding into new markets, notably China.

The latest Job Openings and Labor Turnover Survey (JOLTS) report from the Labor Department reveals that U.S. job openings have dropped to their lowest level since March 2021. This decline suggests a gradual slowdown in the labor market, leading to expectations that the Federal Reserve will maintain interest rates unchanged in the coming month. The report also highlights a decrease in the number of people quitting their jobs, indicating decreased confidence in the labor market among Americans.

Despite the tightening labor market conditions, with 1.51 job openings for every unemployed person, economists believe that the excess demand decline is mainly due to companies reducing vacancies rather than increasing layoffs and unemployment. The decrease in job openings was primarily seen in professional and business services, healthcare and social assistance, and state and local government sectors.

In contrast, the transportation sector saw an increase in open positions. The report suggests declining job openings could result in slower growth in August. As a result, industry experts anticipate that the Federal Reserve will keep interest rates unchanged in September.