Unemployment Rates To Rise Again
Is this President Biden and the Democrats’ fault? Likely.
It’s starting to look like major companies are now starting to fire their higher-paid white-collar employees as America starts to recover from the COVID-19 pandemic.
According to NBC, Major U.S. companies including Amazon, Citigroup, Intel, HP, Microsoft, Johnson & Johnson, Phillips 66 and the Walt Disney Co. are all firing quite a significant number of corporate employees.
Last Friday, the U.S. Bureau of Labor Statistics found that there was a significantly slower hiring or outright job declines for a number of white-collar jobs.
What’s worse is that in November there was only 6,000 jobs created nationally for professional and business services.
chief international economist for ING James Knightley explained, “What we’ve seen is massive hiring in the tech sector, big hiring over the last couple of years in service-producing sectors. And now with the risk or growing concern of recession, some of these companies may have overexpanded during the vibrant post-pandemic reopening, and they’re now faced with more uncertainty.”
