This article has been translated from English to Gen Z Slang.
Yo fam, did you peep the new deets from Challenger, Gray & Christmas? Job cuts in the US just hit a cray October record, with 153,074 planned layoffs. 🌪️💼
The tea is, they dropped this report on November 6, and it's spilling all about the job cuts caused by penny-pinching, the AI takeover, and peeps not spending like before. The layoff wave is a whole mood during these sus economic times and the wild US gov shutdown. 📉🤯
Main Vibes
- Biz in the US said they're axing 153,074 jobs in October, a 175% banger compared to last year and a 183% zoom from September. 🎢
- Tech and warehousing got hit the hardest, with tech losing over 33,000 jobs and warehousing shedding nearly 48,000. 💻🏢
- So far, we've seen 1,099,500 job cuts this year, which has already gone past the whole 2024 total by 44%. 📊
- October's job cutting spree was fueled by budget probs, costly AI do-overs, and slower biz moves. 💸🤖
- These October chops are the biggest since 2003, making the US job scene look hella recession-y. 🚨😟
Market Feels
Broad Market Overlay: 5-min
Dollar Index, Gold, S&P 500, Oil, U.S. 10-yr Yield, Bitcoin Overlay 5-min Chart by TradingView
The finance world was shooketh by the job report, changing the whole risk vibe like *snap*. 📉😬 Bonds came through while stocks took Ls, showing people are stressed about fewer job hires in the US. 📈💸
Both treasury yields and the dollar took a hit, with traders now mad hyped for a possible Fed rate cut in December. 🎯 The CME Fedwatch Tool says the odds of a December 10 cut jumped from 62% to 69.9%. 📈
Meanwhile, gold was kinda meh amid the chaos, hinting that bonds were the real deal after the bad job vibes from the US. 🏦
The dollar and yields might keep feeling the pressure as Asia jumps on the drama soon. 🌏 Gold might catch a win later thanks to US econ worries. Keep an eye out for the University of Michigan's consumer feels report. 👀 It could change the game or make the drama even bigger. Stay chill and stay in the loop! 🤙🥶
