July layoffs drop to lowest level in 2 years, Challenger says

Job cuts slowed in July as companies stepped up their hiring plans, while artificial intelligence (AI) continues to be cited as a leading reason for workforce reductions, new data shows. Companies announced 33,429 job cuts in July – a decrease of 27% from the 45,849 announced in June, and a…

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Mortgage rates hit highest level in over a year

close video Mortgage rates rose this week, mortgage buyer Freddie Mac said Thursday. Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage climbed to 6.69% from last week’s reading of 6.66%. The average rate on a 30-year loan was 6.63% a…

Bill Ackman sounds alarm on Mamdani’s economic agenda: ‘Socialism is a disaster’

Billionaire investor Bill Ackman warned that New York City’s rent freeze, tax policies and limits on development could worsen the city’s affordability crisis by discouraging construction and investment. In a wide-ranging interview with Fortune published Wednesday, the Pershing Square Capital Management founder argued that government policy is driving up housing…

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