by Michael

It seems that the tsunami of layoffs that began late final 12 months is beginning to speed up.  January was a horrible month for job losses, and main layoff bulletins are coming quick and livid right here in February.  However after all the Biden administration would have us imagine that every part is simply high-quality.  Final week, the federal government advised us that the U.S. economic system “added 517,000 jobs” in January.  However as I mentioned in a earlier article, that wasn’t what really occurred.  The uncooked, unadjusted quantity confirmed that the U.S. economic system really misplaced 2.5 million jobs final month.  That may be a horrible quantity, however after the bureaucrats in Washington have been carried out with their “changes” it magically grew to become a achieve of 517,000 jobs.  If you wish to have religion that their “changes” are applicable, good for you.  However different sources additionally verify that issues have actually taken a flip for the more severe.  For instance, Challenger, Grey & Christmas simply issued a report that concluded that final month “was the worst January for job cuts for the reason that Nice Recession in 2009”…

U.S. corporations introduced roughly 103,000 job cuts in January, the very best month-to-month whole since September 2020, a Thursday evaluation discovered.

Final month was the worst January for job cuts for the reason that Nice Recession in 2009, in accordance with a report from employment agency Challenger, Grey & Christmas.

Round 40 % of final month’s job reductions got here within the tech trade, the place Google guardian firm Alphabet, Amazon, Microsoft and Salesforce introduced plans to put off 1000’s of employees. Lots of the corporations stated they grew too shortly in recent times and should reduce prices to spice up profitability.

So many giant corporations introduced workers reductions final month, and that development has undoubtedly continued this month.

The next are 12 main layoffs which have already been introduced in February…

#1 Disney has determined to inform roughly 7,000 staff to hit the bricks…

“We might be decreasing our workforce by roughly 7,000 jobs,” CEO Bob Iger stated through the firm’s first quarter earnings name. “Whereas that is mandatory to deal with the challenges we’re going through at the moment, I don’t make this resolution calmly. I’ve monumental respect and appreciation for the expertise and dedication of our staff worldwide, and I’m aware of the private influence of those adjustments.”

#2 Yahoo has introduced that it will likely be shedding “greater than 20% of its workforce”…

Yahoo will lay off greater than 20% of its workforce by the top of 2023, eliminating 1,000 positions this week alone, the corporate stated in an announcement Thursday.

#3 Ebay was doing fairly effectively, however now they’ve determined that 4 % of their employees are not wanted…

Ebay on Tuesday introduced plans to chop 500 jobs, or about 4% of its workforce, in accordance with a submitting with the SEC.

#4 Affirm is one more tech firm that has lately decided to conduct mass layoffs…

Affirm introduced it’s chopping 19% of its workforce Wednesday. The information got here because it reported second quarter earnings that fell under analyst estimates on each the highest and backside traces.

#5 Because the U.S. housing crash deepens, JPMorgan Chase has concluded that now could be the time to “reduce lots of of mortgage staff”…

JPMorgan Chase & Co. reduce lots of of mortgage staff this week, including to job losses throughout the trade as home-lending companies proceed to be harm by elevated rates of interest.

#6 GoDaddy simply let their employees know that they plan to “cut back the dimensions of our international staff by about 8%”…

At the moment, we’re saying a plan to scale back the dimensions of our international staff by about 8%. It will come as tough information for a lot of valued and revered GoDaddy staff members.

#7 Micron is likely one of the largest personal employers in Idaho, however now it intends to “cut back its international headcount by about 10% over the subsequent 12 months”…

Micron has begun shedding employees, a spokesperson for the corporate advised the Idaho Statesman.

The information marks the start of the corporate’s plan to scale back its international headcount by about 10% over the subsequent 12 months. Micron CEO Sanjay Mehrotra introduced throughout a quarterly convention name with buyers in December that the corporate is taking vital steps to scale back prices and working bills as demand for its principal merchandise wanes.

#8 GitHub has change into one more sufferer of the downsizing development within the tech trade…

Microsoft-owned GitHub is shedding 10% of its workers, the corporate confirmed to Fortune.

#9 Nomad Well being simply laid off roughly 20 % of their total company workforce…

Nomad Well being, a healthcare staffing startup, laid off round 20% of its company workforce this week, in accordance with 4 terminated staff, because the surge in journey nurses and different momentary healthcare employees ignited by the pandemic cools down.

#10 Zoom is giving the axe to roughly 1,300 employees…

Zoom on Tuesday stated it’s going to lay off about 1,300 staff, or roughly 15% of its workers, changing into the most recent tech firm to announce vital job cuts as a pandemic-fueled surge in demand for digital companies wanes.

#11 Boeing was supposedly going to be hiring extra employees, however as a substitute the corporate simply introduced that 1000’s of positions in finance and human assets might be eradicated…

“We count on about 2,000 reductions this 12 months primarily in Finance and HR by a mix of attrition and layoffs,” Boeing confirmed Monday.

#12 Do you keep in mind when Dell computer systems have been nonetheless in style?  Sadly, the tide has turned and now Dell has been compelled to do away with 6,650 employees…

Dell Applied sciences Inc. is eliminating about 6,650 roles because it faces plummeting demand for private computer systems, changing into the most recent expertise firm to announce 1000’s of job cuts.

I may go on and on if you need.

There are numerous different companies which have additionally simply introduced vital layoffs.

We actually haven’t confronted financial circumstances like this for the reason that Nice Recession, and a current Gallup survey appears to underscore this level…

Reflecting on their private monetary conditions, 35% of People say they’re higher off now than they have been a 12 months in the past, whereas 50% are worse off. Since Gallup first requested this query in 1976, it has been uncommon for half or extra of People to say they’re worse off. The one different occasions this occurred was through the Nice Recession period in 2008 and 2009.

Sadly, we’re nonetheless solely within the very early chapters of this new disaster.  As I’ve been warning for years, issues will finally get a lot worse.

Our leaders have been making extremely unhealthy selections for many years, and now we’re going to get to undergo the implications of these unhealthy selections.

This era was handed the keys to the best financial machine that the world has ever seen, however we wrecked it.

Now the chickens are coming house to roost, and most People are utterly unprepared for what’s coming subsequent.