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The Labor Department reported a drop in applications for unemployment benefits, with employers holding onto their workers even as the economy has slowed. Job gains have decreased, and growth has weakened due to uncertainty surrounding President Donald Trump’s tariff policies. Federal Reserve Chair Jerome Powell has signaled a potential interest rate cut to address the sluggish job market. Despite low layoffs, many Americans are struggling to find new jobs, as seen in the high number of people continuing to collect unemployment benefits.

Lamborghini CEO Stephan Winkelmann shared with CNBC that the uncertainty around tariffs has caused wealthy buyers to hold off on purchasing supercars. Despite an agreement on a 15% tariff rate, the rate has not yet taken effect for cars, leaving Lamborghini and other European automakers paying a higher rate of 27.5% on exports to the U.S. The company is considering pricing increases and potential changes to its upcoming electric car model.

However, Lamborghini remains insulated from immediate demand drop-off due to a large back order. The company is also benefiting from an increase in global wealth, particularly among younger and more diverse buyers. Additionally, the company is focusing on attracting more women buyers through events and the popularity of their Urus model.

Google has reduced its number of managers overseeing small teams by 35% in an effort to increase efficiency. The company’s executives explained during a recent meeting that this reduction in management is part of a larger strategy to streamline operations and reduce bureaucracy. Additionally, Google has offered buyouts to employees in various divisions as part of cost-cutting measures.

Despite some concerns about job security, executives at the meeting emphasized that the company is focused on being more efficient as it continues to grow. Employees have responded positively to the buyout offers, with some choosing to take time off from work or pursue other opportunities. Overall, the company’s leadership is committed to finding ways to improve efficiency and make the organization more agile in the face of future challenges.

A study by Stanford University researchers analyzed payroll records from ADP and found evidence that the widespread adoption of generative AI is impacting the job prospects of American workers, particularly those aged 22-25 in AI-exposed fields.

The study also highlighted that AI may replace jobs that involve “codified knowledge” but is less likely to replace those with experiential knowledge. Additionally, the study showed that AI can complement work in some occupations without leading to declines in employment rates. The research emphasizes the need to consider the uneven impact of AI on the job market and the potential implications for young workers, as automation becomes more prevalent.

A Danish-led group consisting of Denmark, Finland, and Panama has launched the Group of Negative Emitters at the COP28 climate talks in Dubai. Their ultimate goal is to remove more carbon dioxide from the atmosphere than they emit, achieved through measures such as slashing emissions, expanding forests, and investing in new technologies like carbon capture and removal.

While experts acknowledge the high cost and limited scale of carbon capture projects, Denmark sees new technology as crucial for reaching its targets. Developing countries highlight the need for technology transfer and financing from developed nations to address rising emissions.

Wells Fargo CEO Charlie Scharf stated that the company will likely face a significant severance expense in the fourth quarter due to low staff turnover. The expense is intended to increase efficiency and is an accrual for expected layoffs next year. While the bank did not disclose the number of jobs that will be cut, Scharf mentioned the need to manage headcount more aggressively due to a slowdown in employee attrition.

This move comes as Wall Street leaders express concerns about bloated payrolls amidst rising funding costs and a slump in Wall Street deals. Previously, Wells Fargo had already laid off around 11,300 employees in 2023. Despite the cautionary actions, Scharf remains optimistic about the economy, stating a potential “soft landing” for the US economy in the coming year.

Enterprise automation software company UiPath experienced a significant surge in stock value, rising by more than 26% following the release of its quarterly earnings report. The company exceeded Wall Street’s expectations for both revenue and earnings per share. UiPath also raised its outlook for annual recurring revenue, which grew by 24% year over year. Analysts praised UiPath’s success, crediting its focus on big clients and strategic expansion into new verticals. Additionally, the integration of generative artificial intelligence was cited as a driving factor behind the company’s widespread adoption.