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Started By
Message
US Q2 GDP -0.9%
Posted on 7/28/22 at 7:37 am
Posted on 7/28/22 at 7:37 am
US Q2 advance GDP -0.9% vs +0.5% expected
WE ARE NOT IN A RECESSION
WE ARE NOT IN A RECESSION
8
Posted on 7/28/22 at 7:42 am to boomtown143
Officially in a recession, there's some Bidenomics for us all.
Posted on 7/28/22 at 7:42 am to boomtown143
quote:
WE ARE NOT IN A RECESSION
Shhh! You are going to get downvoted on here by the sunshine pumpers with their head in the sand. The PMI number had already confirmed it. Many on here were certain GDP would be up in second quarter. This economy is not healthy across the country. Probably a bit stronger here than in many places since we usually lag, even in recessionary trends, but all signs are pointing down at this stage.
This post was edited on 7/28/22 at 7:43 am
Posted on 7/28/22 at 7:46 am to boomtown143
Things are about to get interesting.
Companies are going to start laying people off. With unemployment creeping up, more people trying to sell their homes to get the equity or they can't make their mortgage payment.
Housing crashes? Not sure. I don't see a 2008 scenario but an easy 20% - 25% reduction.
The kicker is this time, we can't lower rates to pull us out. If we do, the dollar is going to be fricked.
I see a lot of opportunities ahead for those with their finger on the pulse.
Companies are going to start laying people off. With unemployment creeping up, more people trying to sell their homes to get the equity or they can't make their mortgage payment.
Housing crashes? Not sure. I don't see a 2008 scenario but an easy 20% - 25% reduction.
The kicker is this time, we can't lower rates to pull us out. If we do, the dollar is going to be fricked.
I see a lot of opportunities ahead for those with their finger on the pulse.
Posted on 7/28/22 at 7:49 am to boomtown143
Powell said yesterday we needed "below plan growth" to allow supply chain to catch up and "a softening of the labor market" to knock back inflation. Translation - they fully intend to slow economy way down. Stocks and home prices going down. Buying opportunity coming next year.
Posted on 7/28/22 at 7:53 am to I Love Bama
This one feels much different than Jimmah's lousy economy as there was a sense bullets were available but he and his were too stupid to employ. This one feels bulletless and therein is my concern....this one has a feel of chaos of count looming in the bushes with a lot of every day folks getting hurt.
Posted on 7/28/22 at 7:54 am to boomtown143
Slack will be here shortly to tell you why you are wrong!
Posted on 7/28/22 at 7:54 am to go ta hell ole miss
quote:
go ta hell ole miss
How many times did you whack off this morning to this news?
Posted on 7/28/22 at 7:55 am to wfallstiger
quote:
This one feels bulletless
Yup.
quote:
this one has a feel of chaos of count looming in the bushes with a lot of every day folks getting hurt
Yup
Posted on 7/28/22 at 7:57 am to biscuitsngravy
quote:
biscuitsngravy
US Q2 GDP -0.9%
Powell said yesterday
He also stated (no not kidding) “It doesn’t make sense that the economy would be in recession.”
That's a very disturbing comment to make by a FED CHAIR!
Posted on 7/28/22 at 8:00 am to notiger1997
quote:
How many times did you whack off this morning to this news?
Wow ! its a Who's Who of bears in this post already. Where's Husss and Bard?
Posted on 7/28/22 at 8:02 am to FLObserver
quote:
Wow ! its a Who's Who of bears in this post already. Where's Husss and Bard?
Talking about where we are doesn't mean we want what we have.
Posted on 7/28/22 at 8:06 am to Jjdoc
Posted on 7/28/22 at 8:12 am to notiger1997
quote:
How many times did you whack off this morning to this news?
If this is your way of saying I continue to be right, you suck at it. I am sorry you are incapable of reading all the signs that have been leading us this way. I agree there is a ton of money to be made in this market, but you keep pumping that sunshine, princess. It’s noble work you are doing.
To answer your original question, just once this morning, but not related to the news, just part of my regular morning routine. Rookie numbers, I know.
This post was edited on 7/28/22 at 11:27 am
Posted on 7/28/22 at 8:13 am to Jjdoc
quote:
He also stated (no not kidding) “It doesn’t make sense that the economy would be in recession.”
In all fairness, this is a really weird recession. Yeah, sure, by the GDP definition we are in one, but everything else is so out of whack from what you would normally see in a recession. Demand is still strong, labor is still relatively strong, and housing is still warm. Now, it's TBD if those things hold or they fall in line with your typical recessional patterns. We shall see.
Posted on 7/28/22 at 8:19 am to BottomlandBrew
quote:
In all fairness, this is a really weird recession.
Not really
quote:
whack from what you would normally see in a recession. Demand is still strong, labor is still relatively strong, and housing is still warm.
No.. layoffs have started.
Posted on 7/28/22 at 8:25 am to I Love Bama
quote:
Things are about to get interesting.
Not really the Covid response will be the playbook. All of this same shite was happening in 2019. Supplement incomes and non of that other stuff downstream of layoffs ever happens. They believe they can "literally" shut down the world and keep it running. "They" being people closest to the money.
Posted on 7/28/22 at 8:26 am to go ta hell ole miss
I agree we are in a recession and it should be a surprise to nobody. It’s also going to get worse.
Some of y’all are hysterical like kids with crazy excitement as we head down this path. It’s just strange.
Some of y’all are hysterical like kids with crazy excitement as we head down this path. It’s just strange.
Posted on 7/28/22 at 8:52 am to notiger1997
quote:
crazy excitement as we head down this path
-Markets bottom during recessions. Not after they are over.
-Personal and corporate balance sheets are healthy. For hire signs are everywhere. I’m sure layoffs in particular areas come, but not wholesale layoffs across every industry. Likely this recession is relatively mild.
I’d rather get this over with in 2022 than continue the “are we going into recession” fear talk for the next two years.
Posted on 7/28/22 at 9:35 am to Jjdoc
quote:
No.. layoffs have started.
met with 7 down votes. so maybe pointing them out to you would help you grasp it:
As of late July, more than 32,000 workers in the U.S. tech sector have been laid off in mass job cuts so far in 2022
Forbes: 2022 Is Becoming The Year Of Layoffs
LINK
Ford
No. of Employees to be Laid off: 8000
Industry: Automotive
US carmaker Ford Motor is to cut up to 8,000 jobs to reduce costs and intensify its focus on electric vehicles. The majority of the job cuts are expected to be among Ford’s salaried ranks in the United States, as well as the Ford Blue unit created in March to run the company’s internal combustion engine operations.
Just Eat Takeaway
No. of Employees to be Laid off: 390
Industry: Food Delivery
July 2022
Just Eat Takeaway is cutting 390 jobs from its workforce in France, constituting part of a broader global restructuring effort as the food delivery giant looks to reverse its recent downturn.
Invitae
No. of Employees to be Laid off: 1000
Industry: Biotechnology
July 2022
Biotechnology company Invitae will lay off more than 1,000 employees as part of a year-long restructuring plan expected to save the company hundreds of millions of dollars annually. The restructuring is expected to cost Invitae around $100 million and save Invitae around $326 million per year.
Olive
No. of Employees to be Laid off: 450
Industry: Healthtech
July 2022
Healthcare automation startup Olive is laying off about 450 workers. Going forward, Olive will focus on its Autonomous Revenue Cycle product and its Utilization Management Transformation tool. The plan will help Olive become profitable more quickly. The affected workers will be eligible for two weeks of severance per year of service as well as job placement support and access to a talent portal.
CytomX Therapeutics
No. of Employees to be Laid off: 40% of employees
Industry: Biotechnology
July 2022
Biotech company CytomX Therapeutics will lay off staff in a restructuring plan that will prioritize investment in the company’s preclinical and early-stage pipeline. CytomX will reduce its workforce by 40%, mostly affecting staff in the development and administrative roles.
Arrival
No. of Employees to be Laid off: 30% of employees
Industry: Automotive
July 2022
Arrival, the U.K.-based commercial EV company, plans to slash costs and cut as much as 30% of its workforce to protect the business from a challenging economic environment while meeting its production targets.
Tonal
No. of Employees to be Laid off: 35% of employees
Industry: Fitness & Healthcare
July 2022
Amazon-backed connected fitness equipment maker Tonal is cutting 35% of its workforce, affecting all levels of its business. The company is reducing headcount to trim expenses and readjust to new levels of consumer demand for their products.
LoanDepot
No. of Employees to be Laid off: 2000
Industry: Financial Services
July 2022
LoanDepot plans to lay off 2,000 employees through the end of the year as a part of a larger restructuring plan. This is in response to the cooling mortgage market. The changes will generate approximately $375 million to $400 million in annual savings.
Peloton
No. of Employees to be Laid off: 2000
Industry: Manufacturing
July 2022
Exercise equipment maker Peloton Interactive will stop all in-house production of its bikes and treadmills and move manufacturing to partners in an effort to simplify its operations and reduce costs. The firm will lay off around 570 jobs at its Tonic Fitness Technology unit, a Taiwan-based firm bought by Peloton in 2019.
Meta
No. of Employees to be Laid off: 350
Industry: Technology
July 2022
Facebook parent Meta has canceled a contract with facility management vendor ABM Industries at its Silicon Valley headquarters. More than 350 workers will lose their jobs, according to documents filed with the state of California.
Rivian
No. of Employees to be Laid off: 700
Industry: Automotive
July 2022
Electric automaker Rivian is considering laying off around 5 percent of its 14,000 employees, or around 700 people. The company is mainly looking to remove jobs that were added as it scaled up and that aren’t involved in manufacturing.
Unacademy
No. of Employees to be Laid off: 600
Industry: Edutech
July 2022
Edtech company Unacademy has laid off around 600 employees or around 10 percent of the company’s workforce. The retrenched employees include contractual workers and educators. The reason cited is non-performance and role redundancy as the company looks to enhance efficiency and become profitable by the end of this year.
Hopin
No. of Employees to be Laid off: 29% of its Employees
Industry: Event Management Platform
July 2022
UK-based Virtual events platform Hopin, last valued at a $7.75 billion valuation, has laid off 29% of its employees, or 242 people. The cuts come just four months after Hopin let 12% of its workforce go earlier, citing a goal of sustainable growth amid the changing market.
No. of Employees to be Laid off: 30% of its Employees
Industry: Technology
July 2022
Twitter has begun to reduce its workforce. Since Elon Musk announced the acquisition of Twitter, the microblogging site has reduced 30% of its talent acquisition team, mostly consisting of recruiters and employees in charge of bringing on new hires.
Ohio Health
No. of Employees to be Laid off: 637
Industry: Healthcare
July 2022
OhioHealth is eliminating 637 jobs, its biggest layoff ever, as part of a plan to drive improvements in patient care. Of the 637 jobs, 567 are in information technology, while the rest are in a unit called revenue cycle that handles such things as billing, coding and accounts receivable. Most of the jobs are based in Greater Columbus.
Olla
No. of Employees to be Laid off: 500
Industry: Automotive
July 2022
SoftBank-backed mobility platform Ola is laying off 400-500 employees to save costs. These layoffs occur across departments amid a challenging funding environment and a delay in listing plans for the Bhavish Aggarwal-led firm.
This is just the beginning. It sucks, but talking about does not make people PRO "yay.. we screwed the USA ECONOMY!!"
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