Transcription:
Conway Gittens: This is Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
It's a busy week of labor market updates and the big monthly employment report will be released at the end of the week. Before that, new data showed there were 7.74 million job vacancies on the last day of October, an increase from the previous month.
Related: A bullish jobs report may keep stocks swinging
Continuing with the job market, approximately 8,000 pink cards are about to be issued at Cargill. The private company said it is laying off 5 percent of its global workforce. The job cuts come as one of America's largest private companies is grappling with falling food prices.
Cargill, which is a major player in food production, made profits of about $2.5 billion in the fiscal year that ended in May, according to a Bloomberg report. That's well below the record $6.7 billion profit it pocketed from 2021 to 2022, when the pandemic pushed food inflation to its peak.
Cargill's fortunes have also changed with a decline in cattle farming leading to a decline in its large beef production operations.
So, with revenue drying up due to the rise of food inflation during the pandemic years, Cargill has decided to cut its expenses and that means layoffs.
In a statement to CNN, Cargill said: “As we look to the future, we have laid out a clear plan to evolve and strengthen our portfolio to take advantage of the compelling trends ahead.”
For Cargill that means a shift toward technology. Earlier this year it announced plans to add 400 technology and engineering jobs.
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
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