If people hoped next year would be better, a new survey says otherwise.
Mass layoffs are in store for 2024, and it might end up affecting nearly half of companies, according to a new poll. That's the latest information from a Resume Builder survey, based on responses from more than 900 companies this month. Resume Builder is a professional platform that allows users to create resumes in just a few steps.
https://www.newsweek.com/mass-layoffs-happening-2024-hiring-freeze-1855942
@ SelfabsorpedMD
I work in Truist Investment Services and there are good people working in this division who are being over-regulated to death, horrible computer systems and a company that will make a 2 step process into a 10 step process. Don’t disparage a division which you know nothing about. Your name says it all.
Just cause the Fed indicated they would cut rates, doesn't mean it's going to happen right away. Most likely sometime in May or June if Headline inflation continues to decline cause Core inflation remains sticky at 4%. Remember, the interest rates are still high. Anything above 2% will be considered high. And Feb policies have a lag effect. Covid funds have finally run out (hundreds laidoff from Washington's Department of Health), and pandemic savings have also run out leaving people with debt (high interest rate payments) on their credit cards. At this moment, majority of the people working in USA still have jobs, but as inflation decreases then unemployment will increase. Many companies are starting to layoff workers and many companies have a hiring freeze due to the upcoming AI technology which will start to replace jobs such as financial professionals, software engineering jobs, creative design jobs, routine jobs, even lawyers, etc. Amazon recently laid off hundreds of works who were working on Alexa because AI replaced those jobs (google it). And AI is going to pick up starting in 2024. Those jobs that get replaced by an AI application (tool), won't ever be coming back.
I'm not sure if a recession will occur as long as many people have jobs (enough earnings) where they can pay the bills (even if it's the minimum required amount). But if corporate earnings start to decline causing more layoffs (and not enough hiring) which would cause debt accumulation for people living in USA which leads to an increase in crime rate. And then there are many geopolitical issues between countries. And OPEC+ is going to cut 2 million barrels of oil per day in 2024 instead of the current 1 billion barrels a day, which could cause oil prices to increase. Also, USA Special Purpose Reserves (USA oil reserved used during high inflation 2022-2023) have not been refilled. And then there is still student loans, CRE (commercial real estate) loans of 1.5Trillion due by 2025, increasing USA debt where every American owns $200,000 and don't even know it since the can of debt is being kicked down to future generations, etc. etc. etc. But the stock market continues to increase as if live was really great as long as the dollar can be printed. However, BRICS and CBDC currency is getting popular by the day. And 56% of Americans have a literacy of a sixth grader. Happy New Year!
it seems we've pulled off a soft landing
Jury is still out on that but assuming you’re right it only cost $1 Trillion a quarter in debt that your grandkids will never be able to pay off.
Lol for real he's been on countless times the past few years and has been bearish as heck the entire time. Can't help but think that EL kept hearing him saying "hard landing" "be defensive" "recession could be much deeper than we think" " it's right around the corner" "no actually now it's next quarter" "no now the back half of the year" "no, let's move the goalpost once more" etc. -- and factored that incorrect call into their decisions. Now we're here. Sad.
You mean the Lerner who is a writer, thought leader, innovator and the epitome of Suntrust wealth now SunTruist. Like the entire wealth and investment group he is pathetic and typical of the reason this bank has been flushed down the toilet. Tough thing is many are still circling the drain. We advertise the ticker on CNBC so we can get this guy on TV hoping to make us more relevant and we are less relevant than ever.
Interesting. Though not sure this single reference is super constructive. I listen to Bloomberg every morning and surprisingly haven't heard a take like this^ at all.
Side note -- our guy Keith Lerner has been calling for a recession since like the back half of 2021 lol. ...And here we are two and a half years later and by almost every metric/indicator it seems we've pulled off a soft landing. Only the last couple months is he finally starting to backpedal from that call a bit. ...Mind you in every recent interview he keeps patting himself on the back saying "I did say Octobers dip might be a buying opportunity." Like okay great lol you finally got a call sorta right after crying wolf the last 10 quarters, thanks.