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US Jobs In The Underworld! Mass Layoffs Plague Bidenomics For 2024
Confounded Interest ^ | 02/08/2024 | Anthony B. Sanders

Posted on 02/08/2024 6:41:40 AM PST by Kaiser8408a

Like Offenbach’s “Orpheus in the Underworld,” the US economy under Joe Biden is going to hell. Like the tech sector! Thanks to the massive hiring surge related to Covid and Covid spending, now trimming the bloat.

In the real world labor market – in 2024... (not the one Biden, Yellen and Powell occupy) … companies are slashing jobs.

1. Twitch: 35% of workforce 2. Roomba: 31% of workforce 3. Hasbro: 20% of workforce 4. LA Times: 20% of workforce 5. Spotify: 17% of workforce 6. Levi’s: 15% of workforce 7. Xerox: 15% of workforce 8. Qualtrics: 14% of workforce 9. Wayfair: 13% of workforce 10. Duolingo: 10% of workforce 11. Washington Post: 10% of workforce 12: Snap: 10% of workforce 13. eBay: 9% of workforce 14. Business Insider: 8% of workforce 15. Paypal: 7% of workforce 16. Charles Schwab: 6% of workforce 17. Docusign: 6% of workforce 18. UPS: 2% of workforce 19. Blackrock: 3% of workforce 20. Citigroup: 20,000 employees 21. Pixar: 1,300 employees

And here’s the government-supplied statistics…

The number of Americans filing for jobless benefits for the first time last week dropped from 227k to 218k (below the 220k exp). On an NSA basis, claims tumbled even more…

Source: Bloomberg

We assume there was some impact in here from the ice storms, but still, Oregon, Ohio, and California saw the biggest declines in claims while Missouri and Texas saw the biggest increase…

We give the Richmond Fed’s Tom Barkin the last word:

“I am cautious about accuracy of numbers around the turn of the year.”

Cautious is one word…

Not to mention 2024 is an election year, so expect mega nonsense spewing from The White House and the BLS and other government agencies.

(Excerpt) Read more at confoundedinterest.net ...


TOPICS: Business/Economy; Food; Government; Politics
KEYWORDS:

1 posted on 02/08/2024 6:41:40 AM PST by Kaiser8408a
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To: Kaiser8408a
Yes, I bet last month's stats will be revised down. Too many layoffs. On my IT project my entire team was laid off last week and my last day was a few days ago on Monday. Job postings on Dice, Monster, Indeed, and LinkedIn are down. Sadly, no cuts in H1B, no E-Verify to root out illegals. The latter an increasingly futile effort since illegals are being given work papers.

Well, things are slowing down and we'll see more reports in coming weeks and months.

2 posted on 02/08/2024 6:47:05 AM PST by Reno89519 (Biden, Democrats, and Some Republicans may have surrendered, but I have not. Defend America!)
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To: Kaiser8408a

Confounded Understanding!

So opaque as to be unfathomable on second reading.


3 posted on 02/08/2024 6:48:41 AM PST by Uncle Miltie (Objective: Permanently break the will of the population to ever wage war again.)
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To: Kaiser8408a

Confounded Understanding!

So opaque as to be unfathomable on second reading.


4 posted on 02/08/2024 6:48:43 AM PST by Uncle Miltie (Objective: Permanently break the will of the population to ever wage war again.)
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To: Kaiser8408a

We haven’t hired anyone since Jan of last year and are down 20% through natural attrition and some minor amount disciplinary stuff.


5 posted on 02/08/2024 6:49:28 AM PST by reed13k
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To: Kaiser8408a

Unexpected.


6 posted on 02/08/2024 6:51:12 AM PST by brownsfan (It's going to take real, serious, hard times to wake the American public.)
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To: Kaiser8408a

“Bidenomics” has been vastly misrepresented. It is a pattern and draft for a perpetual failing of economic activity, much like the “New Deal” under FDR, which probably prolonged the Great Depression of the 1930’s for four or five years beyond what would have been a normal recovery by 1935 or so. Only the outbreak of World War II, and the orders for war materials by Great Britain began to buoy up the stumbling and broken US economy.

The Great Depression was even worse in 1938 than it was in 1933.


7 posted on 02/08/2024 6:59:28 AM PST by alloysteel (Most people slog through life without ever knowing the wonders of true insanity.)
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To: Kaiser8408a

A lot of job cuts would be eliminating open positions—so that would not show up. The next group would be people getting a severance package. They would not show up on the rolls until their severance runs out.

The non-farm payroll report is one of the most lagging indicators.

Look for the JOLTS report to give a heads up about what is “coming” into the unemployment pipeline.


8 posted on 02/08/2024 7:01:13 AM PST by Vermont Lt (Don’t vote for anyone over 70 years old. Get rid of the geriatric politicians.)
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To: Reno89519

“Yes, I bet last month’s stats will be revised down. Too many layoffs.”

January hiring was the lowest for the month on record as layoffs surged
PUBLISHED THU, FEB 1 2024
https://www.cnbc.com/amp/2024/02/01/january-hiring-was-the-lowest-for-the-month-on-record-as-layoffs-surged.html

And:

‘Not Normal’: Over One Million Jobs Reported In 2023 Didn’t Actually Exist
https://dailycaller.com/2024/02/06/one-million-jobs-reported-2023-didnt-exist/


9 posted on 02/08/2024 7:02:25 AM PST by jacknhoo (Luke 12:51; Think ye, that I am come to give peace on earth? I tell you, no; but separation.)
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To: Reno89519

I read somewhere that it has been calculated that the BLS numbers we all see every month and then are quietly lowered over the next two months, for 2023 are STILL OVERESTIMATED on average of 105000 Jobs/Month.

That is every month in 2023 ON AVERAGE reporting 105K jobs too many. Joey Crappy Pants “created” 1.26 MILLION totally fictitious jobs.

Don’t forget, ALL part-time jobs are counted as full-time jobs but reported as only JOBS with no distinction between the two.


10 posted on 02/08/2024 7:20:52 AM PST by OHPatriot (Si vis pacem, para bellum)
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To: Kaiser8408a

Wonder how many gettting riffed received bonuses of $1000 or more soon after Trump took office?


11 posted on 02/08/2024 7:21:11 AM PST by bigbob
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To: Kaiser8408a

I’m a low end landlord. It seems everyone is working one or more side hustles for cash. If the economy is going well people aren’t salvaging pallets to build lawn furniture.


12 posted on 02/08/2024 7:35:12 AM PST by Gen.Blather (Wait! I said that out loud? )
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To: Kaiser8408a

Is there someone somewhere who will definitely tell the truth about what is happening?
First they say that there was an unexpected increase in jobs and now we are reading that we are experiencing massive layoffs. Could it be that they hired them only for one day while they were doing the economic survey?


13 posted on 02/08/2024 7:40:04 AM PST by californian by choice
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To: Kaiser8408a

Learn to code....oh wait.....

Learn to pick fruit!!!!


14 posted on 02/08/2024 7:44:04 AM PST by mikelets456
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To: Kaiser8408a
Bloodbath at Paramount claims 800 jobs including CBS News journalists embroiled in controversy 02/13/2024

US Jobs In The Underworld! Mass Layoffs Plague Bidenomics For 2024 02/08/2024; Companies slashing jobs - percentage of workforce:

Biden’s Phantom Jobs Market! Over One Million Jobs Reported In 2023 Didn’t Actually Exist 02/07/2024

Home The Truth About Biden’s Awful Jobs Report And Rising Credit Card Delinquencies (Weakest Jobs Report For January On Record, 90+ Day Delinquency Rate Rises To Almost 10%) 02/06/2024

Media Lies: Those January Jobs Gains Never Happened 02/05/2024

When are 335,000 new jobs not 335,000 new jobs? When Washington makes them up and the media dutifully report them with all due breathlessness. ... The workweek, itself, contracted to 34.1 hours from 34.3 in December and 34.4 in November. This is the lowest number since March 2020 (the pandemic) and, before that, November 2008 (Great Recession)."

UPS IS CUTTING 12K JOBS AMID DISAPPOINTING SALES OUTLOOK, COMPANY SAYS 01/30/2024



15 posted on 02/17/2024 3:23:18 PM PST by linMcHlp
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