The economy keeps getting worse, but you’d never know it from all of the spin.
President Joe Biden has been telling everyone that Bidenomics is “working,” and the mainstream media and experts have been downplaying adverse economic indicators.
Add to that mix Treasury Secretary Janet Yellen, who claims that the U.S. labor market is doing fine despite the latest data showing that it is weakening.
“My judgment is that we have a good, healthy labor market where we continue to create jobs,” Yellen said Thursday. “The job market has become less tight within the last year or so, but the unemployment rate we have today by historical standards would be considered very low.”
Unfortunately, the Biden administration’s economic policy of seeing the glass as half full does not seem to be working.
August’s job cuts were the highest single-month level since March — and up 193% from July.
August also saw the most job cuts in 15 years and year-to-date hiring fell to the lowest level in nearly 20 years, according to a report from Challenger, Gray & Christmas.
Company hiring is down 41% year over year.
Andrew Challenger said the latest data indicates “the labor market overall is softening” despite Yellen’s claims to the contrary.
More details on the record-high layoffs and historic new hire lows can be found in Breitbart’s report:
August saw the highest monthly total of U.S. job layoffs in 15 years as year-to-date hiring dropped to the lowest in nearly 20 years, a report from outplacement firm Challenger, Gray & Christmas revealed.
Employers announced 75,891 layoffs last month — a stunning 193-percent surge compared to July, data from the career transition service published Thursday states. The difference between this August compared to August 2023 (75,151 layoffs) is less stark, but still enough to push last month to the highest number of job cuts since 2009, excluding the 115,762 announced in the first August of the coronavirus lockdowns.
“August’s surge in job cuts reflects growing economic uncertainty and shifting market dynamics,” the firm’s senior vice president, Andrew Challenger, said. “Companies are facing a variety of pressures, from rising operational costs to concerns about a potential economic slowdown, leading them to make tough decisions about workforce management.”
Challenger noted, “Cuts are following a very similar trend from last year as ongoing pressures have challenged labor decisions.”