Jobs cuts about quadrupled during the first quarter, registering the highest first-quarter cuts since 2020, according to data from a recent report, with worries about the economy and market being the number-one reason for the layoffs.
In first quarter 2023, U.S.-based employers announced 270,416 job cuts, which is a 396 percent increase compared to the 55,696 cuts in first quarter 2022, stated an April 6th report (pdf) by outplacement firm Challenger, Gray & Christmas, Inc. This is also the highest first-quarter job cut number since 2020, as well as the highest quarterly job cuts since third quarter 2020. Employers announced 89,703 job cuts in March 2023, up 15 percent from February and up by 319 percent from March 2022.
The number-one reason cited by companies for the job cuts was market or economic conditions, which contributed to 167,575 out of the 270,416 job cuts in the first quarter. Cost-cutting came in second, accounting for 24,825 cuts. Other major reasons included closing down the business, financial losses, demand downturn, and restructuring.
“We know companies are approaching 2023 with caution, though the economy is still creating jobs. With rate hikes continuing and companies reigning in costs, the large-scale layoffs we are seeing will likely continue,” said Andrew Challenger, senior vice president of Challenger, Gray & Christmas, Inc.
“The technology sector is leading all industries, and this talent is in demand across industries. In fact, 38 percent of all cuts are in the tech sector,” he added.
Based on the recently released ADP Employment Report, the number of new jobs added in March has decreased from the prior month. Private-sector employment increased by 145,000 jobs in March, compared to February’s 261,000 jobs.
Similarly, the increase in pay has also begun to decrease.
“Our March payroll data is one of several signals that the economy is slowing. Employers are pulling back from a year of strong hiring, and pay growth, after a three-month plateau, is inching down,” said Nela Richardson, chief economist at ADP. MORE
NO SHIT??? WHO SAW THAT COMING??!!
Trump’s fault.
They released the latest Jobs report today. What a fing joke. Remember, they changed the rules for this report during the Halfricans first term. Summarizing, 3.5% growth.(that’s total bull shit). Here’s where it get humorous. Manufacturing lost big time numbers. Construction basically collapsed. In fact every category tanked with the exception of one. Hospitality carried the day. Let’s think about that a bit. All the categories that would take advantage of, pay for, hospitality lost their asses but the economies doing great. These people can’t even lie well.
Sliding into Venezuela.
If they say 400 you know it’s much worse. Remember, these people assured us we were heading straight into a depression because President Trump was elected. They are the same people who habitually ignore Biden’s economic disasters.
“The number-one reason cited by companies for the job cuts was market or economic conditions CAUSED BY THE ILLEGAL ELEVATION OF A FRAUDULENT PEDOPHILE TO THE WHITE HOUSE WHO THEN WAS USED AS A TOOL TO ENACT THE GLOBALIST WILL TO DESTROY THE UNITED STATES AND CLEAR THE WAY FOR GLOBAL COMMUNISM, ALL ACCORDING TO PLAN”
The Power of Propaganda.
It really is powerful – the German people actually believed they were attacked by Poland on Sept. 1, 1939 and that Germany was completely justified in making war. The Russians actually believed that the Germans were their allies after the Molotov-Ribbentrop Pact was signed (dividing Poland between the two, by the by).
My guess is that there are literally millions upon millions of people who watch the LSM and imbibe that bullshit with gusto – hanging onto every word, feeling sorry for the invaders, and think that perversion is another form of love.
Until mankind turns its face away from Satan and back towards the Light, the spiral into the Abyss will, not just continue but, accelerate.
And when the gov’t puts Violence and Terror behind their Propaganda, we’ll see few who can withstand it.
mortem tyrannis
izlamo delenda est …
Heh. You believe those numbers? You think that set of statistics has some grounding in reality? Let me say this, when government talks jobs that is true, there are jobs. When they talk hiring, that is true, people get hired. When they talk layoffs, that is true, people get laid off.
Beyond those basics nothing government says on the subject is worth a pinch of shit.
So I guess this means that people are tapped out on their credit cards, can’t pay their car payments, foreclosures, homeless. About what happened in ’08. There’s something to be said about working your butt off all your life, pay your bills, live debt free. It’s a comfortable feeling.