The real takeaway from all of this is the outlook for S&P 500 (NYSEARCA: SPY) earnings continues to decline under inflation, rising interest rates and now a shifting outlook for labor. The leisure & hospitality industry has been plagued by under-employment for years, so this is good news for hotels, amusement parks and restaurant chains. Under the resumed direction of Bob Iger, the company plans to reorganize into 3 operating units and lay off about 7,000 people, which is about 4% of the total workforce.