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“For the first time in a long time, it seems like casual dining — traditional sit-down restaurants like Olive Garden or Texas Roadhouse — are gaining share,” he said.

Alternative indicators for October and November do not point to a meaningful rebound in the labor market, and a greater share of the employment slowdown appears cyclical, not structural.

In September, Alibaba had unveiled a major upgrade to its full stack of AI capabilities, and it says it’s the leader in China’s cloud market with 35% market share.

China’s e-commerce players have invested heavily in the food-delivery sector in recent quarters, resorting to aggressive promotions to capture more market share.

Excluding certain expenses associated with bankruptcy acquired leases, adjusted earnings were $1.80 a share, ahead of the company’s August forecast for up to $1.60 a share.