Latest List of Layoffs Over Last 4 Months: 1. Twitch: 35% of workforce 2. Hasbro: 20% of workforce 3. Spotify: 17% of workforce 4. Levi's: 15% of workforce 5. Zerox: 15% of workforce 6. Qualtrics: 14% of workforce 7. Wayfair: 13% of workforce 8. Tesla: 10% of workforce 9. Duolingo: 10% of workforce 10. Washington Post: 10% of workforce 11. Snapchat: 10% of workforce 12. eBay: 9% of workforce 13. PayPal: 9% of workforce 14. Business Insider: 8% of workforce 15. Charles Schwab: 6% of workforce 16. Macy's: 4% of workforce 17. Blackrock: 3% of workforce 18. Citigroup: 20,000 employees 19. UPS: 12,000 employees 20. Cisco: "Thousands" of employees In 2024, we have already seen 74,000 tech layoffs alone with well over 200,000 across all industries. Last month, the US added a whopping 691,000 part-time jobs while LOSING 6,000 full-time jobs. Is the labor market finally starting to soften?
In 2022 and early-2023, layoffs were largely concentrated in the tech sector. Now, we are seeing widespread layoffs in all sectors. However, the massive disconnect remains between jobs data and reality. Follow us @KobeissiLetter for real time analysis as this develops.
@KobeissiLetter And yet... due to the changing nature of our workforce, this is NOT net "demand destruction". #Powell and the #Fed have barely scratched the surface of "restrictive rates" and need to hike much higher I order to erode the job market enough to contain and defeat #inflation.
@KobeissiLetter Bidenomics says those are signs of a strong economy!
@KobeissiLetter Collateral damage. War still rages on…
@KobeissiLetter Upcoming April Jobs Report: The U.S. economy added 300,000 new jobs again!
Starting to soften? It’s has been soft for well over a year. Each jobs report has been a slap in the face with manipulated numbers of part time jobs to indicate a “strong economy.” All I need to do is look around. I have more friends out of work than at any other point in my life. This is a borderline disaster
@KobeissiLetter I think it has been softening for a while, tech will feel it first but eventually, it will spiderweb out. The jobs numbers will lag further as people need to take multiple part-time gigs to replace their full time
@KobeissiLetter When will show Twitter over the last 18 months as a comparison