Unemployment Numbers and Layoffs Contribute to 2023 Stock Market Changes
2023-12-10 – BE&O ATC
A solid holiday shopping season helped boost stocks across the business world as 2023 comes to a close.
Keeping an eye on the stock market is crucial for any small business owner, as the top indexes can give you a peek into the economy’s direction. Jane King, an Analyst with NASDAQ says Wall Street likes what it is seeing from consumers during the 2023 holiday shopping season.
King says this year’s Black Friday and Cyber Monday dates brought record sales, with the average shopper spending $321 during the busy weekend. She also says that number is only expected to increase as buyers continue to shop online in search of better deals while comparison shopping.
On the opposite end of the spectrum, King says several Indiana organizations announced layoffs during the equally Q4 layoff season. As employers take the time to trim their workforces heading into the new year, many Hoosiers will be let go.
King points to automotive components supplier Borg Warner as one example. The Michigan-based organization announced upcoming mass layoffs at its two Kokomo facilities. In addition, Colorado-based VF Corporation has announced it will be laying off 500 salaried employees.
But the stock market is also highlighted by success stories like that of local pharmaceutical firm Eli Lilly, whose stock is rising thanks to the increased sales of its weight loss drug, Mounjaro.
Looking ahead to 2024, King says to keep an eye on a possible economic slowdown early in the new year and to watch the 2024 presidential election and any impact it may have on the stock market.