Authored by Michael Snyder via The Economic Collapse blog,
It appears that the tsunami of layoffs that started late last year is starting to accelerate. January was a horrible month for job losses, and major layoff announcements are coming fast and furious here in February. But of course the Biden administration would have us believe that everything is just fine. Last week, the government told us that the U.S. economy “added 517,000 jobs” in January. But as I discussed in a previous article, that wasn’t what actually happened. The raw, unadjusted number showed that the U.S. economy actually lost 2.5 million jobs last month. That is a terrible number, but after the bureaucrats in Washington were done with their “adjustments” it magically became a gain of 517,000 jobs. If you want to have faith that their “adjustments” are appropriate, good for you. But other sources also confirm that things have really taken a turn for the worse.
For example, Challenger, Gray & Christmas just issued a report that concluded that last month “was the worst January for job cuts since the Great Recession in 2009”…
U.S. companies announced roughly 103,000 job cuts in January, the highest monthly total since September 2020, a Thursday analysis found.
Last month was the worst January for job cuts since the Great Recession in 2009, according to a report from employment firm Challenger, Gray & Christmas.
Around 40 percent of last month’s job reductions came in the tech industry, where Google parent company Alphabet, Amazon, Microsoft and Salesforce announced plans to lay off thousands of workers. Many of the companies said they grew too quickly in recent years and must cut costs to boost profitability.
So many large companies announced staff reductions last month, and that trend has definitely continued this month.
The following are 12 major layoffs that have already been announced in February…
#1 Disney has decided to tell approximately 7,000 employees to hit the bricks…
“We will be reducing our workforce by approximately 7,000 jobs,” CEO Bob Iger said during the company’s first quarter earnings call. “While this is necessary to address the challenges we’re facing today, I do not make this decision lightly. I have enormous respect and appreciation for the talent and dedication of our employees worldwide, and I’m mindful of the personal impact of these changes.”
#2 Yahoo has announced that it will be laying off “more than 20% of its workforce”…
Yahoo will lay off more than 20% of its workforce by the end of 2023, eliminating 1,000 positions this week alone, the company said in a statement Thursday.
#3 Ebay was doing quite well, but now they have decided that 4 percent of their workers are no longer needed…
Ebay on Tuesday announced plans to cut 500 jobs, or about 4% of its workforce, according to a filing with the SEC.
#4 Affirm is yet another tech company that has recently made a decision to conduct mass layoffs…
Affirm announced it’s cutting 19% of its workforce Wednesday. The news came as it reported second quarter earnings that fell below analyst estimates on both the top and bottom lines.
#5 As the U.S. housing crash deepens, JPMorgan Chase has concluded that now is the time to “cut hundreds of mortgage employees”…
JPMorgan Chase & Co. cut hundreds of mortgage employees this week, adding to job losses across the industry as home-lending businesses continue to be hurt by elevated interest rates.
#6 GoDaddy just let their workers know that they plan to “reduce the size of our global team by about 8%”…
Today, we are announcing a plan to reduce the size of our global team by about 8%. This will come as difficult news for many valued and respected GoDaddy team members.
#7 Micron is one of the biggest private employers in Idaho, but now it intends to “reduce its global headcount by about 10% over the next year”…
Micron has begun laying off workers, a spokesperson for the company told the Idaho Statesman.
The news marks the beginning of the company’s plan to reduce its global headcount by about 10% over the next year. Micron CEO Sanjay Mehrotra announced during a quarterly conference call with investors in December that the company is taking significant steps to reduce costs and operating expenses as demand for its principal products wanes.
#8 GitHub has become yet another victim of the downsizing trend in the tech industry…
Microsoft-owned GitHub is laying off 10% of its staff, the company confirmed to Fortune.
#9 Nomad Health just laid off approximately 20 percent of their entire corporate workforce…
Nomad Health, a healthcare staffing startup, laid off around 20% of its corporate workforce this week, according to four terminated employees, as the surge in travel nurses and other temporary healthcare workers ignited by the pandemic cools down.
#10 Zoom is giving the axe to approximately 1,300 workers…
Zoom on Tuesday said it will lay off about 1,300 employees, or approximately 15% of its staff, becoming the latest tech company to announce significant job cuts as a pandemic-fueled surge in demand for digital services wanes.
#11 Boeing was supposedly going to be hiring more workers, but instead the company just announced that thousands of positions in finance and human resources will be eliminated…
“We expect about 2,000 reductions this year primarily in Finance and HR through a combination of attrition and layoffs,” Boeing confirmed Monday.
#12 Do you remember when Dell computers were still popular? Unfortunately, the tide has turned and now Dell has been forced to get rid of 6,650 workers…
Dell Technologies Inc. is eliminating about 6,650 roles as it faces plummeting demand for personal computers, becoming the latest technology company to announce thousands of job cuts.
I could go on and on if you would like.
There are countless other firms that have also just announced significant layoffs.
We truly have not faced economic conditions like this since the Great Recession, and a recent Gallup survey seems to underscore this point…
Reflecting on their personal financial situations, 35% of Americans say they are better off now than they were a year ago, while 50% are worse off. Since Gallup first asked this question in 1976, it has been rare for half or more of Americans to say they are worse off. The only other times this occurred was during the Great Recession era in 2008 and 2009.
Unfortunately, we are still only in the very early chapters of this new crisis. As I have been warning for years, things will eventually get much worse.
Our leaders have been making incredibly bad decisions for decades, and now we are going to get to suffer the consequences of those bad decisions.
This generation was handed the keys to the greatest economic machine that the world has ever seen, but we wrecked it.
Now the chickens are coming home to roost, and most Americans are completely unprepared for what is coming next.
* * *
It is finally here! Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.
Tyler Durden
Sat, 02/11/2023 – 16:55
