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Economic Storm Clouds on the Horizon?
Layoffs are picking up, rosy jobs reports have been quietly revised down, and wholesale inflation rose last month.
Recent developments in the U.S. economy suggest storm clouds may be gathering despite an overall picture of resilience in recent years.
Layoffs are increasingly making headlines, signaling potential instability in the labor market. Tech giants and other major companies have announced significant workforce reductions, reversing years of aggressive hiring.
“Boeing starts issuing layoff notices as planemaker trims 10% of workforce,” David Shepardson and Allison Lampert wrote for Reuters over the weekend. “Boeing said on Wednesday it is issuing layoff notices starting this week to workers impacted by a broader plan by the heavily indebted planemaker to cut 17,000 jobs, or 10% of its global workforce.”
“U.S. staff receiving the notices this week will stay on Boeing’s payroll until January to comply with federal requirements that give workers 60 days’ notice prior to ending their employment,” they added.
“GM lays off 1,000 employees amid reorganization, cost-cutting,” Michael Wayland reported for CNBC on November 15, 2024. “GM laid off roughly 1,000 employees on Friday as the automaker attempts to cut costs and realign priorities amid changing market conditions…