Tech Companies Continue Massive Layoffs, Amazon Announces 18,000 Job Cuts

The labor figures coming out of the Biden government are pure fiction (like every thing coming out of this treacherous regime). The unemployment rate, for example, is artificially depressed by excluding people who stopped searching for a job. Everything they say is a lie. Look around, use your eyes and your brain and think.

WHAT IS THE REAL UNEMPLOYMENT RATE?

But the job market outlook is more complicated than that, because the headline unemployment figure is artificially depressed by excluding people who might only be earning a few dollars a week, but who want to find full-time work. It also does not encompass any workers who have stopped searching for a job because they are discouraged or caring for a child.

The Ludwig Institute for Shared Economic Prosperity shows the “true rate of unemployment” is much higher than those government figures suggest.

A labor market metric developed by researchers at the institute evaluates workers who they consider “functionally unemployed” – individuals who are looking for work and do not currently have a full-time job, but want one, or who do not earn a living wage, which is roughly $20,000 annually before taxes. In April, about 23.1% of the labor market was functionally unemployed.

That is still in line with pre-pandemic levels: According to the Institute, which was founded by former U.S. Comptroller of the Currency Gene Ludwig, the true level of unemployment in February 2020 was about 24.5%.

The figures are even higher for Americans of color. The true unemployment rate is about 26.5% for Black Americans and 25.7% for Hispanic Americans. By comparison, White Americans have a true unemployment rate of 22%. (FOX Business)

Amazon Announces 18,000 Job Cuts

Amazon informed staff on Wednesday that it plans to cut 18,000 jobs amid slowing consumer and corporate spending.

The cuts include workforce reductions already announced in November. The company had previously flagged that it would make additional cuts this year.

Tech Companies Continue Massive Layoffs

Wall Street Journal: Amazon layoffs will affect more than 17,000 employees, a higher number than the company initially planned and one that would represent the most reductions revealed so far during a wave of cutbacks at major technology companies, according to people familiar with the matter. The Seattle-based company in November said that it was beginning layoffs among its corporate workforce, with cuts concentrated on its devices business, recruiting and retail operations (Wall Street Journal). CNBC: Salesforce said Wednesday that it is slashing 10% of its staff and curtailing office space. The cloud-based software firm had over 79,000 employees as of December. The layoffs, part of a broader restructuring plan at Salesforce, are the company’s latest headcount reductions after it let go of hundreds of employees in November (CNBC).

AUTHOR

Pamela Geller

EDITORS NOTE: This Geller Report is republished with permission. ©All rights reserved.

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