by Michael Snyder, The Economic Collapse Blog:
Are you better off than you were four years ago? If you are, you should consider yourself to be extremely fortunate, because the vast majority of the population is not. The U.S. economy has been sliding the wrong direction for a very long time, and now our economic momentum in the wrong direction is accelerating. Retail sales are slowing down, the housing market is in a depressed state, mass layoffs are happening all over the nation, stores are closing at a staggering pace, the cost of living has become extremely painful, and debt levels have soared to unprecedented heights. Four years of deteriorating economic conditions have brought us to a breaking point, and now we are witnessing quite a bit of shaking in the financial markets. Even though many in the mainstream media are still trying to deny it, the truth is that we are in an enormous amount of trouble. The following are 17 signs that America’s long economic slide threatens to become an economic avalanche…
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#1 The Conference Board’s index of consumer confidence just experienced the largest drop that we have seen since August 2021…
Consumers grew more pessimistic about the economic outlook in February as worries brewed about a slowing economy and rising inflation, the Conference Board reported Tuesday.
The board’s Consumer Confidence Index slipped to 98.3 for the month, down 7 points and below the Dow Jones forecast for 102.3. This was the lowest reading since June 2024 and the largest monthly drop since August 2021.
#2 The University of Michigan’s consumer sentiment index just fell to the lowest level that we have seen since November 2023…
The University of Michigan Surveys of Consumers on Friday released its consumer sentiment index which dropped from 71.7 in January to 64.7 in February. That’s the lowest reading since November 2023 and was weaker than the preliminary reading of 67.8, which was the consensus expectation among economists polled by Reuters.
#3 Retail sales in the United States just fell “by the most in nearly two years”…
U.S. retail sales dropped by the most in nearly two years in January, likely weighed down by frigid temperatures, wildfires and motor vehicle shortages, suggesting a sharp slowdown in economic growth early in the first quarter.
#4 Walmart is warning us that it will experience a year-over-year drop in quarterly profit for the first time in 3 years…
Shares of Walmart Inc. were hit hard Thursday after the retail behemoth provided a disappointing earnings outlook, including a warning for the first year-over-year decline in quarterly profit in three years.
#5 Last month, sales of previously-owned homes dropped 4.9 percent…
The U.S. housing market continues to weaken, as potential buyers face stubbornly high mortgage rates, elevated prices and limited supply of listings.
Sales of previously owned homes fell 4.9% in January from the prior month to 4.08 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Analysts were expecting a 2.6% decline.
#6 The cost of living is absolutely crushing most Americans. At this stage, almost 70 percent of all single adults “struggle to afford their regular rent or mortgage payments”…
Nearly 70% of single, divorced or separated people struggle to afford their regular rent or mortgage payments, compared to just over half (52%) of married people, according to a recent Redfin-commissioned survey. More than three-quarters (76%) of respondents who live with their partner but aren’t married struggle with housing payments, making them the group most likely to struggle.
#7 Starbucks is telling us that they will be laying off more than 1,000 corporate employees…
Starbucks has announced plans to lay off 1,100 corporate employees as it looks to restructure its operations.
CEO Brian Niccol sent out a letter on Monday revealing employees who have been laid off will be notified on Tuesday.
Niccol stated, “Our intent is to operate more efficiently, increase accountability, reduce complexity, and drive better integration.”
#8 Southwest Airlines is giving the axe to more than 1,700 corporate employees…
Southwest Airlines said Monday that it is cutting about 15% of corporate jobs, or about 1,750 people, a move its CEO called “unprecedented” as the company scrambles to cut costs.
The company said it expects savings from the cuts of $210 million this year and about $300 million in 2026. The layoffs will be mostly done by the end of the second quarter and include some senior leadership roles, CEO Bob Jordan said in a staff note, which was seen by CNBC.
#9 Blue Origin has decided to fire nearly 14,000 workers…
Blue Origin announced layoffs late last week. Almost 14,000 people work at the space company founded by Jeff Bezos, according to Reuters.
#10 Chevron has announced that it will be reducing the size of their workforce by about 15 to 20 percent…
Chevron Corp. Vice Chair Mark Nelson said it will lay off 15-20% of its workers in a bid to “simplify our organizational structure, [execute] faster and more efficiently, and position the company for stronger long-term competitiveness.”
#11 Estée Lauder is telling thousands of employees that it is time to hit the bricks…
Estee Lauder’s job cuts will impact a net of 5,800 to 7,000 roles.
They came as part of an updated “profit recovery and growth plan” and restructuring program that the cosmetics company detailed Feb. 4 along with other measures meant to “further transform the Company’s operating model to fund a return to sales growth and restore a solid double-digit adjusted operating margin over the next few years.”
#12 So many federal workers are being fired that initial claims for unemployment benefits in Washington D.C. went up by 36 percent in just one week…
Since Trump has taken office, nearly 4,000 workers in the city have filed for unemployment insurance as part of a surge that began at the start of the new year, according to Labor Department figures not adjusted for seasonal factors.
In all, just shy of 7,000 claims have been filed in the six weeks of the new year, or about 55% more than in the prior six-week period. Filings rose to 1,780 for the week ending Feb. 8, a 36% increase from the prior week and more than four times around the same period in 2024.
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