Evidence Yellen And Biden Don’t Want You To Know The Economic Freefall Is Gaining Momentum – Very Sick Job Market In The Tech Sector Another Sign The Bottom Is Dropping Out

by MN Gordon, All News Pipeline:

Flat Out Wrong

Jobs data reported this week by the Bureau of Labor Statistics show that, as of the last business day of June, there are 10.7 million job openings. Hence, according to the numbers, there are many more available jobs than willing workers.

At the same time, the U.S. unemployment rate’s just 3.6 percent – near a five-decade low. So, by the numbers, the economy is at full employment and still overflowing with jobs to be filled.

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The U.S. economy couldn’t possibly be in a recession, given this robust and healthy jobs market, could it?

Not in the eyes of Treasury Secretary Janet Yellen, who recently stated the economy isn’t in a recession because, “job creation is continuing, household finances remain strong, consumers are spending and businesses are growing.”

Quite frankly, Yellen is flat out wrong. Remember, the jobs numbers are only as good as the data that goes into them. And with a scratch below the surface, it quickly becomes clear that the jobs numbers are not a sign of economic strength. But rather, of economic sickness. 

Anyone who doesn’t work for the Biden administration can see the economy’s in a recession. GDP data alone shows the economy contracted in both the first and second quarter of 2022. The technical definition for a recession has long been understood to be two consecutive quarters of declining GDP. So, by definition, the economy is in recession.

We’ll have more on the deficiencies of the U.S. employment situation in just a moment. But first, let’s take a look at some real-time anecdotal evidence that jobs are the next shoe to drop.

In fact, when it comes to tech jobs, the freefall is gaining momentum. For some young programmers, it’s an exhilarating ride…

Should You Be Here? 

On a June 30 remote meeting, for example, Mark Zuckerberg announced he wanted to remove Meta (i.e. Facebook) employees who are “coasting” or low performers. “Realistically, there are probably a bunch of people at the company who shouldn’t be here,” he remarked.

Many of Zuckerberg’s employees thought this was a real hoot. New meme’s soon appeared on Workplace, including: “Coast, Coasters, Me,” a play on Meta’s recently introduced “Meta, Metamates, Me” mantra.

Other enterprising employees created posters for the walls at Meta’s headquarters asking, “Should you be here?” in bold, all-caps red letters. “Look at this dude coasting,” wrote one employee above a picture of Zuckerberg hydrofoiling on a lake while holding the American flag.

Who knew the threat of pink slips could be so much fun?

Yet it’s not just Meta that’s looking to rid itself of coasters. The Mercury News recently provided a partial cross section of the tech employment drop. Here we further synthesize it for you:

Amazon, via attrition, now has 100,000 fewer employees than in the previous quarter. Carvana Co., an online used car retailer, laid off 2,500 people in May, about 12 percent of its workforce.

Coinbase Global Inc., a crypto exchange, told employees it was cutting 18 percent of staff in June to prepare for an economic downturn. Gemini Trust Co., a cryptocurrency exchange founded by Bitcoin billionaires Cameron and Tyler Winklevoss, the Harvard twins Zuckerburg rolled, announced a 10 percent staff reduction in June. OpenSea, an NFT exchange, laid off 20 percent of its staff on July 14, due to an unprecedented “crypto winter.”

Compass Inc., a real estate brokerage platform, is eliminating about 10 percent of its staff. Redfin Corp., another real estate brokerage, cut 8 percent of its staff in June.

GoPuff, a grocery delivery app, is laying off 10 percent of its workforce and closing dozens of warehouses. Netflix Inc., the streaming service pioneer, has already had several rounds of layoffs. In the process, it has racked up $70 million in expenses from severances while losing an additional 970,000 subscribers.

A Very Sick Jobs Market 

Indeed, things have turned ugly for the once highflying tech sector. But what about the employment situation in general?

Are the jobs numbers as positive as they appear? Is this really an indicator of a strong economy, as Yellen claims? Or is it pointing to a greater sickness?

David Haggith, publisher and editor-in-chief of The Great Recession Blog recently answered these questions, and more:

“Today’s job situation has nothing at all to do with a booming economy. All those jobs are sitting there open because NO ONE WANTS THEM. The people who once filled jobs like that don’t want to work. That is not the sign of a strong jobs market. It is the sign of a very sick job market. What it means is that the labor market is no longer able or willing to supply labor. That’s called “broken.” 

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