03 Aug How things can change…
Ya know how I’ve repeatedly said not to wait until you’ve been “officially” told to think ahead? This is but one reason why.
3 weeks ago: things’r doin’ great.
1 day ago: umm, ruh-roh.
In trying to click on the actual Reuters article, I received an error that the page wasn’t working. Fortunately, we can read the same on the NY Post: https://nypost.com/2022/08/01/number-of-americans-employed-and-hours-worked-falls-in-july/
From said article:
“The number of US workers on the job and the total hours worked fell in July, industry data showed on Monday, days before the release of a monthly employment report that is expected to show the labor market cooled after a surprise economic contraction in the second quarter.” (emphasis mine)
Surprise? For whom was this a surprise?!? I guess people who are still listening to the bad parrots: labor shortage! labor shortage! 🦜 Two open jobs for every one person! 3.6% unemployment rate!
“A survey found that [business] owners were not preemptively planning layoffs in light of the deteriorating outlook.”
Yeeeahhhh . . . I dunno about that. 🤔
+ Elon has already said people can pretend to work somewhere else. (https://electrek.co/2022/06/01/elon-musk-tesla-employees-come-back-office-or-quit/)
+ Zuck has already said some people prolly don’t need to be here and can self-select out. (https://nypost.com/2022/07/01/mark-zuckerberg-meta-wants-to-oust-workers-who-shouldnt-be-here/)
+ Pichai talking about improving performance and slowing down hiring. (https://finance.yahoo.com/news/google-chief-warns-bloated-staff-151416718.html)
Here’s a good rule of thumb: don’t listen to what Corporate America says. Watch what they do.
In another disturbing moment, we read:
“However, a separate survey by Homebase also showed while about 80% of [business] owners and employees said they were concerned about a recession, only a small percentage of workers signaled they would adjust their entertainment or travel plans while owners said they were not preemptively planning layoffs in light of the deteriorating outlook.” (emphasis mine)
This is something else I’ve been warning y’all about. People using credit cards or savings because they think this is a bump in the road or The Great Resignation will last forever. So hey, why not? YOLO, FOMO, things are fine.
***Just my theory/opinion here and I could be wrong.***
IMO, there are still people throwing expenses on a credit card or depleting their savings because they want to maintain a certain lifestyle. They may believe inflation is transitory and everyone is doin’ great, so they believe they can pay off the cards with no problem or replace the money they took from savings with no problem and hey: life is good, why not?
I’ll say it again: just my theory/opinion here and I could be wrong. IMO, if someone is still in bread-and-circus mode, refusing to clamp down on the budget, I’m not sure they’re gonna make it.
Stay alert. Stay aware.
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