The economy is doing well, yet layoffs continue....

[Bucky]

In the first two weeks of the new year, several prominent companies, including Amazon, Citigroup, Xerox, Google and BlackRock, have announced plans to cut jobs, signaling a continued push for efficiency and cost reduction.

Despite improving economic conditions and a strong labor market, these companies are looking to trim their workforces and streamline operations, The Wall Street Journal (WSJ) reported Friday (Jan. 12).

The continuation of layoff news into 2024 highlights American corporations’ drive for efficiency, according to the report. Executives have stressed the need for companies to be smaller and have said that their organizations are still larger than necessary given the size of their businesses.

Amazon, Citigroup, Xerox, Google and BlackRock See Layoffs in Efficiency Push | PYMNTS.com

In the first two weeks of the new year, several prominent companies, including Amazon, Citigroup, Xerox, Google and BlackRock, have announced plans to cut

www.pymnts.com

The truth of the matter is that if the economy were doing well, companies like Google and Amazon wouldn't be continuing with layoffs.

When you pull the curtains and look at the job data number, you are looking at a decrease in higher-quality jobs and an increase in lower-quality jobs that will likely be replaced through AI, automation, and technology in the next few years.

The signs of a recession are ominous. Very likely by the end of the year. The Fed has already signaled rate cuts by the middle of the year. Rate cuts in 2000, 2007, and 2019 were soon followed by recessions.

Disinflation - check
Rising unemployment - check

Americans, even with jobs, are tapped out financially. Consumer debt is at an all-time high and doesn't account for the Americans utilizing BNPL. Look up "phantom debt." You would be surprised how many Americans utilize 18-36 month payments for things like shoes or clothes.

If consumers with well-paying jobs are in debt/have no savings, a rise in unemployment, which seems likely, will tank consumer spending.

 

[Loulit01]

Amazon, Citigroup, Xerox, Google and BlackRock See Layoffs in Efficiency Push | PYMNTS.com

In the first two weeks of the new year, several prominent companies, including Amazon, Citigroup, Xerox, Google and BlackRock, have announced plans to cut

www.pymnts.com

The truth of the matter is that if the economy were doing well, companies like Google and Amazon wouldn't be continuing with layoffs.

Absolute nonsense. Amazon and Google aren't laying people off because they aren't making money, they're laying people off because of robotics and AI. The unemployment rate is 3.7% so people are finding other jobs. Company layoffs occur in every economy as robots and AI take jobs, but the economy is doing so well there are other jobs to be had. And those jobs aren't for less money as wages are outpacing inflation.

When you pull the curtains and look at the job data number, you are looking at a decrease in higher-quality jobs and an increase in lower-quality jobs that will likely be replaced through AI, automation, and technology in the next few years.

The available data says the opposite is true. Wages are rising.

The signs of a recession are ominous. Very likely by the end of the year. The Fed has already signaled rate cuts by the middle of the year. Rate cuts in 2000, 2007, and 2019 were soon followed by recessions.

Again, not true. All signs point to no recession and a soft landing from the high inflation we experienced.

Disinflation - check
Rising unemployment - check

Nonsense, check.

Americans, even with jobs, are tapped out financially. Consumer debt is at an all-time high and doesn't account for the Americans utilizing BNPL. Look up "phantom debt." You would be surprised how many Americans utilize 18-36 month payments for things like shoes or clothes.

If consumers with well-paying jobs are in debt/have no savings, a rise in unemployment, which seems likely, will tank consumer spending.

Consumer debt has been rising for years due to stagnant wages. Wages are finally rising. This is a good sign. Will consumer spending tank? No. But hopefully it will come down some. It's too high.

 

[OrphanSlug]

Right wing mentality each morning... "must find terrible economic news, hit the rags, any narrative will work, find the rage!"

 

[BlueTex]

Amazon, Citigroup, Xerox, Google and BlackRock See Layoffs in Efficiency Push | PYMNTS.com

In the first two weeks of the new year, several prominent companies, including Amazon, Citigroup, Xerox, Google and BlackRock, have announced plans to cut

www.pymnts.com

The truth of the matter is that if the economy were doing well, companies like Google and Amazon wouldn't be continuing with layoffs.

When you pull the curtains and look at the job data number, you are looking at a decrease in higher-quality jobs and an increase in lower-quality jobs that will likely be replaced through AI, automation, and technology in the next few years.

The signs of a recession are ominous. Very likely by the end of the year. The Fed has already signaled rate cuts by the middle of the year. Rate cuts in 2000, 2007, and 2019 were soon followed by recessions.

Disinflation - check
Rising unemployment - check

Americans, even with jobs, are tapped out financially. Consumer debt is at an all-time high and doesn't account for the Americans utilizing BNPL. Look up "phantom debt." You would be surprised how many Americans utilize 18-36 month payments for things like shoes or clothes.

If consumers with well-paying jobs are in debt/have no savings, a rise in unemployment, which seems likely, will tank consumer spending.

Did you actually read the article or just the headline?

 

[BirdinHand]

companies like Google and Amazon wouldn't be continuing with layoffs.

Google and Amazon have frequent layoffs.

They realign their departments, end certain initiatives, start new initiatives, etc regularly within their organizations.

Same with major banks, other large employers/corporations, etc

I’m sorry you are so disconnected from the employment sector that you didn’t realize this and instead jumped to an erroneous conclusion.

 

[tshade]

Amazon, Citigroup, Xerox, Google and BlackRock See Layoffs in Efficiency Push | PYMNTS.com

In the first two weeks of the new year, several prominent companies, including Amazon, Citigroup, Xerox, Google and BlackRock, have announced plans to cut

www.pymnts.com

The truth of the matter is that if the economy were doing well, companies like Google and Amazon wouldn't be continuing with layoffs.

When you pull the curtains and look at the job data number, you are looking at a decrease in higher-quality jobs and an increase in lower-quality jobs that will likely be replaced through AI, automation, and technology in the next few years.

The signs of a recession are ominous. Very likely by the end of the year. The Fed has already signaled rate cuts by the middle of the year. Rate cuts in 2000, 2007, and 2019 were soon followed by recessions.

Disinflation - check
Rising unemployment - check

Americans, even with jobs, are tapped out financially. Consumer debt is at an all-time high and doesn't account for the Americans utilizing BNPL. Look up "phantom debt." You would be surprised how many Americans utilize 18-36 month payments for things like shoes or clothes.

If consumers with well-paying jobs are in debt/have no savings, a rise in unemployment, which seems likely, will tank consumer spending.

all indicators are up----------------Biden is doing his job. People need to quit making excuses and get off their butts....

 

[multivita-man]

Absolute nonsense. Amazon and Google aren't laying people off because they aren't making money, they're laying people off because of robotics and AI.

They're laying people off probably because they typically over-hire and hoard workers, which isn't a problem when labor is cheaper and growth in demand is strong, but there are signs that demand is indeed weakening at a time when labor is getting more expensive. The margins are getting a little tighter now, which means that companies have to get leaner.

That being said, we're not having a hard landing -- at least not yet. This is continuing a trend of headcount adjustment since the pandemic boom ended.

 

[dmpi]

We haven't yet to even begun to see the layoffs from AI. What we're seeing is the results of : over hiring, poor performing workers, and the cyclic nature of the business cycle. The shaky nature of employment is a sign to banks to further restrict lending by being more selective and further raising rates (regardless of what fed rates are doing). AI used in credit/risk analysis combined with 'big data' will be highly effective in squeezing out more dollars from the consumers limiting what they can spend.

 

[BabaVoss]

Like trump, the red hat nut cases are all hoping for a crash. Seeing what they want to see is a hallmark of the current GOP stupidity.

All signs point to a positive economy, a soft landing form what many economists were calling an inevitable recession a year ago.

 

[Bucky]

They're laying people off probably because they typically over-hire and hoard workers, which isn't a problem when labor is cheaper and growth in demand is strong, but there are signs that demand is indeed weakening at a time when labor is getting more expensive. The margins are getting a little tighter now, which means that companies have to get leaner.

That being said, we're not having a hard landing -- at least not yet. This is continuing a trend of headcount adjustment since the pandemic boom ended.

Do you want more examples?

https://www.fastcompany.com/91007562/rent-the-runway-ceo-on-laying-off-10-of-the-company-this-is-a-realignment-around-growth

NBC News lays off dozens in latest bad news for US workforce. See 2024 job cuts so far.

Layoffs came like an onslaught of fiery darts throughout 2023. Will 2024 be better? We're not off to a great start.

www.usatoday.com

NFL offers buyouts to more than 200 employees

News of the buyouts comes as the National Football League gears up for the playoffs.

www.cnbc.com

Duolingo Cuts 10% of Contractors as It Uses More AI to Create App Content

Duolingo Inc., the maker of language-learning software, is cutting some contractors while using generative artificial intelligence to create more content, the latest sign that companies are shifting some tasks typically handled by workers to AI tools.

www.bloomberg.com

 

[Bucky]

all indicators are up----------------Biden is doing his job. People need to quit making excuses and get off their butts....

All indicators were up in 2000, 2007, and 2019.

 

[Helix]

Upper management has a goal of getting more money for themselves no matter what the economy is doing.

News at eleven.

 

[Bucky]

Upper management has a goal of getting more money for themselves no matter what the economy is doing.

News at eleven.

Google's employee headcount has steadily increased over the past 10 years, though with some slight fluctuations in recent years. Here's a breakdown of the numbers:

Year	Employee Headcount	% Change from Previous Year
2023	174,014	-8.5%
2022	190,234	21.6%
2021	156,500	15.7%
2020	135,301	13.8%
2019	118,899	20.4%
2018	98,771	14.9%
2017	85,706	24.4%
2016	68,606	20.7%
2015	57,150	32.9%
2014	43,120	47.9%

Google's growth/employee headcount has been consistent over the past 20 years and you are claiming having a negative employee headcount is "normal."

LOL.

 

[Bucky]

Upper management has a goal of getting more money for themselves no matter what the economy is doing.

News at eleven.

Here is Amazon:

ear	Employee Headcount	% Change from Previous Year
2023 (Jan. 14)	Estimated to be around 1.54 million	(Data for full year 2023 not yet available)
2022	1,541,000	-4.17%
2021	1,608,000	23.88%
2020	1,298,000	62.66%
2019	798,000	23.24%
2018	650,000	38.21%
2017	475,000	31.57%
2016	363,000	25.24%
2015	288,400	26.80%
2014	226,100	56.90%

Meta:

2023 (Sept. 30)	66,185	-23.47%	![Chart showing a decrease in Meta's employee headcount in 2023]
2022	86,482	20.16%	![Chart showing an increase in Meta's employee headcount in 2022]
2021	71,970	22.81%	![Chart showing an increase in Meta's employee headcount in 2021]
2020	58,604	30.40%	![Chart showing an increase in Meta's employee headcount in 2020]
2019	44,942	26.29%	![Chart showing an increase in Meta's employee headcount in 2019]
2018	35,585	44.27%	![Chart showing an increase in Meta's employee headcount in 2018]
2017	24,689	47.60%	![Chart showing an increase in Meta's employee headcount in 2017]
2016	16,709	39.50%	![Chart showing an increase in Meta's employee headcount in 2016]
2015	11,950	44.00%	![Chart showing an increase in Meta's employee headcount in 2015]

These companies HAVE NOT laying off employees up until 2023.

 

[tshade]

All indicators were up in 2000, 2007, and 2019.

2007 ????????? (before disaster)

Yes 2019 before it sank


What is your point? Those disasters really DID happen-------only UP for Biden.....

 

[Helix]

Google's employee headcount has steadily increased over the past 10 years, though with some slight fluctuations in recent years. Here's a breakdown of the numbers:

Year	Employee Headcount	% Change from Previous Year
2023	174,014	-8.5%
2022	190,234	21.6%
2021	156,500	15.7%
2020	135,301	13.8%
2019	118,899	20.4%
2018	98,771	14.9%
2017	85,706	24.4%
2016	68,606	20.7%
2015	57,150	32.9%
2014	43,120	47.9%

Google's growth/employee headcount has been consistent over the past 20 years and you are claiming having a negative employee headcount is "normal."

LOL.

Companies hire when they have to and fire whenever they can. I've been watching it happen for years.

 

[multivita-man]

Do you want more examples?

https://www.fastcompany.com/91007562/rent-the-runway-ceo-on-laying-off-10-of-the-company-this-is-a-realignment-around-growth

NBC News lays off dozens in latest bad news for US workforce. See 2024 job cuts so far.

Layoffs came like an onslaught of fiery darts throughout 2023. Will 2024 be better? We're not off to a great start.

www.usatoday.com

NFL offers buyouts to more than 200 employees

News of the buyouts comes as the National Football League gears up for the playoffs.

www.cnbc.com

Duolingo Cuts 10% of Contractors as It Uses More AI to Create App Content

Duolingo Inc., the maker of language-learning software, is cutting some contractors while using generative artificial intelligence to create more content, the latest sign that companies are shifting some tasks typically handled by workers to AI tools.

www.bloomberg.com

These are no different than examples of layoffs that happen during any part of the cycle. Companies over-hire. Companies improve efficiency. They need to lay people off or investors will stop giving them money to play with. There's no definitive structural weakness in the labor market - not yet. There's some speculation this could start to change this year, but people make all sorts of predictions.

 

[mrjurrs]

Amazon, Citigroup, Xerox, Google and BlackRock See Layoffs in Efficiency Push | PYMNTS.com

In the first two weeks of the new year, several prominent companies, including Amazon, Citigroup, Xerox, Google and BlackRock, have announced plans to cut

www.pymnts.com

The truth of the matter is that if the economy were doing well, companies like Google and Amazon wouldn't be continuing with layoffs.

When you pull the curtains and look at the job data number, you are looking at a decrease in higher-quality jobs and an increase in lower-quality jobs that will likely be replaced through AI, automation, and technology in the next few years.

The signs of a recession are ominous. Very likely by the end of the year. The Fed has already signaled rate cuts by the middle of the year. Rate cuts in 2000, 2007, and 2019 were soon followed by recessions.

Disinflation - check
Rising unemployment - check

Americans, even with jobs, are tapped out financially. Consumer debt is at an all-time high and doesn't account for the Americans utilizing BNPL. Look up "phantom debt." You would be surprised how many Americans utilize 18-36 month payments for things like shoes or clothes.

If consumers with well-paying jobs are in debt/have no savings, a rise in unemployment, which seems likely, will tank consumer spending.

Yes, it's hard to explain how the dramatic increase in use of AI is impacting employment at companies that are increasingly using it.

Weren't you predicting a recession last year as well?

 

[Bucky]

Yes, it's hard to explain how the dramatic increase in use of AI is impacting employment at companies that are increasingly using it.

Weren't you predicting a recession last year as well?

Several examples of non-tech companies laying off their employees, like the NFL, NBCnews, etc.

No company outside of Nvidia and Oracle is profiting from AI yet.

 

[Bucky]

Companies hire when they have to and fire whenever they can. I've been watching it happen for years.

I just showed you a chart, and Google has NOT been reducing headcount until 2023.

 

[BabaVoss]

Here is Amazon:

Amazon found they had overhired - with the pandemic in the rear view mirror. Predictable, and normal business practice.

 

[Helix]

I just showed you a chart, and Google has NOT been reducing headcount until 2023.

Many companies seem to be hiring. Are you doing the whole "I really want the economy to fail before the election" thing?

 

[CimpleMan]

Amazon, Citigroup, Xerox, Google and BlackRock See Layoffs in Efficiency Push | PYMNTS.com

In the first two weeks of the new year, several prominent companies, including Amazon, Citigroup, Xerox, Google and BlackRock, have announced plans to cut

www.pymnts.com

The truth of the matter is that if the economy were doing well, companies like Google and Amazon wouldn't be continuing with layoffs.

When you pull the curtains and look at the job data number, you are looking at a decrease in higher-quality jobs and an increase in lower-quality jobs that will likely be replaced through AI, automation, and technology in the next few years.

The signs of a recession are ominous. Very likely by the end of the year. The Fed has already signaled rate cuts by the middle of the year. Rate cuts in 2000, 2007, and 2019 were soon followed by recessions.

Disinflation - check
Rising unemployment - check

Americans, even with jobs, are tapped out financially. Consumer debt is at an all-time high and doesn't account for the Americans utilizing BNPL. Look up "phantom debt." You would be surprised how many Americans utilize 18-36 month payments for things like shoes or clothes.

If consumers with well-paying jobs are in debt/have no savings, a rise in unemployment, which seems likely, will tank consumer spending.

If the economy stumbles the Fed has the abilty to lower interest rates. Also, if a downturn does happen will limit the power of companies to raise prices.

Don't like people losing their job, but doom and gloom posts aren't necessary at this point.

 

[BirdinHand]

Several examples of non-tech companies laying off their employees, like the NFL, NBCnews, etc.

No company outside of Nvidia and Oracle is profiting from AI yet.

You don’t need to profit from AI to utilize it.

And none of these layoffs are “alarming”. Companies do layoffs regularly.

 

[Bucky]

If the economy stumbles the Fed has the abilty to lower interest rates. Also, if a downturn does happen will limit the power of companies to raise prices.

Don't like people losing their job, but doom and gloom posts aren't necessary at this point.

The fed already pivoted and announced rate cates by May, possibly sooner.

Not a question of IF, but when.