A Wall Street Bank Is Warning That Millions Of Americans Will Lose Their Jobs In 2023
Francesco Abbruzzino, The Uncensored Report, LLC
Is your job secure? Over the past couple of years, American workers generally didn’t need to be concerned about job security. Even if someone got fired unexpectedly, it was just so easy to find new employment because there simply was not enough able-bodied workers out there. But now everything is changing. Some of the largest corporations in the entire country are starting to conduct mass layoffs as the U.S. economy steadily slows down. Unfortunately, it appears that a lot more pain is ahead. In fact, as you will see below, one of Wall Street’s biggest banks is ominously warning that millions of American workers will lose their jobs next year.
Stories about mass layoffs are hitting the news at a fast and furious pace these days. For example, we just learned that a factory that makes Jeep Cherokees in northern Illinois will be laying off 1,350 workers…
The company, which employs about 1,350 workers at the plant in Belvidere, Illinois, said the action will result in indefinite layoffs and it may not resume operations as it considers other options.
Stellantis said the industry ‘has been adversely affected by a multitude of factors like the ongoing COVID-19 pandemic and the global microchip shortage, but the most impactful challenge is the increasing cost related to the electrification of the automotive market.’
I was very sad to see that happen.
Those that work in our automotive factories are some of the hardest working people in the entire nation.
Other types of workers are losing their jobs in very large numbers as well.
Earlier today, I came across a story about layoffs that will affect 1,800 employees that worked in phone kiosks inside Costco stores…
Over 1800 employees were laid off at Wireless Advocate which operates the phone kiosks inside Costco Wholesale stores.
A local Costco representative said staff is just becoming aware that all their phone kiosks abruptly ceased operations at all Costco Warehouses on December 5, 2022.
If you lose your job, I would try to find another one as rapidly as possible, because the longer you wait the more people you are going to be competing against.
As I mentioned earlier, even some of the largest corporations in the U.S. are now laying off large numbers of people. In a previous article I discussed the layoffs that are coming at Amazon, and now it appears that those layoffs will be even larger than originally anticipated…
It appears that Amazon plans to fire 20,000 people, which is twice as many as previously estimated. Workers from distribution centers, IT professionals, and corporate leaders will all be let go by Amazon across a number of areas. According to those with knowledge of the situation, Amazon layoffs will happen in the upcoming months. Staff at all levels are likely to be impacted because Amazon workers are ranked from level 1 to level 7. The NYT originally revealed that Amazon plans layoffs in mid-November, citing sources who said that as many as 10,000 workers would be let go.
Sadly, the truth is that we are still only in the very early stages of this new crisis.
Many more layoff announcements will be coming in the months ahead, and at this point a division of Citibank is projecting that the U.S. economy will lose approximately 2 million jobs next year…
The group said in its latest outlook report published this week that the economy could lose an estimated 2 million jobs in 2023 as the jobless rate climbs to 5.25%.
“We believe that the Fed’s rate hikes and shrinking bond portfolio have been stringent enough to cause an economic contraction within 2023,” the economists said in the report. “And if the Fed does not pause rate hikes until it sees the contraction, a deeper recession may ensue.”
If we actually lose that many jobs, it will be catastrophic.
Meanwhile, Americans are steadily getting poorer.
From January to September, U.S. household wealth plunged by a whopping 13.5 trillion dollars.