Article

2023-02-03 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'

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Posted by Skidmark 2023-02-03 04:59|| || Front Page|| [5 views ] Top

#1 Learn to ~~code~~ ~~flip~~ ...hmmm... be a D.I.E. coordinator.

Posted by Procopius2k 2023-02-03 07:47|| 2023-02-03 07:47|| Front Page Top

#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|| 2023-02-03 09:23|| Front Page Top

#3 Our local restaurants are hiring servers and kitchen staff.

Posted by Glenmore 2023-02-03 10:30|| 2023-02-03 10:30|| Front Page Top

#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|| 2023-02-03 10:46|| Front Page Top

#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|| 2023-02-03 11:11|| Front Page Top

#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|| 2023-02-03 11:51|| Front Page Top

#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|| 2023-02-03 15:14|| Front Page Top

#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|| 2023-02-03 16:53|| Front Page Top

#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|| 2023-02-03 21:14|| Front Page Top

#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|| 2023-02-03 21:18|| Front Page Top

#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|| 2023-02-03 21:26|| Front Page Top

23:37 trailing wife
23:08 Skidmark
22:18 The Walking Unvaxed
22:16 The Walking Unvaxed
21:55 Super Hose
21:55 Griter Slash1619
21:38 Super Hose
21:36 Super Hose
21:26 DooDahMan
21:18 trailing wife
21:15 Frank G
21:14 Super Hose
20:46 trailing wife
20:40 Super Hose
20:21 Super Hose
20:19 Penguin_of_the_Desert
20:13 SteveS
20:02 Alistaire Tojo1433
19:58 Alistaire Tojo1433
19:40 Super Hose
19:35 DooDahMan
18:52 Frank G
18:50 irish rage boy
18:40 Mercutio