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Cutting 7,000 jobs: Procter & Gamble says it will cut 7,000 jobs, or roughly 15% of its nonmanufacturing workforce around the world, over the next two years. The maker of Tide detergent, Pampers diapers and Bounty paper towels had about 108,000 total employees as of June last year. Read more from The Wall Street Journal.
28-state sweep: A nationwide coordinated crackdown on retail crime—what authorities are calling the first of its kind—led to hundreds of arrests in 28 states last week. The blitz, led by Illinois’ Cook County regional organized crime task force, involved more than 100 jurisdictions and over 30 retailers including Home Depot, Macy’s, Target, Ulta Beauty, Walgreens, Kroger and Meijer. Read more from CNBC.
Gap narrows: The U.S. trade deficit narrowed in April by the most on record on the largest-ever plunge in imports, illustrating an abrupt end to the massive front-loading of goods by some companies ahead of higher tariffs. The gap in goods and services trade shrank 55.5% from the prior month, to $61.6 billion, the smallest since 2023 and more than completely reversing the sharp widening that occurred in the first quarter, Commerce Department data showed Thursday. The median estimate in a Bloomberg survey of economists was for a $66 billion deficit. Read more from Bloomberg. A subscription may be required.
