On Sunday, President Joe Biden took to Twitter to praise his administration’s “accomplishments,” saying, “With unemployment at a record low and the two strongest years of job creation in our history, I know America’s best days are ahead.”
However, some people may not feel that way. United States workers have been hit by a recent slew of mass layoffs, from large corporations like Google, Amazon, and Microsoft to smaller businesses.
ResumeBuilder.com reports that one in three companies expects to lay off 30% or more of their employees, while six out of ten companies anticipate laying off employees in 2023.
According to a recent survey by ResumeBuilder.com, a staggering 61% of business leaders anticipate layoffs in 2023, with 57% estimating that 30% or more of their workforce will be affected. Additionally, 70% of companies are planning to implement a hiring freeze in the same year. The survey also revealed that 34% of organizations are cutting back on holiday gifts or bonuses, while 27% have reduced the salaries of current employees.
The survey of 1,000 business leaders paints a bleak picture of the employment outlook for 2023, with many companies bracing for significant workforce reductions.
Some individuals suggest that the majority of employment growth in recent years is simply a result of people being rehired after experiencing layoffs or quitting and businesses reopening after being forced to shut down.
The New York Post says that the U.S. reached a record high of 152.5 million total nonfarm employees in February 2020. However, the outbreak of the disease significantly reduced that number to 130.5 million. Despite a gradual increase in employment, the latest count stands at 150.9 million, still not reaching pre-outbreak levels, meaning no new jobs have been created.
In addition, the World Bank warns that the global economy may be on the brink of a recession, and with the combination of ongoing stagflation, job losses, and bankruptcies that the U.S. is experiencing, the country’s economic growth outlook appears dismal.