Redfin, the Seattle-based on-line actual property brokerage, says it can lay off 8% of its staff because the housing market cools off.
The Seattle Times reviews CEO Glenn Kelman introduced the layoffs Tuesday, telling staff, “With May demand 17% below expectations, we don’t have enough work for our agents and support staff, and fewer sales leaves us with less money for headquarters projects.”
The cuts on the on-line itemizing web site and actual property brokerage might have an effect on greater than 450 individuals. Redfin has about 5,800 staff, not together with those that work for RentPath, which Redfin acquired final yr.
Redfin’s share worth has dropped from about $39 at first of the yr to $8.55 this week.
The firm misplaced about $110 million final yr, up from $18.5 million the yr earlier than, in response to SEC filings.
Producer costs soar 10.8% in May
U.S. producer costs surged 10.8% in May from a yr earlier, underscoring the continued risk to the economic system from inflation that reveals no signal of slowing.
Tuesday’s report from the Labor Department confirmed that the producer worth index — which measures inflation earlier than it reaches customers — rose at barely slower tempo final month than in April, when it jumped 10.9% from a yr earlier, and is down from an 11.5% yearly acquire in March.
On a month-to-month foundation, producer costs climbed 0.8% in May from April, above the earlier month, after they elevated 0.4%.
Energy costs, led by fuel, rose 5% simply in May from April. Another massive driver of the value positive aspects final month was a pointy 2.9% enhance in the price of truck freight hauling, an indication that offer chain issues nonetheless aren’t totally resolved. Food prices have been unchanged.
Source: www.bostonherald.com”