The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Aston Martin Lagonda Global Holdings Plc has revised its guidance for the year, citing supply chain disruptions and weak demand in China as key factors impacting its performance. The luxury sports-car manufacturer now anticipates annual sales to be approximately 1,000 vehicles lower than previously expected. Adjusted earnings before interest, tax, and amortization are projected to fall slightly below last year's figures, and Aston Martin no longer expects to generate positive free cash flow in the latter half of the year.
This outlook adjustment reflects a broader trend in the automotive industry, with major manufacturers like Volkswagen AG, Mercedes-Benz Group AG, BMW AG, and Stellantis NV also reducing their forecasts due to declining demand in China.
Aston Martin is grappling not only with a downturn in sales but also with delayed component deliveries, leading to longer production times for its vehicles. The company, which was rescued by billionaire Lawrence Stroll in 2020, has faced multiple capital raises under his leadership. Stroll aims to revitalize the brand by introducing new models more frequently and leveraging the excitement surrounding Formula One racing.
The guidance cut marks the first significant decision from newly appointed CEO Adrian Hallmark, who previously led Bentley Motors Ltd. Hallmark is tasked with steering Aston Martin back to profitability, although the company has acknowledged that it will not meet its earlier target of a 40% gross margin for this year.
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