Economy Update Bidenomics

[SunsetBengal]

So the WH wants to keep telling us how the economy is actually doing so well, and it's just that consumers aren't experiencing the benefit of it, yet.  Well, here's an article that highlights 25 companies who are reducing work force in an effort to maintain profits.  So if as Kamala Harris claimed that the Biden-Harris admin. has created record numbers of jobs, where and in what fields are these "jobs"?  As is seems to me, companies that pay an actual competitive salary are dumping labor force at a pretty good clip.

https://www.msn.com/en-us/money/companies/ey-and-deloitte-are-scrutinizing-staff-workloads-and-quietly-letting-some-workers-go/ar-BB1izuzW?ocid=msedgntp&pc=U531&cvid=679d6f8da96348adbb5d51fa2c602cf3&ei=98#image=BB1ii2gA|25

Quote:Big Four firms are paying close attention to employee workloads, especially time spent with clients.
Employees with limited client work are at risk of losing their jobs at the firms, per The Times.
These firms have been cutting jobs as client demand slows.
25 / 25

The full list of major US companies slashing staff this year, from Paramount to Google and Microsoft
Google laid off hundreds more workers in 2024.
Discord rose to prominence because of gaming communities on the platform.
jane fraser milken institute panel
'Several hundred' jobs are being cut at Amazon Prime Video and Amazon MGM Studios.
Twitch is walking back its policy allowing for
Nike's up-to-$2 billion cost-cutting plan will involve severances.
BlackRock is planning to cut 3% of its staff.
Rent the Runway is slashing 10% of its corporate jobs as part of a restructuring.
Unity Software is eliminating 25% of its workforce.
eBay is cutting 1,000 jobs.
Microsoft logo and Activision Blizzard logo
Salesforce refutes reports that it's imposing a hiring freeze: 'We are not freezing hiring in any departments'
Flexport will reportedly lay off 20% of its workers.
iRobot is laying off around 350 employees and founder Colin Angle will step down as chairman and CEO.
UPS will cut 12,000 jobs in 2024.
Paypal CEO Alex Chriss told staff the company would lay off 9% of its workforce.
Okta logo displayed on a phone with bright lights in the background
Snap has announced more layoffs.
Estée Lauder said it will eliminate up to 3,100 positions.
DocuSign is eliminating roughly 6% of its workforce as part of a restructuring plan.
Zoom CEO Eric Zuan
Paramount Global is laying off 800 employees days after record-breaking Super Bowl.
Morgan Stanley: Buy these 37 safe stocks with high-growth potential as the market rally continues into 2024
Cisco slashes more than 4,000 jobs amid corporate tech sales slowdown.

19 Companies Laying Off Mass Numbers Of Employees Right Now To Start 2024

Cisco slashes more than 4,000 jobs amid corporate tech sales slowdown.
Networking company Cisco announced it was slashing 5% of its workforce, or upwards of 4,000 jobs, Bloomberg reported on Wednesday.

The company said it was restructuring after an industry-wide pullback in corporate tech spending — which execs said they expect to continue through the first half of the year.

The Big Four have been shedding staff to cut costs in recent months. Now they’re scrutinizing employee workloads and letting go of "underemployed" staff, The Times of London reported.

EY and Deloitte are among the Big Four firms that are amping up inspections of workloads, especially time spent with clients, sources familiar with the matter told The Times.

These performance-related firings are separate from company layoffs, they said, and are mostly impacting the consultancy arm of these companies.
The two firms are measuring employee “utilization rates,” which look at time sheets and work schedules to show how much time staff is spent working with clients.

Employees working with clients are considered “utilized.” Those who aren’t working with clients are considered “on the bench” and instead work on internal programs, The Times wrote.

The sources said that the utilization rates could also show which employees aren’t putting themselves forward for big money-making engagements.

EY told Business Insider in a statement that it has "well-established performance management processes" that look at a variety of metrics.

“While utilisation can be an indicator of an individual's wider performance, it is never considered in isolation,” it said in the statement.

The Big Four firms, which include EY, Deloitte, PWC, and KPMG, have cut hundreds of jobs in the past year amid a challenging economic climate.

Deloitte announced plans in September to cut 800 jobs and a further 100 in February across its UK consulting, financial advisory, and risk advisory business.

Meanwhile, EY cut at least 300 roles in the UK in 2023 across several areas of its business, including its advisory business.

Analysts say these cuts and harsher performance metrics are partly due to the firms overhiring after the COVID-19 pandemic and low levels of attrition in recent years, which means many employees have stayed put because of fewer opportunities in the job market.

Additionally, slowing client demand means there isn’t enough work to go around for all employees.

Consulting firm McKinsey is also facing the consequences of its pandemic-era hiring spree.

It recently gave 3,000 staff poor performance reviews, which are internally known as "concerns," according to Bloomberg.

Employees who receive these ratings are typically told they have about three months to turn it around or be "counseled to leave" the company, per Bloomberg.

[GMDino]

(02-20-2024, 11:30 AM)SunsetBengal Wrote: So the WH wants to keep telling us how the economy is actually doing so well, and it's just that consumers aren't experiencing the benefit of it, yet.  Well, here's an article that highlights 25 companies who are reducing work force in an effort to maintain profits.  So if as Kamala Harris claimed that the Biden-Harris admin. has created record numbers of jobs, where and in what fields are these "jobs"?  As is seems to me, companies that pay an actual competitive salary are dumping labor force at a pretty good clip.

https://www.msn.com/en-us/money/companies/ey-and-deloitte-are-scrutinizing-staff-workloads-and-quietly-letting-some-workers-go/ar-BB1izuzW?ocid=msedgntp&pc=U531&cvid=679d6f8da96348adbb5d51fa2c602cf3&ei=98#image=BB1ii2gA|25

Damn.  Companies more concerned about maintaining profits than the people who make the profits for them?

Color me stunned.

I guess we'll see this reflected in the job numbers next month.

[basballguy]

(02-20-2024, 11:30 AM)SunsetBengal Wrote: So the WH wants to keep telling us how the economy is actually doing so well, and it's just that consumers aren't experiencing the benefit of it, yet.  Well, here's an article that highlights 25 companies who are reducing work force in an effort to maintain profits.  So if as Kamala Harris claimed that the Biden-Harris admin. has created record numbers of jobs, where and in what fields are these "jobs"?  As is seems to me, companies that pay an actual competitive salary are dumping labor force at a pretty good clip.

https://www.msn.com/en-us/money/companies/ey-and-deloitte-are-scrutinizing-staff-workloads-and-quietly-letting-some-workers-go/ar-BB1izuzW?ocid=msedgntp&pc=U531&cvid=679d6f8da96348adbb5d51fa2c602cf3&ei=98#image=BB1ii2gA|25

You always see things like this with consulting firms first. No surprise big 4 are on here. When firms start scaling back they always cut their contractors/consultants first.

I think it’s also widely dependent upon the vertical. If you’re a tech worker and working in a tech company (like Meta, MS, etc) then it’s a struggle. If you’re a tech worker in like a distribution/supply chain vertical then business is good.

Finance, telcom, media are all down. Manufacturing, healthcare, transportation, and even retail are still doing great.

As for the market, I honestly can’t make heads or tails of this. Consumer debt continues to rise. Inflation is about to start popping again.

There’s some voodoo shit going on right now.

[KillerGoose]

(02-20-2024, 11:30 AM)SunsetBengal Wrote: So the WH wants to keep telling us how the economy is actually doing so well, and it's just that consumers aren't experiencing the benefit of it, yet.  Well, here's an article that highlights 25 companies who are reducing work force in an effort to maintain profits.  So if as Kamala Harris claimed that the Biden-Harris admin. has created record numbers of jobs, where and in what fields are these "jobs"?  As is seems to me, companies that pay an actual competitive salary are dumping labor force at a pretty good clip.

https://www.msn.com/en-us/money/companies/ey-and-deloitte-are-scrutinizing-staff-workloads-and-quietly-letting-some-workers-go/ar-BB1izuzW?ocid=msedgntp&pc=U531&cvid=679d6f8da96348adbb5d51fa2c602cf3&ei=98#image=BB1ii2gA|25

Here is a report from the Bureau of Labor Statistics that answers that question. 

Quote:Job gains occurred in professional and business services, health care, retail trade, and social
assistance. Employment declined in the mining, quarrying, and oil and gas extraction
industry.

I was curious what "professional and business services" meant so I looked it up. Think of most things corporate; software development, accounting, payroll, marketing, lawyer etc. You can find a full list here.

For some of these large companies, like a Google/Microsoft, these layoffs are in very specific divisions that may not be performing as well as hoped. For example, Google is laying off hundreds of people specifically in their augmented reality department where they haven't performed nearly as well as their competitors. The Microsoft layoffs are related to the recent acquisition of another major game developer, Blizzard. 

This isn't a defense of anything but just pointing out that some of these layoffs are more nuanced than simply "poor economy". From everything I have seen, the economy is doing well. Very well, in fact. The amount of inflation has hurt consumers quite a bit because many of these prices simply won't come down. If they are commodity based, sure. Gasoline ebbs and flows, for example. Eggs and milk do not. Inflation adjusted wages only increased 0.9%, so prices have gone up but purchasing power essentially has not. I think that is the crux of the problem. 

[basballguy]

(02-20-2024, 11:52 AM)KillerGoose Wrote: This isn't a defense of anything but just pointing out that some of these layoffs are more nuanced than simply "poor economy". From everything I have seen, the economy is doing well. Very well, in fact. The amount of inflation has hurt consumers quite a bit because many of these prices simply won't come down. If they are commodity based, sure. Gasoline ebbs and flows, for example. Eggs and milk do not. Inflation adjusted wages only increased 0.9%, so prices have gone up but purchasing power essentially has not. I think that is the crux of the problem. 

This is such an on point observation.

[Luvnit2]

I suggest you take a deep dive into the Biden numbers on job creation, wage growth and labor participation rate.

https://www.bls.gov/news.release/pdf/empsit.pdf

72% of jobs created under Biden are from Pandemic recovery.

Employment numbers include part time workers. Part time workforce is way up (thus full time employment is down.

The labor participation rate is down under Biden versus Trump. Unemployment numbers do not count workers who were on unemployment and the unemployment ran out. Unemployment looks great on paper, but deep dive shows major issues as people are not working.

Every poll and exit interviews from voting say the same thing. Workers due to high inflation under Biden (17.9%) are hurting and wages can't keep up setting up a decline of over $11,000 per family since Biden took office. People are stupid as Biden and liberals like to claim. Their issues are real. Add in many adult children have no jobs and moved back in with their parents, placing a financial strain on many parents.

Is Inflations better today than in 2021 and 2022, yes, but inflation is accumulative thus the disparity and loss of $11,000 of net income for families since Biden took office.

[Luvnit2]

I guess if your goal is to force retirees back to work to make your job number look good, Bidenomics is working.  

https://www.foxbusiness.com/economy/retired-nurse-faces-difficult-reality-returning-work-make-ends-meet

Retired nurse faces ‘difficult’ reality of returning back to work to make ends meet
One in eight retirees going back to work in 2024, survey finds

It is sad under Biden, credit card debt is at an all time high over 1 trillion dollars. Retirement savings are going backwards as many had to cash in their retirement.

But Joe Biden and Democrats want to say our economy under Biden is great. Just a few months ago, Biden said he needed 4 more years to fix the economy, but now the liberal media and Democrats have switched to Bidenomics is working. I guess their definition of financial success differs from mine.

Inflation continues to squeeze more Americans out of retirement and back into the workforce. 



Forced by the harsh reality of the rising cost of living and higher prices, retired nurse Joyce Fleming was forced to return to work to make ends meet. 


"It's difficult," Fleming said on "Fox & Friends" Tuesday. "I had to go back to a financial advisor just to rearrange my whole finances, realizing that, if I want to continue to live my lifestyle, I needed to probably add a few more dollars to my budget. And so I felt like I had to go back to work."

12% OF RETIRED AMERICANS PLAN TO RETURN TO THE WORKFORCE IN 2024: SURVEY

According to a survey by Resumebuilder.com, one in eight retirees plan to return to work in 2024 largely due to high prices and shrinking savings. 



When asked about the primary motivation for returning to work, Fleming cited the "rising cost after the pandemic hit."


"I had a fence estimate back right before I retired. After I retired, I contacted the gentleman to put the fence in. It was $2,000 more than what the estimate was just because of rising costs and supply issues and things like that," she said.

According to the January consumer price index (CPI), inflation rose 0.3% in January from the previous month. Prices climbed 3.1% from the same time last year.

Core prices, which exclude the more volatile measurements of food and energy, climbed 0.4% – the largest monthly increase since April 2023. It rose 3.9% annually.

Altogether, the report indicates that while inflation has fallen considerably from a peak of 9.1%, it remains above the Federal Reserve's 2% target. 

For Fleming, the best option for combating skyrocketing costs was returning to work. 

"I went back to work originally just with a small paying job in a call center at an amusement park, and that really didn't pay much at all. And plus, it was a lot of travel," she explained. 

"I then took another job as a nurse, and I worked in that for a while, but right now I'm looking for something more locally. Something closer to home so that I don't have to pay or get involved in the expensive gas prices."

[Luvnit2]

NY state loses another business to Georgia. 300 jobs gone, 1 million inrevenue + loss of state taxes + lose of state unemployment taxes.

https://www.foxbusiness.com/retail/ny-village-losing-its-soul-nations-oldest-gun-manufacturer-flees-blue-state-georgia

NY village 'losing its soul' as nation's oldest gun manufacturer flees blue state for Georgia
Remington is the nation’s oldest gun manufacturer
The Remington gun factory nestled in New York’s Mohawk Valley is ready to shutter its doors and move to Georgia after more than 200 years in the Empire State.

"Two hundred and eight years of history. Gone, gone," Ilion, New York, Mayor John P. Stephens told the New York Times. "Ilion is Remington. Remington is Ilion."

Remington is the nation’s oldest gun manufacturer and told union officials late last year that company chiefs at RemArms, the current version of Remington Arms, made the decision to end its New York manufacturing come March. The remaining operations located in Ilion will move to Georgia, where company leaders say the firearms industry is supported and welcomed.

Residents of the New York village, which is located roughly 230 miles northwest of New York City, are bracing for the manufacturer to officially move, which some say will take part of the town’s identity with it.
"When Remington leaves, it’s not going to be like a facility leaving, it’s going to be like part of your family has moved off," Jim Conover, a retired Remington employee who began his career there in 1964, told The Associated Press.

A furnace operator and technician at the factory, Frank "Rusty" Brown, told the outlet that he and generations of his family worked at the facility and noted he and his wife will be out of jobs.
"My mom worked there. My dad worked there. My wife works there with me now. My daughter works there with me now. My second daughter works there with me now. And my son-in-law works there," Brown said. "So it’s a double-hit for me and my wife: two of us out of a job."

The closure of the New York location will result in about 300 people losing their jobs in a town of roughly 7,600. The mayor of Ilion told the Daily Mail that the village is expected to lose $1 million in revenue due to the move, in addition to other local businesses taking a financial hit.

''It's like the town is losing its soul. It's almost like losing a family member. That's the thing that people are struggling with, the nostalgia, the history. It feels like we are losing the identity of the town," Stephens told the outlet.

[NATI BENGALS]

How bad is the economy really doing? I heard there was a pair of gym shoes that went on sale this week. And thanks to Bidenomics they cost $400!

What was just pointed out to me and I can’t figure out is how in this terrible economy, they are sold out already?

It’s crazy. Like is there some sort of weird cult following buying these shoes up like teeny boppers buying up Stanley mugs? Or maybe that’s why we have booming credit card debt and credit card defaults because people buying things they can’t afford?

Or maybe all the outrage at a terrible Biden economy is overstated?

[Luvnit2]

(02-21-2024, 09:25 PM)NATI BENGALS Wrote: How bad is the economy really doing? I heard there was a pair of gym shoes that went on sale this week. And thanks to Bidenomics they cost $400!

What was just pointed out to me and I can’t figure out is how in this terrible economy, they are sold out already?

It’s crazy. Like is there some sort of weird cult following buying these shoes up like teeny boppers buying up Stanley mugs? Or maybe that’s why we have booming credit card debt and credit card defaults because people buying things they can’t afford?

Or maybe all the outrage at a terrible Biden economy is overstated?

Or maybe you need to trust people are wise, polling says the Bidenomics is not working for them. It doesn't work attempting to tell people they are part of a cult if they feel the economy is bad under Bidenomics, illegal immigration and securing the border is horrendous under Biden which also impacts millions of Americans.


https://www.foxbusiness.com/politics/biden-touts-economic-success-poll-shows-americans-dont-agree

Biden touts economic success, but poll shows Americans don't agree

Gallup says only 36% of Americans report feeling happy about economy

[Goalpost]

Grocery prices/purchases now represent about 11 percent of a monthly budget. That is a 30 year high.