Chickens to start laying eggs

Share to Twitter Share to Linkedin Forecasting a massive hit from policies to stop the spread of coronavirus, New York real estate startup Compass has laid off 15% of its employees. “As we continue to hope for the best, we need to prepare for the worst, ” CEO Robert Reffkin wrote Monday in an email to his staff. “So we are joining thousands of other companies across the country in making the heartbreaking decision to let some members of our team go.” As the coronavirus pandemic has roiled stock markets and forced businesses around the United States to put operations on hold, companies have started laying off workers . Economists, including those at real estate services firm CBRE, predict the unemployment rate will jump to over 5%, from 3.5% —meaning 2 million to 3 million people could soon lose jobs. Reffkin argued the rate could go as high at 10%. The roughly 375 Compass cuts—which hit departments including marketing, finance and M&A—came … [Read more...] about Shelter-In-Place Downturn Leads Compass To Cut Staff By 15%

Share to Twitter Share to Linkedin The big spike in the Payroll data (+517K) was out of kilter with what has been occurring in the rest of the economy and in other labor market data. Financial markets always shoot first and ask questions later, so, on Friday, equity markets fell and bond yields rose on the fear that the Fed would now have a great excuse to raise interest rates even further than what was already priced in. The far-right hand sides of the above charts show the violent up spikes in the yields of the 10-Yr. and 2-Yr. T-Notes on Friday (February 3). As reported by various reliable sources with deep research capabilities, most or all of the +517K job gains wasn’t due to new job creation, but to benchmark revisions, seasonal adjustments, and population controls , all keywords for what we can only describe as statistical magic . Morgan Stanley MS concluded that without the population adjustments, the Household Survey (which was up an even … [Read more...] about Lies, Damn Lies, Payroll Data

Share to Twitter Share to Linkedin With the spread of the coronavirus pandemic and government restrictions shriveling air travel, Scandinavian Airlines (SAS) will halt most of its operations starting Monday and temporarily lay off up to 90% of its staff—or 10,000 employees. The airline will only be operating limited service for the time being, mostly focused on repatriation. The Danish government announced border closures that began at noon on Friday, warning citizens not to travel abroad and encouraging any who were overseas to return home. Norway followed suit on Saturday, announcing border closures that will go into effect on Monday. SAS is also affected by the extended travel restrictions going into effect in Europe as well is in the United States. Germany will be closing its border with Denmark effective Monday as well as its borders with Austria, Switzerland and France. “With consideration to our customers SAS will within the next few days, … [Read more...] about With Traffic ‘Essentially Non-Existent,’ SAS Will Reduce Staff By Up To 90%

Share to Twitter Share to Linkedin Topline: As the coronavirus pandemic craters the world’s markets and disrupts the daily lives of millions, Norwegian Air said Thursday it would suspend around 4,000 flights and temporarily lay off up to 50% of its workers as businesses contend with sharp declines in revenue. 40% of Norwegian’s long haul fleet and 25% of its short haul fleet will be grounded until May, according to a press release. 50 employees from the South by Southwest music festival were let go after the 2020 event was canceled. Other layoffs include 145 drivers from the Port of Los Angeles as ships from China stopped arriving, the Washington Post reported . Travel agencies in Los Angeles as well as Atlanta, Georgia, have also laid off workers, as airlines suspend flights (and contend with President Trump’s new Europe travel ban), while a Seattle, Washington hotel chain shuttered an entire department, the Post reported. Christie … [Read more...] about Norwegian Air Axes Up To 50% Of Employees As Coronavirus Layoffs Begin

Share to Twitter Share to Linkedin (Updated 8:34 a.m. ET, April 3, 2020) Topline: The unemployment rate in March ticked up to 4.4% from 3.5% in February, but the data doesn’t yet reflect the full magnitude of the millions of job losses the United States has seen over the last two weeks alone due to the coronavirus pandemic. Employers cut 701,000 workers from their payrolls, up from 10o,000 expected. It’s the first payroll decline since 2010 . Employment in leisure and hospitality—industries heavily affected by the slowdown—fell by 459,000, the Labor Department said, mostly in food services and drinking places. Healthcare and social assistance, retail, and construction also saw notable declines. The uptick in job losses reflects the early days of the labor market crisis, but since the survey for the March report was conducted in the middle of the month, April’s numbers will be more indicative of the scope of job losses. Weekly jobless … [Read more...] about Unemployment Rate Shoots Up To 4.4%, But The Worst Is Yet To Come