Economic News
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Employers Cut More Than a Million Jobs This Year
The report from a private consulting firm shows a sharp rise in job losses in the first 10 months of the year compared with the same period last year
—> https://www.wsj.com/lifestyle/caree...3?st=9SwCJL&reflink=desktopwebshare_permalink“… Through October, employers reported slashing 1,099,500 jobs, an increase of 65% from the first 10 months of last year. That is up 44% from the 761,358 cuts announced in all of 2024.
In October alone, U.S. companies’ job-cut announcements nearly tripled to 153,074 from 54,064 in September, with companies citing cost-cutting and artificial intelligence, the firm said. The warehousing sector led the increase in job-cutting announcements, slashing nearly 48,000 roles, while tech companies said they were eliminating more than 33,000 jobs.
“Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes,” Andy Challenger, chief revenue officer for Challenger, Gray and Christmas, said in a statement.…”
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“…The news comes a day after payroll processor ADP said the U.S. added 42,000 private-sector jobs in October, a rebound after two straight months of declines.Employers Cut More Than a Million Jobs This Year
The report from a private consulting firm shows a sharp rise in job losses in the first 10 months of the year compared with the same period last year
“… Through October, employers reported slashing 1,099,500 jobs, an increase of 65% from the first 10 months of last year. That is up 44% from the 761,358 cuts announced in all of 2024.
In October alone, U.S. companies’ job-cut announcements nearly tripled to 153,074 from 54,064 in September, with companies citing cost-cutting and artificial intelligence, the firm said. The warehousing sector led the increase in job-cutting announcements, slashing nearly 48,000 roles, while tech companies said they were eliminating more than 33,000 jobs.
“Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes,” Andy Challenger, chief revenue officer for Challenger, Gray and Christmas, said in a statement.…”
The government shutdown has paused the usual stream of official economic-data releases, meaning economists and investors are increasingly focused on alternative sources of data on hiring and job cuts from private companies.…”
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I posted this link on the blue wave thread but is related to the latest updates nyc as well.
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Trump Aides Raise Recession Fears, and Point Fingers at the Fed
Treasury Secretary Scott Bessent said some sectors were in a recession as he argued for more interest rate cuts. —> Trump Aides Raise Recession Fears, and Point Fingers at the Fed
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Surging Power Costs Are Putting the Squeeze on Customers
Data centers contribute to higher prices as fat energy bills electrify local politics
—> https://www.wsj.com/economy/consume...b?st=Eg7EsD&reflink=desktopwebshare_permalink“…Retail power prices in New Jersey were up 19% in August from a year earlier, the latest state-by-state data from the U.S. Energy Information Administration show, on the leading edge of a 6% nationwide increase in the same time frame.
There are several driving forces, including a rapidly growing number of data centers pumping up demand in some regions. The slow addition of new power generators, retirement of old plants and costly grid upgrades are also playing a role.…”
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Surging Power Costs Are Putting the Squeeze on Customers
Data centers contribute to higher prices as fat energy bills electrify local politics
“…Retail power prices in New Jersey were up 19% in August from a year earlier, the latest state-by-state data from the U.S. Energy Information Administration show, on the leading edge of a 6% nationwide increase in the same time frame.
There are several driving forces, including a rapidly growing number of data centers pumping up demand in some regions. The slow addition of new power generators, retirement of old plants and costly grid upgrades are also playing a role.…”
Meanwhile, avg price of regular gasoline is relatively stable hovering around $3.06 /gallon (with typical regional variations)
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