Reuters has an interesting, albeit sad article, highlighting the state of the U.S. and global economy. According to the article, many college graduates this year are finding their recent job offers rescinded as the landscape for employment quickly evaporates.
The article focuses on the tech sector with various platform companies yanking the jobs. Twitter, Meta (Facebook), Lyft and Uber are all mentioned as downsizing, freezing current employment and/or leaving positions unfilled.
(Reuters) – […] In what appears to be a counter trend to the Great Resignation of 2022, when legions quit for new jobs, some tech job-seekers now face cost cuts and hiring freezes amid four-decade-high inflation, a war raging in Ukraine and the ongoing pandemic.
In the case of those who were poised to join Twitter, the whims of billionaire Elon Musk have also caused stress. Musk has agreed to buy Twitter for $44 billion, but his recent tweets have raised questions about when and if the acquisition will be completed.
To be sure, hiring in the tech sector as a whole has remained strong, according to experts from staffing and consulting firms. Tech roles in the healthcare and finance industries are strong, as well as in the information technology field, said Thomas Vick, a Texas-based regional director for staffing firm Robert Half’s tech practice.
But for the incoming class of new hires out of college, losing their job offers now is especially damaging as they said they are locked out of companies like Meta Platforms, Alphabet Inc’s (GOOGL.O) Google and other tech giants, which have already secured their new cohort of recruits. (read more)
Economists were looking for private payroll increases in the 300,00 range; but the result was far lower at 128,000. Small businesses lost 91,000 jobs in May. Main Street is in trouble. [ADP DATA]
Though demagogic Statists have played PIGLIFE (Charles Hugh Smith: “Profits, infinite growth, low inflation, full employment) for decades, their fiscal/monetary shell-game has hollowed the world economy to a brittle shell of pay-to-play cartels and monopolies exploiting crypto-fascist hyper-financialization amid dirigiste global satrapies. In this degraded milieu, allocated profiteering’s only possible outcome is hyper-inequality, incited by “regulatory capture” via status-hungry parvenus’ subornation of fiduciary duties to power-political ends.
Subjecting economies to crippling debt, onerous inflation, ruinous costs-and-taxes, crony-oligarchic States blight personal incentive, stifle growth and opportunity, squander resources, corrupt and condemn naive polities to perpetual dependency, poverty, and slavish despotism. Now 75+ years past WW II, ensconced elites mount a collusive coup de main. Police State kleptarchs ride again.
Hiring makes no sense in a shrinking economy (recession) You will just have to lay people off, and then pay higher unemployment compensation rates.
“the whims of billionaire Elon Musk”
Whims like:
You have to show up to work.
Every day of the work week.
And you must produce value for the company.
If you feel it’s not a safe space…..then go find that space elsewhere.
Just remember this: When the diesel fuel is finally cut off, which will be soon, chaos will reign. Food comes on a truck. When the food runs out in the Democrat cities, ALL the loons will start roaming the neighborhoods to pick off what they can. If you don’t have some kind of weapon, you and your family will die. Sad that our great country has been diminished to inconsequential in less than 2 years. Mean tweets got us here LOL.
The picture says it all about the country’s future. Zoombies being led by their oracle-the internet-that is until they run into reality and get a bloody nose.