It appears that the tsunami of layoffs that started late last year is starting to accelerate. January was a horrible month for job losses, and major layoff announcements are coming fast and furious here in February. But of course the Biden administration would have us believe that everything is just fine. Last week, the government told us that the U.S. economy “added 517,000 jobs” in January. But as I discussed in a previous article, that wasn’t what actually happened. The raw, unadjusted number showed that the U.S. economy actually lost 2.5 million jobs last month. That is a terrible number, but after the bureaucrats in Washington were done with their “adjustments” it magically became a gain of 517,000 jobs. If you want to have faith that their “adjustments” are appropriate, good for you. But other sources also confirm that things have really taken a turn for the worse. For example, Challenger, Gray & Christmas just issued a report that concluded that last month “was the worst January for job cuts since the Great Recession in 2009”… (Read More...)
