Recession - 2022 / 2023 / 2024

[Hobo Hilton]

The cycle of "charge more and sell less" never goes on forever.

Procter & Gamble
on Friday reported quarterly earnings and revenue that topped analysts’ expectations as higher prices helped offset lower demand for its products.
The company, which owns household brands like Febreze, Charmin and Tide, also raised its forecast for organic sales growth for fiscal 2023 to 6%, up from its prior range of 4% to 5%.

Procter & Gamble beats earnings estimates, raises revenue forecast

Procter & Gamble beat earnings expectations as higher prices helped offset lower demand for its products.

www.cnbc.com

 

[Hobo Hilton]

The economy is in a 'freight recession,' with China trade decline continuing

As ocean trade volumes continue to fall, rail and road is suffering and the supply chain is in what some executives call a 'freight recession.'

www.cnbc.com

China, 'factory of the world,' is losing more of its manufacturing and export dominance, latest data shows

China has been the 'factory of the world' for decades, but Covid and gains made in recent years by nations including Vietnam in manufacturing are taking a toll.

www.cnbc.com

 

[lariat]

MSN

 

[Hobo Hilton]

3M to cut 6,000 roles globally as weak consumer electronics demand bites

3M Co will cut about 6,000 positions globally in a second round of lay-offs this year, as the U.S. industrial conglomerate looks to rein in costs amid waning demand for consumer electronics.

www.reuters.com

 

[Hobo Hilton]

United Parcel Service
shares fell Tuesday after the American trucking and delivery giant reported first-quarter misses on both earnings and revenue.
To some analysts, the relatively weak report from UPS hints at a wider economic slowdown, particularly when coupled with CEO Carol Tomé’s comments.

UPS shares fall after delivery giant reports disappointing earnings

UPS reported first-quarter misses on both earnings and revenue amid contentious contract negotiations and deceleration in U.S. sales.

www.cnbc.com

 

[NoDopes]

MSN

There’s good reason for software engineers to believe the hiring market will remain strong well into the future. The tech unemployment rate fell to 1.5 percent in January, according to the latest CompTIA analysis of data from the U.S. Bureau of Labor Statistics (BLS). Despite the layoffs in Big Tech, many industries outside of tech experienced strong tech job demand at the beginning of the year, including and insurance (up 30,576 tech job postings in January) and manufacturing (24,269 tech job postings).

Do Software Engineers Think Job Demand Will Stay High?

If you pay attention to the news, you’ve no doubt noticed an avalanche of headlines about layoffs over the past few months. Perhaps that’s made you debate whether to go on the job hunt. After all, the tech job market must be cooling off, right? But that’s not the mindset of many software...

www.dice.com

 

[Hobo Hilton]

South Korean chipmaker SK Hynix has reported a record quarterly operating loss of 3.4 trillion won ($2.54 billion) for the first quarter of the year.

According to Reuters, this is its largest loss since the SK Group acquired Hynix in 2012.

SK Hynix, one of the biggest memory chipmakers, reports record quarterly loss as prices slump

South Korean chipmaker SK Hynix has reported a record operating loss of 3.4 trillion won, but expects a rebound in the second half of the year.

www.cnbc.com

 

[Hobo Hilton]

The best case scenario:
Federal Reserve economists are predicting that there will be a mild recession later this year, “with a recovery over the subsequent two years,” according to the minutes of the Fed’s March 21-22 meeting.

A recession may be coming — here's how long it could last, according to economists

Recessions over the last half a century have ranged from 18 months to just 2 months.

www.cnbc.com

 

[Hobo Hilton]

Tyson Foods
will eliminate about 10% of corporate jobs and 15% of senior leadership roles, Chief Executive Donnie King told employees on Wednesday.
The layoffs are the latest cost-cutting move for the biggest U.S. meat company by sales as it grapples with declining profits and struggles to improve results in its iconic chicken business.

Tyson Foods to eliminate 10% of corporate jobs, memo says

Tyson Foods will eliminate about 10% of corporate jobs and 15% of senior leadership roles, Chief Executive Donnie King told employees on Wednesday.

www.cnbc.com

 

[Lightning8]

Wait until corporate America gets desperate enough to save themselves that the DEI layoffs start

 

[Hobo Hilton]

Wait until corporate America gets desperate enough to save themselves that the DEI layoffs start

Uh Huh........ Like rat's leaving a sinking ship and there are not enough life boats for the DEI's...
Nothing left but those who are making money for the business... Capitalism at it's finest.

 

[Hobo Hilton]

Gap to lay off 1,800 workers as part of broad push to cut costs

Gap will lay off 1,800 employees in roles at headquarters and in leadership positions in a cost-cutting move the retailer said will save it $300 million.

www.cnbc.com

 

[lariat]

Gap to lay off 1,800 workers as part of broad push to cut costs

Gap will lay off 1,800 employees in roles at headquarters and in leadership positions in a cost-cutting move the retailer said will save it $300 million.

www.cnbc.com

That’s an average cost savings of $166k per employee.

 

[Hobo Hilton]

Treading water... Hoping for the best.

The U.S. personal savings rate remains below its historical average, according to the U.S. Bureau of Economic Analysis.
The seasonally adjusted annual rate of personal saving was 4.6% in February. That’s well below the average annual rate of more than 8%, according to the data, which traces back to 1959. In June 2022, the rate had dipped to 2.7%, a 15-year low.

Americans are saving far less than normal in 2023. Here's why

The U.S. personal savings rate fell in 2022 after excess savings from pandemic stimulus bolstered deposits. The slowdown could introduce economic headwinds.

www.cnbc.com

 

[Hobo Hilton]

Dropbox to lay off 500 employees, or about 16% of its workforce

Dropbox is laying off 500 employees, or about 16% of its workforce, the company said.

www.cnbc.com

 

[Hobo Hilton]

Lyft to cut 1,072 employees, or 26% of its workforce

Ride-sharing app Lyft confirmed it would lay off 1,072 employees, roughly 26% of its corporate workforce, and not hire for an additional 250 positions.

www.cnbc.com

 

[Hobo Hilton]

Everything we are seeing today... Higher interest, layoff's, lower GDP should have happened 18 months ago. The FED Reserve / Jerome Powell became politicized. When politician's are running the financial system... The country is doomed.

Run away inflation that raised prices to a historic level.
These prices will never come down.
You have been robbed by your own Government... Even if you are drawing a Government paycheck.
The Downfall will continue.

 

[BCP]

Everything we are seeing today... Higher interest, layoff's, lower GDP should have happened 18 months ago. The FED Reserve / Jerome Powell became politicized. When politician's are running the financial system... The country is doomed.

Run away inflation that raised prices to a historic level.
These prices will never come down.
You have been robbed by your own Government... Even if you are drawing a Government paycheck.
The Downfall will continue.

They've been robbing us for decades this time it's been turned up to 11.

It wouldn't hurt so bad if wages went up but it always seems like prices go UP and wages go UHHHHH.

Some idiot was telling me the other day that minimum wage was driving inflation. I'm sure the Feds printing press has nothing to do with it

 

[BLEE]

WTF?

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[lariat]

WTF?

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

"What we need is a period of slower growth so that the economy can cool off, so the labor market can cool off, so that wages can cool off. That's how inflation comes down. That's the only way we know to bring inflation down. And it can be painful, but we don't know of any painless way for inflation to come down."

That quote tells you that they need unemployment to rise and wages to decrease relative to the inflation rate so that it will push the inflation rate down over time via deferred purchases. Think on that and the trickle down effects.

 

[BLEE]

"What we need is a period of slower growth so that the economy can cool off, so the labor market can cool off, so that wages can cool off. That's how inflation comes down. That's the only way we know to bring inflation down. And it can be painful, but we don't know of any painless way for inflation to come down."

That quote tells you that they need unemployment to rise and wages to decrease relative to the inflation rate so that it will push the inflation rate down over time via deferred purchases. Think on that and the trickle down effects.

I get the economics part of it. What I don't get is that he was duped in to a conversation with a fake Zelensky.

 

[Hobo Hilton]

Wall Street is cutting more jobs as Morgan Stanley plans 3,000 layoffs

For Morgan Stanley and others, the cuts show Wall Street is wrangling with a slump that's dragging on for longer than expected

www.cnbc.com

 

[BCP]

First Republic Bank just went off a cliff so add that to the list.

 

[BLEE]

First Republic Bank just went off a cliff so add that to the list.

My thoughts are that the First Republic won't be the last. The regime is camouflaging the reality of economic doom, They'll obfuscate it, until after the election. If the left wins, they can usher in the new cashless, marxist economy. If the right wins, the economic collapse will be the fault of the right. It's no win situation.

 

[BCP]

My thoughts are that the First Republic won't be the last. The regime is camouflaging the reality of economic doom, They'll obfuscate it, until after the election. If the left wins, they can usher in the new cashless, marxist economy. If the right wins, the economic collapse will be the fault of the right.

A relative of mine quit paying a whole bunch of credit card bills and the banks just closed the accounts no judgements/collections etc. I think they are lying about the number of bad debts/accounts/upside down banks out there.

 

[Lightning8]

"The World Economic Forum (WEF) has warned that the employment landscape will change drastically over the next five years amid increasingly widespread use of artificial intelligence (AI), the transition to green energy, environmental, social, and governance (ESG) standards, and slower economic growth.

According to WEF’s “The Future of Jobs Report 2023,” roughly 23 percent of jobs are expected to change by 2027, with around 69 million new jobs to be created and 83 million eliminated, resulting in a decrease of 14 million jobs, or 2 percent of current employment.

The report (pdf) surveyed 803 companies collectively employing more than 11.3 million workers in 27 industry clusters and 45 economies from across the globe, on macro and technology trends and their impact on jobs and skills, as well as the “workforce transformation strategies” that businesses plan to implement between now and 2027.

It found that clerical or secretarial roles, including bank tellers, cashiers and ticket clerks, data entry clerks, postal service clerks, and administrative and executive secretaries will likely see the fastest decline in roles over the next five years relative to their size today, with roughly 26 million fewer jobs by 2027."

 

[Hobo Hilton]

Job openings fell more than expected in March to lowest level in nearly two years

The JOLTS report showed that job vacancies totaled 9.59 million for the month, down from 9.97 million in February.

www.cnbc.com

Credit card interest rates keep climbing. Here's what consumers need to know and what they can do about it

Credit card interest rates are already at record highs and are expected to increase even more if the Fed raises the benchmark rate this week.

www.cnbc.com

Ford cutting price of electric Mustang Mach-E by thousands of dollars

Ford will lower pricing of the Mach-E by $1,000 to $4,000. The cuts will make the starting price of the vehicle be between $42,995 and $59,995.

www.cnbc.com

 

[Hobo Hilton]

Unity to lay off 600 employees, or 8% of its workforce

Unity Software announced plans to cut about 600 jobs, or 8% of its workforce, according to a company filing.

www.cnbc.com

 

[BCP]

Credit card interest rates keep climbing. Here's what consumers need to know and what they can do about it

Credit card interest rates are already at record highs and are expected to increase even more if the Fed raises the benchmark rate this week.

www.cnbc.com

Yeap stick it to the poors and bail out the banksters, more of the same Obamanomics.

 

[NoDopes]

Yeap stick it to the poors and bail out the banksters, more of the same Obamanomics.

Obama did nothing for the blacks... Trump dropped unemployment for blacks to multi-decade lows. Yet, Dominion still voted for Biden. And now I hear chatter about Michael Obama running for president now...

 

[Hobo Hilton]

Unfortunate... As Jenny Craig goes.... So goes the health of the American woman.

Jenny Craig tells employees it will shut its doors

Employees received an email from the company last night indicating their jobs would be terminated by the end of the week or sooner for some.

www.cnbc.com

 

[BCP]

Unfortunate... As Jenny Craig goes.... So goes the health of the American woman.

Jenny Craig tells employees it will shut its doors

Employees received an email from the company last night indicating their jobs would be terminated by the end of the week or sooner for some.

www.cnbc.com

2/3rds of the country needs Jenny Craig too

 

[Hobo Hilton]

Not all renters are trying to become homeowners. A majority of them don’t think they’ll ever have enough money to buy property, recent data finds.
In fact, 66% of U.S. renters say rising home prices have them feeling “hopeless” about owning a home, according to a survey by online brokerage Home Bay of 1,000 renters. Instead, they’re focusing on other financial milestones.
With median home prices up 33% since January 2020, 77% of renters say the U.S. has an affordable housing crisis. The median home price climbed from $329,000 in January 2020 to $476,800 as of April 2023, according to the most recent U.S. Census Bureau data

66% of renters say homeownership is 'hopeless'—here's how they'd rather spend their money

Most renters are focused on saving for retirement savings or paying off debt rather than buying a house.

www.cnbc.com

 

[lariat]

ECONOMIC IMPLOSION: At least 70 major bankruptcies of U.S. companies occurred during first quarter of 2023

The economy under Joe Biden and the Democratic majority during his first two years has all but cratered, with dozens upon dozens of companies and brands liquidating, going out of business altogether, or declaring bankruptcy. As noted by Mish Talk, "For 2009 there were 118 bankruptcies throug

www.naturalnews.com

 

[Bigfatcock]

It will be 'really tough' for trucking companies to stay in business if things don't pick up by Memorial Day, says an American trucking association

OOIDA is the latest organization to warn about the "freight recession" gripping the US, wherein fewer trucks are delivering goods across the country.

www.yahoo.com

All the puzzle pieces are coming together to form the picture.

 

[Hobo Hilton]

It will be 'really tough' for trucking companies to stay in business if things don't pick up by Memorial Day, says an American trucking association

OOIDA is the latest organization to warn about the "freight recession" gripping the US, wherein fewer trucks are delivering goods across the country.

www.yahoo.com

All the puzzle pieces are coming together to form the picture.

The guy's here could have "solved the puzzle" two years ago when the first piece hit the table.
We've put that same puzzle together 3 - 4 times.

 

[Bigfatcock]

The guy's here could have "solved the puzzle" two years ago when the first piece hit the table.
We've put that same puzzle together 3 - 4 times.

Correct, although I expected the recession to happen in 2020, lol, and for us to be recovering by now.

 

[Hobo Hilton]

Correct, although I expected the recession to happen in 2020, lol, and for us to be recovering by now.

That, my friend, would have been "optimal" for the working middle class.
Dragging this out is hardest on the folks who (for one reason or another) are on a fixed income.
This forces us to use up our resources while treading water and praying for a better economy.
I am replacing some things I purchased 3 years ago. The price is 3X what it was then. Quality OEM tractor and truck parts for one.
Replacing a Ford 7.3 PSD is running around $10k... A person can cut some corners but there are risk.
I am planting a larger garden.

 

[Hobo Hilton]

Brace yourselves, the banking crisis is just getting started

If Jamie Dimon was pondering a career change as a fortune-teller, he’d be wise to stick to the day job. On the other hand, if someone of Dimon’s stature could be so wrong about the banking turmoil that continues to sweep across the US, a cynic might ask whether he was still the right person to...

finance.yahoo.com

 

[Hobo Hilton]

Biden says not yet ready to invoke 14th Amendment to avoid debt default

President Joe Biden said on Friday he was not yet ready to invoke the 14th Amendment to avoid the United States defaulting on its debts as early as June 1, comments which for the first time suggested he has not ruled out the option.

www.reuters.com

 

[lariat]

"It's Spooky": Stanford Professor Warns Thousands Of US Banks Are "Potentially Insolvent" | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[BCP]

Dragging this out is hardest on the folks who (for one reason or another) are on a fixed income.

Our fed economic policy is just a wealth transfer from the bottom to the top in the name of political power/stability.

 

[NoDopes]

 

[Hobo Hilton]

Our fed economic policy is just a wealth transfer from the bottom to the top in the name of political power/stability.

Buffett is watching currency in circulation, calling it “one of the most interesting figures” to consider and calling out those who previously said “cash is trash” back in 2007 and 2008.
“The Federal Reserve balance sheet has gone from $800 billion to $2.2 trillion and most of that’s in $100 bills overwhelmingly. … I would really like to know where all of that is,” he said.

https://www.cnbc.com/2023/05/06/berkshire-hathaway-annual-meeting-live-updates.html

 

[NoDopes]

California Defaults On $18.5 Billion Debt, Leaving State Businesses Holding The Bag

Little did California businesses know that they were cosigners on the state’s nearly $20 billion loan from the federal government that was used to cover California’s unemployment fund shortfall during the COVID pandemic. This ugly truth became apparent when the state recently decided to stop...

www.hoover.org

 

[BCP]

Buffett is watching currency in circulation, calling it “one of the most interesting figures” to consider and calling out those who previously said “cash is trash” back in 2007 and 2008.
“The Federal Reserve balance sheet has gone from $800 billion to $2.2 trillion and most of that’s in $100 bills overwhelmingly. … I would really like to know where all of that is,” he said.

https://www.cnbc.com/2023/05/06/berkshire-hathaway-annual-meeting-live-updates.html

Translation:

100$ bills! That's way too much money for any one peasant to handle! Give it to ME!!!!!

 

[Hobo Hilton]

Translation:

100$ bills! That's way too much money for any one peasant to handle! Give it to ME!!!!!

Sealed containers, palletized .... Last seen heading to Ukraine.

 

[Hobo Hilton]

- Treasury Secretary Janet Yellen said there are “simply no good options” for solving the debt limit stalemate in Washington other than Congress lifting the cap and cautioned that resorting to the 14th Amendment would provoke a constitutional crisis.

Yellen Says No Good Alternative to Congress Lifting Debt Cap

(Bloomberg) -- Treasury Secretary Janet Yellen said there are “simply no good options” for solving the debt limit stalemate in Washington other than Congress lifting the cap and cautioned that resorting to the 14th Amendment would provoke a constitutional crisis.Most Read from BloombergTexas...

ca.finance.yahoo.com

 

[NoDopes]

You would have thought a stolen election would have caused a constitutional Crisis, but I guess torturing the J6 protesters like Nazis on Jews has quelled the peasants nicely.

 

[Hobo Hilton]

KKR said its profit from asset sales fell 70% to $172.7 million. That result was in line with its peers, Blackstone Inc (BX.N) and Carlyle Group Inc (CG.O), which also reported slower asset divestments in the first quarter.

KKR posts 26% drop in Q1 earnings, beating expectations

KKR & Co Inc said on Monday its after-tax distributable earnings fell 26% year-on-year in the first quarter due to a sharp drop in asset sales from its private equity portfolio and lower transaction fees.

www.reuters.com