Like Offenbach’s “Orpheus in the Underworld,” the US economy under Joe Biden is going to hell. Like the tech sector! Thanks to the massive hiring surge related to Covid and Covid spending, now trimming the bloat.
In the real world labor market – in 2024... (not the one Biden, Yellen and Powell occupy) … companies are slashing jobs.
1. Twitch: 35% of workforce
2. Roomba: 31% of workforce
3. Hasbro: 20% of workforce
4. LA Times: 20% of workforce
5. Spotify: 17% of workforce
6. Levi’s: 15% of workforce
7. Xerox: 15% of workforce
8. Qualtrics: 14% of workforce
9. Wayfair: 13% of workforce
10. Duolingo: 10% of workforce
11. Washington Post: 10% of workforce
12: Snap: 10% of workforce
13. eBay: 9% of workforce
14. Business Insider: 8% of workforce
15. Paypal: 7% of workforce
16. Charles Schwab: 6% of workforce
17. Docusign: 6% of workforce
18. UPS: 2% of workforce
19. Blackrock: 3% of workforce
20. Citigroup: 20,000 employees
21. Pixar: 1,300 employees
And here’s the government-supplied statistics…
The number of Americans filing for jobless benefits for the first time last week dropped from 227k to 218k (below the 220k exp). On an NSA basis, claims tumbled even more…
We assume there was some impact in here from the ice storms, but still, Oregon, Ohio, and California saw the biggest declines in claims while Missouri and Texas saw the biggest increase…
Continuing jobless claims also decline (of course, it’s an election year) from 1.894mm to 1.871mm…
We give the Richmond Fed’s Tom Barkin the last word:
“I am cautious about accuracy of numbers around the turn of the year.”
Cautious is one word…
Not to mention 2024 is an election year, so expect mega nonsense spewing from The White House and the BLS and other government agencies.
With massive job cuts in the real world (unlike the protected, ivory tower of Biden and Congress), the serious delinquency rate on credit cards.
Confounded Interest - Anthony B. Sanders 
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