US job market is now 'no hire, more fire'

[Hume]

ORLANDO, Florida, Oct 29 (Reuters) - The U.S. labor market has been characterized as a 'no hire, no fire' landscape for much of the past year. But 'no hire, more fire' increasingly looks more accurate, providing further ammunition for the Federal Reserve to cut interest rates.

Retail giant Amazon on Tuesday announced 14,000 layoffs, with more to come next year, while delivery service UPS revealed that it has cut a whopping 48,000 employees over the past year. The reasons cited include protecting margins, employing more artificial intelligence, and reversing pandemic-era over-hiring.

US job market is now 'no hire, more fire'

The U.S. labor market has been characterized as a 'no hire, no fire' landscape for much of the past year. But 'no hire, more fire' increasingly looks more accurate, providing further ammunition for the Federal Reserve to cut interest rates.

www.reuters.com

 

[Walt]

There is something odd with the numbers, as trump wipes out the number collectors. Somehow we are being told that there are no layoffs, while we are seeing millions of layoffs. We are told there is no inflation, while we are seeing high inflation. We are told everything is fine, and it most definitely is not fine.