More U.S. companies are cutting jobs and freezing hiring as the economy cools, a sign that efforts by the Federal Reserve to tamp down inflation are hitting the labor market. Layoff announcements spiked in September, according to outplacement firm Challenger, Gray & Christmas.
Job cuts last month rose to nearly 30,000, an increase of 46% from August, while the number of companies announcing hiring plans last month fell to the lowest level in more than a decade, the firm said.
"Some cracks are beginning to appear in the labor market. Hiring is slowing and downsizing events are beginning to occur," Andrew Challenger, senior vice president of Challenger, Gray & Christmas, said in a statement.
Government figures also point to a slowing job market. Jobless claims for the week ending October 1 rose by 29,000, to 219,000, the Labor Department said on Thursday. The total number of Americans collecting unemployment aid rose by 15,000 to nearly 1.4 million for the week ending September 24.
Well I guess the "recession deniers" will need to come up with a new excuse for why the recession we are experiencing really isn't a recession. Telling us that we cannot be in a recession because of a strong job market is one thing if we actually have a strong job market, but it is hard to continue to make this argument when you look at hiring plans being at the lowest level in more than a decade.
Meanwhile, the market tanks, houses are no longer selling, car dealerships are struggling, and yet you are still paying through the nose for basic items and lord forbid you run out of gas (prices here are now over $5.00 again with no signs that they will not continue to rise).
Smart economists stated that the latest slop of Government spending that was pushed on the country by desperate Democrats doing the only thing they know how to do (spend money) was going to make things worse (not better) and it turns out that the smart economists were right again! Funny how that happens.
Meanwhile the dumb economists (like Paul Krugman and other Keynesian morons) are wrong once again... for like the 247th time in a row. Another big spending plan. Another economic fire from hell. But will it stop the same people from pushing the same dumb policies that NEVER work? Nope!
But... hey. Can't afford a house? Lost your job? Your investments depleted? Cannot afford day to day stuff? At least we have no more mean tweets. That's the plus for liberals. All that ever mattered. Plenty worth the sacrifice of those homeless people. Not to mention all those dead and displaced Ukrainians? Just a justifiable cost of replacing competence they didn't like with incompetence that they did.
