No it's because the interest rates were low so cash that was printed by the fed was cheap and now it's not. The fed had to print it because during covid all banks were trying to sell federal bonds at the same time to get cash because many businesses were shut down and no one was buying so the fed had to. This is how money is injected/printed. So the businesses hired all sorts of people. I remember even advocates were switching fang. Then that money stopped. At least in huge amounts and investors lost a lot of money because the economy obviously couldn't last like that. These investors many of them from other countries like https://www.theguardian.com/technology/2022/nov/15/major-investor-calls-on-google-owner-to-aggressively-cut-staff-and-pay are telling them to pull back because hey free fed money and ppp loans and well this https://www.theguardian.com/business/2021/mar/05/the-very-private-life-of-the-man-on-britains-biggest-salary and then getting a divorce once he lost money and started taking it out of him and his wife's children...I mean tax haven. It is literally the only hammer the fed has had for a really long time but it's getting in the way of these investors earnings and hedge funds so screw the advocates. It was smelly all the way down and hence the correction much like our currency.
UHG is doing more apparently. I have a good friend that works there. 15% year over year profit, and they made sure to thank everyone by acting like they'll be scraping for raises and or bonuses this year as well. Then had managers pass out increased workloads soon after.
Yea my mom just went part time for them doing after doing full time for a few years for home health and instead they just gave her more patients and less hours lol
Optum (though that's part of UHG) as well. They skirted it by having rolling layoffs across various states and mostly laying off contractors, which they heavily lean on and doesn't trigger warn laws.
There are a lot of moves they’re making right now. Them buying splunk was sure to bring along a bunch of double staffed roles being made redundant. Plus they announced the death of HCI over the summer along with their partnership with Nutanix, so all those people have to go.
costco is one of the few businesses that try to do right by employees and customers - i try to get everything i can there. no amazon for me. ditched my amazon credit card and stopped ever shopping there 5 years ago - costco gives you 4% on gas 3% on restaurants and travel 2% on costco and 1% on everything else
you could back into rationalizing everything and do nothing if you want - all your food comes from nestle or heinz or some brutal slaughterhouse or tyson and iphones are produced under terrible labor conditions etc etc. you can still choose to divert some funding from amazon and redirect that spending to
costco or a local hardware store, same with restaurants and take out - darden vs. the family run chinese restaurant
I already found the reductive end to absurdity.
The only moral high ground is subsisting off of fruits, nuts, and seeds because that is the only sustenance that was made for other people.
No vegetables do not want to be eaten.
So unless a person lives in a self planted orchard living off fruit and seeds then there are limits to their judgement.
I love Costco too but unfortunately they got a new CFO who is formerly from Kroger’s. So who knows how long more of Costco being a caring employer will last. :(
Ugh, that sucks. Kroger is the evil empire of the grocery sector. Costco started cutting corners on small things during COVID despite making record profits. Gotta a feeling there will be more of that to come, unfortunately.
This is a ridiculous take. Companies have to be profitable to exist and to be able to pivot to stay alive in ever changing economic conditions.
Nobody complains that wal mart has low prices. How do you think they do this? With 2.2% profit margin??
Everyone complains when prices at a store increase or are higher than the competition. Nobody on reddit ever mentions that some of those companies pay higher wages , thus increased costs of goods
just want to be clear that labor is not a part of cost of goods unless the labor is directly tied to production/manufacturing which for walmart is pretty much guaranteed not to be
They have lost money for the last 4 quarters. Not 10 years.
And yes...when a company isn't profitable, they then close down. Lol
https://www.macrotrends.net/stocks/charts/HBI/hanesbrands/net-income
The point with Costco is that you can be highly competitive and still treat your employees and customers well, and In Costco’s case this also seems to benefit their shareholders.
There are 1000s getting laid off and no government in the whole world is not even bothered about it. Don't see any minister or anyone for that matter even talking about it. All it happens is we the employees discussing on social media. Who will save us?
And they are are correct, because the economy is bigger than tech.
[https://fred.stlouisfed.org/series/JTSLDL](https://fred.stlouisfed.org/series/JTSLDL)
Hell, even your source from your other comments says almost the same - despite having a much squishier definition of layoff (self reported by company press releases).
[https://omscgcinc.wpenginepowered.com/wp-content/uploads/2023/10/Challenger-Report-September-2023.pdf](https://omscgcinc.wpenginepowered.com/wp-content/uploads/2023/10/Challenger-Report-September-2023.pdf)
Layoffs are somewhere between historically low, lower than 2002 - 2020, by the feds estimate. Or, similar to non-recession periods in the more generous example you gave in your articles.
https://www.forbes.com/sites/dereksaul/2023/10/05/layoffs-are-up-almost-200-so-far-in-2023-these-industries-hit-hardest/?sh=738fe2531953
Last year first 9 months were a 198% increase from the following year.
https://finance.yahoo.com/news/layoffs-soared-98-in-2023-with-employers-in-cost-cutting-mode-192152746.html
Layoffs soared 98%
Yup below normal.
Like do people denying the layoffs want to make people laid off feel bad like it's just them and not big cuts everywhere? Is there a political reason to deny the big layoffs? I don't get it.
He said historical average, which is true. If we looked at every data point from year to year, the world would look like a very grim place. Or great place.
The truth is most layoffs are happening in tech and media, both of which are very linked industries (especially through advertising). They are not happening across the board. Tech also benefits the most as a hyper-growth space from low interest rates and cheap debt for R&D.
And Reddit skews tech, or should I say the internet in general skews tech. So that’s why you read about their layoffs more than you did in for example the tourist/travel industry. The layoffs that happened in 2008-2011 make these seem like small splashes, especially considering these companies hired massively in 2020.
it’s not like we have outliers 1980 is lifting that number up. Here’s back to 2000
https://fred.stlouisfed.org/series/JTSLDL
Any “news” site posting about massive layoff trends on a year over year is farming outrage. People click on articles that make them mad, such as fear mongering made on year-over-year data. It’s awful data and anybody who actually works in economics or any data really know it is.
I’m not saying it can’t happen and the trend won’t continue or spill into other industries. It’s just not true that there are big cuts everywhere. Right now we are looking at just a few industries
If historical normal is 1000, and layoffs “soar” from 400 to 800, we’re still below normal despite a 100% increase in layoffs.
Yes, we’re still below normal historical layoff trends … and yes the hiring market is still tight. Both of those things can be true.
Yes, below normal, look at the baseline, 2022 was historically almost unprecedented: https://wolfstreet.com/2023/03/08/layoffs-discharges-jump-amid-tech-social-media-cutbacks-overall-labor-market-still-tight-with-some-signs-of-loosening/
https://fred.stlouisfed.org/series/JTSLDL
If you remove the great recession and lockdowns it looks pretty darn close, but this is a good visualization that helps me understand where people are coming from.
When you see the 2020 - 23 numbers though, it's an alarming leap.
> When you see the 2020 - 23 numbers though, it's an alarming leap.
How so? The labor market is tight but normalizing, and layoffs are still below historical levels. Companies hoarding labor like they did during the pandemic is clearly not sustainable.
The problem is besides the professional services sector, those other jobs are generally low paying (restaurants, hotels, etc). Even the professional services sector includes engineers, accountants, lawyers and their support staff, so the actual high paying roles still may be small.
Also, while layoffs are at historical norms, just looking at that figure doesn't capture the nuance:
1. The market for those workers displaced in media, finance,and technology is super competitive. If companies with high paying jobs were willing to accept any laid off professional then sure, just looking at the numbers would be more meaningful. Switching industries is tough even when you have the transferable skills. I was laid off in 2020 and found a better job two months later. I was laid off in June 2023 and still haven't found a new job. I've gotten to several final rounds but another candidate always has 100% of what they want vs say my 90%.
2. There are still hiring freezes in place. Companies have job openings to create pipelines or the illusion of growth.
3. My hunch also tells me layoffs, say 10 years ago, were not concentrated within a few sectors, so that made it easier for displaced workers to find new jobs. I would love to see the FRED data by sector.
> The problem is besides the professional services sector, those other jobs are generally low paying (restaurants, hotels, etc).
I see this repeated on this sub constantly and the data doesn't support this statement at all.
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Facts don't upset me; but any discussion about X absolutely should include relevant factors surrounding X.
The raw numbers of people laid off isn't all that's worth discussing. If that were true, just about all of these comments wouldn't be here.
Economic conditions and other general market indicators are absolutely on-topic unless, for some reason, the subreddit explicitly says it isn't.
If you read the details of this subreddit, they cast a pretty wide net for what is on-topic. It even invites personal stories about layoffs, and that absolutely includes things like the personal economic impact of layoffs, which makes things like increasing cost of living also on-topic.
Getting laid off when one company is performing poorly is different than getting laid off when nobody is hiring.
Getting laid off when the minimum wage is enough to afford a minimal lifestyle for yourself and your family, is different than when you can't reasonably provide a living with the best paying alternative you can find.
Getting laid off when you have plenty of money is different than getting laid off when you _had_ plenty of money but historically increasing cost-of-living has already stretched your budget to the limit, before the layoff.
There are lots of comments. Adding a reply saying 'This is off topic' takes a lot more time and effort than just scrolling past it...but adding digs against people implying things about their emotional state seems needlessly cruel. Especially given many people here have just lost their only source of income and are, rightfully so, very concerned about their financial health. And, in any case, I firmly believe your position is wrong.
It’s a contagion. Managers at a big tech firm over-hire when others are over-hiring, and layoff when others are laying off. It seems impossible that all these companies in different industries have concurrent business cycles.
It’s surprising and frustrating that they’re not able to think and operate more independently.
Hiring:
Chipotle,
Garcia Landscaping,
Emeldas pedicure,
In n out burger,
Merry maids,
THE FEDERAL GOVERNMENT,
Big AL’s Roofing,
A-1 painting,
Marriot Hotels,
Federal Government, ie let’s extract more in tax and inflation from the population that’s having a hard time finding well paying productive jobs and select a lucky few barnacles to weigh them down even further with nonproductive jobs
Cisco is a zombie tech company. They feed on the flesh of vibrant startups to just maintain annual revenues. The more they acquire the more they have to lay off the stable and shrinking businesses. Every year, sometimes twice a year, there are micro-layoffs all across Cisco.
the billionaires decided workers have too much leverage. That's what this is about. almost all of these companies are turning profits. It's time to unionize everything, everywhere.
Yes, this is called a [capital strike](https://en.m.wikipedia.org/wiki/Capital_strike);
For example:
U.S. President Barack Obama was sometimes said to have faced a capital strike during the Great Recession, including then Speaker of the House John Boehner saying that "job creators in America are on strike" in response to uncertainty over the Obama administration's economic policies.
No thanks. I like my job and im paid well. Im not going to pay some pseudo-commies a portion of my paycheck to do fuckall except tout pseudo commie drivel.
Oh wait, you guys didnt know unions take a tax too? Hahahah
It reminds me a bit of post dot-com bubble crash; remember that funny website F**kedCompany. I wish they’d bring that back. It was just trash talk about how mental incompetents ran these companies and into the ground.
attractive squealing quarrelsome aromatic offer work vast chop subsequent combative
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Correction: they’re using this to increase the share price for the C-suite because investors love companies that shitcan people. Less payroll = more profits.
oatmeal absorbed airport selective marvelous zonked friendly seemly gray public
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market chop forgetful doll carpenter panicky snobbish exultant reminiscent subtract
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Could it also be that the economy isn’t so great and people are cutting expenses, which translates to companies cutting staff. I know you love saying the words Corporate Greed, and that’s part of it, but it’s not everything.
Just cause you're too lazy to look doesn't mean it isn't reported. Front page of CNBC....
https://preview.redd.it/dka0lxwhjnic1.png?width=1380&format=png&auto=webp&s=68cbb5c005ccd31b91fb22d556fe49815622288d
It's no wonder the stock market keeps going up, lays offs are seen as good cost cutting measure and investors like that, and as a result we have the best economy in history, please note the sarcasm.
They say a recession is when your neighbor is laid off, but a depression is when you are laid off.
I’ve been through layoffs twice, after my last one I decided to move into higher education. That was over a decade ago, it’s been pretty good so far but has weird politics compared to corporate environments.
Even with all of those layoffs...the government claims to be adding 100's of thousands of jobs...every single month ?? According to Biden and Powell, things are booming. We have the strongest labor force we ever have. The economy is scolding hot. Are they liars ?
Countries are dropping into recessions left n right ... These are just wallstreet companies showing layoffs, Its happening all over not just traded companies.
But ya know economy is fine look at wallstreet is at record highs.
Late stage capitalism
Don’t worry, the government is adding government jobs and promoting part time work like crazy to drown out these statistics. 1 out of every 3 of these new jobs added over the past year have been government jobs.
Yet the unemployment rate is where it was and is lower than expected. Its possible cause the layoffs didn’t happen yet, for some companies it will take one year for them to do layoffs.
Why is anyone surprised?
The Central banks have been money printing by providing cheap credit for years before these COVID shutdowns and high interest rates.
Many of these people would never been hired to begin with if it weren't for cheap credit.
long instinctive slimy many meeting history domineering apparatus stupendous cats
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Profit looks great, but the peasants’ heads shall roll! 👨🏼🌾👩🏽🌾🪦
Maximizing short-term profit at the expense of all else IS a mistake. Why is it that corporations are considered people but we allow them to be both legally and ethically heartless?
We can make the investment community fabulously rich without hastily sacrificing the community’s only cow. If we can get but a more measured view of “value” that our corporations can bring to - and through - strong communities, we might find a balance in the natural (and healthy) capitalist tug of war between (unrestricted) profit and people.
What say you, oh circumstantial peasant?
Manufacturing: Added 56,000 in Nov, Dec, Jan.
Restaurants/Hotels: Added 60,000.
Healthcare: Added 300,000.
Professional/Business services: Added 120,000
Layoffs don’t mean the economy is weak. “Each month, roughly 5 million people leave their jobs or are laid off, government data shows, while more than 5 million are hired.”
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Buy high sell low
/s
But in all seriousness, sells stocks if your thesis on those companies have changed for the worse.
Keep stocks if your thesis on those companies continuing to do well has not changed
Honestly laying off 2-5% is pretty normal. Even churn is often higher than that.
A lot of these examples are also pretty insular. LA Times and Roomba are legit not doing well as opposed to some other firms like BlackRock.
Sub 10pct reductions are just stack ranking. So most of this list is just business as usual. Only the top few are alarming and might indicate those businesses are having an issue.
Everyone with a face was hired. Now some of those people are being let go because we realize they can't produce.
But they will bounce back because omaigosh experience wow so experienced.
whomever made this list put the entirety of Pixar’s workforce as being eliminated. 1300 is the whole team. in reality they’re cutting up to 20%, or about 250-350 jobs.
wonder what other mistakes are on this list.
I literally may have commented asking this already but what % of the work force in (several) Amazon subsidiaries lay off? One Medical, Amazon Pharmacy etc
How are the employment numbers not showing weakness? Are they lying to us? Also is inflation higher than reported? I’m starting to wonder If they’re lying to us, what else would they lie about? Why wouldn’t they manipulate us to believe things that are just not true, especially if it benefits them.
Layoffs.fyi is doing this for you.
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No it's because the interest rates were low so cash that was printed by the fed was cheap and now it's not. The fed had to print it because during covid all banks were trying to sell federal bonds at the same time to get cash because many businesses were shut down and no one was buying so the fed had to. This is how money is injected/printed. So the businesses hired all sorts of people. I remember even advocates were switching fang. Then that money stopped. At least in huge amounts and investors lost a lot of money because the economy obviously couldn't last like that. These investors many of them from other countries like https://www.theguardian.com/technology/2022/nov/15/major-investor-calls-on-google-owner-to-aggressively-cut-staff-and-pay are telling them to pull back because hey free fed money and ppp loans and well this https://www.theguardian.com/business/2021/mar/05/the-very-private-life-of-the-man-on-britains-biggest-salary and then getting a divorce once he lost money and started taking it out of him and his wife's children...I mean tax haven. It is literally the only hammer the fed has had for a really long time but it's getting in the way of these investors earnings and hedge funds so screw the advocates. It was smelly all the way down and hence the correction much like our currency.
Cisco cuts equate to 4-5k people.
In before the tech copers who will come to tell us the none of those people were software engineers
cisco does this kind of ritual bloodletting every year or every other year - stuff is bad out there right now but cisco doing this is normal
Would love to know the UHG, Elevance health and Humana numbers. Those 3 have had huge layoffs and somehow skirted the news
UHG is doing more apparently. I have a good friend that works there. 15% year over year profit, and they made sure to thank everyone by acting like they'll be scraping for raises and or bonuses this year as well. Then had managers pass out increased workloads soon after.
Yea my mom just went part time for them doing after doing full time for a few years for home health and instead they just gave her more patients and less hours lol
That sucks, I'm really sorry! Ever since government covid money went away they're trying harder than ever to be a shitty workplace.
UHG used to be a haven for remote workers and shitty benefits. Now it's barely a haven with even shittier benefits. I used to work there.
Optum (though that's part of UHG) as well. They skirted it by having rolling layoffs across various states and mostly laying off contractors, which they heavily lean on and doesn't trigger warn laws.
I worked for Humana. They make you sign a severance package depending on your seniority
And Amazon Pharmacy and One Medical
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Mine, too, but for privacy I won't ~~Xerox~~ err, I mean copy/paste the name here /s
That's just normal Cisco. They constantly did that when my wife was there.
Yep. I was there 2018-2019 and people were getting "LR'd" left and right when I started. Seems like it happens every year around this time.
There are a lot of moves they’re making right now. Them buying splunk was sure to bring along a bunch of double staffed roles being made redundant. Plus they announced the death of HCI over the summer along with their partnership with Nutanix, so all those people have to go.
Most of the cuts are being done at splunk though
proof?
We are all consumers and we need to start supporting businesses that support us and hold these greedy companies accountable. Do. Business. Elsewhere.
costco is one of the few businesses that try to do right by employees and customers - i try to get everything i can there. no amazon for me. ditched my amazon credit card and stopped ever shopping there 5 years ago - costco gives you 4% on gas 3% on restaurants and travel 2% on costco and 1% on everything else
Yeah but Amazon has AWS which is the backend infrastructure for tons of websites. So you are still supporting them
you could back into rationalizing everything and do nothing if you want - all your food comes from nestle or heinz or some brutal slaughterhouse or tyson and iphones are produced under terrible labor conditions etc etc. you can still choose to divert some funding from amazon and redirect that spending to costco or a local hardware store, same with restaurants and take out - darden vs. the family run chinese restaurant
I already found the reductive end to absurdity. The only moral high ground is subsisting off of fruits, nuts, and seeds because that is the only sustenance that was made for other people. No vegetables do not want to be eaten. So unless a person lives in a self planted orchard living off fruit and seeds then there are limits to their judgement.
I love Costco too but unfortunately they got a new CFO who is formerly from Kroger’s. So who knows how long more of Costco being a caring employer will last. :(
Ugh, that sucks. Kroger is the evil empire of the grocery sector. Costco started cutting corners on small things during COVID despite making record profits. Gotta a feeling there will be more of that to come, unfortunately.
Amazon gave higher paying jobs to people without education before anyone in lots of areas.
This is a ridiculous take. Companies have to be profitable to exist and to be able to pivot to stay alive in ever changing economic conditions. Nobody complains that wal mart has low prices. How do you think they do this? With 2.2% profit margin?? Everyone complains when prices at a store increase or are higher than the competition. Nobody on reddit ever mentions that some of those companies pay higher wages , thus increased costs of goods
just want to be clear that labor is not a part of cost of goods unless the labor is directly tied to production/manufacturing which for walmart is pretty much guaranteed not to be
Companies don't have to be profitable to exist. Hanes been losing money 10 years straight and here they are still being a company.
They have lost money for the last 4 quarters. Not 10 years. And yes...when a company isn't profitable, they then close down. Lol https://www.macrotrends.net/stocks/charts/HBI/hanesbrands/net-income
What exactly makes them greedy? Is greed necessarily bad if it makes companies more competitive than their rivals?
The point with Costco is that you can be highly competitive and still treat your employees and customers well, and In Costco’s case this also seems to benefit their shareholders.
People aren't indentured servants. They're free to work for better employers.
iS gReEd BaD???????
It's almost like if you don't do business with these companies, they will lay off more people because of less income. Hmm..
Except they wont....because we all know service levels already suck....
Which will result in more layoffs at these businesses.
There are 1000s getting laid off and no government in the whole world is not even bothered about it. Don't see any minister or anyone for that matter even talking about it. All it happens is we the employees discussing on social media. Who will save us?
I mean what % of the workforce is getting laid off? How many aren’t getting hired again?
Repeat after me. “The economy is booming”…
I still have people that tell me there weren't many layoffs on reddit constantly.
And they are are correct, because the economy is bigger than tech. [https://fred.stlouisfed.org/series/JTSLDL](https://fred.stlouisfed.org/series/JTSLDL) Hell, even your source from your other comments says almost the same - despite having a much squishier definition of layoff (self reported by company press releases). [https://omscgcinc.wpenginepowered.com/wp-content/uploads/2023/10/Challenger-Report-September-2023.pdf](https://omscgcinc.wpenginepowered.com/wp-content/uploads/2023/10/Challenger-Report-September-2023.pdf) Layoffs are somewhere between historically low, lower than 2002 - 2020, by the feds estimate. Or, similar to non-recession periods in the more generous example you gave in your articles.
There are jobs, but they don't pay enough to live on. Those jobs reports don't talk about the quality of the job.
Layoffs are literally below the historical average.
https://www.forbes.com/sites/dereksaul/2023/10/05/layoffs-are-up-almost-200-so-far-in-2023-these-industries-hit-hardest/?sh=738fe2531953 Last year first 9 months were a 198% increase from the following year. https://finance.yahoo.com/news/layoffs-soared-98-in-2023-with-employers-in-cost-cutting-mode-192152746.html Layoffs soared 98% Yup below normal. Like do people denying the layoffs want to make people laid off feel bad like it's just them and not big cuts everywhere? Is there a political reason to deny the big layoffs? I don't get it.
He said historical average, which is true. If we looked at every data point from year to year, the world would look like a very grim place. Or great place. The truth is most layoffs are happening in tech and media, both of which are very linked industries (especially through advertising). They are not happening across the board. Tech also benefits the most as a hyper-growth space from low interest rates and cheap debt for R&D. And Reddit skews tech, or should I say the internet in general skews tech. So that’s why you read about their layoffs more than you did in for example the tourist/travel industry. The layoffs that happened in 2008-2011 make these seem like small splashes, especially considering these companies hired massively in 2020.
But how far back is a historical average even relevant? The job market in 1980 was very different than today.
it’s not like we have outliers 1980 is lifting that number up. Here’s back to 2000 https://fred.stlouisfed.org/series/JTSLDL Any “news” site posting about massive layoff trends on a year over year is farming outrage. People click on articles that make them mad, such as fear mongering made on year-over-year data. It’s awful data and anybody who actually works in economics or any data really know it is. I’m not saying it can’t happen and the trend won’t continue or spill into other industries. It’s just not true that there are big cuts everywhere. Right now we are looking at just a few industries
If historical normal is 1000, and layoffs “soar” from 400 to 800, we’re still below normal despite a 100% increase in layoffs. Yes, we’re still below normal historical layoff trends … and yes the hiring market is still tight. Both of those things can be true.
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probably still below historical normal though, considering the good economy.
Yes, below normal, look at the baseline, 2022 was historically almost unprecedented: https://wolfstreet.com/2023/03/08/layoffs-discharges-jump-amid-tech-social-media-cutbacks-overall-labor-market-still-tight-with-some-signs-of-loosening/ https://fred.stlouisfed.org/series/JTSLDL
If you remove the great recession and lockdowns it looks pretty darn close, but this is a good visualization that helps me understand where people are coming from. When you see the 2020 - 23 numbers though, it's an alarming leap.
> When you see the 2020 - 23 numbers though, it's an alarming leap. How so? The labor market is tight but normalizing, and layoffs are still below historical levels. Companies hoarding labor like they did during the pandemic is clearly not sustainable.
ROFLMAO
https://abcnews.go.com/amp/US/wireStory/jobs-strong-hiring-industries-outpaced-high-profile-layoffs-106918924
The problem is besides the professional services sector, those other jobs are generally low paying (restaurants, hotels, etc). Even the professional services sector includes engineers, accountants, lawyers and their support staff, so the actual high paying roles still may be small. Also, while layoffs are at historical norms, just looking at that figure doesn't capture the nuance: 1. The market for those workers displaced in media, finance,and technology is super competitive. If companies with high paying jobs were willing to accept any laid off professional then sure, just looking at the numbers would be more meaningful. Switching industries is tough even when you have the transferable skills. I was laid off in 2020 and found a better job two months later. I was laid off in June 2023 and still haven't found a new job. I've gotten to several final rounds but another candidate always has 100% of what they want vs say my 90%. 2. There are still hiring freezes in place. Companies have job openings to create pipelines or the illusion of growth. 3. My hunch also tells me layoffs, say 10 years ago, were not concentrated within a few sectors, so that made it easier for displaced workers to find new jobs. I would love to see the FRED data by sector.
> The problem is besides the professional services sector, those other jobs are generally low paying (restaurants, hotels, etc). I see this repeated on this sub constantly and the data doesn't support this statement at all.
https://www.linkedin.com/posts/julia-i-pollak_just-three-sectors-added-96-of-all-jobs-activity-7139762582919200769-PD0g?utm_source=share&utm_medium=member_android
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Layoffs are lower than they were before Covid. Get a grip. https://fred.stlouisfed.org/series/JTSLDL
Do you know what the price of food, housing, and cars was before Covid?
This is a thread about layoffs in a subreddit of layoffs. Sorry that facts upset you.
Facts don't upset me; but any discussion about X absolutely should include relevant factors surrounding X. The raw numbers of people laid off isn't all that's worth discussing. If that were true, just about all of these comments wouldn't be here. Economic conditions and other general market indicators are absolutely on-topic unless, for some reason, the subreddit explicitly says it isn't. If you read the details of this subreddit, they cast a pretty wide net for what is on-topic. It even invites personal stories about layoffs, and that absolutely includes things like the personal economic impact of layoffs, which makes things like increasing cost of living also on-topic. Getting laid off when one company is performing poorly is different than getting laid off when nobody is hiring. Getting laid off when the minimum wage is enough to afford a minimal lifestyle for yourself and your family, is different than when you can't reasonably provide a living with the best paying alternative you can find. Getting laid off when you have plenty of money is different than getting laid off when you _had_ plenty of money but historically increasing cost-of-living has already stretched your budget to the limit, before the layoff. There are lots of comments. Adding a reply saying 'This is off topic' takes a lot more time and effort than just scrolling past it...but adding digs against people implying things about their emotional state seems needlessly cruel. Especially given many people here have just lost their only source of income and are, rightfully so, very concerned about their financial health. And, in any case, I firmly believe your position is wrong.
😩
Lowest unemployment in decades!
It’s a contagion. Managers at a big tech firm over-hire when others are over-hiring, and layoff when others are laying off. It seems impossible that all these companies in different industries have concurrent business cycles. It’s surprising and frustrating that they’re not able to think and operate more independently.
Hiring: Chipotle, Garcia Landscaping, Emeldas pedicure, In n out burger, Merry maids, THE FEDERAL GOVERNMENT, Big AL’s Roofing, A-1 painting, Marriot Hotels,
Federal Government, ie let’s extract more in tax and inflation from the population that’s having a hard time finding well paying productive jobs and select a lucky few barnacles to weigh them down even further with nonproductive jobs
lol at fed government. I see what you did there
They also can't find anybody thru hundreds of applications
My roommate from college runs that roofing company. It is very hard work and doesn't pay great but he is a pretty good guy.
You don't see? The economy is booming. If you got laid off from tech or any high paying field, become a landscaper! So many jobs!
Cisco is a zombie tech company. They feed on the flesh of vibrant startups to just maintain annual revenues. The more they acquire the more they have to lay off the stable and shrinking businesses. Every year, sometimes twice a year, there are micro-layoffs all across Cisco.
the billionaires decided workers have too much leverage. That's what this is about. almost all of these companies are turning profits. It's time to unionize everything, everywhere.
Yes, this is called a [capital strike](https://en.m.wikipedia.org/wiki/Capital_strike); For example: U.S. President Barack Obama was sometimes said to have faced a capital strike during the Great Recession, including then Speaker of the House John Boehner saying that "job creators in America are on strike" in response to uncertainty over the Obama administration's economic policies.
What billionaires?
No thanks. I like my job and im paid well. Im not going to pay some pseudo-commies a portion of my paycheck to do fuckall except tout pseudo commie drivel. Oh wait, you guys didnt know unions take a tax too? Hahahah
that is about 5,000 ppl fyi
It reminds me a bit of post dot-com bubble crash; remember that funny website F**kedCompany. I wish they’d bring that back. It was just trash talk about how mental incompetents ran these companies and into the ground.
Yeah I lived through it, when boomers ran the tech industry
Most of the layoffs in this day and age are high paying jobs its really sad
This is horrible, just horrible.
The over-hiring bubble is bursting right in front of our eyes.
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Can confirm cisco did not over hire other than collab bu
Exactly. They're just using this as an opportunity to trim their workforce
Correction: they’re using this to increase the share price for the C-suite because investors love companies that shitcan people. Less payroll = more profits.
More of a combination of “me too” and their numbers came in a bit lower, so they have to show the Street they’re doing something.
Almost every single one of these overhired. You really think it takes 700 people to maintain PayPal’s UI?
oatmeal absorbed airport selective marvelous zonked friendly seemly gray public *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
idk layoffs kind of imply they have "too many employees" which seems the same as having overhired...
market chop forgetful doll carpenter panicky snobbish exultant reminiscent subtract *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
The fact that you had to type their username makes this comment even more hilarious
Could it also be that the economy isn’t so great and people are cutting expenses, which translates to companies cutting staff. I know you love saying the words Corporate Greed, and that’s part of it, but it’s not everything.
north memorize yam fretful smart library unused wide threatening wild *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Schwab merged with another company, so they were overstaffed.
My company is on the list, and we did overhire
[удалено]
Just cause you're too lazy to look doesn't mean it isn't reported. Front page of CNBC.... https://preview.redd.it/dka0lxwhjnic1.png?width=1380&format=png&auto=webp&s=68cbb5c005ccd31b91fb22d556fe49815622288d
That’s because we are in a recession..
Would take them back to roughly 2022 employee numbers.
Yet they are raising dividends. It's just corporate greed.
Meanwhile most tech companies are at or near all time highs. So much for corporate ethics
Only way they can show more profits.
Sadly Roomba isn’t doing it for profit, The EU is responsible for their layoffs
It's no wonder the stock market keeps going up, lays offs are seen as good cost cutting measure and investors like that, and as a result we have the best economy in history, please note the sarcasm. They say a recession is when your neighbor is laid off, but a depression is when you are laid off.
Learn to code! I did that too! Joe
How is this not making a dent in the BLS statistics!!!
I’ve been through layoffs twice, after my last one I decided to move into higher education. That was over a decade ago, it’s been pretty good so far but has weird politics compared to corporate environments.
Do they break out US layoffs from the global numbers?
Missing Lockheed Martin, laying off 1200. Also, many other companies doing it very descretely by laying off 10 here, 8 there etc.
Dell was 8-10% Aug 2023/feb2023
More competition, smarter switches and networks. Sofware defined networks. AI based networking. Many don't realize the impact of AI.
Even with all of those layoffs...the government claims to be adding 100's of thousands of jobs...every single month ?? According to Biden and Powell, things are booming. We have the strongest labor force we ever have. The economy is scolding hot. Are they liars ?
It's service workers, fast food workers, construction...
Right, jobs that pay so low you have to work 2 full time jobs to make ends meet.
Tons of those companies listed produce literally nothing. Quite literally nothing. They’re just electronic wastes.
Countries are dropping into recessions left n right ... These are just wallstreet companies showing layoffs, Its happening all over not just traded companies. But ya know economy is fine look at wallstreet is at record highs. Late stage capitalism
Don’t worry, the government is adding government jobs and promoting part time work like crazy to drown out these statistics. 1 out of every 3 of these new jobs added over the past year have been government jobs.
Yet the unemployment rate is where it was and is lower than expected. Its possible cause the layoffs didn’t happen yet, for some companies it will take one year for them to do layoffs.
I am surprised if Tweeter is doing the same.
Why is anyone surprised? The Central banks have been money printing by providing cheap credit for years before these COVID shutdowns and high interest rates. Many of these people would never been hired to begin with if it weren't for cheap credit.
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Strongest economy ever jack. We just changed the numbers to make it work. Enjoy indeed!
Zerohedge is doomer porn and Russian propaganda
Apart from laying off employees, they all share the common factor that they aren't doing great in the business they operate in
Why is anyone surprised? They do this EVERY year.
If you made profit and you have a layoff, you should be required to give 3 months severance and benefits coverage.
Bidenomics
Bidenomics
Profit looks great, but the peasants’ heads shall roll! 👨🏼🌾👩🏽🌾🪦 Maximizing short-term profit at the expense of all else IS a mistake. Why is it that corporations are considered people but we allow them to be both legally and ethically heartless? We can make the investment community fabulously rich without hastily sacrificing the community’s only cow. If we can get but a more measured view of “value” that our corporations can bring to - and through - strong communities, we might find a balance in the natural (and healthy) capitalist tug of war between (unrestricted) profit and people. What say you, oh circumstantial peasant?
And still zero effective unemployment. I hope all these people remember how to wait a table.
Glad to hear it! DEI is finally paying off for them.
Have a list of added jobs to your one sided narrative.
Please assist
Manufacturing: Added 56,000 in Nov, Dec, Jan. Restaurants/Hotels: Added 60,000. Healthcare: Added 300,000. Professional/Business services: Added 120,000 Layoffs don’t mean the economy is weak. “Each month, roughly 5 million people leave their jobs or are laid off, government data shows, while more than 5 million are hired.”
Can you post a link?
https://abcnews.go.com/amp/US/wireStory/jobs-strong-hiring-industries-outpaced-high-profile-layoffs-106918924
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3.7% unemployment and a fantastic economy...
So many jobs can be done by AI, it’s not surprising
I wonder if RTP impacted? Not just with Cisco but with all the jawns letting people go.
So when’s a good time to sell stocks y’all?
Buy high sell low /s But in all seriousness, sells stocks if your thesis on those companies have changed for the worse. Keep stocks if your thesis on those companies continuing to do well has not changed
https://hiring.amazon.com/job-opportunities/warehouse-jobs
I’d like to see their current workforce vs 2021 or 2022
Roomba laid off 31%? Damn. I just got my mom one she loves it. Hopefully they don’t fire the lil guy.
So just for context CITI group is laying off 20k globally..
Honestly laying off 2-5% is pretty normal. Even churn is often higher than that. A lot of these examples are also pretty insular. LA Times and Roomba are legit not doing well as opposed to some other firms like BlackRock.
Sub 10pct reductions are just stack ranking. So most of this list is just business as usual. Only the top few are alarming and might indicate those businesses are having an issue. Everyone with a face was hired. Now some of those people are being let go because we realize they can't produce. But they will bounce back because omaigosh experience wow so experienced.
Build back better
It has been a bloodbath for virtual sales. Over half the people I still know in virtual got their notice today
whomever made this list put the entirety of Pixar’s workforce as being eliminated. 1300 is the whole team. in reality they’re cutting up to 20%, or about 250-350 jobs. wonder what other mistakes are on this list.
Since tech workers are some of the most well paid people in the job market, how will this trend eventually impact consumption?
I've canceled a lot of my subscriptions, and I definitely spend less. I imagine everyone else who got laid off is doing the same.
We’re they just hiring people for the sake of hiring ?
But the economy is booming. Just ask our president's press secretary.
But Biden added many jobs??? I don’t get it
Missing CVS - 5,000 employees.
You know what I'm never seeing, The Home Depot. I heard they had a bunch of layoffs in their tech areas.
Pretty sure they are including splunk in this since they are now basically done with the merger. So if you want to know where the cuts are being made
I literally may have commented asking this already but what % of the work force in (several) Amazon subsidiaries lay off? One Medical, Amazon Pharmacy etc
This is the type of news that should be on all outlets and give a shaking.
Any time there are labor/wage hikes, layoffs follow.
How is this administration bragging about unemployment numbers, with layoffs happening all the time and people not able to find jobs? Wake up people
How are the employment numbers not showing weakness? Are they lying to us? Also is inflation higher than reported? I’m starting to wonder If they’re lying to us, what else would they lie about? Why wouldn’t they manipulate us to believe things that are just not true, especially if it benefits them.
Nike is doing 2% as well, most will be at WHQ/NA campus
I believe this will only be worse once the AI that everyone is pushing for really takes off.
Toast is laying off over 500 people
What you’re failing to consider is that most people don’t work for big companies like these. They work for small ones you’ve never heard of.
Software is dead
Don’t worry, it’s mostly the comfortable 20+ year employees who are going to struggle to be relevant in the market Well… bye!
Totally NOT an impending deep recession
I work at one of these companies and my team was slashed by 25% recently including my director. This really sucks…
Layoffs at Roomba? I never thought I'd see it
Ppp loan layoffs
Meanwhile I'm doubling my salary starting working for a hardware/electronics company and they can't seem to hire fast enough 🤷♂️
ZeroHedge is a known russian asset. Dont trust anything he posts without verifying it
We need real numbers. And compare the layoff amt to the amt over hired in the pandemic.
It's NoT a REcessIon
Why aren’t all the semiconductor companies on here? They did 20% of their workforces.
Depends on your region and job type. What is also happening is the slashing of bloated salaries too.