From CNN News desk April 27th, 2023: Buzzfeed, Lyft, Whole Foods, and Deloitte all recently announced layoffs affecting thousands of US workers. They join a growing list of companies cutting back on their workforce this year amid concerns about economic uncertainty, as well as the need to right size after going on a hiring spree during the pandemic.
Upon doing further research, I find this trend is not isolated. Based on current economic factors, risks of layoffs in the next serval months could include information services, transportation and warehousing, construction, and other sectors.
In the information services sector, there are reports of lay off from companies like –
- Spotify laying off 200 jobs in June, after a significant wave of layoffs up to 6% of workforce.
- Meta announced in May laying off 6k workers, which with other layoffs equates to a 21K jobs lost.
- Amazon advised investors in March another round of 9,000 people will occur.
- LinkedIn was looking to cut 3.6% of their total workforce in 2023.
The trend is not just in the tech sector. Other sectors are affected. Companies like McDonalds and Tyson Foods in food industry, 3M in manufacturing sector. Companies the size of JP Morgan Chase, in financial market are laying off.
This does not count for over 2100 stores closing across the US in 2023. Well known stores like Bed Bath & Beyond 896 stores. Foot Locker 545 stores. Tuesday Morning 487 stores. Gap & Banana Republic 46 stores, and the list goes on and on. Even giants like Walmart are not immune to the slow down, with 22 store locations closing in 11 states and DC.
Some actions seen recently in the news cycle are Bud Light, Target, Disney losing market value. When core-values are threatened, people will send their support elsewhere.
The future is not all bleak and doom. Americans are waking up and deciding to take charge. Sending their hard-earned dollars to companies which are American made, support American values, and provide great services and value. This is evident with Facebook groups like Switched to America Made, (which I support) with a purpose of “We are AMERICAN consumers educating on how to keep our dollars in AMERICA”. American Made “dedicated to American industries”, American Made Good and Services promoting “Made in US, buy once not Twice” and other social media platforms.
By shopping and supporting American companies, layoff can be adverted. We have the power to stop this trend. The government feels they are the only ones who can control the economy. This is not true. Congress and the US government, even with their massive purchasing power cannot control the economy. They can set policies, thinking that controls the economy. It helps guide, but it is the individual consumers of the US who control the destiny of companies and the economy. To understand this, look at the definition of what the Gross Domestic Product (GDP) is. As defined by the International Monetary Fund; “The GDP measures the monetary value of final good and services that are “BOUGHT” by the final user.” It counts for all the output generated within the borders of a country. Notice they do not say “government buying of final goods and services”, but bought by the final user. The “final user” is you and me! All 334,233,854 of us (January 2023 Census Bureau projections).
Final thoughts – switch to American made! support those companies which have sound core values, providing goods and services at the best price. Companies which focus on their financial obligations to both their customers and stakeholders and not about being politically correct. Supporting these companies and the American people can stem off massive layoffs and reverse the financial crisis facing this country.
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