The central banks are desperately trying to hide the truth from the public. But the data is catching up to the propaganda. Jobless claims have finally risen as layoffs soar at the fastest pace since 2009. Is this news a sign of a coming recession?
According to Challenger Gray & Christmas, United States-based employers announced 77,770 job cuts in February. It is 410% higher than the 15,245 cuts announced in the same month last year. February’s total is the highest for the month since 2009.
So far this year, employers announced plans to cut 180,713 jobs, up 427% from the 34,309 cuts announced in the first two months of 2022.
“Certainly, employers are paying attention to rate increase plans from the Fed. Many have been planning for a downturn for months, cutting costs elsewhere. If things continue to cool, layoffs are typically the last piece in company cost-cutting strategies,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc.
“Right now, the overwhelming bulk of cuts are occurring in Technology. Retail and Financial are also cutting right now, as consumer spending matches economic conditions. In February, job cuts occurred in all 30 industries Challenger tracks,” he added. -ZeroHedge
Tech companies continue to dominate the charts in terms of the number of layoffs.
These job losses were fueled by Google, Meta, and Microsoft, some of the biggest names in the tech sector.
Is this the beginning of another major recession? Most Americans are still feeling the pinch of stagnant wages and the sting of inflation as they scrape by paycheck to paycheck.
As noted by ZeroHedge, the jobs available are not there either. Companies announced plans to hire 28,830 workers in February, down 12% from the 32,764 hires announced in January. It is down 87% from the 215,127 hiring plans announced by companies in February 2022.
So far this year, companies announced plans to hire 61,594 workers, the lowest January-February total since 2016.
Originally Posted at www.shtfplan.com