- Challenger, Gray & Christmas Inc. published report claiming that 102,943 lost their jobs in January, 2023 in the technology sector
- 440% increase YoY
- 41% of planned workforce reductions are in technology sector
- More jobs cuts expected in coming months
- TransUnion published report announcing that credit card annual percentage rates are already near 20%, on average, and set to climb even higher
- Total US credit card debt is now a record of $930.6 billion, up 18.5% YoY
- average balance rose to $5,805
- At nearly 20%, if you made minimum payments toward this average credit card balance, it would take you more than 17 years to pay off the debt and cost you more than $8,213 in interest
- “Whether it’s shopping for a new car or buying eggs in the grocery store, consumers continue to be impacted in ways big and small by both high inflation and the interest rate hikes implemented
by the Federal Reserve,” said Michele Raneri, vice president of U.S. research and consulting at TransUnion. - additional 202 million new credit accounts were opened in the fourth quarter
- CBS News reported that 7.2 million men (age range of 25-54) have dropped out of the workforce in the last 2 years
- “We have more jobs than we have people for – about one and a half jobs for every one worker” stated Jay Timmons of the National Association of Manufacturers
- “I never thought I would be able to say that. But now it is kind of an all hands on deck. We have got to fill these jobs that are open”
- Bureau of Labor Statistics reports that non-working men between 25 and 54 are spending 7 hours each weekday on leisure activities, such as relaxing, playing video games and watching TV.
- Data also shows these men are spending less time caring for other family members, as compared to men who work
- Bloomberg News reported on stock market activity
- Federal Reserve expected to raise interest rates again by a quarter point hike
- 70% of investors surveyed say the stock market has yet to hit the bottom
- 90% expect inflation to continue to fall of 2023
- LendingClub published survey results:
- 8 million Americans earning more than $100,000 per year are living paycheck to paycheck
- 66% of all Americans say they are living paycheck to paycheck
- All consumer items have average price increase YoY of 6.5%
- 166 million Americans are unable to save money at all at end of month
- 24% say they have issues paying their bills in December, 2022
- Average American earns $58,260 per year
- “Elevated prices, eroded personal savings and increased reliance on credit point to weak consumer spending”
- “These dynamics will be exacerbated by negative wealth effects from lower stock prices and declining home values”
- Ford Motor Company CEO, Jim Farley, recently interviewed by Daily Mail News:
- 'We have to change': Ford CEO Jim Farley vows to crack down on 'absenteeism' and warns car giant needs to rapidly get more efficient after missing annual target by $2B
- The company also produced 100,000 vehicles less than it expected over the time frame, while supply-chain issues and a shortage of semiconductor chips increased costs by $1 billion more than planned.
- Despite massive layoffs sweeping several industries including the tech field, Farley said he didn't believe that mass firings would be the answer.
- A poll conducted in New York last November found that young workers had record-high salary expectations.
- The New York Federal Reserve Bank found the lowest average annual pay workers were willing to accept from a new employer was $73,667.
- When the bank began running the poll in 2014 that expectation was less than $55,000, which would be around $68,000 today taking inflation into account.
- Bernie Marcus, 93, founder of The Home Depot, appearing on Fox Business Network, said that modern business leaders prioritize the 'woke' agenda over their shareholders and employees
- 'They want to work three days a week,' he said, as he took aim at lazy modern office workers being entitled while expecting to work short hours.
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