Fortune 500 Companies job cuts, economist Lamont “Renzo” Bracy predicts a farewell 2023 Holiday Season
With holiday season in full swing, many fortune 500 companies are “restructuring” their workforce by cutting up to 30% of jobs. Perfect timing? Or perhaps the Grinch has already begun snatching the stockings of Christmas cheer. According to economists, the 2023 holiday season should eclipse 2022’s numbers by 4%; however, falling short of 2019 record 8%. Should we brace for a winter depression? The short answer is, yes! The U.S. economy works like a treadmill, when the big boys start downsizing, the national workforce follows suit in almost a domino fashion. From major retailers to wall street giants, the name of the game is to dump all assets in the 4th quarter to either marginalize losses or add a bigger cushion to bottom lines to satisfy stockholders.
The economics of employers’ deployment of cost-cutting efforts are just; however, the timing couldn’t be worse. To avoid the typical holiday season job cuts, many companies made reductions to their workforce on the back end of the fourth quarter. Yes, to soften the blow of the holidays, some major retailers and fortune 500 companies brought in 2023 with the announcements of major reductions to staff.
Tech companies and retailers led the charge in job cuts in 2023; however, we can expect an even…
