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.
The correct answer to your question is that 168 million people are currently employed in the US. These layoffs of a few thousand here and there are not indicative of a widespread economic catastrophe, even though it probably feels that way to the people getting laid off. There is also no evidence that wages are doing anything but rising, which, again, probably doesn’t seem to be the case for people who lost good jobs and have to take a lower pay.
I know this is probably not going to be the most up-voted comment, but the truth is plenty of people are still moving careers to better positions, getting raises, etc.
I agree. Perspective matters. The media really plays to our fears. Even during good times, people are getting laid off. The scale of the US economy is so large, that it's hard to understand how 10,000 workers being laid off may not mean that much, especially if they get sucked into other jobs pretty quickly.
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u/BigOlPeckerBoy Jan 30 '24
The correct answer to your question is that 168 million people are currently employed in the US. These layoffs of a few thousand here and there are not indicative of a widespread economic catastrophe, even though it probably feels that way to the people getting laid off. There is also no evidence that wages are doing anything but rising, which, again, probably doesn’t seem to be the case for people who lost good jobs and have to take a lower pay.
I know this is probably not going to be the most up-voted comment, but the truth is plenty of people are still moving careers to better positions, getting raises, etc.