Here's what we are reading this morning:
Elon Musk wants to cut 10% of Tesla jobs | Reuters: Tesla CEO Elon Musk has a "super bad feeling" about the economy and needs to cut about 10% of jobs at the electric carmaker, he said in an email to executives seen by Reuters.
US added 390,000 jobs in May in sign of economic resilience as unemployment remains a low 3.6% | AP News: US added 390,000 jobs in May in sign of economic resilience as unemployment remains a low 3.6%.
Is ‘Greedflation’ Rewriting Economics, or Do Old Rules Still Apply? - The New York Times: Economists and politicians are debating whether monopolistic companies are fueling inflation in ways that confound longstanding theory.
Here's the email Elon Musk sent all Tesla employees regarding job cuts: "Tesla will be reducing salaried headcount by 10% as we have become overstaffed in many areas. Note this does not apply to anyone actually building cars, battery packs or installing solar. Hourly headcount will increase."
Sears Hometown Store in Greenfield Closing - The Daily Reporter - Greenfield Indiana: Greenfield is one of dozens of Sears Hometown Store locations that media outlets have recently been reporting are closing across the country
About 100 Sears Hometown stores are closing | CNN Business: Roughly 100 Sears Hometown locations are permanently closing in the coming weeks, representing roughly half of its remaining retail footprint. The closures were announced on each individual store’s Facebook page rather than a single press release. The locations are spread over about 30 US states, according to multiple reports.
Work From Home and the Office Real Estate Apocalypse by Arpit Gupta, Vrinda Mittal, Stijn Van Nieuwerburgh :: SSRN: We revalue the stock of New York City commercial office buildings taking into account pandemic-induced cash flow and discount rate effects. We find a 32% decline in office values in 2020 and 28% in the longer-run, the latter representing a $500 billion value destruction.