March 8, 2019
We have not seen anything like this since the last recession.
Layoff announcements are coming fast and furious now, and the speed at which workers are being laid off is shocking a lot of people. In this day and age, big companies have absolutely no loyalty to their workers. The moment it becomes financially advantageous for them to start laying off employees, most of them will do it in a heartbeat. I personally know someone that was an extremely hard worker and that put in extra time and effort for his company for many, many years, but he was just laid off because that is what the number crunchers determined was the right move. It is a cold, cruel world, and as we witnessed back in 2008, job losses can occur at a pace that is absolutely breathtaking when a recession strikes.
Over the past couple of weeks, I have been documenting the numbers that indicate that a major economic slowdown has begun, and we may have gotten the biggest one so far on Thursday.
According to Challenger, Gray & Christmas, the number of job cut announcements in February was up 117 percent compared to the same period last year. The following comes from Fox Business…
While many experts and investors are eagerly awaiting data on status of the labor market Opens a New Window. to be released by the government on Friday, a new report shows U.S. employers cut more jobs Opens a New Window. last month than they have in the past 3.5 years.
Even though it is the shortest month of the year, U.S. employers announced plans to cut 76,835 jobs last month, according to a report from Challenger, Gray & Christmas. That’s a 117 percent year-over-year increase, and a 45 percent increase over January’s numbers.
You have to go all the way back to 2015 to find a month that was as bad as February.
Are you starting to see that the momentum for the economy has clearly…