General Motors announced that it will close three assembly plants and two propulsion plants in North America next year, as well as lay off 15% of its workforce. GM claims that the moves are part of a multibillion-dollar restructuring which will focus on electric and autonomous vehicles.
Is the above foreshadowing an economic slowdown and possible downturn to come? U.S existing and new homes sales have faced recent slumps and auto sales YoY have stalled. Coupled with a rising inflationary environment, where do you all see the economy headed?
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