US economy will soon start losing 175,000 jobs a month, Bank of America warns New YorkCNN Business, October 10, 2022)
The Federal Reserve’s fight to squash inflation will cause the US economy to start losing tens of thousands of jobs a month beginning early next year, Bank of America warns.
Although the jobs market remained surprisingly strong in September, the Fed is working hard to change that by aggressively raising interest rates to ease demand for everything from cars and homes to appliances.
The pace of job growth is expected to be roughly cut in half during the fourth quarter of this year, Bank of America told clients in a report Friday. Here.
* Better.com planning fourth layoff in less than 9 months (Techcrunch.com August 25, 2022)
It is unclear at this time how many people in total will be laid off in this latest round, but one impacted worker estimated that it would be “at least 250 or more” and that they “will all be from the U.S. side.” Another source said the company seemed to be “going for higher corporate salaries.” And: “In less than nine months, the company has let go thousands of workers, seen numerous senior executives step down and delayed a SPAC that it recently said it was still working toward.” Here.
* Major Tech Companies Are Freezing Hiring And Rescinding Job Offers. What You Need To Know (Forbes, August 8, 2022)
“Nicole López-Conti interviewed with a mid-sized tech company in May. After meeting seven staff members, completing three rounds of interviews, submitting work samples and doing a project, the company informed her it was no longer hiring for the role.
“It’s truly been a disappointing and bizarre interaction from the beginning,” she says. López-Conti estimates she spent about 16 hours preparing and participating in the interview process.
Despite reports of nationwide job growth, López-Conti isn’t the only applicant who’s hit a dead-end. The tech industry has seen a wave of hiring freezes in the past few months, with several large companies citing concerns over an economic downturn.
* Why are Atlanta tech companies laying off employees?
Meta Platforms Inc., the parent company of Facebook, is preparing employees for “the worst downturn that we’ve seen in recent history,” according to The New York Times. Netflix Inc. is cutting hundreds of jobs. Carvana cut 2,500 employees from its payroll.
July 11, 2022
* Mass immigration will not solve inflation or labor market issues
There are 14 million available American workers to fill 11 million job vacancies
July 13, 2022
* Study: Millions of Americans Still on Job Market Sidelines, Weighed Down by Mass Immigration
July 11, 2022
The rise of Americans on the job market sidelines coincides with record-setting levels of illegal and legal immigration to the U.S. — adding immense foreign competition against employable Americans.
* Fact: “In fiscal year 2021, the top six H-1B visa employers — Cognizant, Amazon, Tata Consulting Services, Google, Microsoft, and Facebook — sought to outsource nearly 57,000 American tech jobs to foreign H-1B visa workers primarily from India and China.”
* More Workers than Ever Are on the Sidelines
Unemployment rate doesn’t include those
who’ve dropped out of the job market (CIS)