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People are working multiple jobs to make ends meet
Tech was the golden ticket to have a good life. That bubble has popped.
If electricians and highly skilled trades are next to get big cuts look out below
People are but it’s tracked and in the hundreds of thousands. Some of it are wfh folks who figured out without oversight they can work two and get away with it
Now, is a perfect time to trim the 10-20% of typical workforce who are not performing.
Early in the year = easier to plan / deal with severance pay
Many open positions = easier to find a new job
Less carrying costs for company/ insurance/ benefits/ (especially earned vacation).
Companies have been sitting out Covid and extensions / incentives / restrictions - time to get back to business.
Less carrying cost is a false rationale vs doing this last year/sooner. You have more carrying cost by waiting into the next year
This is the clearest sign that the economy is in a recession or stalling. When shipping companies start to reduce workforce then it means that less goods are being sold.
So far, it seems to be limited to a single company (UPS) rather than indicative of numerous shipping companies. Is UPS the canary in the coal mine? We'll know in another 3 months or so.
The corporations are selling a line of BS. For fiscal year 2023 UPS recorded a PROFIT of 6.7 BILLION dollars after a record profit set in 2022 of 11.5 billion due to hiking shipping costs. This isn't about loss here, just pure unadulterated greed. Americans need to revitalize our unions again if we hope to save the middle class.
We need to ban unions as they are bad for business.
Look for UPS to re-hire a lot of these folks around Thanksgiving, again....
Then, let them go after the holiday season.
Rinse and repeat.
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