Business has been complaining about getting help….
With a recession creeping up?
Hiring is getting worse…..
And the the Fed is hiking interset rates on top of this ….
Joe Biden just ain’t getting a break, eh?
Neither are consumer’s with the crazy assed price hikes that are cutting into consumer spending…..
The labor market, until now a pillar of economic resilience, is showing cracks.
Job growth is slowing, unemployment claims are ticking up and several big companies, including Apple and Meta, are putting hiring plans on hold. There are signs that more firms are slashing jobs in industries as varied as tech, advertising, health care, finance and law.
Convenience store chain 7-Eleven laid off 880 corporate workers in Texas and Ohio, following its purchase of a rival chain, a company spokesperson said an email. Ford is planning to cut 8,000 positions in the coming weeks, Bloomberg News reported. Meanwhile, electric carmaker Rivian is cutting 700 positions, delivery start-up Gopuff is laying off 1,500, and mortgage lender LoanDepot is slashing 4,800 jobs this year, according to reports.
“What had been universally positive labor market news is certainly less so now,” said Liz Ann Sonders, managing director and chief investment strategist at Charles Schwab. “The anecdotes are starting to stack up of companies laying off workers or freezing hiring or limiting job postings.”
The number of active job postings across multiple online platforms has declined nationwide for five straight weeks, according to an analysis by Julia Pollak, a labor economist at ZipRecruiter.
Meanwhile, first-time filings for unemployment benefits rose by 7,000 last week and are up 51 percent from mid-March, although they are still near historic lows, Labor Department data shows.
The cooling of the hot labor market is, in many ways, exactly what policymakers have been trying to engineer. Next week, the Federal Reserve is expected to raise interest rates for the fourth time this year in hopes of slowing the economy enough to control inflation without leading to widespread job losses or recession. The Fed expects the unemployment rate to gradually rise from a near 50-year low of 3.6 percent to 4.1 percent by 2024 — with the hope that most of the slowdown comes in the form of fewer job postings and hirings instead of job cuts and layoffs….