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BBC World Service – Business Matters, US jobs grow despite recession fears

As U.S. jobs numbers continued to rise in May, tech companies like Tesla began bracing for the unrest by freezing hiring and considering job cuts.

Mixed signals are coming from the US labor market. As employment numbers rose more than expected in May, the tech sector began to rein in fears of a recession. Tesla CEO Elon Musk has warned the electric car maker needs to cut around 10% of its workforce, saying he has a “super bad feeling” about the economy. We ask Chris Low, financial analyst at FHN Financial, what this means for the economy.
It has been 100 days since the start of the war in Ukraine, and African nations are among the countries suffering the most from food shortages and rising prices. African Union chief Macky Sall traveled to Russia to urge President Vladimir Putin to facilitate the export of Ukrainian grain. BBC Nigeria correspondent Ishaq Khalid followed the meeting.
Turkey has seen inflation climb to over 73%, the fastest rate in 24 years. The declining value of Turkey’s currency, the lira, and unorthodox economic policy are fueling price rises, experts say. We hear more from Erinc Yeldan, professor of economics at Kadir Has University in Istanbul.
The UK is celebrating Queen Elizabeth II’s Platinum Jubilee with a four-day weekend. We talk about royal fans on the streets of London and guests from other Commonwealth countries about the celebrations there.
Memorial Day in the United States this week marked the end of the official Broadway season. It was the first with in-person broadcasts since the pandemic. We hear a special report from our US Marketplace partners.
A lawsuit was filed in the High Court in London on Friday to recover the millions of pounds lost when a fund run by former star manager Neil Woodford collapsed. Daniel Kerrigan, one of the attorneys handling the case, explains why the litigation is not against Woodford itself.
Vivienne Nunis is joined by David Kuo, co-founder of The Smart Investor in Singapore, and Stephanie Hare, technology and policy researcher in London.