by Michael Snyder, The Economic Collapse Blog:
This is my rebuttal to those in the federal government and elsewhere that are attempting to claim that the job market is in good shape. No matter how many workers get laid off, the Bureau of Labor Statistics always seems to find a way to post a positive jobs number each month. We were told that the U.S. economy somehow added 256,000 jobs in November even though Challenger, Gray & Christmas determined that the number of layoffs in November 2022 was actually 417 percent higher than it was during the same month a year earlier. And even though the tsunami of layoffs continued in December, the Bureau of Labor Statistics is telling us that the U.S. economy somehow added 223,000 jobs last month. It is almost as if there is a certain number that the BLS refuses to go below. For each of the last five months, the number of jobs that the U.S. has “added” has miraculously come in between 200,000 and 300,000 each time. But meanwhile large companies all over America have been laying off workers at a staggering rate.
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Unfortunately, the pace of layoffs seems to be picking up speed during the early days of 2023. The following are 10 major layoff announcements that have already happened so far this year…
#1 Salesforce has announced that approximately 10 percent of their workers will be canned…
Salesforce Inc. plans to cut about 10% of its staff as part of a restructuring plan, the software company said Wednesday.
The company will also exit some real estate and cut back on office space, it disclosed in a filing with the Securities and Exchange Commission. The plan is aimed to reduce operating costs, boost operating margins, and drive “profitable growth.”
#2 Vimeo says that “11% of the company’s workforce” will be permanently canceled…
Vimeo has launched another round of layoffs, a company spokesperson confirmed to Insider on Wednesday.
In an email to staff, Vimeo CEO Anjali Sud said the layoffs would impact 11% of the company’s workforce.
#3 StickFix is eliminating “about 20% of its salaried workforce” as the company starts to come apart at the seams…
StitchFix will cut about 20% of its salaried workforce, according to a statement published by the company on Thursday.
Along with the cuts, the company’s CEO is stepping down, the company announced in a statement.
The company will also close a Salt Lake City, Utah facility, they said.
#4 Their first round of layoffs was not deep enough, and so now Genesis is saying goodbye to “30% of its workforce in a second round of layoffs”…
Cryptocurrency firm Genesis has cut 30% of its workforce in a second round of layoffs in less than six months, according to a person familiar with the matter, as pressure builds on crypto industry executives to cut costs in the wake of a downturn.
#5 Not to be outdone, Silvergate Capital is laying the axe to 40 percent of their workers…
Amid a “crisis of confidence” across the cryptocurrency industry, crypto banking group Silvergate Capital will cut 40% of its workforce and abandon some projects—including a blockchain-based payment solution based on Meta’s abortive Diem project.
#6 SuperRare Labs has just announced that 30 percent of their workforce will need to look for new jobs…
SuperRare Labs, the company behind NFT marketplace SuperRare, became the latest crypto player to make job cuts on Friday, announcing it will reduce its staff by 30%.
The news came from SuperRare CEO John Crain, who tweeted out a message he sent to employees in Slack.
#7 More than a third of Biocept’s workers will be shown the door as the company struggles to survive…
Liquid biopsy firm Biocept said Friday that it is exploring strategic alternatives to enhance shareholder value, and has engaged EF Hutton, a division of Benchmark Investments, as its financial adviser.
As this process moves forward, the firm is implementing a restructuring plan that includes reducing staff by approximately 35 percent.
#8 The first two rounds of layoffs didn’t do the trick, and so now Compass has decided to conduct a third round of layoffs…
Compass is still coming back to earth — but this time possibly without its headquarters. On Thursday, The Real Deal reported that the real-estate company was looking to sublease its 89,000-square-foot office space at 90 Fifth Avenue near Union Square. The same day, Compass also announced it was conducting its third round of layoffs this year; in an SEC filing, the company wrote that layoffs would “allow for a path to achieve positive free cash flow in 2023.”
#9 It turns out that the layoffs at Amazon will be much larger than originally anticipated…
Amazon said it is slashing a total of 18,000 jobs, a larger number of positions than it previously announced and the largest set of layoffs in the e-commerce giant’s history.
“We typically wait to communicate about these outcomes until we can speak with the people who are directly impacted,” CEO Andy Jassy said in a note to employees that the company made public on Wednesday. “However, because one of our teammates leaked this information externally, we decided it was better to share this news earlier so you can hear the details directly from me.”
#10 The Daily Mail is reporting that McDonald’s “will slash many of its 200,000 corporate staff in coming months” as it attempts to turn the business back in a positive direction…
McDonald’s CEO Chris Kempczinski has revealed plans to slash corporate jobs later this year to help the business grow.
In a letter to staff on Friday, the fast-food giant boss said there would be ‘difficult discussions and decisions ahead’ and warned that the company had become unfocused.
But don’t worry.
The Bureau of Labor Statistics is telling us that everything is just fine.
You believe them, don’t you?
Sadly, it appears that a lot more layoffs could be coming very soon. For example, Bed Bath & Beyond is in such bad shape that it may soon not have many employees left at all…
Now Bed Bath & Beyond “has concluded that there is substantial doubt about the company’s ability to continue as a going concern,” the retailer said on Thursday. This means Bed Bath & Beyond has to consider all financial options, including restructuring, selling assets or going through bankruptcy.
“These measures may not be successful,” the company added. Its stock price dropped more than 20% as soon as markets opened.
For years, our leaders have been desperately trying to prop up our “bubble economy”, and for a while their efforts were successful.
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