Mass Layoffs Are Here—And More Are Coming
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Do we have you layoffs on the way? What does this mean for the economy? What does this mean for the midterms? was an interesting piece in the Wall Street Journal today talking about the massive layoffs that have been taking place. Latest snap laying off 16 % of its staff block already laid off 40%.
Oracle shedding thousands of employees Amazon has cut about 30,000 altogether with more on the way a big fat huge axe none of the incremental layoffs Again snap their stock is down what 25 % over the course of the year was up 8 % yesterday on
the fact that it’s laying off a thousand workers and this is pretty much across the board. Is it AI? Yes and no. Yes and no. Without a doubt, certain tech companies are using certain, you know, AI, Miles Claude in particular, doing lots of interesting things for this company. It’s also the money that they’re spending on new technology that’s a part of it.
Another as well as the fact that these companies over hire.
They over hired, especially during COVID, things got nuts. They over hired and they overpaid at that period of time. And I do recall a certain radio show podcast host telling you that this was going to happen. It was inevitable that this was going to happen. The numbers didn’t make sense. And again, at
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companies will stick with their workers often a lot longer than they often should when they over hire. Now, it’s like the coast is Coast is clear. It’s interesting. know, some of these executives, you know, actually from tech companies going to block and saying, you guys did this. How did you do this? So I would expect a hell of a lot more coming down the pike without
Again, you take a look right now. So over the past 12 months, unemployment among college educated workers 34 and under has actually surpassed the 4.1 % rate for people with two year degrees. And I don’t see that changing anytime soon. This, okay.
Factors into other areas of the economy People that are working at these companies. You don’t think that they’re aware young people aware If they are if you’re worried you work on one of these companies and you’re worried about job Security whether or not you can get there you’re get caught up in these massive layoffs, which are gonna continue to happen Are you gonna go out and buy a house? Are you going to think about having a kid starting a family?
Probably not.
Probably not. Got a lot of people out there, a lot of people out there that are real worried and rightfully so because the layoffs are gonna continue. Important that I’ve explained this before, Ken, ignore me at your own risk, okay?
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Make sure, okay? Make sure you put your phone down a little bit and develop people skills. They’re always going to be in great demand. I know. listen, I feel for you. I feel for you. know, entire generation of kids, go out there, go to school, learn to code. We don’t really need the coders that much anymore. You’re gonna have to. You’re gonna have to do a bit of a reinvention of yourself. Can I?
hate being the bearer of bad news, but it is the reality of our current terrain. Watchdogandwallstreet.com.
