Apple is speeding up plans to move a portion of its production outside of China, which has long had a dominant position in the supply chain that helped create the most valuable corporation in the world.

The consumer price index, which tracks how much people pay for goods and services, increased 7.1% in November from a year earlier, according to the Labor Department on Tuesday. This is a considerable decrease from the 7.7% rise seen in October.

David Solomon, the chief executive of Goldman Sachs Group, said that the company would have to cut back on spending and hiring as it cope with a slowing economy.

In November, Chinese exports decreased at their fastest rate in more than two years. It is the largest drop in outbound shipments from China since February 2020, when a statewide lockdown brought about a halt to economic activity led to a 8.7% drop year over year.

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In November, the U.S. economy created 263,000 new jobs, and the unemployment rate stayed at 3.7%, indicating ongoing resilience in the labor market.