Thread regarding Wells Fargo & Co. layoffs

November Job Cuts Rise 45% From Last Year

https://247wallst.com/jobs/2020/12/03/november-job-cuts-rise-45-from-last-year/


November Job Cuts Rise 45% From Last Year
The outplacement firm of Challenger, Gray & Christmas on Thursday reported that announced job losses last month rose by 45% compared to cuts announced in November 2019. For the year to date, nearly 2.23 million job cuts have been announced, almost four times the 592,556 jobs lost in all of 2019.
U.S. employers announced 64,797 job cuts in November, a decline of nearly 20% from October’s total of 80,666 job losses.
In November, COVID-19 was named as the cause of 5,873 job cuts, while another 20,021 were attributed to market conditions and 17,659 were attributed to a downturn in demand. For the first 11 months of 2020, the coronavirus pandemic is responsible for more than 1.1 million job losses.
Industry sectors hit hardest in November were entertainment/leisure (11,666 announced cuts), technology companies (11,431 announced job cuts) and transportation (10,455). For the year to date, the entertainment/leisure sector has lost 857,620 jobs, a year-over-year increase of more than 5,800%.
So far this year, U.S. firms have announced plans to hire 3.11 million workers, including 185,504 hiring announcements announced in November. Nearly 800,000 of those jobs represent seasonal hiring plans for the coming holiday shopping season. Last year, companies hired about 814,000 seasonal workers.
New York-based employers announced the most job cuts in November, with 21,819 planned cuts. California (7,545 planned cuts), Massachusetts (5,263), Illinois (4,674) and Florida (3,177) round out the five states losing the most jobs last month.
Wednesday morning, ADP reported that private-sector payrolls increased month over month in November by 307,000, well short of expectations for a gain of 440,000. The weekly report on new claims for unemployment benefits is due later Thursday morning, and the consensus estimate calls for 780,000 new claims filed in the week ending November 28. The monthly employment situation is due Friday morning, and analysts expect nonfarm payrolls to rise by 500,000 and the unemployment rate for November to drop to 6.8%.
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| 1614 views | | 4 replies (last December 4, 2020) | Reply
Post ID: @OP+18e0rxA0

4 replies (most recent on top)

H1b abuse done by companies Tech Exec's. The h1b's go usually to indians
and chinese workers. There are some contracting companies that build a pipeline to funnel in workers to the United States, to do some tasks for the companies, who knows how long and what happens at end, maybe they are shipped back to their country following. I heard that within 5 days of opening the visas, the contracting companies have mass commercialized these visa's so they are accepted that fast.

I work at one place where this H1B was asking his boss to apply for a long term visa for him and the boss would not get it for him, and kept pretending to forget to do it. Then the boss intentially missed the deadline. The thing that they are getting over these people are control. So these people really cannot quit the company they are at as it is impossible for them, they are treated basically like slaves. If the H1B get fired then they are deported.

I feel like my manager at wells was trying to do this to me for some reason, treat me that way too, but thing is I am an American Citizen.

So the Tech Execs will go with whichever political party allows immigration in mass, and in recent years this has been the liberals allowing this.

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Post ID: @1xpi+18e0rxA0

Why would American kids get STEM degrees when they can’t get a job because the companies would rather hire foreign workers instead? Don’t cry for corporations because the H1B visas were cut. They did this to themselves by their actions the last 20 years which steered our people away from STEM careers.

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Post ID: @1nxg+18e0rxA0

Post ID: @1niv+18e0rxA0

I'd agree that they're not exactly slave labor.

When we started outsourcing years ago, I spent a couple of months in India and those folks were working hard to get a better life for themselves and their families. At the same time, I don't know many people who have kids getting STEM degrees here in the US. The government can try to stop the people being bought in on H1B visas but we're still employing them off shore. All we do is stop them spending the money they earn in our economy on housing, cars, supermarkets, restaurants etc.

Something needs to be done but maybe something a little more thoughtful rather than just reacting without thinking though the bigger picture.

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Post ID: @1rrk+18e0rxA0

As a banker, I opened accounts for people with H1B visas that worked for big tech companies.
Their declared income was never below 6 figures. IMHO, that is a far cry from "slave labor".

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Post ID: @1niv+18e0rxA0

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