Story count on news about 'job cuts, firings, layoffs' from a composite of sources provided by Bloomberg jumped this week to 24.45 thousand from a previous week of 15.55 thousand.
Just about a month ago, the cumulative metric on this topic had been below 5,000
The current reading compares to the pandemic peak of 21.29K layoff stories over the first week of May 2020
Excluding the last couple of weeks, the 12mo average has been 3,670 stories per week. This means that the current story count on layoffs just jump to almost 7 times the past 12mo average
Some of the key stories this week include Meta firing 13% of its labour force, Twitter employee crisis, and Disney hiring freeze
It is worth noting that the last time job cuts story count was above 20,000/week, initial jobless claims ticked at 2,335K, currently claims stand at 225K

Comments