August layoffs soared to 15-year high, marking a 193% increase from July. Many laid-off workers may turn to gig economy jobs, avoiding unemployment filings.

It’s not rocket science – look at a state like Arizona at $240/week max unemployment.

Median rent for a *studio* is over $1,200/mo. Now add groceries, car insurance, insurance, electric, etc as your bare minimums and hope it paints the picture. https://t.co/xqdgnif1On pic.twitter.com/efQ26LQO2v

— Don Johnson (@DonMiami3) September 20, 2024

Job losers (people that get laid off) increased by 7k last month in California, but continuing claims have been dropping. People can’t find a job before their unemployment benefits end. This is where unemployment benefits should get extended. Not exactly a good for reason jobless… pic.twitter.com/25erXF4OEX

— Warn Tracker 2.0 (@j77324) September 20, 2024

Here’s data from the Cleveland Fed for posterity, for the claims clowns pic.twitter.com/mYuND636TE

— Don Johnson (@DonMiami3) September 21, 2024

According to a report by Challenger, Gray & Christmas, layoffs in August reached their highest level for the month in 15 years, with 75,891 job cuts announced. This figure represents a 193% increase from July. Additionally, year-to-date hiring has hit its lowest point in 19 years.

Sources:
https://www.forexfactory.com/news/1302573-us-layoffs-jump-in-august-while-hiring-in

https://wsau.com/2024/09/20/august-layoff-totals-reach-highest-point-in-15-years-as-economic-concerns-continue-to-be-top-voting-issue/

https://worldnewsera.com/news/us-news/layoffs-jump-in-august-while-hiring-in-2024-is-at-a-historic-low-challenger-report-shows/