The US Just Had the Most Q1 Layoffs in a Decade (axios.com)

The U.S. saw its highest level of layoffs in a first quarter since 2009, data from staffing firm Challenger, Gray & Christmas released this week showed. From a report: Employers cut 190,410 jobs in the first 3 months of the year -- 10.3% higher than the number of layoffs announced in the fourth quarter of 2018 and 35.6% higher than job cuts announced in the same quarter of 2018. It's the highest number of job cuts in a quarter since 2015. The financial industry saw the third highest number of layoffs and the year-to-date total was 239% higher than it was in 2018.

Comments

Peculiar news

[TimothyHollins]

This is strange. Didn't the President of the United States tell us he was creating more jobs than any President ever? The best jobs, even?

Predictable (really)

[slipped_bit]

The economy goes in cycles. We're overdue for a contraction.

Re:Predictable (really)

[MightyMartian]

And indeed, the up cycle began in Obama's first term, and now, nearly a decade later, the cyclical down is coming. It demonstrates that its luck of the draw when a President is elected, and cycles have longer terms than election cycles.

Re:Predictable (really)

[ilsaloving]

And indeed, the up cycle began in Obama's first term, and now, nearly a decade later, the cyclical down is coming. It demonstrates that its luck of the draw when a President is elected, and cycles have longer terms than election cycles.

Too bad Trump took credit for the economy doing great, cause now it's only reasonable that he takes the blame when it tanks too.

Re:Predictable

[gtall]

C'mon, he's talking about the cast of Fox News as the third chamber. Whining there is considered a job requirement.

Re:Well actually that is correct

[TimothyHollins]

The report you provided showed a greater growth in 2016, before Trump took office, than 2017. 2018 was better than before, followed by this year with the greatest number of layoffs since 2009 (and so far less growth than 2016 as well). For being all about the best jobs, and sacrificing everything for that goal, the results have been disappointing to say the least. So yes, my original point stands (even stronger now that you provided the statistics).

Overdue for a contraction

[Comboman]

The economy goes in cycles. We're overdue for a contraction.

That's certainly true. It's been over a decade since the last recession, so one is likely on the way in the next 6 to 12 months. Trump's tariffs, trade wars and general instability certainly haven't helped, but a recession probably would have happened anyway. The real problem though is that the tools government normally uses to help ease a recession (cutting taxes and lowering interest rates) have already been used by Trump early in his term in a vain attempt to boost his popularity. Taxes can't be cut any further and he stopped the fed from raising rates during the boom so there's no room to lower them during the bust. This is going to be another bad recession with another long, slow recovery.