A Torrent Of Layoffs!

Submitted by Dave Hodges on Sunday, April 30, 2023 - 20:33.
fired

  by Michael Snyd

The biggest companies in the United States are giving the axe to hundreds of thousands of workers, but this should not come as a shock to any of us.  Officials at the Federal Reserve were warned over and over again that they were going to create an extremely harsh economic environment if they aggressively raised interest rates, and that is exactly what has transpired.  We haven't seen a tsunami of layoffs like this since 2008 and 2009, and the outlook for the months ahead is extremely bleak.

Many of us warned the Fed that it would be mind-numbingly stupid to push interest rates much higher just as we were entering a major economic downturn, but of course the Fed didn't want to listen.

We were told that they are the “experts” and that they knew precisely what they were doing.

And now a nightmare scenario is playing out right in front of our eyes.

The following are 16 large companies that have just announced mass terminations…

#1 Tyson: “Tyson Foods Inc (TSN.N) will eliminate about 10% of corporate jobs and 15% of senior leadership roles, Chief Executive Donnie King told employees on Wednesday.”

#2 Lyft: “Ride-hailing app Lyft will lay off 1,072 employees, roughly 26% of its corporate workforce, and won’t hire for an additional 250 positions, the company said in an SEC filing Thursday.”

#3 Deloitte: “Deloitte will cut around 1,200 jobs or 1.5% of its U.S. workforce, the Financial Times reported on Friday, citing internal employee communications.”

#4 Gap: “Gap will lay off about 1,800 employees, more than three times as many as the 500 layoffs it announced in September, as part of a broad effort to cut costs and streamline operations, the company said Thursday.”

#5 Ernst & Young: “Ernst & Young said Monday that it would eliminate roughly 3,000 jobs from its US workforce as it pivots to address shifts in demand and “overcapacity” in sections of its business.”

#6 3M: “The manufacturing behemoth behind some consumer brands, including Post-It Notes and Scotch Tape, said it would lay off 6,000 staff around the world. Those cuts are in addition to the 2,500 manufacturing roles 3M eliminated in January.”

Read more