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⛔️❗️Layoffs Story Count Surpasses Pandemic Peak: Cable FX Macro

  • 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


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