Jobs Down, Economy Down

By Robin Itzler

Editor's Note:  This is one of the commentaries selected from Robin's weekly newsletter Patriot Neighbors. Any cartoons appearing will have been added by me.  If you wish to get the full edition, E-mail her at PatriotNeighbors@yahoo.com to get on her list, it's free. RK 

 

In August, the Department of Labor reported 142,000 jobs were added while analysts expected closer to 160,000. For the 12 months ending August 2024, U.S.-born workers lost 1.3 million jobs, while foreign-born workers gained 1.2+ million jobs.

When you hear the term “foreign-born” workers, think ILLEGAL ALIENS because they are included in that total. Others could be “lawful permanent residents,” which includes green-card holders and other immigrants who legally came to America.

Once again, the Labor Department revised DOWN a previous report. ê July payrolls were revised down to 89,000 from 114,000. ê June payrolls were revised down to 118,000 from 179,000

Can’t anyone in the Harris-Biden administration issue a report that does not have to be revised?

Layoffs Triples in August from July.  

In August, firms announced 75,891 layoffs, which was TRIPLE the announced layoffs in July. In July, there were 25,885 job cuts. Tech companies laid off 27,000 workers in August. According to outplacement firm Challenger, Gray and Christmas:  August 2024 layoffs were the largest month-to-month increase in a year.  August 2024 layoffs hit their highest total for the month in 15 years.  Year-to-date hiring reached a historic low.

Let’s look at some “successes” in the Harris-Biden administration. Remember, this is just a sampling:

1. Apple (technology) – Laid off 100 employees. While small, it sent shock-waves since the company is known for NOT laying off employees. Per Ayushi Jain at digit.in website: “This move is particularly significant because it signals that even the most financially secure tech companies are feeling the heat from the current economic climate.”
2. Axios – (left-leaning media) – Plans to lay off 50 people.
3. BioMarin (rare disease biotech) – Reported in its latest securities filing that it will cut about 225 employees (7 percent of its global workforce).
4. GoldmanSachs (finance) – Will be laying off 1,800 employees as part of its annual review process.
5. BurgerFi International (restaurant) – Owner of Anthony’s Coal Fired Pizza & Wings has filed for bankruptcy.
6. GoPro (action camera) – Is laying off 15 percent of its staff, to be completed by the end of this year.
7. Intel (technology) – Announced it would lay off 15,000 employees, representing 15 percent of its workforce.
8. Mastercard (finance) – Plans to lay off 3 percent of its global workforce, about 1,000 employees.
9. Merit Street Media (media) – Dr. Phil’s North Texas-based TV network has laid off nearly 40 staff members less than a year after launching.