Yesterday's (03/08) Jobs data shows 14th consecutive month of net layoffs at SMALL firms

Since the economy began its downturn 14 months ago

  • Small companies have been (net) laying-off
  • Big companies have been (net) hiring

The graphic below appeared on Bloomberg this morning. Net layoffs at small firms now total alost 600,000 people, roughly 1% of their workforce. The overall jobs picture remains strong though, because large corporations have compensated with net hiring.

Just so there is no confusion.
From Jan to Feb 2023 (the primary purpose of the report)

  • there were ~60,000 layoffs at small firms, the 14th month of a continuous trend
  • that was more than offset, by 180,000 net hires at larger companies, which is also part of a long term trend

Screenshot of top of article

interesting report.

democrats screw the middle and lower classes as usual.

Although as I always do, I blame liberals at the Fed as much or more than liberals in congress and the WH.

The Fed has a dual mandate
maximum employment and price stability.

Since roughly 2001 the Fed has interpreted that very badly.
Since roughly 2001 the Fed has interpreted that in a very short-term sense.

Since roughly 2001 the Fed has interpreted that to mean

“When terrorists destroy a building, or when Washington passes stupid harmful policy, or declares an expensive war, it is our job to kick the can down the road for them. If a policy causes inflation, or housing bubbles or job loss etc. it is our job to mask or hide that and kick it down the road.”

“Maximum employment and price stability,” can also mean recognizing the mathematical reality that kicking something down the road does not prevent it from happening. Sooner or later we are going to pay the piper.

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my company (very large) still looking for people to take 100k a year jobs.

very few takers.


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