Nike cutting 1,600 jobs to cut costs

Nike is laying off 2% of its corporate workforce as it contends with weaker consumer spending.

'The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger," Nike said in a statement to FOX Business.

Starting Friday, more than 1,600 positions will be cut as the company tries to increase its investment in high-priority areas such as running, women's clothing and its Jordan brand, CEO John Donahoe told employees, according to a memo seen by The Wall Street Journal.

The articles regarding lay-offs of major companies continue to rise in number. However, those lay-offs never seem to show up in the BLS job reporting numbers.

As to the tech sector, I read a few months ago that since Google, META, and other major tech companies had scooped up all the talent a few years ago, anyone laid off by those companies were immediately offered jobs by second-tier tech companies often-times in lower living-costs cities so they didn’t really show up in the job-loss numbers. Miami is apparently developing a tech sector and many computer techs are happy to move there due to the relatively (but rapidly rising) lower cost of living.

Nike may be partly “Go woke, Go broke” and partly due to the fact that consumers are reducing the discretionary purchases due to Bidenomics. For, no matter what the media tells you, the economy is NOT great and the middle-class which is the back-bone of the economy are cutting back on unnecessary retail purchases due to the increased costs in utilities, property tax, and insurance. Let’s not get into the cost of groceries which is taking a bite (no pun intended) out of everyone’s monthly budget.

Anyway, when WILL these lay-offs start being reflected in job reports or will the media and government continue to tell us that “all is well” until and if Trump is elected in November? Because if he is, the following day and even before he takes office, the media will immediately inform us the economy is tanking and it is all Trump’s fault.

BTW, and as a somewhat related side-note, remember Paul Krugman’s prediction the night Trump was elected in 2016?

“It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover? Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.

Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never. Under any circumstances, putting an irresponsible, ignorant man who takes his advice from all the wrong people in charge of the nation with the world’s most important economy would be very bad news. What makes it especially bad right now, however, is the fundamentally fragile state much of the world is still in, eight years after the great financial crisis.”

Gosh, that guy is such an idiot!

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