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Economy
US employers cut 102,000 jobs in January - a 440% jump from the same time a year ago: 'Tech wreck' spurred layoffs as expert warns 'we're on the other side of the hiring frenzy of the pandemic years'
2023-02-03
[Daily Mail, where America gets its news]
  • 102,943 job cuts were announced in Jan, 440% more than the same time last year

  • The technology sector made up 41% of the planned reductions during the month

  • Economy-wide layoffs were low, but more cuts are expected to be announced
Posted by:Skidmark

#11  @#8 - But I would take Jimmy back in a heartbeat right now given the characters from Central Casting we have now.
Posted by: DooDahMan   2023-02-03 21:26  

#10   BLS January 2023 report: total payroll up 500k in Jan

The problem is the restatement of January’s numbers next month. Didn’t we just see a claimed large increase turn out to be actually a net loss?
Posted by: trailing wife   2023-02-03 21:18  

#9  During the pandemic all rationality with respect to normal business was stood on its head and given a wedgie. People were paid to stay at home, inventories were jacked up beyond all rational levels, and wages were inflated to entice the permanently unemployable away from high end competitors like Dollar General. Companies still experienced unreal levels of turnover as unproductive clowns hopped jobs to collect signing bonuses.

Musk just proved that the tech sector is unnecessarily bloated.

Much of this is Biden caused stupidity. Some of this is returning business to rationality.
Posted by: Super Hose   2023-02-03 21:14  

#8  I went through the Carter Crash of the late 70's and haven't believed a government statistic since.
Posted by: AlanC   2023-02-03 16:53  

#7  we won't have the numbers for a while but a key report will be the next productivity estimate

Calendar 2022 (first 3 Qs) has had the worst productivity decline since the Vietnam War.

this doesn't affect the headline economy right away but it does poison things a few years down the road
Posted by: lord garth   2023-02-03 15:14  

#6  If your neighbor loses his job, it's a recession. If you lose yours, it's a depression.

- Ronald Reagan
Posted by: M. Murcek   2023-02-03 11:51  

#5  The US labor force is roughly 165 million. So these cuts are a bit less than 1/10 of 1% of the total labor force.

Also, as lord garth notes, the net of all these cuts and adds was a net gain of 517K.

I often pick on the media for feverish headlines with no context. This is a prime example.
Posted by: Tom   2023-02-03 11:11  

#4  BLS January 2023 report: total payroll up 500k in Jan, workweek up also, hourly wage up also (actually above inflation for a change).

pretty good overall but of course that's just one month
Posted by: lord garth   2023-02-03 10:46  

#3  Our local restaurants are hiring servers and kitchen staff.
Posted by: Glenmore    2023-02-03 10:30  

#2  Learn to COP.

NYPD sees largest staff exodus in decades with leaders 'refusing to acknowledge' mounting crisis: union boss
Posted by: Skidmark   2023-02-03 09:23  

#1  Learn to code flip ...hmmm... be a D.I.E. coordinator.
Posted by: Procopius2k   2023-02-03 07:47  

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