The Alarming Truth Behind the Job Market

Ken McElroy Show

Ken McElroy

Business, Investing, Education, Business News, News

4.8 • 692 Ratings

🗓️ 6 February 2024

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Join Ken and Danille as they talk about why in 2024, the US saw a 136% increase in layoffs with widespread job cuts across major companies like Salesforce, Microsoft, and Amazon, despite the economy growing and inflation cooling. This surge in layoffs is due to companies over-hiring in the past and now needing to be leaner and more efficient, demanding higher productivity per employee. As part of this transition, there is a shift from remote work back to the office, with 90% of companies planning to bring employees back on-site, and the Federal Reserve indicates that a rise in unemployment could help to halt rate increases.

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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.

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Transcript

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0:00.0	Welcome to the Real Estate Strategies podcast. Let's get right into this episode.
0:04.9	So we're hearing that the U.S. economy is growing faster than expected and inflation is cooling.
0:10.6	So the media is very positive about that. But from what we're seeing in January, people lost their
0:17.5	job at a faster pace than we've seen in years. There is 136% increase in layoff.
0:24.1	Yeah, I don't know if you guys are paying attention to this, but I did a podcast with Jeff
0:30.0	Snyder.
0:31.2	And the messaging from, you know, the labor department is inconsistent.
0:38.6	So, you know, what's really happening and what they're reporting could be different.
0:43.9	And there's a lot of people actually talking about this right now.
0:46.3	So I would, I would just encourage you to go look for yourself.
0:50.0	But I went and did a little research here.
0:52.5	You know, it looked to me like there were, well, there were for sure over 300,000 jobs
0:58.2	that people got laid off last year.
1:00.6	And I'm talking about, this is last year, by the way.
1:03.2	And I'm also talking about 2024 because they've actually even said, this is what
1:08.7	we're anticipating for 2024.
1:10.2	But last year was
1:10.9	Amazon 10 cranned, alphabet, 12 grand, a big company called Yellow, which is trucking, 30,000,
1:18.1	CBS, 5, Microsoft 10, meta, you know, Zuckerberg, 21,000, Salesforce, 8,000.
1:25.1	So these are big companies, obviously.
1:31.1	But what's interesting is that they're not all tech so i think i think people are are now kind of pointing to tech yeah as you know but
1:38.4	they're not all tech and the ones that have said that uh they're going to lay off this year.
	...

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