The 'forever layoffs' era hits a recession trigger as corporates sack 1.1 million workers through November.
“People are feeling a squeeze across the board, but what’s even more alarming is that we’re seeing people struggling to pay for these very, very basic necessities,” said Julie Margetta Morgan, president of the Century Foundation, a liberal think tank. “ #Electricity is not a luxury; it isn’t optional.”
#economy #affordability #CostOfLiving #Trump #inflation #recession #trumpcession
Nearly 1 in 20 households, or about 14 million Americans, were so behind on #utility #debt that it was reported to collections agencies or in arrears as of June, according to an analysis by the Century Foundation & Protect Borrowers, a nonprofit that advocates for consumers. Meanwhile, the average overdue balance of $789 has risen 32% since 2022.
#economy #affordability #CostOfLiving #electricity #Trump #inflation #recession #trumpcession
#Utility #prices have risen roughly 3X faster than overall #inflation this year, at a precarious time for the #economy. Businesses are announcing #MassLayoffs, & it’s taking #unemployed Americans much longer to find new #work. There are also signs that lower- & middle-class families are pulling back on spending.
#affordability #CostOfLiving #Trump #recession #trumpcession
“People are feeling a squeeze across the board, but what’s even more alarming is that we’re seeing people struggling to pay for these very, very basic necessities,” said Julie Margetta Morgan, president of the Century Foundation, a liberal think tank. “ #Electricity is not a luxury; it isn’t optional.”
#economy #affordability #CostOfLiving #Trump #inflation #recession #trumpcession
Overall, Americans are paying 11% more for #electricity than they were in January, though that number varies widely: Costs have risen 37% in Missouri but have fallen in 3 states by as much as 13%, #NEADA found.
“With prices going up so rapidly, electricity is becoming #unaffordable in many parts of the country,” said Mark Wolfe, an #energy economist & exec dir of NEADA. “And it isn’t just lower-income households anymore; it’s spilling into the middle class.”
#Utility #prices have risen roughly 3X faster than overall #inflation this year, at a precarious time for the #economy. Businesses are announcing #MassLayoffs, & it’s taking #unemployed Americans much longer to find new #work. There are also signs that lower- & middle-class families are pulling back on spending.
#affordability #CostOfLiving #Trump #recession #trumpcession
One way to see the impact is to track #inflation over the past year. As the effects of the pandemic have worn off, the pace of price increases declined from an annual rate of 3% in January to 2.3% in April. Then, as #Trump’s policies started to take effect, inflation rebounded to 3%. “In some ways, this administration could have come in & done nothing & made progress on inflation,” said Claudia Sahm, a longtime #FederalReserve economist who now works at New Century Advisors, an investment firm.
“But the policies they’ve chosen have created extra costs for businesses, & businesses tend to pass on costs,” Sahm added.
The cost of #Trump’s policies is likely to increase in the coming months.
His most inflationary policy is his campaign to build a wall of #tariffs around the US #economy. Tariffs are #taxes on imports, & they are *initially* paid by the businesses that bring goods into the #US.
#FactCheck #TrumpLies #inflation #affordability #CostOfLiving #recession #trumpcession
U.S. job cuts have surpassed 1 million this year, a grim milestone only seen during the dotCom bust, Great Recession, and pandemic.
October's layoffs surged 175% year-over-year, driven by corporate cost-cutting and softening consumer spending. This ranks 2025 among the worst years for job losses in decades.
Even Paul Graham is telling you that we won't recover anytime soon from this mess, and he fucking founded YC in the first place just to recover from the dotcom bubble.
The difference is how little diversified we are now, not everyone was betting on Dotcom startups and real estate when things collapsed, and the rest whole world was still hammered.
Bessent concedes some parts of the economy are already ‘in recession’
Lisa Melton
boosted
#Layoffs accelerated in October, pushing 2025 job cuts to levels typically seen in a #recession, acc/to newly released data from Challenger, Gray & Christmas, a private firm that tracks workplace reductions.
#US employers have announced 1.1 million layoffs so far this year — the largest reading since the pandemic recession & on par with 2008 & 2009 job cuts during the Great Recession, the firm’s figures show.
#economy #Trump #tariffs #inflation #trumpcession
https://www.washingtonpost.com/business/2025/11/06/job-cuts-accelerate-october-layoffs-trump/
“We’re entering new territory with these #layoffs in October,” said John Challenger, CEO of the consulting firm that tracks job losses. “We haven’t seen mega-layoffs of the size that are being discussed now — 48,000 from UPS, potentially 30,000 from Amazon — since 2020 & before that, since the #recession of 2009. When you see companies making cuts of this size, it does signal a real shift in direction.”
Recent #layoffs, the data shows, have been concentrated in technology, retail, service & warehousing jobs. Employers announced >153,000 job cuts last month, a 183% increase from the month before, marking the worst October for layoffs since 2003, the Challenger report said.
The government #shutdown, now in its 2nd month, has left policymakers, investors & economists [conveniently] without official #data at a critical moment.
#economy #Trump #tariffs #inflation #recession #trumpcession
The data includes a recent spate of #layoffs at major companies such as UPS, Amazon & Target, & adds to growing concern about a labor market slowdown.
Employers cited #CostCutting & #ArtificialIntelligence as the top 2 reasons for job reductions in October.
#economy #Trump #tariffs #inflation #recession #trumpcession
“We’re entering new territory with these #layoffs in October,” said John Challenger, CEO of the consulting firm that tracks job losses. “We haven’t seen mega-layoffs of the size that are being discussed now — 48,000 from UPS, potentially 30,000 from Amazon — since 2020 & before that, since the #recession of 2009. When you see companies making cuts of this size, it does signal a real shift in direction.”
#Layoffs accelerated in October, pushing 2025 job cuts to levels typically seen in a #recession, acc/to newly released data from Challenger, Gray & Christmas, a private firm that tracks workplace reductions.
#US employers have announced 1.1 million layoffs so far this year — the largest reading since the pandemic recession & on par with 2008 & 2009 job cuts during the Great Recession, the firm’s figures show.
#economy #Trump #tariffs #inflation #trumpcession
https://www.washingtonpost.com/business/2025/11/06/job-cuts-accelerate-october-layoffs-trump/
The data includes a recent spate of #layoffs at major companies such as UPS, Amazon & Target, & adds to growing concern about a labor market slowdown.
Employers cited #CostCutting & #ArtificialIntelligence as the top 2 reasons for job reductions in October.
#economy #Trump #tariffs #inflation #recession #trumpcession
#Layoffs accelerated in October, pushing 2025 job cuts to levels typically seen in a #recession, acc/to newly released data from Challenger, Gray & Christmas, a private firm that tracks workplace reductions.
#US employers have announced 1.1 million layoffs so far this year — the largest reading since the pandemic recession & on par with 2008 & 2009 job cuts during the Great Recession, the firm’s figures show.
#economy #Trump #tariffs #inflation #trumpcession
https://www.washingtonpost.com/business/2025/11/06/job-cuts-accelerate-october-layoffs-trump/
I was supposed to rest yesterday. The #Wellington weather had other plans and blew over a portion of our fence. And low, there was demolition and a big van load of heavy detritus (fence, vines and other waste) taken to the local tip (dump).
Today I am stiff and tired. 36th day without a proper day off.
Two more beers to package. Not much more and can then shift into putting beers into tanks rather than taking them out.
#BreweryLife of an #IndependentlyOwned #FamilyBusiness deep in a #Recession - #KiaKaha to me.
I suspect the #whitecollar #recession if it arrives will sharpen the need to rebuild the #birthrate
I say this because it's quite likely the majority of new #jobs will either require #strength and #fitness or extreme #adaptibility.
Specifically, they'll require the kind of attributes that put oldies like me at a disadvantage.
Yogthos
boosted
"Trump's 50% #tariff on #India kicks in as Modi urges self-reliance."
#CNBC
#SquawkBox
#Republicans
#tariffs
#inflation
#recession
https://www.bbc.com/news/articles/c5ykznn158qo
"Trump's 50% #tariff on #India kicks in as Modi urges self-reliance."
#CNBC
#SquawkBox
#Republicans
#tariffs
#inflation
#recession
https://www.bbc.com/news/articles/c5ykznn158qo
It's very possible #Republicans will send World business to tariffs free #China as a simple solution to Trump #tariffs causing short term #recession as world economic activity shifts away from the #UnitedStates
#tradewar
#premarket
#CNBC
#investing
“We must unite and take a clear stand against unilateralism and protectionism,” Xi said."
https://www.theguardian.com/us-news/2025/aug/27/trumps-tariffs-trade-war
"Trump's 50% #tariff on #India kicks in as Modi urges self-reliance."
#CNBC
#SquawkBox
#Republicans
#tariffs
#inflation
#recession
https://www.bbc.com/news/articles/c5ykznn158qo
Roni Rolle Laukkarinen
boosted
America is now officially in a recession.
Congratulations, little Donny. Last time took you nearly four years. This time you did it in only eight months.
#economy #recession #economics #trump #MAGA #republicans #tariffs #news#LittleDonny
America is now officially in a recession.
Congratulations, little Donny. Last time took you nearly four years. This time you did it in only eight months.
#economy #recession #economics #trump #MAGA #republicans #tariffs #news#LittleDonny