Unsurprisingly, the guy who said he’s delivering an “economic miracle” and who falsely bragged about Walmart’s Thanksgiving Day dinner costs, now has something new to his resume: Job destroyer.
So far this year, nearly 1.1 million job cuts have occurred —the most since 2020 —according to the research firm Challenger, Gray & Christmas.
“This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008. Like in 2003, a disruptive technology is changing the landscape,” said Challenger in a statement.
NBC News reports:
On Wednesday, the private payroll processor ADP released its own October jobs data, showing that employers added just 42,000 jobs in the month.
The ADP report also flagged job losses in the leisure and hospitality sector as a potential sign of trouble ahead, given the industry’s acute sensitivity to consumer sentiment.
ADP’s chief economist called the losses in hospitality and leisure a “concerning trend.”
Both Challenger and ADP’s reports landed as major companies such as Amazon, IBM, UPS, Target, Microsoft, Paramount and General Motors announced plans to eliminate tens of thousands of jobs.
