Posted on 08/10/2022 3:05:41 AM PDT by RomanSoldier19
While investors’ eyes remain fixed on the Dow Jones and the Fed’s interest rate hikes, American workers must heed the disturbing signals from the labor market.
As the US economy totters on the brink of a possible recession, employees must be ready for anything.
Many workers benefited from the critical labor shortage that followed the pandemic recovery, with low-wage workers enjoying perks traditionally reserved for managers, such as sign-on bonuses. Yet, in recent weeks, there are indications that the labor market could be cooling off, particularly in high-skill sectors like tech.
Data from the Labor Department shows unemployment claims in July reached their highest point this year at over 250,000 nationwide. This coincides with a string of high-profile layoffs in large companies as boardrooms brace for economic turbulence ahead.
Non-fungible token (NFT) exchange OpenSea let go of 20% of its staff, citing the possibility of a “prolonged downturn,” while fitness firm Tonal shed 35% of its workforce due to a deteriorating “macroeconomic climate and global supply chain challenges.” Other companies in the housing and auto industries are also letting workers go.
An increasing number of workers are also seeking the security of their former workplace. This ” boomerang employee ” trend could signal that the carefree confidence that characterized the Great Resignation is fading.
(Excerpt) Read more at wane.com ...
“Yet, in recent weeks, there are indications that the labor market could be cooling off, particularly in high-skill sectors like tech.”
The “new normal” will involve moving jobs that could be done remotely in the US to Asia; that was always the unspoken danger of being able to “work remotely”.
“Possible recession?!?!” Must we continue to play pretend?
Nice!
I’d tell co-workers to take additional tasks pushed on them if they could get them done within their normal schedules; when layoffs come, the people doing the least are targeted, and nobody wants to be one of them (duh). So far, it has worked - though many layoffs are beyond a worker’s control.
All these help.
Don’t be woke
Show up on time
Be dependable
Get the work done
Don’t goof off
Don’t watch porn on company assets
Be friendly
That’s the recipe, brother - it’s not rocket science, don’t know why it puzzles so many people in the work-force. Especially the younger guys - duh.
“possible” recession?
No it doesn’t matter how much you do I was laid-off from Verizon in 2016 working 70 hrs a week after 15yrs of service.. My boss called me at 3 am in the morning as he was in PST time zone and I was in CST and they had a national teleconference meeting that ran into the wee hrs determining what datacenters they were closing..I was in a group of 3000 that got cut but least got the full severance...The next groups were not so lucky.
Yes. See, according to Biden’s new news promoters, it’s not a recession because of the booming employment numbers. So obviously there is no reduction in jobs possible because we are not in a recession!
Been happening for long long time.
Be willing to compete with 3rd worlders and accept less pay.
Another point I work in the IT field, and I am old (59) as most everyone I compete against are 25 years young. If you are laid-off and don’t have any prior notice cash out your retirement, sell any toys or unneeded vehicles that you might have even if you have to take a loss. Drop any services other than the very basic needs. If your unemployment goes beyond 3 months drop all insurance coverage except basic Auto insurance. Stop eating out, if you have property delay property tax payments. if you can plant a garden do so, get some full-grown chickens for meat and eggs. Lastly if you can’t find a job in your field take a job that isn’t as any money coming in is better than none, dumb down your resume. Might be uncomfortable but you can make it..
I'm 50, but have never seen or heard of this. Do people actually do this or is it a myth?
Not anymore. Most porn addicts use the iphones now. Not that I would know. Hunter told me.
“ More Cases of Federal Workers Watching Porn on the Job Uncovered”
you think asia is the only place that remote work is being done by companies, it not. remote work and jobs leaving the US to europe too
Wow - that’s a shame, and I don’t see what you could have done to prevent it...
I know; “the new normal” since the 90s, it seems.
I’m sure it’s much less in Europe; the employees are expensive (and in Western Europe, they all function as though unionized with the laws). Western Europe has strict employment laws, limiting the use of temps, overtime, etc. - and it is generally harder to fire employees.
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