Recession - 2022 / 2023 / 2024

[Hobo Hilton]

Delivery startup Gopuff cuts 10% of its global workforce and closes 76 U.S. warehouses

Gopuff is cutting 10% of its global workforce and closing down 76 U.S. warehouses as an effort to keep profitability in a deteriorating economic environment.

www.cnbc.com

 

[Lunar95]

Bet OP is feeling awfully silly right about now.

 

[babyguppy]

Delivery startup Gopuff cuts 10% of its global workforce and closes 76 U.S. warehouses

Gopuff is cutting 10% of its global workforce and closing down 76 U.S. warehouses as an effort to keep profitability in a deteriorating economic environment.

www.cnbc.com

Man, people are going to have to pick up their own crap now..

 

[Hobo Hilton]

Bet OP is feeling awfully silly right about now.

No silly here.... Snug your seat belt.

 

[Hobo Hilton]

Man, people are going to have to pick up their own crap now..

As previous recessions got going, people would just walk off and leave an apartment or rent house full of "stuff"... Take what ever would fit in the back seat and trunk and go back to Ma Ma's house.

 

[Hobo Hilton]

The biggest worry people citied about a looming recession is the inability to pay their bills, with 44%, according to the MagnifyMoney survey.

70% of Americans think a recession is coming: Here’s what they are doing to prepare

While experts debate whether a recession will happen or when, most people are already convinced we're headed for a downturn, a new survey finds.

www.cnbc.com

 

[E. Bryant]

Delivery startup Gopuff cuts 10% of its global workforce and closes 76 U.S. warehouses

Gopuff is cutting 10% of its global workforce and closing down 76 U.S. warehouses as an effort to keep profitability in a deteriorating economic environment.

www.cnbc.com

The company is also closing 76 warehouses, about 12% of its network...

If your startup's business model involves 600+ warehouses, then your model might suck.

 

[Hobo Hilton]

Anyone care to define what the definition of "extended" is ?

The world’s biggest asset manager BlackRock said the era of steady growth and inflation was over as it revealed it had slashed its exposure to developed market equities and was bracing for extended period of volatility.

BlackRock Is Bracing For “Persistent Inflation” | OilPrice.com

The world’s top asset manager has issued a worrying warning, stating that the era of steady growth may be over and that it is bracing for an extended period of volatility

oilprice.com

 

[Gwak2006]

Anyone care to define what the definition of "extended" is ?

The world’s biggest asset manager BlackRock said the era of steady growth and inflation was over as it revealed it had slashed its exposure to developed market equities and was bracing for extended period of volatility.

BlackRock Is Bracing For “Persistent Inflation” | OilPrice.com

The world’s top asset manager has issued a worrying warning, stating that the era of steady growth may be over and that it is bracing for an extended period of volatility

oilprice.com

This is worrisome.

 

[Hobo Hilton]

Chopping dead wood.

On Monday, reports surfaced that Meta leadership had urged employees to identify and report “low performers,” adding “they are failing this company.”

Facebook cuts hundreds of custodial jobs after ending contract with facility management vendor

More than 350 custodial workers at Facebook's headquarters are about to lose their jobs after the company ended its contract with ABM Industries

www.cnbc.com

 

[RUTGERS95]

the real problem is that companies cannot manage growth. when things slow down, companies that slash jobs quickly truly are the poorly run companies. Managing the upswing is far more important than managing the downturn

 

[Hobo Hilton]

the real problem is that companies cannot manage growth. when things slow down, companies that slash jobs quickly truly are the poorly run companies. Managing the upswing is far more important than managing the downturn

I see a lot of the issues are with the "culture" and not the "business". American's that are 32 years old have never lived through hard times. The pandemic was simply the "Icing on the Cake" with an over abundance of free money (paid rent, child credits, medical, food, etc). Immigrants were supposed to fill the positions where the lazy American's would not work. Why should they work when they are getting Government money like never before ?

Two more generations and this country will be down the drain.

 

[Lightning8]

Chopping dead wood.

On Monday, reports surfaced that Meta leadership had urged employees to identify and report “low performers,” adding “they are failing this company.”

Facebook cuts hundreds of custodial jobs after ending contract with facility management vendor

More than 350 custodial workers at Facebook's headquarters are about to lose their jobs after the company ended its contract with ABM Industries

www.cnbc.com

If everyone is working remote - why pay to keep empty facilities clean, etc. Everyone should see the collapse of commercial real estate and all the jobs associated with corporate office maintenance, upkeep, etc. This will also impact all the restaurants, dry cleaners, parking garages, etc. located next to big HQs.

 

[Lightning8]

the real problem is that companies cannot manage growth. when things slow down, companies that slash jobs quickly truly are the poorly run companies. Managing the upswing is far more important than managing the downturn

Big companies now all run by "finance" people - all about the short term spreadsheet - these CEOs often have no knowledge of the core business.

 

[Hobo Hilton]

One of my forward looking benchmarks - copper

Copper Prices Plummet To Lowest Levels Since 2020 | OilPrice.com

Growing uncertainty over China’s economic recovery is weighing on metals markets, with copper prices sliding to their lowest levels since 2020

oilprice.com

 

[Hobo Hilton]

Peloton competitor Tonal cuts 35% of workforce as it prepares for possible recession, IPO

Tonal CEO Aly Orady said the company is trying to become profitable so that it can successfully go public.

www.cnbc.com

 

[Hobo Hilton]

(CNN Business)Google plans to slow its pace of hiring for the remainder of the year in the latest sign of tech companies rethinking staffing amid a market downturn that has hit Silicon Valley particularly hard.
Sundar Pichai, CEO of Google and parent company Alphabet, announced the news on Tuesday in an internal memo, noting "the uncertain global economic outlook." Google confirmed the authenticity of the letter to CNN Business, but declined to comment further.

Google becomes the latest tech giant to slow hiring

Google plans to slow its pace of hiring for the remainder of the year in the latest sign of tech companies rethinking staffing amid a market downturn that has hit Silicon Valley particularly hard.

www.cnn.com

 

[E. Bryant]

JP Morgan is stashing cash to cover for potential loan defaults:

JPMorgan Chase earnings fell 28% after building reserves for bad loans, bank suspends buybacks

Chairman and CEO Jamie Dimon warned geopolitical tension, high inflation and waning consumer confidence could hurt the economy "sometime down the road."

www.cnbc.com

 

[Hobo Hilton]

A lot of turbulence in the commodities this year.

A coming copper shortage could derail the energy transition, report finds

Demand for copper is set to soar as renewable energy such as wind and solar become more popular. But there's one problem: We don't have enough.

www.cnbc.com

 

[Hobo Hilton]

The cultures in America have changed. No one, private or public, has taken the time to publicize what has evolved.
The only thing that too much free money buys is a recession.
So, here we are, the free money was spent. The majority of it bought intangible "goods". Sure, we can quibble over the intangibles.
Free money meant to pay rent was squandered and landlords sold their properties at inflated prices and walked away from the train wreck.
Big corporations bought back their own stock with free money and now share prices are falling (Apple, Google, Microsoft, etc). Charts for the 3 biggest buybacks.
Time to "Pay the Piper" for all those who danced free for the past 20 years.

20 companies are spending billions to boost their stock prices

Stock buybacks continue at a record pace, powered by these 20 very large companies.

news.yahoo.com

 

[Bigfatcock]

I’m ready to buy people’s shit.

 

[babyguppy]

A lot of turbulence in the commodities this year.

A coming copper shortage could derail the energy transition, report finds

Demand for copper is set to soar as renewable energy such as wind and solar become more popular. But there's one problem: We don't have enough.

www.cnbc.com

so, one place say's copper prices are going to soar..
and the other says Copper Prices Plummet To Lowest Levels Since 2020
In other news, china is buying US farmland and having bank runs in their homeland. People can't get their cash.

 

[Hobo Hilton]

I’m ready to buy people’s shit.

Me too..... Used front end loader attachment for a John Deere tractor is near the top of my list...
Gettin' too old to be man handling all this heavy stuff.

 

[Bigfatcock]

Me too..... Used front end loader attachment for a John Deere tractor is near the top of my list...
Gettin' too old to be man handling all this heavy stuff.

I hope you get it!

 

[Hobo Hilton]

I hope you get it!

No different than sitting on a deer stand waiting for that trophy buck to walk by... Patience.

 

[babyguppy]

In other news

Deadline to block freight rail strike looms before Biden

Monday is deadline - 7/18/22​

This sounds familiar at most corporations. Cut jobs and expect the workers to pick up the additional load. Meanwhile, executives get bonus for reducing labor.

-frustrated they haven't had a raise since 2019, and they're fed up with the working conditions and schedules they have to endure after the major freight railroads cut nearly one-third of their jobs over the past six years as they overhauled operations.​

 

[Hobo Hilton]

In other news

Deadline to block freight rail strike looms before Biden

Monday is deadline - 7/18/22​

This sounds familiar at most corporations. Cut jobs and expect the workers to pick up the additional load. Meanwhile, executives get bonus for reducing labor.

-frustrated they haven't had a raise since 2019, and they're fed up with the working conditions and schedules they have to endure after the major freight railroads cut nearly one-third of their jobs over the past six years as they overhauled operations.​

Worldwide..
Trains are shutting down

Train drivers to go on strike on 30 July

Union Aslef says 5,500 workers from eight rail companies will strike on a Saturday over a pay row.

www.bbc.com

Another national rail strike is set for Wednesday 27th July

The RMT union has called for another nationwide strike on the railways, to take place on Wednesday 27th July.

www.ianvisits.co.uk

Strike deadline for Via Rail workers extended again as Unifor continues negotiations

Unifor says it has yet again pushed back the deadline for a strike by Via Rail workers that could lead to the immediate suspension of passenger rail services across Canada.

www.thestar.com

BLET union calls nationwide strike vote in US rail industry

A strike of the US railroad workers bears enormous potential to both encourage and link up with the growing upsurge of the class struggle all over the world.

www.wsws.org

 

[babyguppy]

someone cry 'dogpile'?

 

[Hobo Hilton]

Energy costs for German households could soar significantly later this year, the country's energy industry has warned, with one company suggesting this could lead to social unrest.
Per a Reuters report, energy sector officials said that household energy costs could increase threefold from current levels, with one industry executive saying annual costs could rise from 1,500 euros to 4,700 euros by October.

German Energy Industry Warns Of High Prices & Social Unrest | OilPrice.com

Germany is facing potential social unrest as energy companies project a potential tripling of household energy costs

oilprice.com

 

[lariat]

Worldwide..
Trains are shutting down

Train drivers to go on strike on 30 July

Union Aslef says 5,500 workers from eight rail companies will strike on a Saturday over a pay row.

www.bbc.com

Another national rail strike is set for Wednesday 27th July

The RMT union has called for another nationwide strike on the railways, to take place on Wednesday 27th July.

www.ianvisits.co.uk

Strike deadline for Via Rail workers extended again as Unifor continues negotiations

Unifor says it has yet again pushed back the deadline for a strike by Via Rail workers that could lead to the immediate suspension of passenger rail services across Canada.

www.thestar.com

BLET union calls nationwide strike vote in US rail industry

A strike of the US railroad workers bears enormous potential to both encourage and link up with the growing upsurge of the class struggle all over the world.

www.wsws.org

Be careful what you ask for. This could take the recession to a whole new level if it lasts any real length of time. Also, has anyone thought that this might just fall exactly into the WEF plans? Who is behind the push for this? If it is the workers themselves, fine, I get it and am sympathetic. But IMO it needs to be looked into who is captializing on the dissatisfaction of these workers.

 

[lariat]

MSN

www.msn.com

 

[Hobo Hilton]

Be careful what you ask for. This could take the recession to a whole new level if it lasts any real length of time. Also, has anyone thought that this might just fall exactly into the WEF plans? Who is behind the push for this? If it is the workers themselves, fine, I get it and am sympathetic. But IMO it needs to be looked into who is captializing on the dissatisfaction of these workers.

I share your feelings. Many times we worked under an "extended contract" with a retroactive clause dating back to the date of the old contract. Pay and conditions were as good as money in the bank.That, in itself, became a bargaining chip for the negotiators.
A country will never regain what is lost during a transportation shut down. Part of the plan ?

 

[Hobo Hilton]

MSN

www.msn.com

Deja Vu
One more sector that learned lessons from the two - three previous recessions. Getting "ahead of the curve" at the onset of a recession is a guarantee the business will be intact when it comes out on the other side. History repeating.

 

[Hobo Hilton]

So... What does "Heathrow" know that it is not sharing with the rest of the world... Making "Demands"... Could become one big mess to strand 300,000 +/- people there if things came to a halt. Not like you could load them on a train.

Earlier this week, Heathrow made a demand to airlines to stop selling summer travel tickets, after imposing a cap of 100,000 passengers per day departing the airport in order to cut down long lines, cancellations and baggage retrieval delays.

Emirates Airline slams Heathrow Airport's 'unacceptable' demand to cut flights, refuses to comply

"With blatant disregard for consumers, they wish to force Emirates to deny seats to tens of thousands of travellers," the Dubai-based airline said of Heathrow.

www.cnbc.com

Traffic Statistics

Find monthly statistics for passenger numbers, air transport movements and cargo at Heathrow.

www.heathrow.com

 

[Hobo Hilton]

Obviously the FED's have turned a deft ear to those who know what needs to be done... It's all politicized.

Dimon rips Fed stress test as 'terrible way to run' financial system after his bank halts buybacks

JPMorgan Chase CEO Jamie Dimon didn't mince words when it came to the regulatory process that forced his bank to suspend its stock buybacks.

www.cnbc.com

 

[Hobo Hilton]

Starting to identify a trend of world leaders resigning and heading for the hills. Who will be left to lead ?
Boris Johnson is a British politician who has been serving as Prime Minister of the United Kingdom
Gotabaya Rajapaksa has resigned as president of Sri Lanka
Add Willy Linares to the growing list of people in Sonoma County elected to public office who have bowed out

A new survey of local election officials released Thursday by the Brennan Center for Justice found that 1 in 5 local election administrators say they are likely to leave their jobs before the 2024 presidential election.

Italian president rejects Mario Draghi resignation as Rome plunges into political crisis

Italy is due to have new parliamentary elections before June 2023, but the latest uncertainty in Rome could bring that forward.

www.cnbc.com

Italian president rejects Mario Draghi resignation as Rome plunges into political crisis

Italy is due to have new parliamentary elections before June 2023, but the latest uncertainty in Rome could bring that forward.

www.cnbc.com

 

[babyguppy]

So... What does "Heathrow" know that it is not sharing with the rest of the world... Making "Demands"... Could become one big mess to strand 300,000 +/- people there if things came to a halt. Not like you could load them on a train.

Earlier this week, Heathrow made a demand to airlines to stop selling summer travel tickets, after imposing a cap of 100,000 passengers per day departing the airport in order to cut down long lines, cancellations and baggage retrieval delays.

Emirates Airline slams Heathrow Airport's 'unacceptable' demand to cut flights, refuses to comply

"With blatant disregard for consumers, they wish to force Emirates to deny seats to tens of thousands of travellers," the Dubai-based airline said of Heathrow.

www.cnbc.com

Traffic Statistics

Find monthly statistics for passenger numbers, air transport movements and cargo at Heathrow.

www.heathrow.com

Odd they only have 2018 and older on traffic statistics..

 

[Hobo Hilton]

Odd they only have 2018 and older on traffic statistics..

Pandemic probably skewed the numbers. Here's another one

Is London Heathrow the busiest airport in the world?

London Heathrow is back at the number one spot for the busiest international airline capacity in the world. The UK airport was number one previously in 2019 and according to aviation data firm OAG, there will be 762,000 departing seats offered this week.May 18, 2022

 

[babyguppy]

Yea, I was curious to see how hard the pandemic hit their numbers. Heathrow, probably didn't want to release numbers, since another airport could claim the title. who knows.....

 

[Hobo Hilton]

How far off is sometime down the road.” ?

Jamie Dimon, today:
He then rattled off a number of warning signs, saying: “But geopolitical tension, high inflation, waning consumer confidence, the uncertainty about how high rates have to go and the never-before-seen quantitative tightening and their effects on global liquidity, combined with the war in Ukraine and its harmful effect on global energy and food prices are very likely to have negative consequences on the global economy sometime down the road.”

JPMorgan CEO Dimon sums up U.S. economy in one paragraph — and it sounds bad

JPMorgan Chase CEO Jamie Dimon on Thursday summarized the state of the U.S. economy in one paragraph, and it's not all good.

www.cnbc.com

 

[Hobo Hilton]

This topic has / will be discussed more. In some ways, it is not adding up like the fertilizer shortages.

Costs of chemicals used in making key goods, including pharmaceuticals, rubber, and plastics, are soaring as the rally in crude oil prices this year pushed up the price of petrochemical feedstocks. But higher oil prices are not the only reason for record-high prices of benzene, toluene, and xylene.

Chemical Supply Squeeze Imminent As Refiners Prioritize Gasoline | OilPrice.com

The cost of key chemicals is skyrocketing as refiners prioritize gasoline production to meet rising demand

oilprice.com

 

[Hobo Hilton]

No economic signs of anything tapering off.

Bank of America slashes S&P 500 target to ‘lowest on the Street’ after recession forecast​

Bank of America slashes S&P 500 target to ‘lowest on the Street’ after recession forecast

Bank of America has lowered its 2022 target for the S&P 500 by 900 points to 3,600, citing its forecast for a recession this year and expectations for a...

www.marketwatch.com

 

[Hobo Hilton]

Historically, a few months into a recession, people start to lower expenses. Nationwide.

“They’ve had these pets for years”: People are giving up family dogs they adopted long before the pandemic, mostly because of inflation, shelters say - wikidogall

Tenants aren’t the only ones frantically looking for homes in New York City - pets are also victims of the city’s housing wars.

wikidogall.com

 

[Hobo Hilton]

Government reports retail sales this morning.
Retail sales number does not even keep up with inflation. Retail sales are, in reality, going down.

Some comments:
BREAKING: Retail sales rose 1 percent in June, as Americans continued to spend. The report could prompt a stronger response from Federal Reserve officials, who are trying to cool the economy, reports
@thesimonetti

Unlike many other economic-data reports produced by the U.S. government, retail sales aren’t adjusted for inflation. That means higher retail-sales figures can reflect higher prices rather than more purchases.

Retail sales in the US jumped 1% mom in June of 2022, beating forecasts of a 0.8% gain, and recovering from a downwardly revised 0.1% drop in May. Figures showed consumer spending remains robust but also reflect a general increase in prices for goods and services. Retail sales aren’t adjusted for inflation. Sales at gasoline stations recorded the biggest increase (3.6%), followed by sales at nonstore retailers (2.2%)​

 

[babyguppy]

Government reports retail sales this morning.
Retail sales number does not even keep up with inflation. Retail sales are, in reality, going down.

Some comments:
BREAKING: Retail sales rose 1 percent in June, as Americans continued to spend. The report could prompt a stronger response from Federal Reserve officials, who are trying to cool the economy, reports
@thesimonetti

Unlike many other economic-data reports produced by the U.S. government, retail sales aren’t adjusted for inflation. That means higher retail-sales figures can reflect higher prices rather than more purchases.

Retail sales in the US jumped 1% mom in June of 2022, beating forecasts of a 0.8% gain, and recovering from a downwardly revised 0.1% drop in May. Figures showed consumer spending remains robust but also reflect a general increase in prices for goods and services. Retail sales aren’t adjusted for inflation. Sales at gasoline stations recorded the biggest increase (3.6%), followed by sales at nonstore retailers (2.2%)​

the big call out
higher retail-sales figures can reflect higher prices rather than more purchases.

so prices go up 25%, and the GOV is trying to tell everyone that a 1% increase in retail sales shows 'nothing to fear'. wow.
Gov loves inflation; look at the increase in TAXes you are paying because McD's increased prices by 50%. 8% tax on 2 dollars vs 8% tax on 3 dollars. (inflation)

 

[Hobo Hilton]

the big call out
higher retail-sales figures can reflect higher prices rather than more purchases.

so prices go up 25%, and the GOV is trying to tell everyone that a 1% increase in retail sales shows 'nothing to fear'. wow.
Gov loves inflation; look at the increase in TAXes you are paying because McD's increased prices by 50%. 8% tax on 2 dollars vs 8% tax on 3 dollars. (inflation)

American's are "Dumb as a Box of Rocks". The reason ?... Cultures have changed thanks to:
No child left behind
Head Start
Equal Opportunity
Everyone gets a trophy
Social Promotion
The "HR Department"

Standards (Grading in school, work ethics, specifications, etc) have consistently been lowered over the past 60 years.
We are living with the results of a failed social experiment.

 

[Bigfatcock]

Maff be rayciss and shee-it.

 

[Bigfatcock]

Living paycheck to paycheck is now 'the most common financial lifestyle' in the US — even the wealthy aren't immune

Even the wealthy are living on the edge, it’s time to get your finances sorted before you fall off.

www.yahoo.com

Broke people everywhere.

 

[Hobo Hilton]

Maff be rayciss and shee-it.

Maybe not.... IDK
Remember the day when there was a stamp (mill spec sheet) on pipe, valves and fittings that said "Exceeds minimum standard specifications" ?
Not seeing that any more... Nothing exceeds and with QC checking one in every thousand, much of it is below spec. The culture is to accept less.

 

[babyguppy]

Worldwide..
Trains are shutting down

Train drivers to go on strike on 30 July

Union Aslef says 5,500 workers from eight rail companies will strike on a Saturday over a pay row.

www.bbc.com

Another national rail strike is set for Wednesday 27th July

The RMT union has called for another nationwide strike on the railways, to take place on Wednesday 27th July.

www.ianvisits.co.uk

Strike deadline for Via Rail workers extended again as Unifor continues negotiations

Unifor says it has yet again pushed back the deadline for a strike by Via Rail workers that could lead to the immediate suspension of passenger rail services across Canada.

www.thestar.com

BLET union calls nationwide strike vote in US rail industry

A strike of the US railroad workers bears enormous potential to both encourage and link up with the growing upsurge of the class struggle all over the world.

www.wsws.org

MSN