Shares of ZipRecruiter (NYSE: ZIP) are plunging 19.4% at 11:01 a.m. ET Wednesday. The online hiring platform reported fourth-quarter earnings after the market's close yesterday and indicated a "continued softening in the hiring environment" would cause full-year 2023 revenue to plunge 23% to $179 million at the midpoint of its guidance. ZipRecruiter said employers are engaged in wholesale firing of employees or otherwise reducing their recruiting budgets, meaning this would be a particularly challenging period for the job search site. Read More...
AP Finance
New estimate U.S. could face default on debt by early June
The U.S. could face an unprecedented default on its obligations as soon as early June if Congress does not act to lift the debt limit, a Washington think tank said Wednesday. The Bipartisan Policy Center, which forecasts the approximate “X-date” when the government will no longer be able to meet its financial obligations on time, said the U.S. will reach its statutory debt limit as soon as the summer or early fall of 2023. Previewing the data for reporters on a morning call, Shai Akabas, the center’s director of economic policy, said the new projections reflect “considerable uncertainty in our nation’s current economic outlook.”
