As mass corporate layoffs continue to mount, with CSCO the latest to announce (a 5% global workforce reduction), why should we be shocked that expectations were for a very small rise in initial jobless claims (from 218k to 220k) last week.
Source: Layoffs.fyi
What does that look like – in the real world labor market – in 2024…
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
22. Cisco: 5% of workforce
And here’s the government-supplied statistics…
Instead, the number of Americans filing for jobless claims for the first time decline to 212k (of course it f**king did!)…
Source: Bloomberg
However, Continuing Claims ticked up from 1.86mm to 1.895mm (above exp of 1.88mm)…
Source: Bloomberg
As a reminder, here’s what Richmond Fed governor Tom Barkin warned last week:
“I am cautious about accuracy of numbers around the turn of the year.”
Cautious all year round more like…
Tyler Durden
Thu, 02/15/2024 – 08:46
