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Economic worries, an update on housing and layoffs at Apple.Economic worriesThe choices confronting the US economy are stark, according to w [View in browser]( [Bloomberg]( Economic worries, an update on housing and layoffs at Apple. Economic worries The choices confronting the US economy are stark, [according to]( well-known economist Nouriel Roubini. Either the economy will enter a hard landing from the Fed's tightening -- referring to a phenomenon where rising rates cause a recession -- or inflation will go "out of control," he told Bloomberg TV. Housing update Today sees the July update for two of the most important data points for US housing: housing starts and building permits. The housing market is [slowing fast]( as higher rates begin to bite, after soaring through the early days of the pandemic in 2020. Home-price appreciation peaked at over 25% on an annualized basis last year; we'll soon find out whether it levels out at a positive level, or keeps heading south into outright negative territory. The slowdown is impacting real-estate companies such as brokerage [Compass Inc](. The firm has implemented a cost-cutting strategy in an attempt to generate positive cash flow, after other measures earlier this year including a 10% cut to its workforce. Apple layoffs Apple Inc. [laid off]( about 100 of its contract-based recruiters in the past week, part of a push to rein in the tech giant’s hiring and spending, according to people with knowledge of the matter. Apple is still retaining recruiters who are full-time employees, and not all of its contractors were fired as part of the move. The move to lay off workers is unusual for the Cupertino, California-based technology giant, which employs more than 150,000 people. But it’s far [from alone]( in taking such a step. In recent months, Meta Platforms Inc., Tesla Inc., Microsoft Corp., Amazon.com Inc. and Oracle Corp. have all eliminated jobs in [the face of]( a tech spending slowdown. Inflation survey Inflation is the primary factor behind most assets' terrible performance in the first half of the year, and it remains the most closely-watched indicator in the second half. Will it come down gradually, without killing consumers’ appetites and companies’ margins? Or will it stay elevated, forcing the Fed to keep raising rates aggressively? Share your views in this week’s MLIV Pulse [survey, here](. It’s confidential and it only takes a minute to fill out. Coming up... US stocks are set to open a smidgen lower, with futures on the S&P 500, Nasdaq 100 and Dow Jones Industrial Index all in the red. As mentioned above, there’s big housing data to take note of in the US, with July industrial and manufacturing output numbers later. President Joe Biden is set to sign a climate and tax package and there are primaries in Alaska and Wyoming. Canada will deliver July inflation data and earnings include Walmart and Agilent. What we've been reading Here's what caught our eye over the past 24 hours. - The [Fed’s past crises]( hold secrets to tackling future recessions. - Trump executive [Weisselberg is in plea talks]( to resolve a tax case. - These six cities are becoming the new [expat hot spots](. - London’s [top Rolex dealer]( plans an eight-fold expansion. - [Real wages in the UK]( fell at a record pace. - [Russian mercenaries]( are hunting for gold in central Africa. - [Blame Florida]( for miserable air travel. And finally, here’s what Joe’s interested in this morning This chart is a potentially useful snapshot of the economy right now. It's from yesterday's Empire Fed Manufacturing Survey, and it shows two things. The white line shows a rapid deterioration of business activity. Actually, technically it shows that more and more companies are saying things are getting worse (though the degree of the downturn is unclear). The yellow line is supplier delivery times. So the good news is that for the first time in two years, supply delivery times aren't getting worse. Supply chains are healing. This seems fairly unambiguous across a range of measures. The bad news is, of course, well, the broader economy is slowing down, at least according to the manufacturers in the Empire Fed's region. The big hope is that easing supply chains and a moderation in demand can deliver a big jolt of disinflation, allowing the Fed to pivot and bring home a soft landing. The other scenario is that the recent good news on inflation is just a function of slowing demand, and that we're hurtling towards something more painful on the way to the Fed's target. FWIW, the S&P 500 is now down less than 10% this year after yesterday's rally. So perhaps the stock market is in the soft landing camp? Follow Bloomberg's Joe Weisenthal on Twitter [@TheStalwart]( Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Five Things - Americas newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](