The March jobs report is out and it isn’t great.
Two key features of the report are that job cuts surged by 15 percent, and large scale layoffs are expected to continue.
Biden thinks he is doing a great job, of course.
This is a good jobs report for hard-working Americans.
Unemployment is near our record low at 3.5% and 236,000 jobs were added in March – that’s 12.6 million jobs created since I took office.
We’re facing economic challenges from a position of strength.
— President Biden (@POTUS) April 7, 2023
Reality is a little different.
The FOX Business Network reports:
Job cuts surged 15% in March, and large-scale layoffs ‘will likely continue:’ Report
The pace of job cuts by U.S. employers accelerated in March, with the number of layoffs climbing 15% from just one month ago, according to a report published on Thursday by Challenger, Gray & Christmas.
Companies announced 89,703 job cuts in March, with technology companies leading the way, the analysis showed. That is 319% higher than the same time one year ago.
So far this year, employers announced plans to cut more than 270,416 jobs, a 396% increase from the nearly 55,696 cuts announced in the equivalent time period last year. It is the highest quarterly total since the spring of 2020, when the economy was still in the throes of the COVID-19 pandemic.
“We know companies are approaching 2023 with caution, though the economy is still creating jobs,” said Andrew Challenger, senior vice president of Challenger, Gray & Christmas. “With rate hikes continuing and companies’ reigning in costs, the large-scale layoffs we are seeing will likely continue.”
A growing number of companies, particularly in big tech, are battening down the hatches as they warn of a grim economic outlook.
Alphabet, Amazon, Apple, DoorDash, Meta, Morgan Stanley, Lyft and Twitter are among the companies either implementing hiring freezes or letting workers go as the Federal Reserve raises interest rates at the fastest pace in decades in order to combat inflation. The tech industry has already slashed about 102,391 jobs so far in 2023, a stunning increase of 38,487% from just one year ago.
Biden’s defenders are focusing on the number of jobs created, but there is a catch that they won’t mention. Of the 236,000 jobs added in March, 75,000 of them were second jobs.
of the 236k added, 75k were second jobs. pic.twitter.com/lsGactxQpZ
— Frog Capital (@FrogNews) April 7, 2023
That is the reality of the Biden economy.
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