Attitudes about the labor market are deteriorating. Fresh low in the Labor Differential. Not a welcome sign for unemployment pic.twitter.com/kw8mIH0VYy
— Win Smart, CFA (@WinfieldSmart) September 25, 2024
Some layoffs announced in August/September :
Intel : 15,000 employees
Dell : 12,500 employees
SAP : 10,000 employees
Cisco : 5,600 employees
Stellantis : 2,450 employees
GM : 1,695 employees
Amazon : 15% of management
Etc.Note : Stellantis to cut 25,000 employees in Italy
— Rio Riggs 🧩 (@guitarboyled) September 25, 2024
CEOs signal hiring pullback as U.S. job market slows
Backward-looking economic data shows America’s job market is slowing. Future plans at some of the nation’s biggest corporations show the slowdown might continue, according to survey results shared first with Axios.
Why it matters: Once the labor market starts cooling, it typically continues. The central question for the economy is whether this time will be different.
The latest hint comes from a new Business Roundtable survey of 145 top business leaders that points to muted economic confidence.
- The lobbying group’s index that tracks CEO confidence fell 5 points in the third quarter to 79, dipping below the historical average for the first time this year.
- Among the factors that pulled the index down: A smaller share of executives are planning to increase headcount.
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