Authored by Michael Snyder through The Financial Collapse weblog,

It seems that the tsunami of layoffs that began late final yr is beginning to speed up.  January was a horrible month for job losses, and main layoff bulletins are coming quick and livid right here in February.  However in fact the Biden administration would have us imagine that every thing is simply effective.  Final week, the federal government advised us that the U.S. economic system “added 517,000 jobs” in January.  However as I mentioned in a earlier article, that wasn’t what really occurred.  The uncooked, unadjusted quantity confirmed that the U.S. economic system really misplaced 2.5 million jobs final month.  That could be a horrible quantity, however after the bureaucrats in Washington had been carried out with their “changes” it magically grew to become a achieve of 517,000 jobs.  If you wish to have religion that their “changes” are acceptable, good for you.  However different sources additionally affirm that issues have actually taken a flip for the more serious. 

For instance, Challenger, Grey & Christmas simply issued a report that concluded that final month “was the worst January for job cuts for the reason that Nice Recession in 2009”…

U.S. firms introduced roughly 103,000 job cuts in January, the best month-to-month whole since September 2020, a Thursday evaluation discovered.

Final month was the worst January for job cuts for the reason that Nice Recession in 2009, in response to a report from employment agency Challenger, Grey & Christmas.

Round 40 p.c of final month’s job reductions got here within the tech business, the place Google father or mother firm Alphabet, Amazon, Microsoft and Salesforce introduced plans to put off 1000’s of employees. Most of the firms stated they grew too rapidly lately and should minimize prices to spice up profitability.

So many massive firms introduced workers reductions final month, and that development has undoubtedly continued this month.

The next are 12 main layoffs which have already been introduced in February…

#1 Disney has determined to inform roughly 7,000 workers to hit the bricks…

“We shall be lowering our workforce by roughly 7,000 jobs,” CEO Bob Iger stated in the course of the firm’s first quarter earnings name. “Whereas that is obligatory to handle the challenges we’re going through in the present day, I don’t make this resolution calmly. I’ve huge respect and appreciation for the expertise and dedication of our workers worldwide, and I’m aware of the non-public affect of those modifications.”

#2 Yahoo has introduced that it is going to be shedding “greater than 20% of its workforce”…

Yahoo will lay off greater than 20% of its workforce by the top of 2023, eliminating 1,000 positions this week alone, the corporate stated in an announcement Thursday.

#3 Ebay was doing fairly nicely, however now they’ve determined that 4 p.c of their employees are now not wanted…

Ebay on Tuesday introduced plans to chop 500 jobs, or about 4% of its workforce, in response to a submitting with the SEC.

#4 Affirm is one more tech firm that has not too long ago decided to conduct mass layoffs…

Affirm introduced it’s slicing 19% of its workforce Wednesday. The information got here because it reported second quarter earnings that fell beneath analyst estimates on each the highest and backside strains.

#5 Because the U.S. housing crash deepens, JPMorgan Chase has concluded that now could be the time to “minimize a whole bunch of mortgage workers”…

JPMorgan Chase & Co. minimize a whole bunch of mortgage workers this week, including to job losses throughout the business as home-lending companies proceed to be damage by elevated rates of interest.

#6 GoDaddy simply let their employees know that they plan to “cut back the dimensions of our world crew by about 8%”…

At this time, we’re saying a plan to cut back the dimensions of our world crew by about 8%. It will come as troublesome information for a lot of valued and revered GoDaddy crew members.

#7 Micron is without doubt one of the largest non-public employers in Idaho, however now it intends to “cut back its world headcount by about 10% over the subsequent yr”…

Micron has begun shedding employees, a spokesperson for the corporate advised the Idaho Statesman.

The information marks the start of the corporate’s plan to cut back its world headcount by about 10% over the subsequent yr. Micron CEO Sanjay Mehrotra introduced throughout a quarterly convention name with buyers in December that the corporate is taking vital steps to cut back prices and working bills as demand for its principal merchandise wanes.

#8 GitHub has develop into one more sufferer of the downsizing development within the tech business…

Microsoft-owned GitHub is shedding 10% of its workers, the corporate confirmed to Fortune.

#9 Nomad Well being simply laid off roughly 20 p.c of their complete company workforce…

Nomad Well being, a healthcare staffing startup, laid off round 20% of its company workforce this week, in response to 4 terminated workers, because the surge in journey nurses and different non permanent healthcare employees ignited by the pandemic cools down.

#10 Zoom is giving the axe to roughly 1,300 employees…

Zoom on Tuesday stated it’s going to lay off about 1,300 workers, or roughly 15% of its workers, turning into the most recent tech firm to announce vital job cuts as a pandemic-fueled surge in demand for digital companies wanes.

#11 Boeing was supposedly going to be hiring extra employees, however as an alternative the corporate simply introduced that 1000’s of positions in finance and human sources shall be eradicated…

“We anticipate about 2,000 reductions this yr primarily in Finance and HR via a mix of attrition and layoffs,” Boeing confirmed Monday.

#12 Do you bear in mind when Dell computer systems had been nonetheless fashionable?  Sadly, the tide has turned and now Dell has been compelled to do away with 6,650 employees…

Dell Applied sciences Inc. is eliminating about 6,650 roles because it faces plummeting demand for private computer systems, turning into the most recent expertise firm to announce 1000’s of job cuts.

I might go on and on if you want.

There are numerous different corporations which have additionally simply introduced vital layoffs.

We really haven’t confronted financial circumstances like this for the reason that Nice Recession, and a latest Gallup survey appears to underscore this level…

Reflecting on their private monetary conditions, 35% of Individuals say they’re higher off now than they had been a yr in the past, whereas 50% are worse off. Since Gallup first requested this query in 1976, it has been uncommon for half or extra of Individuals to say they’re worse off. The one different occasions this occurred was in the course of the Nice Recession period in 2008 and 2009.

Sadly, we’re nonetheless solely within the very early chapters of this new disaster.  As I’ve been warning for years, issues will finally get a lot worse.

Our leaders have been making extremely unhealthy choices for many years, and now we’re going to get to undergo the implications of these unhealthy choices.

This era was handed the keys to the best financial machine that the world has ever seen, however we wrecked it.

Now the chickens are coming residence to roost, and most Individuals are fully unprepared for what’s coming subsequent.

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It’s lastly right here! Michael’s new e book entitled “Finish Instances” is now accessible in paperback and for the Kindle on Amazon.