This news kind of slipped past our radar, but it does not bode well for the Kamala Harris campaign:
BREAKING: Announced job cuts totaled 75,891 in August, 193% higher than July, per CNBC.
— unusual_whales (@unusual_whales) September 16, 2024
Though the total was just 1% higher than the same month in 2023, it was the highest number for August going back to 2009, during the global financial crisis.
In other words, layoffs are up and hiring is at historic lows.
But BEST ECONOMY EVER, JACK!
Layoffs soared in August, hitting their highest total for the month in 15 years, while year-to-date hiring reached a historic low, outplacement firm Challenger, Gray & Christmas reported Thursday.
Announced job cuts totaled 75,891 for the month, lurching 193% higher than July. Though the total was just 1% higher than the same month in 2023, it was the highest number for August going back to 2009, as the economy was still escaping the worst of the global financial crisis.
On the hiring front, companies said they were adding just 6,101 new workers, up by nearly 2,500 since July, but down more than 21% from August 2023. The year-to-date hiring announcements of nearly 80,000 is the lowest total in history going back to 2005.
We're sure this is fine and totally bodes well for the economy going forward.
Definitely not a good sign.
— Alex (@alextradesx) September 16, 2024
I’ve heard layoffs from major sectors going into Autumn and it’s definitely concerning.
Very concerning.
This is a clear and direct indicator of our economies overall health. Just so everyone is aware.
— Green Bubble Boy (@PubliusUniteUs) September 16, 2024
Unfortunately, Sep & Oct are historically the months with the biggest jumps in job gains due to "shopping season". So the true depth won't be seen until after the election.
Ugh.
But this also reminds this writer of 2008 -- when McCain suspended his campaign on September 25 due to the financial crisis.
If things tank before the election, it'll wreck Kamala Harris' campaign.
Reminder - Your employer isn’t your family. You will be unceremoniously discarded at any time, for any reason. https://t.co/DLf76CKGKx
— Adam Karpiak (@Adam_Karpiak) September 16, 2024
Yep.
This looks like a big deal to me. The economy experienced by working Americans is not good. https://t.co/WVhPOvm7il
— Dirty Lowdown Rabble. (@BTudbubble) September 16, 2024
No, it isn't.
Highest level of announced job cuts for August since 2009.
— George Gammon (@GeorgeGammon) September 5, 2024
1. Curve inverts ✅
2. Bull Steepener ✅
3. Unemployment spikes ✅
4. Fed cuts rates
5. Recession
This time isn’t different…it’s literally playing out the exact same as it has almost every time going back to the 1950s pic.twitter.com/qVZ0uR4YhG
It always plays out the same way.
Just a matter of how the timeline falls.
Half the country will be in denial about a recession until after the election.
— Ageless Investing (@AgelessInvesti1) September 5, 2024
If by 'half the country' you mean Democrats and the media, yes.
The rest of us suffer no such delusions.
George, it will be different this time. It will be much, much worse than previous times.
— Tim Retzer (@retzerproject) September 5, 2024
Sigh.
We certainly hope not.
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