America's Biggest Companies Are Slashing Jobs At The Fastest Rate Since The Financial Crisis

Tyler Durden's picture

Just last week, Americans were reassured (twice) that everything is awesome in the US labor market as ADP and BLS data showed jobs-jobs-jobs everywhere. However, along with wage stagnation (and a rising unemployment rate), there is a bigger problem, as Deutsche Bank warns, aside from soft earnings, hiring at America’s biggest companies is slowing down for the first time since 2010.

Casting some serious doubt on just how strong the hiring environment is, Yahoo's Myles Udland notes that Deutsche Bank illustrates that employment at big US companies is plunging for the first time since the recession.

Notably, S&P 500 companies account for less than 20% of total US employment, but despite President Trump's pro-business perspective, policy uncertainty seems to be weighing on big firms...

Even as optimism in small firms surges by the most on record.

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balolalo's picture

gotta keep those quarterlies up

Son of Loki's picture

Lingering Legacy of the 8-year Loser who "fundamentally changed America."

Dying Sears Just Had One of the Most Shockingly Disastrous Months in Its History

https://www.thestreet.com/story/13969600/1/dying-sears-is-having-one-of-the-most-disastrous-weeks-in-its-history.html?puc=yahoo&cm_ven=YAHOO&yptr=yahoo

jmthomas1987's picture

It's sad to watch how a bunch of college-educated IDIOTS can take a once premeire company and totally run it into the ground.

 

Tell me again what all these fancy business degrees from these fancy schools actually PRODUCE anything other than a bunch of destruction?

CheapBastard's picture

The gutting out of the middle class helped destroy sears that depended on the middle class buying stuff like tools and furgal type clothing. Service dropped and did quality of their items as well as their stores when they began to look run down.

As the middle class was abolished by Obama and the Dem policies (like Obamacare, zero COLA for seniors, etc) , sears and many other stores also followed suit going bankrupt, etc.

We will see the largest flood of mall banruptcies in 2017 followed again by an even larger slide in 2018 imo. Trump does not have enough time to reverse many of Obama's horrible policies. Maybe a trun aorund in 2019 for retail, i don't know.

MASTER OF UNIVERSE's picture

Nyet, there will be no 'turn around', Cheap Bastard. Retail is going in the exact same direction as the Baltic Dry Index with Zombie Ships docked in dry docks, and meandering aimlessly on the oceans & waterways of Chapter 11 Bankruptcy. The entire system of commerce is shutting down due to mismangement on the part of Wall Street billionaires. In brief, the USA Titanic will literally snap in half and sink to the depths of despair at the bottom of the ocean. 

ClowardPiven2016's picture

aside from groceries, I buy 90% of what I need online and have it delivered to my front door. Ocassionally from Sears.com but rarely

The Saint's picture
The Saint (not verified) ClowardPiven2016 Feb 6, 2017 4:29 PM

As the chart says, "...GLOBAL employment..."  This probably means that these companies are letting go workers in other countries and moving operations back to the U.S.  Plus, why else would we be getting this data from a German bank?  It is also obvious that this data is volatile and FOLLOWS the U.S. non-farm payrolls data - not lead it.

 

just the tip's picture

you need to contact your ISP.  someone has hijacked your account.  the current holder of your account is making fucking sense.

on second thought, don't contact your ISP.

kostinkopower's picture

What companies? You mean Apple? Google?Amazon?Walmart?

 

CEO's get rich even when the company fails.They should be held accountable, but instead the shareholders get screwed.

new game's picture

doomed by the eight year cycle again, but wait, moar qe to smooth out the bottom so we never allow the markets TO find reality.

super cycle of fiat/debt creation to keep the train on the tracks. bill gross summed it up for me today. closed loop of debt supercycle.

round and round it goes til nobody knows, where/when it stops, nobody knows... remember that merry go round when you were a kid? YA, GOT ON  ONE LAST FALL WITH THE GRANDSON AND GOT ER GOIN FAST; MOFO DIZZY ASS SHIT, SPIN TO WIN, WOBBLY LEGGED I WAS...

GOOD LUCK GETTING OFF...

LOL.

TeethVillage88s's picture

Well how can we compete with Giant Companies that get 1% loans?

- US Private Federal Reserve is largest Mortgage holder in USA, over $1 Trillion maybe $1.5 Trillion... but the home prices are up and home ownership is at historic low
- QE served to provide Bonus money and salary increase for the CEOs that engineered it and caused it... same with TARP, and TAF Auction/Discount Window Loans to over 300 Corporations

http://research.stlouisfed.org/fred2/series/BKIFDCA641N (FDIC Failures)
http://research.stlouisfed.org/fred2/series/BKIRTCA641N (RTC Failures thou terminated data didn't propagate)
http://research.stlouisfed.org/fred2/series/BKFTTLA641N (all institution failures)
http://research.stlouisfed.org/fred2/series/USNUM (total Banks)
http://www.bea.gov/newsreleases/international/intinv/iip_glance.htm ($26 Trillion foreign compared to $22 for US) (This is very interesting as Big Banks are growing strongly, but the number of total us banks is dramatically decreasing, like someone is gaming the system, Commercial Banks in the U.S. - FRED - St. Louis Fed)

https://www.youtube.com/watch?v=RmPUKy-3OfY
https://www.minneapolisfed.org/research/wp/wp666.pdf (Proof of BestEvidence Video, no liquidity problem in commercial loans in Oct 2008)

https://datahub.io/dataset/fed-once-secret-loan-crisis-data-compiled-by-...

http://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20...

CheapBastard's picture

"Everyting is awesome" just as the media says it is.

"Robust!"

Dead Indiana Sky's picture

And for every retailer that goes under, there are none to take their place.

DemandSider's picture

Sears used to be THE destination for U.S. made tools, appliances, etc. Now that Craftsman and their other brands are no longer synonymous with "Made in The U.S.A.", I couldn't care less if the Sears 7 miles from my house disappears, even though it's been there since the 1980s. Most of the time, I can get equivalents of the Communist Chinese or Mexican goods Sears sells for at least 100% less online, and not through Sears' online store, by the way. After the outsourcing induced middle class apocalypse, Americans can no longer afford Wall Street parasitism.

Sandmann's picture

Make Bonus Plans payable from the Dividend Pool

Maplehood's picture

How does the massive increase in outsourced labor (temp agencies, independent contractors, etc) play into this?

Son of Loki's picture

That's why judge Robart and the 9th circuit want to import 30 million more immigrants---to boost the jobless numbers and push wages down to $5/hour with massive oversupply of applicants.

This H1-b companies will be even richer and Zuckerberger, Gates and the other silicone Kings can become multi-multi-Billionaires!

TeethVillage88s's picture

Health Care CEOs take over $66 Million Annual Salary, blame Obama Care for Loses...

http://www.ibtimes.com/unitedhealth-group-mulls-losses-blames-obamacare-...

Rape! Rape!

CheapBastard's picture

While the middle class patients are being reamed, these insurance CEOs are still walking away with fortunes!

Vardaman's picture

Absolutely no companies named in the article.  But if GE, IBM, Apple and Google (Clinton / obama lovers all) shrink, then that's fine with me.

TeethVillage88s's picture

http://www.dailyjobcuts.com/

- Plant, Store, Warehouse Closings
February Announced U.S. Closing Total (Est.) - 24

February 6 , 2017

Unisys Corporation will be shutting the doors to its call center in Henrietta NY

February 5 , 2017

St. Joseph’s College in Rensselaer Ind.

February 4 , 2017

Regions Bank is closing 27 branches nationwide
The Gander Mountain store at Washington Crown Center

February 1 , 2017

Gap store at 35 N. State St. Chicago IL
Law firm Binder & Binder is permanently closing its Tampa office FL - 65 Layoffs
Walgreens on the intersection of Monroe and Tennessee Streets

January 31 , 2017

PrintBuyer LLC facility in West Deptford NJ - 65 Layoffs
TCF Financial Corp. will close 10 branches at Cub Foods stores in the Minneapolis-St. Paul market

January 28 , 2017

Gander Mountain to shut Lorain County store

January 27 , 2017

Hutchinson’s Eaton Hydraulics to Close in Oct. - 100 Jobs Lost

January 26 , 2017

Buffalo Wild Wings in Charlottesville Va.

ClowardPiven2016's picture

It probably didn't make dailyjobcuts.com but my neighbors sister's neighbor is going to stop baking bread to sell at the farmers market.

DemandSider's picture

That's almost as funny as that network TV sitcom about outsourcing. People losing their means of making a decent living is a real knee slapper!

Jim in MN's picture

The chart is labeled 'total global employment in S&P 500 companies'

So......US impact is.......????

Rebel yell's picture

Right. Glad that you pointed that out! US navy non-farm payrolls nearly unchanged, with small business optimism at all time high. Maybe large businesses will repatriate jobs. If they would like to remain in business, they have little alternative. WE ARE THE CONSUMERS!

TheRideNeverEnds's picture

Gotta make room for those few hundred thousand rapefugees coming soon to a neighborhood near you!

Shouldn't take much training to get an illiterate Somali up to speed coding JavaScript or whatever, Disney just made their outgoing employees do the training as a condition of their severance.

PhiBetaZappa's picture

No worries, our Ministry of Defense will make up for any losses elsewhere.

Long live Oceania

Dead Indiana Sky's picture

Here in the US, we call this the Department of Offense.

quesnay's picture

Well, they would if they were being accurate.

But that's in line with double-speak 101.

Long live the Free Democratic People's Republic of USA!

apike3137's picture

but...President Business is in control now...how can this BEEE???!!! whaaahhhh!! Oh that's right..it's Obama's fault...you fags

 

 

Sandmann's picture

Trump 15 days.....Obama 8 years.......

atlasRocked's picture

You are a knowing liar. You are fully aware the economy never recovered under Obama.

Kprime's picture

it is the fags fault, Odickuphisass spent all his time putting from the rough.

Bill of Rights's picture

Must suck being a stupid cunt your whole life...

quesnay's picture

What's it been two weeks? Yep, everything is Trump's fault. ;-)

Can't be Obama's fault, who was in charge for the last 8 years. No way Hose!

Elco the Constitutionalist's picture
Elco the Constitutionalist (not verified) Feb 6, 2017 2:40 PM

I thought the Hunger Games scenario was ridiculous, with the shining cities and the peasants living in 19th century villages. But it looks like that is where things are headed.

DaBard51's picture

Good catch, Jim in MN (@13:14)...

 

 

 

When nine hundred years old you become, look this god you will not.

kiss of roses's picture

This analysis is uselss without more depth. What kinds of jobs are being cut? If they are jobs that actually make something, that's bad. If they are useless eater paper pushing parasite type jobs, that's good. If you paint with too broad a brush you get a blank canvass.

ajkreider's picture

ADP had large companies adding 83K in January.

HoosierHilly's picture

ADP can't even get my local and state tax withholdings correct....

gdpetti's picture

Well, most likely, they COULD, but they choose not to, due to 'club' rules.... they are needed to support the lie, same as the rest of the club members in the establishment.

just the tip's picture

the title of this article is bullshit.  it should have been:

BLS ANNOUNCES SLOW PAINFUL POLICY, BEGINS EASING INTO REPORTING ACCURATE NUMBERS

before easter, one of those U numbers will be 25 or 26.

skunzie's picture

The biggest companies may lay off staff, but as Trump rolls back regulations stifling small business development/start-ups, that sector should rebound from its Obozo lows.  The small businessman creates many more jobs than the biggest employers ever will.

DemandSider's picture

Part of the explanation could be that there are more Americans like me, who have become so angry with corporate socialism and treasonous outsourcing that they've actually started a nationwide silent boycott. I haven't eaten at a Wall Street restaurant in years. The American made clothes I wear are usually produced by non Wall Street companies, and I dumped The PRC/Home Depot/Walmart brands in favor of private companies like Menard's and Fleet Farm for most things a long time ago. For example, the oak stair treads I bought from Menard's were produced from U.S. lumber and milled here, while the MORE EXPENSIVE(!) Home Depot treads were milled in Communist China. Wall Street has become a monster that sucks wealth production out of democracies, mainly for the benefit of the engorged parasites' off shore bank accounts and their Communist Chinese Orwellian nightmare state business partners.

Kefeer's picture

Fake numbers - everything is fake coming from any of these pundits.  Just enjoy each day and get through the bad ones; life is too short. 

sinbad2's picture

Fake numbers from the Governmant as well, the truth is the US is bankrupt, and has been since 2008, this is all smoke and mirrors.

Lostinfortwalton's picture

In my little college town in central Virginia we have gone from no one pandhandling at road intersections to about eight or nine at different places. We have noticed them in surrounding towns as well. All are middle aged white males (except for one couple with a dog) from their early 20s to 60s.