Layoffs 2024

I'm seeing a ton of them, particularly in the tech and pharmaceutical industries around Boston. I wouldn't be surprised if we had another 2008. Question is what would trigger the crash. Commercial real estate? Consumer debt?

The Bureau of Labor Statistics says 1.5 million people were laid off or fired in April. That's a little below average for the last 12 months.

Your pessimism may be right, but your friend's anecdote doesn't support it.

I Work In Warehouse, There Is A Workforce Shortage. People Are Demanding Higher Wages & It Forces Company's To Layoff, Downsize & Shut Down. Look At ☀️ California, Where The $20 Min Wage Is Closing Companies.
But Right Now, Mi Company Market Is Doin' Well.

We're a large multinational, we've got a hiring freeze and are looking to shed 5% of staff or so by end of year. Publicly they're saying it'll happen with normal attrition but I don't think anyone believes it, even internally. We'll likely make cuts if we miss targets. I have a few peers in similar situations.

Our problems aren't really related to demand or anything though. Its more of a situation where previous leadership made some moves to save their asses and prop up numbers for the sake of bonuses and stock prices, now its time to pay the piper. I'd almost feel bad for some of the c-suite if they weren't only here because they lost this game of musical chairs.

From what I’ve seen, a lot of businesses / companies were working very trim already because of COVID (not being able to find workers / trimming the fat for fear of what COVID would do to numbers / retirees) and they’ve learned to adjust. Now, other companies surged in hiring (think Amazon / Peleton / Walmart) to keep up with demands back then, that simply aren’t there today.

Example - Nike just took a shit and dropped 20% in a day. Well, people went nuts buying athletic gear and collecting sneakers during COVID. Their closets are still full from then and guess where they’re going to trim spending costs?!?!?

People are drinking less, most alcohol companies are off 30+% since the COVID days. It amazes me that people didn’t see this coming.

Volkswagen is offering 0% financing on almost all models now.

I just wish we could hurry up and get this election over with and move on regardless of who wins.

I'm seeing some fraying on the margins, but nothing widespread at this point. Until the current economic pain experienced by lower income consumers spreads to more affluent folks, I don't see mass layoffs on the horizon.

With all of that said, the federal government can't keep spending like this forever. Sooner or later we're going to come down off of this blowout spending sugar high and when we do, the tab will come due.

In Florida, we have several problems all linking to higher costs: $15/hr minimum wage, sky-high insurance premiums for physical plants, the commercial debt interest rates. We have record low unemployment, but many people have to work two jobs to make ends meet. This drives up wages in competitions, which cuts into profits, which is fixed by cutting overhead. Everything looks good in Florida, but it's a house of cards. Many people are leaving for TN, KY, NC and a lower cost of living. Companies are not trying to fill the vacancies left by those leaving unless it's mission critical (general manager, maintenance foreman, etc.). Most of the layoffs I've seen in this area is the very cynical move of terminating senior staff and replacing them with junior individuals at lower rates of pay.

Biden 2024

^ LOL nope

Similar situation to Dolan.

No layoffs - just a hiring freeze and for now not replacing most who quit or retire.

I am seeing a bit of this as well.

For those reporting hiring freezes, it’s quite the common approach currently by corporations to manage their staff, to take a wait and see approach.

This year will mark the highest amount of retirees defaming social security in the history of our country. Those benefits are being unlocked from our treasury department at a higher volume and assets from retirement plans assist. This is somewhat building a safety net for our economy going forward, much like when unemployment insurance and welfare benefits became prevalent after the Great Depression. The main deters to keep your eyes out on the horizon is if tax rates go back up to prior the TCJRA act in 2017. If so small corporations and individuals will take the beutnf od the slowdown, and it will be sometime before we can get out of the stagflation art event.

I know I Morgan quit working if the tax rates go up to prior levels. I’d pay almost $40k less in taxes annually if I quit work and maintain the same amount of income to spend. Smh… I ain’t working for the man come that scenario.

Yep… same here. Not hitting our financial numbers, so the libtard management is pushing on the hourly employees and the hourly employees are now doing less work. All sales bonuses were restructured, so no good payouts in 2024.
My Sugarbaby’s allowance has been cut, down almost 3 times the amount paid out in the previous years………Now she is finally understanding Elections & Economics.

Seeing a lot of layoffs in the banking industry, mainly a combination of call center workers across all departments (customer service, collections, fraud, etc) and closing small branches by combining multiple locations into one branch.

Luckily it isn't affecting the bank I work for. We had been on a hiring freeze for about 16 months but the senior leadership just briefed us on the hiring plan for q3, q4 and into q1 of next year. We are going to be hiring across most departments, just not as much as we had in the couple of years before the hiring freeze.

⚡ Restaurants & Clothing Retailers Are Takin' The Biggest Hits. People Aren't Spending. When You Go Out, B Sure To Give Your Waitresses & Strippers Extra $$$ Tips, To B Safe!
Makes Me Hungry For Hooters Or The Local Mexican Restaurant.
Home Deliveries & Internet Orders R Puttin' A Significant Damper On The Industries.
Pay Type Adult Websites, Even Free Porn & Social Media Are Effecting The Strip Clubs.
The Strip Clubs Need To B Lenient With The Rules In Pvt Dance/VIP. I Hear A Lot Of Talk About Customers Wanting That! Time Is Ticking In This Economy!
I'm Hearing A Lot About Inflation On The News.
~~~~ Tuscl Cheers ~~~~

Down the block where I live, a large regional bank closed a branch that was open for 50 years, and kitty-corner, a large formerly national drugstore chain closed its doors. It too was there 40+ years.

Sign of the times. My closed bank was just a barrier between me and my money. I’m going totally online. Bad drugstores are being run out of town by the Walmarts, Targets and Krogers.

Meant to add: I’m in the golf business; we’re busy as fuck. Covid restarted the golf boom in my region.

There has been a local crash in extras prices. Seem close to 50%.

I’ve only recently seen ads for Amazon Pharmacy but they’ve been around for a few years. If they gain traction, that would probably be the end to the few remaining independent mom n pop drugstores.

Wait....so no more wandering around pharmacy aisles for 30 minutes while waiting for script to be filled, or having Dr send electronic script to pharmacy, then arriving to be told they are out of stock? Say it ain't so.

Now you got me reminiscing down nostalgia lane. The old Rexall Drug Store on Main Street (literally true in my hometown). Maybe you did have an hour wait but the pharmacist knew your name and if you were short on cash you still got your prescription or least a partial

MGM is laying off thousands in Las Vegas. Recession will be here in 6 months or less.

Vegas has been spiraling downward for awhile. You can only price gouge people for so long before they find other recreation destinations.

Not sure what you’re seeing but I’m going to Vegas in a couple of months and hotels are more expensive than they’ve ever been. Reviews here are reporting that the free limo rides and cover charge waiver are back at some clubs so that’s a sign things are trending back, but they are still acting like it’s still in the boom.

I was in Las Vegas a few weeks ago from Tuesday through Friday. I thought the town, strip and hotels didn’t seem very busy. I’m sure the weekends are busier.

Was staying at the Wynn. Minimum bet at the Blackjack tables were $25 at a couple but mostly $50 or $100. I played elsewhere and would bet $20-$40 on some hands but did so at my discretion. A minimum bet of $50 seems like a recipe for disaster. Vegas pushing the floor of everything higher by so much has not worked out well for the city.

I did see a working girl getting walked out of the casino by security at the Wynn too. I saw numerous others that were lurking but she must have been to obvious with her craft