The global economy looks shaky and some of the world’s biggest names are firing thousands of employees. For those workers, there’s little good news right now. But for others who are still employed, there’s a glimmer of hope: Even if there’s a recession in their country, they have a good shot at hanging onto their jobs. Almost three years after Covid-19 hit, companies around the world are still complaining they can’t get the talent they need. They worry labor shortages will outlast not only the pandemic, but any future downturn, too.

It seems deeper forces—including changes in population and immigration—are shrinking the overall pool of workers. All of this means that, despite weakening demand for their goods and services, many businesses are keeping and even adding staff, rather than—as Elon Musk, Jeff Bezos and others have—terminating them en masse. The strategy of hoarding labor seems to be in contemplation of a coming economic reboot, and the even more competitive job markets that will follow. —Natasha Solo-Lyons

The protests that erupted against China’s “Covid zero” strategy represent one of the most significant challenges to Communist Party rule since the Tiananmen Square massacre more than 30 years ago. How Xi Jinping responds to it may end up being just as pivotal for the country’s future. 

Related turmoil at Apple’s key manufacturing hub of Zhengzhou is likely to cause a production shortfall of close to 6 million iPhone Pro units this year. Apple shares closed down Monday $3.89 to $144.22.

Xi Jinping. Source: Bloomberg

The crypto world’s calamity continues. tBlockFi filed for bankruptcy, the latest crypto firm to collapse in the wake of FTX’s rapid downfall. 

US retailers eked out modest growth over Black Friday weekend with deep discounts that lured shoppers seeking a reprieve from stubborn inflation.

Stocks sank in New York as Federal Reserve officials stressed that more rate hikes are coming (which Wall Street already knew). But investor appetite for risk also took a hit thanks to uncertainties surrounding China’s Covid curbs and their impact on the global economy. Here’s your markets wrap.

Goldman Sachs and Deutsche Bank warn stock markets are in for a wild ride next year because, the banks contend, they don’t yet reflect the risk of a US recession. The Fed last week put the odds at 50-50.

The decade-long housing boom in the US is over, and the market has gone eerily quiet. Buyers are clearing out, but so are sellers. While this could be considered bad news in many quarters, it’s especially terrible for real estate agents who suddenly have nothing to do. 

Residential homes in Teaneck, New Jersey. Photographer: Yuvraj Khanna/Bloomberg

Bloomberg continues to track the global coronavirus pandemic. Click here for daily updates.

• Everything you need to know about China’s Covid protests.
• Republican rivals stay silent on Trump’s white supremacist meeting.
• Next Covid-19 strain may be more dangerous, lab study shows.
• Fed Chair Powell to set stage for slowing rate hikes.
• Hedge fund that beat 99% of peers places contrarian bet on Meta.
• Bloomberg Opinion: Biden is making the student loan mess worse.
• Hong Kong property slump reaches city’s coveted luxury homes.

Tesla’s Model Y has been a smash-hit worldwide—on track to rank among the top five best-selling models this year and the only electric car to make the cut. More than 500,000 were snapped up in the first nine months, but depending on which country you live in, you may be forking out vastly different sums. Mainland China is the world’s cheapest place to buy a Model Y. After last month’s price cuts, the Model Y starts at 288,900 yuan ($40,500), slightly over half the US retail price.

Tesla’s Model Y  Photographer: Bing Guan/Bloomberg

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