The Street
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TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Cargill is laying off workers.

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00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on
00:03the street today. It's a busy week of updates on the labor market with the big monthly jobs
00:08report coming at the end of the week. Ahead of that, new data showed there were 7.74 million
00:14job openings on the last day of October, which was up from the prior month. Sticking with the
00:21job market, approximately 8,000 pink slips are about to go out at Cargill. The privately held
00:28company said it is laying off 5% of its global workforce. The job cuts are coming as one of
00:33America's largest private companies is grappling with falling food prices. Cargill, which is a big
00:39player in food production, saw profits of roughly $2.5 billion in the fiscal year that ended in May,
00:45according to a Bloomberg report. That's way down from the record $6.7 billion profit it pocketed
00:52from 2021 to 2022 when the pandemic drove food inflation to its peak. Cargill's fortunes have
00:58also turned with a drop in cattle farming leading to a fall in large beef production operations.
01:05So with revenues drying up from the boom food inflation years of the pandemic,
01:09Cargill has decided to cut its expenses and that means layoffs. In a statement to CNN, Cargill
01:17said, quote, as we look to the future, we have laid out a clear plan to evolve and strengthen
01:22our portfolio to take advantage of compelling trends in front of us. For Cargill, that means
01:29a pivot towards technology. Earlier this year, it announced plans to add 400 tech and engineer jobs.
01:36That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with The
01:40Street.

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