https://assets.zerohedge.com/s3fs-public/inline-images/bfm23C7.jpg?itok=qR1Qj4BR

The print was so low it was only above the two lowest estimates (those of Bloomberg Econ for -10K and ABN Amr0 for a 0 print). That means it was a 3 sigma miss to estimates.

And of course, as has been the case for the entire Biden admin, previous months were revised sharply lower once again: August was revised down by 81,000, from +159,000 to +78,000, and September was revised down by 31,000, from +254,000 to +223,000. With these revisions, employment in August and September combined is 112,000 lower than previously reported. This means that even after the monster September revision when 818K jobs were removed, 7 of the past 9 months were again revised lower!

This means that once the November jobs are released, we can be virtually certain that October will be revised to negative.

But wait, there’s more because while the total payroll number was just barely positive, if one excludes the 40K government jobs, private payrolls was in fact negative to the tune of -28K, down from 223K pre-revision last month, and the first negative print since December 2020. In other words, we were right… when it comes to actual, non-parasite “government” jobs.

To be sure, as we noted yesterday, a big part of the drop was due to the one-time event discussed, including the Boeing strike and Hurricanes Helene and Milton. This is what the BLS said on the topic: “In October, the household survey was conducted largely according to standard procedures, and response rates were within normal ranges” however, “the initial establishment survey collection rate for October was well below average. However, collection rates were similar in storm-affected areas and unaffected areas. A larger influence on the October collection rate for establishment data was the timing and length of the collection period. This period, which can range from 10 to 16 days, lasted 10 days in October and was completed several days before the end of the month.”

More importantly, the BLS said that “it is likely that payroll employment estimates in some industries were affected by the hurricanes; however, it is not possible to quantify the net effect on the over-the-month change in national employment, hours, or earnings estimates because the establishment survey is not designed to isolate effects from extreme weather events. There was no discernible effect on the national unemployment rate from the household survey.”

Ironically, while the BLS was unable to “quantify the net effect” from the hurricanes, it was able to calculate that the number of people not at work due to weather surged to the third highest in recent history, up 512K!

In other words, the BLS now has an excuse to blame the plunge on, it just doesn’t know how to quantify it. Translation: if Trump is president next month, expect the downtrend to continue with little to no mention of hurricane as the BLS prepares to admit the true state of the labor market; if however Kamala wins, the November jobs will magically rebound (even as downward revisions accelerate) and all shall be back to fake normal.

Oh, and of course, today’s catastrophic jobs print gives the Fed a full carte blanche to again cut 25bps next week, even if the plunge was all hurricanes…

The rest of the jobs report was not that exciting: the unemployment rate printed at 4.1%, unchanged from last month and in line with expectations. The number of unemployed people was little changed at 7.0 million.

Among the major worker groups, the unemployment rates for adult men (3.9 percent), adult women (3.6 percent), teenagers (13.8 percent), Whites (3.8 percent), Blacks (5.7 percent), Asians (3.9 percent), and Hispanics (5.1 percent) showed little or no change over the month.

It’s worth noting that the unemployment rate actually rose almost 0.1% despite being reported as flat because in September it was 4.05% and in October it was 4.145%, and rose due to a surge in layoffs (+166K) as well as re-entrants (+108K). Additionally, as Southbay research notes, the average duration of unemployment rose from 22.6 weeks to 22.9 weeks

Wage growth came in slightly higher than expected, with average hourly earnings rising 0.4% in October, higher than the 0.3% expected, and up from the downward revised 0.3% in September (was 0.4%). On an annual basis, earnings rose 4.0%, in line with expectations, and above the downward revised 3.9% (was 4.0%).

Some more stats from the latest monthly report:

• Among the unemployed, the number of permanent job losers edged up to 1.8 million in October. The number of people on temporary layoff changed little at 846,000.
• The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.6 million in October. This measure is up from 1.3 million a year earlier. In October, the long-term unemployed accounted for 22.9 percent of all unemployed people.
• Both the labor force participation rate, at 62.6 percent, and the employment-population ratio, at 60.0 percent, changed little in October.
• The number of people employed part time for economic reasons was little changed at 4.6 million in October.
• The number of people not in the labor force who currently want a job, at 5.7 million, was essentially unchanged in October. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
• Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force, at 1.6 million, was little changed in October. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, changed little at 379,000 in October.

Turning to the establishment survey, we find the following breakdown in jobs:

• Health care added 52,000 jobs in October, in line with the average monthly gain of 58,000 over the prior 12 months. Over the month, employment rose in ambulatory health care services (+36,000) and nursing and residential care facilities (+9,000).
• Employment in government continued its upward trend in October (+40,000), similar to the average monthly gain of 43,000 over the prior 12 months. Over the month, employment continued to trend up in state government (+18,000).
• Within professional and business services, employment in temporary help services declined by 49,000 in October. Temporary help services employment has decreased by 577,000 since reaching a peak in March 2022.
• Manufacturing employment decreased by 46,000 in October, reflecting a decline of 44,000 in transportation equipment manufacturing that was largely due to strike activity.
• Employment in construction changed little in October (+8,000). The industry had added an average of 20,000 jobs per month over the prior 12 months. Over the month, nonresidential specialty trade contractors added 14,000 jobs.

And visually:

Three things stick out here:

• First, manufacturing is a disaster, with the US losing manufacturing jobs for 3 months in a row, and 4 of the last 5. Can’t blame that on hurricanes.

• Second, the number of construction jobs is becoming absolutely ridiculous, especially when contrasted with the plunge in actual housing starts, completions and last but not least, actual job openings.

• Finally, delta between government jobs and private jobs was a whopping 12K, the biggest since covid. This means that more government jobs were added in October than all private jobs lost in the month! Just in case you needed to know how the Biden admin avoided a negative total headline print.

• 38% of companies say they are likely to have layoffs in 2024
• 52% are likely to implement a hiring freeze in 2024
• Half say anticipation of a recession is a reason for potential layoffs
• 4 in 10 say layoffs are due to replacing workers with artificial intelligence (AI)
• 3 in 10 companies reducing or eliminating holiday bonuses this year

If you currently have a job that you highly value, try to hold on to it as tightly as you can.

Because the employment market is starting to shift in a major way.

In recent weeks, so many large U.S. companies have been announcing layoffs…

Nike has announced a $2 billion cutback over the next three years, with an uncertain number of job cuts included. Toy giant Hasbro will cut nearly 20% of its workforce in 2024, according to reports from the Wall Street Journal. Music service Spotify announced a third round of layoffs. A recent email from CEO Daniel Ek says the company plans to cut its workforce by nearly 20%. Roku is going to be limiting new hires, and laying off about 10% of its workforce, while Amazon layoffs are effecting its new gaming division (all 180 jobs there are being eliminated). Citi CEO Jane Fraser announced layoffs in September, and sources have told CNBC that the bank could let go of at least 10% of its workforce, across several business lines. Flexport Logistics plans to cut up to 30% of its employees, and financial services company Charles Schwab is cutting back by 5-6% of its workforce, according to reports from Business Insider.

Unfortunately, this is just the tip of the iceberg.

Many more layoffs are on the way.

Meanwhile, retailers continue to close stores at an astounding pace…

With the continued rise of online shopping, along with record inflation, it’s no wonder that retailers are suffering steep financial losses. Unfortunately, this means that companies all across the U.S. are downsizing brick-and-mortar storefronts to make ends meet. In 2023, we’ve seen closures from big-name retailers and local shops alike—and the shutdowns don’t appear to be easing up anytime soon.

More than 3,000 retail locations were shut down in 2023, but that is nothing compared to what is coming…

According to UBS equity analyst Michael Lasser, the U.S. remains over-retailed. Lasser estimated that the U.S. will shed almost 50,000 retail stores by 2028. He cites rising operating costs and a higher proportion of e-commerce sales, causing retailers to look closely at store locations and performance.

Can you imagine what our communities will look like if that projection is even close to accurate?

As economic conditions deteriorate, people are going to get more desperate and the conditions in our streets will become even more chaotic.

You may not have heard about this yet, but earlier this week a giant mob of more than 100 young people savagely looted a bakery in Compton, California…

A mob of over 100 looters purposefully crashed a Kia into a small bakery in Compton, Calif., before they flooded in and ransacked the store during a night of rampage on the streets earlier this week.

The thieves had gathered in the area for an illegal street takeover around 3 a.m. Tuesday before making the mile-long trek to Ruben’s Bakery & Mexican Food.

When they got to the locked store, a white Kia backed into the front doors, clearing an entryway for the crowd of pillagers to get to their loot.

We aren’t talking about a handful of lawless individuals.

Literally dozens and dozens of lawless young people looted this small store, and they did not hesitate to take whatever they wanted.

Most of you are probably not even aware that this happened, and that is because this story barely made a blip in the news cycle.

And the reason why it barely made a blip in the news cycle is because this sort of thing has become quite common in our country.

The thin veneer of civilization that we all take for granted on a daily basis is rapidly disappearing. Let me give you another example.

One couple in California that thought it would be a good idea to use an online marketplace to sell an iPad ended up deeply regretting that decision…

This is the moment a California couple was robbed of their iPad at gunpoint in broad daylight by two teenagers.

Eduardo Reyes and his wife had listed the device on OfferUp on December 23.

The teens contacted them and asked to meet in a residential neighborhood in Pomona.

‘They wanted to meet in a public street which I usually don’t do, but he sounded like he was a kid and he’s like, “Oh, I’m going to have my mom come out with me”,’ Reyes told KTLA.

These days it is so hard to know who you can trust, and that is because a very large portion of the population is no longer trustworthy.

If things are this bad now, what do you think is going to happen once economic conditions become extremely harsh in the United States? The chaos that we are currently seeing in the streets is nothing compared to the chaos that is coming.

Our society really is coming apart at the seams right in front of our eyes. And now we are headed toward the most hotly contested presidential election in our history, and that will bring societal tensions to a boiling point.

Leave your thoughts about this story on the Economic Collapse Substack.

Michael’s new book entitled “Chaos” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

In a blog post on Oct. 18, Amazon revealed that its robotics team has begun testing “Digit,” a bipedal robot that has started carrying around and stacking boxes at a site south of Seattle.

The company explained that Digit “can move, grasp, and handle items in spaces and corners of warehouses in novel ways.” Additionally, the robot’s size and shape are suited for buildings that are designed for humans, with Amazon saying that “there is a big opportunity to scale a mobile manipulator solution” like Digit that can work collaboratively with employees.

Digit will also assist human workers with tote recycling, a “highly repetitive process” that involves picking up and moving empty totes once inventory has been completely picked out of them.

For the past 10 years, Amazon has tried and tested “hundreds of thousands of robotics systems while also creating hundreds of thousands of new jobs” within its operations.

This includes 700 categories of new job types in skilled roles, which didn’t exist within Amazon before. The company also claimed that equipping workers “with new technology and training them to develop new skills” can help create career paths and “new and exciting ways for people to contribute” to the company.’

Aside from Digit, Amazon also unveiled Sequoia, a new robotic system that was designed to help fulfill customer orders faster. The company is already using Sequoia at a Texas fulfillment center. (Related: Workers in warehouses could soon lose their jobs to HUMANOID ROBOTS.)

The Sequoia system was designed to “delight customers with greater speed and increased accuracy for delivery estimates.” It will also help improve employee safety at the company’s facilities.

Sequoia will also help workers identify and store inventory the company receives at fulfillment centers up to 75 percent faster than it currently does.

The new system will also help reduce the time it takes to process an order through a fulfillment center by at least 25 percent, which improves shipping predictability and increases the number of goods Amazon “can offer for same-day or next-day shipping.”

AI could expose 300 million full-time jobs to automation worldwide

Amazon said ensuring robotics are collaborative is key to how the company designs or deploys systems like Sequoia and Digit.

The question is now whether this robot workforce will help the immense workload of Amazon employees or if this is the first step in supplanting the jobs of hundreds or even thousands of people.

Jan Hatzius, chief economist at Goldman Sachs, suggested earlier this year that using data on occupational tasks in both the U.S. and Europe has revealed that at least two-thirds of current jobs are exposed to some degree of artificial intelligence-powered automation. The data also showed that generative AI could substitute up to one-fourth of current work.

Extrapolating these estimates globally, it’s possible that generative AI could expose the equivalent of 300 million full-time jobs to automation, with at least two-thirds of occupations “partially automated by AI.”

Go to Robotics.news for more updates on companies trying to replace all human workers with AI and robotics. Watch the video below for more on a big climate stress test for Amazon sellers and suppliers.

This video is from the Thisisjohnwilliams channel on Brighteon.com.

More related stories:

• Amazon to begin testing Digit – a six-foot-tall humanoid robot that might end up REPLACING human warehouse workers.
• NYPD deploys robot cop to Times Square subway station.
• AI-powered bot successfully requested refund from Wells Fargo using FAKE voice.

Sources include:

• Technocracy.news
• RenegadeTribune.com
• AboutAmazon.com
• Brighteon.com

#1 Gannett (the owner of USA TODAY)

Gannett, the owner of USA TODAY and local news operations in 45 states, announced Thursday another round of job cuts in the company’s news division after a third-quarter loss and an earlier series of cost-cutting measures.

The company, which plans to cut 6% of its estimated 3,440 staff in the news division, will notify affected employees on Dec. 1 and 2.

#2 Roku

Roku is the latest technology and media player to slash jobs, revealing in a securities filing Thursday that it plans to reduce its workforce by about 5 percent, or about 200 jobs.

#3 CNN

CNN CEO Chris Licht had to speak to employees during a tense company town hall on Tuesday as the network faces layoffs by early December after he was tasked with finding ways to cut costs.

Licht, 51, addressed questions surrounding the cuts after he previously indicated during the summer that CNN would not face any need to fire staff.

#4 Cisco

Cisco Systems Inc.’s stock rose in extended trading Wednesday after the networking-technology company delivered better-than-expected numbers on the top and bottom line, and offered encouraging guidance.

Still, Cisco Chief Financial Officer Scott Herren announced a “limited business restructuring,” to be shared with employees on Thursday, that will right-size its real-estate portfolio and impact about 5% of its 80,000 workers worldwide — or 4,000 people.

#5 GE Appliances

Louisville-based employer GE Appliances is planning to lay off 5% of its salaried workforce in coming weeks, the company confirmed to The Courier Journal.

The cost of keeping the company running has risen for several reasons, according to GE Appliances spokesperson Julie Wood, which has caused the business to look into money-saving measures.

#6 Asana

The layoffs in the tech sector just keep piling up.

On Tuesday, project management software provider Asana announced “the difficult decision” to cut its workforce by 9% as part of a broader corporate restructuring program.

#7 Outside Media

Lifestyle media company Outside Media, which houses titles including Backpacker, Ski and Climbing, laid off 12% of its workforce Tuesday, according to a memo sent by founder and CEO Robin Thurston.

#8 Lyft

The layoffs that had been announced last week were confirmed Thursday at local tech company Lyft, raising questions about what the loss of jobs will mean for the wider Bay Area economy.

Ride-hailing app company Lyft confirmed the layoffs to KPIX. Lyft is eliminating 227 jobs.

#9 Twitter

After laying off 50 percent of the company’s employees, Elon Musk has turned his attention to Twitter’s contract workers. According to separate reports from Platformer’s Casey Newton and Axios, the social media platform began reducing its contingent staff on Saturday afternoon. After a period of uncertainty about the scale of the job cuts, Newton put the number at approximately 4,400 affected individuals.

#10 Amazon

Amazon workers were left in chaos after they learned they were the first of the expected 10,000 to be laid off in a 15-minute meeting with executives.

News of the coming layoffs broke on Monday, with employees getting a calendar invitation to the quick, scripted meeting with executives on Tuesday, specifically members of the Alexa voice assistant division.

In that list I didn’t even mention the layoffs at Facebook which could end up being the biggest of them all.

Of course this is just the tip of the iceberg.  If the Federal Reserve continues to raise interest rates, what we will see in 2023 and beyond is likely to be far worse.

The U.S. economy is already slowing down dramatically, but the Fed seems determined to hike interest rates even higher.

They are committing economic malpractice right in front of our eyes, and what they are doing is going to severely hurt countless numbers of our fellow citizens.

***It is finally here! Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.***

About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com.  In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned)  When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends.  Time is short, and I need help getting these warnings into the hands of as many people as possible.

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Article cross-posted from The Economic Collapse Blog.

According to new employment data released by the Bureau of Labor Statistics on Friday, the current population survey shows 328,000 fewer people were employed in October than in September, seasonally adjusted.

This continues a seven-month trend in which the total number of employed persons has moved sideways. From March 2022 to October, total employed persons has only increased by 150,000 people, rising from about 158.45 million to 158.6 million. With October’s drop, this also puts total employment in October below the peak of 158.8 million in February 2020. In other words, the household survey shows there are fewer employed people now than before the Covid Panic.

Moreover, the household survey also showed that the total number of unemployed workers increased by approximately 250,000 people from September to October. That’s an 8-month high.

The decline in total employed was driven by a fall in full-time workers. The survey shows that in October full-time workers dropped by 433,000 while part-time workers increased by 164,000.

Yet, the headlines in the business press today told us that “U.S. payrolls grew by 261,000 October” and that “total employment” is now 800,000 jobs above the February 2020 peak.

Those numbers come from the “establishment survey” which differs from the household survey in that the establishment survey measures jobs. The household survey measures workers. Historically, the two numbers often track together, but there is a sizable gap between the two numbers in recent months. That is, since January, total jobs has grown considerably—showing an increase of 3.5 million jobs. Yet over that same time, the household survey has shown an increase of only 1.4 million employed persons. In other words, the two surveys together suggest much more growth in jobs than actual workers with jobs.

One conclusion we can draw here is that more people are working second jobs to make ends meet. This would make sense given what other information we have about the state of household finances at the moment.

For example, according to the bureau of economic analysis, disposable income is lower now than it was before the Covid Panic, coming in at $15,130. That sum was $15,232 during February of 2020. Meanwhile, the personal savings rate in September fell to 3.1 percent. That’s the second-lowest level since 2007. Credit card debt, in contrast, reached new highs in September, and is now well above its previous 2020 peak.

Workers and consumers are likely spending down whatever savings they have because wages, in spite of what the allegedly “robust” establishment-survey jobs numbers say, are not keeping up with price inflation. Since April 2021, CPI inflation has repeatedly outpaced growth in average hourly earnings, year-over-year. In September, wages grew by 5.12 percent, but the CPI grew by 8.2 percent (year over year). The latest jobs numbers show these hourly earnings are up by 4.86, but price inflation is going to have to come down a very long way for real wage growth to materialize again.

All of this combines to suggest that households are facing some real struggles in terms of dealing with rising expenses, and the need for more income. For example, CNBC reported last month that more Americans are living paycheck to paycheck:

As rising prices continue to outpace wage gains, families are finding less cushion in their monthly budget.

As of September, 63% of Americans were living paycheck to paycheck, according to a recent LendingClub report — near the 64% historic high hit in March. A year ago, the number of adults who felt strained was closer to 57%. …

“Being employed is no longer enough for the everyday American,” [Anuj] Nayar said. “Wage growth has been inadequate, leaving more consumers than ever with little to nothing left over after managing monthly expenses.

A recent study from Moody’s analytics also concludes that the average American household paid $445 more for basic goods and services in September, compared to September of last year.

Nor is the news likely to get much better. There is growing evidence that the United States—if not already in recession—is headed toward one. For one, the first two quarters of 2022 showed negative growth. The third quarter showed some growth, but that was largely driven by a one-time narrowing in the trade deficit and by government spending. Even with reports of third-quarter growth, CNBC admits that a recession is coming with economist Paul Ashworth concluding “Exports will soon fade and domestic demand is getting crushed under the weight of higher interest rates.”

The other big factor pointing toward recession is the yield curve, which has now inverted, pointing to a coming recession. In fact, inversions in the yield curve have a perfect record of predicting recessions in recent decades. As of last week, the spread between the 10-year and the 3-month Treasurys is now negative. The same thing happened in May of 2019, July of 2006, and July of 2000. There can be a lag of six months or more in these cases, but the result has been the same: recession.

The Biden Administration and the Federal Reserve both continue to cling to jobs data as evidence that the economy is “strong.” As we’ve seen, though, most of the employment data actually points to stagnation or even losses in terms of employed persons. So, the the-economy-is-great crowd clings to the small slice of the employment data that is the establishment survey suggesting that all is well. If there is an upside to this, it’s that the job-growth-is-strong narrative has provided some cover to the Federal Reserve which is far, far behind the curve on ending its inflationary easy-money policies. Thanks to the Fed’s refusal to reverse course on its ultra-low interest rate policy until the economy was already clearly headed toward 40-year highs in price inflation, the Fed now faces a stagflationary crisis if it cannot get price inflation down before a recession becomes obvious. After all, as the jobs data becomes worse, this will increasingly trigger an avalanche of political pressure to “pivot” and start “stimulating” the economy once again.

There’s no telling at this point if the Fed has the stomach for actually bringing price inflation down and truly abandoning its 13-year long era of ultra-easy money and so-called unconventional monetary policy. It’s far more likely that the Fed will return to suppressing interest rates just as soon as it can claim any sort of “victory” over price inflation, no matter how minor. This aborted retreat from the Fed’s ongoing inflationary experiments would likely send the US toward something at least as bad as 1970’s-style stagflation.

About the Author

Ryan McMaken (@ryanmcmaken) is a senior editor at the Mises Institute. Send him your article submissions for the Mises Wire and Power and Market, but read article guidelines first. Ryan has a bachelor’s degree in economics and a master’s degree in public policy and international relations from the University of Colorado. He was a housing economist for the State of Colorado. He is the author of Commie Cowboys: The Bourgeoisie and the Nation-State in the Western Genre.

Image by www_slon_pics from Pixabay. Article cross-posted from Mises.

As I write this article, the layoffs that Elon Musk is conducting at Twitter are making headlines all over the planet.  It is being reported that approximately half of all Twitter workers could lose their jobs, and the widespread layoffs are apparently happening “in departments across the company”…

Twitter on Friday laid off employees in departments across the company, in a severe round of cost cutting that could potentially upend how one of the world’s most influential platforms operates one week after it was acquired by billionaire Elon Musk.

Numerous Twitter employees began posting on the platform Thursday night and Friday morning that they had already been locked out of their company email accounts ahead of the planned layoff notification. Some also shared blue hearts and salute emojis indicating they were out at the company.

Needless to say, a lot of these former employees do not plan to go quietly.

In fact, some of them have already slapped Twitter with a federal lawsuit…

Twitter has been sued by multiple staff members over an alleged violation of federal law, with workers claiming they were not given enough notice regarding planned layoffs.

Employees who had worked at Twitter’s offices in San Francisco, California, and Cambridge, Massachusetts filed a class-action lawsuit in the U.S. District Court, Northern District of California (San Francisco) on Thursday.

Sadly, Twitter is not alone.

Lots of other large tech companies are conducting mass layoffs, and in each case the current economic climate is being blamed.

For example, Lyft has announced that it will be laying off 13 percent of its workforce…

Lyft Inc. said it is cutting 13% of staff, or nearly 700 jobs, the latest technology company to say it needed to reduce costs ahead of choppy economic conditions.

Confirming an earlier report by The Wall Street Journal, Lyft co-founders John Zimmer and Logan Green announced the cuts to staff Thursday. “There are several challenges playing out across the economy. We’re facing a probable recession sometime in the next year and ride-share insurance costs are going up,” they wrote in the memo viewed by the Journal.

And it is being reported that Chime will be letting 12 percent of their workers go…

Chime is one of the latest private tech firms to announce layoffs amid a worsening economic outlook and a recent wave of cuts from both public and private companies.

A company spokesperson told CNBC that the so-called challenger bank – a fintech firm that exclusively offers banking services through websites and smartphone apps – is cutting 12% of its 1,300-person workforce, adding that while they are eliminating approximately 160 employees, they are still hiring for select positions and “remain very well capitalized.”

Not to be outdone, 18 percent of Opendoor’s workforce is about to get the axe…

Opendoor Technologies Inc. is laying off about 550 employees after higher mortgage rates cratered US housing demand.

The layoffs will reduce Opendoor’s headcount by about 18%, according to a company blog post. The cuts come after an abrupt shift in prices forced the company to sell homes for less than it paid for them.

In other cases, we are seeing companies that seemed to be doing really well let workers go.  As I discussed yesterday, Stripe has decided to “let go of 14% of its staff”…

Silicon Valley payments giant Stripe announced that it has let go of 14% of its staff. Citing global economic challenges including inflation, higher interest rates and “sparse startup funding,” cofounder and CEO Patrick Collison said in an email to employees that Stripe needs to cut costs.

I guess Stripe isn’t doing quite as well as we all thought.

Meanwhile, we have also just learned that Dapper Labs will be reducing the size of their workforce by 22 percent…

One of the biggest names in the non-fungible token (NFT) industry is dramatically reducing headcount as the crypto bear market continues to take a toll on Web3 companies.

Dapper Labs, which created the NFT marketplace NBA Top Shot, is laying off 22% of its staff, citing the “macroeconomic environment.”

But the economy is doing just fine, right?

Isn’t that what the federal government keeps telling us?

Well, if the economy is in such good shape, why does the tech industry keep laying off so many workers?

Even before this latest round of layoff announcements, the tech industry had already laid off over 52,000 workers so far this year…

After a banner year for tech, layoffs are here. In fact, as of late October, more than 52,000 workers in the U.S. tech sector have been laid off in mass job cuts so far in 2022, according to a Crunchbase News tally.

Tech companies as big as Netflix have slashed jobs this year, with some citing the effects of the COVID-19 pandemic and others pointing to overhiring during periods of rapid growth. Robinhood, Glossier and Better are just a few of the tech companies that have notably trimmed their headcount in 2022.

Of course it isn’t just the tech industry that is letting people go.

According to Reuters, Morgan Stanley is gearing up for “a fresh round of layoffs”…

Wall Street major Morgan Stanley is expected to start a fresh round of layoffs globally in the coming weeks, three people with knowledge of the plan said, as dealmaking business takes a hit due to rising inflation and an economic downturn.

So please don’t listen to any politician that tries to tell you that everything is going to be okay.

Everything is definitely not okay.  According to Challenger, Gray & Christmas, the number of layoff announcements in the United States is far higher than it was last year at this time…

The job placement agency Challenger, Gray & Christmas released a report on Nov. 3, which revealed that American-based firms announced 33,843 job cuts last month, up from 29,989 in September.

This is higher than the same month last year, when 22,822 employees were laid off.

Hopefully your job is safe, because I believe that we will eventually see millions of Americans lose their jobs during this new economic downturn.

We are truly moving into unprecedented territory, but unfortunately most Americans simply do not understand what is ahead.

A lot of people seem to think that we will have some sort of a mild recession and then things will get back to normal.

I wish that was true.

Unfortunately, a day of reckoning is now upon us, and countless numbers of our fellow Americans are about to have their lives completely turned upside down.

***It is finally here! Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.***

About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com.  In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned)  When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending digital copies as gifts through Amazon to family and friends.  Time is short, and I need help getting these warnings into the hands of as many people as possible.

I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.

I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help.  These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”  If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.

Article cross-posted from The Economic Collapse Blog.