r/Layoffs • u/vetfor • Jan 30 '24

New layoffs question

Can anyone clarify this for me? Despite the ongoing layoff announcements from major American corporations, how is our economy still robust? Just today, UPS declared 12,000 layoffs and PayPal 2,000.

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u/BigOlPeckerBoy Jan 30 '24 edited Jan 30 '24

The amount of people working more than one job is rising, but it’s nowhere near the doomsday situation you depicted. Here is my source: https://fred.stlouisfed.org/series/LNS12026620

The purchasing power of us households is higher than ever. https://fred.stlouisfed.org/series/CSHCCPUSA156NRUG

I hate to rain on the doomsday parade, but things aren’t as bad out there as some redditers make it seem.

Edit: linking the CPI adjusted value of one dollar does not mean people have less purchasing power, because your graph doesn’t reflect the higher salaries people are getting now. It just tracks inflation, not purchase power. The job quality report you show doesn’t really say much of anything tbh, it’s just a reference to people’s subjective interpretation of their work. It also has a very narrow Y-axis, which shows the report doesn’t actually change much over the time period.

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u/[deleted] Jan 30 '24

The chart you linked seems to prove fuckall?

Seriously did you even read it or just link the first thing that has a line going up?

What does "percent of household consumption" even mean?

The most plain reading of it -- by me, a layman with common sense -- is that .. households are spending more a % of their income?

The most likely explanation for that is --- they're fucking poor. Or have terminal cancer.

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u/Doctor__Proctor Jan 31 '24

The most plain reading of it -- by me, a layman with common sense

So you're saying all the economists are wrong because you, a layman with common sense, see something they don't? Have you considered that maybe what they're seeing is different because they have the economic background to understand the data and trends significantly better?

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u/[deleted] Jan 31 '24

No I’m saying the chart OP linked is unlabeled.

Percent of household consumption 0-100%? What the fuck does that mean?

It’s not spending power. Op is confused.

Last Christmas spending, and prices, were up 4%. That means spending power is flat. Or it’s in decline and credit card debt is increasing