https://www.cnbc.com/2023/01/18/tec...zon-meta-others-have-cut-more-than-60000.html
Too bad so many people losing their jobs
Too bad so many people losing their jobs
Big tech job cuts, 70k jobs gone
- Thread starter KCalhoun
- Start date
they were automated
The IT job numbers are only meaningful if compared to other years. It's a cyclical industry a ton of people got hired in previous years. The number of high quality, well paid jobs has likely gone way up the last 5-10 years. People who are laid off often become contract workers, move to another firm, and/or take "early retirement". So you really can't take the numbers at face value. There seems to be a lot of "me too" moves right now where highly profitable firms can drop staff without blow back. If their revenues continue to grow, they'll post "surprise" earnings beats at some point as the costs of these layoffs are extraordinary write offs now.
Like all market tops, this one has brush fires coming from unrelated causes and different directions.
Some of it is not new like Twitter's 3.5K job cuts. Well hopefully these people will become farmers or go work on assembly lines to produce food and consumer goods. This is what we need right now, food and consumer goods cuz those are the two things that are most expensive right now and driving up the CPI numbers. Once the food price comes down, the inflation will come down a bit and Powell can ease up on the rate cut. We also need people in the service industry. Trying to order food and picking up online order from Walmart today and it's been f***ing pain in the a$$. The bitch from the food place gave me attitude and Walmart online order dispatch guy only gave 2 of the stuff when I ordered 8!!
So those job cuts is perfect. Putting people to work where they are most needed until the robots arrive.
If only they can cancel those useless trading holidays like the Juneteenth day so we traders can work.