Aug 23, 2022
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The decline in the US labor market

Rockefellers offer America to spread a “welcome rug” for migrants

According to the agency bloomberg, July survey conducted last month by the company PricewaterhouseCoopers (PwC) among 700 US CEOs showed that half of them are either cutting headcount or suspending new hires.

According to Crunchbase newsby mid-August, more than 38,000 US high-tech workers had been laid off as a result of massive job cuts. Two-thirds of companies are expanding mental health benefits for their employees, and 70% plan to telecommute their employees on a full-time basis.

The main reason for the increase in layoffs is economic a crisis. “Economic uncertainty, higher inflation, supply chain disruptions, higher interest rates and slower growth are some of the reasons companies are worried,” writes Forbes.

Small businesses are in the hardest position. According to a survey conducted by an online platform Fiverr Business85% of US small businesses are planning a moratorium on hiring during the economic downturn. 78% of small businesses planned layoffs. 87% of small businesses are cutting rental and insurance costs. “43% of small business owners only plan to use freelancers, and 80% say freelancers can help during the coming economic downturn.”

Co-founder and CEO of a recruiting company Continuation Nolan Church says “black clouds” are gathering on the horizon of the American economy (Dark clouds on the horizon), in the coming months he does not see any gaps in the field of employment.

Despite the high demand for specialists in the field THIS IS-technologies, only 9 percent of computer scientists are sure that they will not be fired. Already in March, 80% of them began to look for a new job. Reports of a wave of layoffs are forcing even highly skilled employees Big Technology feel insecure about the future “especially in the field of e-commerce, real estate and enterprises closely related to the stock market”.

Among the companies where the share of employees who are most concerned about their situation are such giants as Compass (95% of the employed were not confident in the guarantees of their employment), Twitter (91%), Robin Hood (90%), Instagram (90%), Coinbase (83%). Firms started talking about getting rid of their employees, cutting costs, getting leaner. Business insider.

A somewhat different picture in the US military-industrial complex. Leading companies of the American military-industrial complex (Raytheon Technologies, BAE Systems, Northrop Grumman and others) receive generous government funding, new orders and are interested, but even they cannot yet expand production due to a lack of labor and a break in supply chains.

Raytheon chief executive Greg Hayes told investors that the company was in a quandary as employees laid off earlier in the year did not return to work: “75% of the workers had to come back; this time only 25% returned.”

A number of military companies (for example, Northropproducing fighters F-35) began to hire less qualified employees. Shipbuilding giant Huntington Ingalls Industries in conditions of personnel shortage forces its employees to work overtime. CFO Lockheed Martin Jay Malaw called the labor shortage “an ongoing problem”. In the same way, the aviation giant plugs personnel holes Textron. According to the consulting company McKinsey, 50 thousand vacancies remain unfilled in the aerospace and defense sector.

In a statement from the US National Defense Industries Association (NADI) states: “Our association member companies report a persistent gap between supply and demand for welders, technicians, electricians, repairmen and other skilled workers to meet the production needs of the defense industrial base.”

“Labor shortages will be a feature of the US economy in the long term, including due to the demographic crisis,” says Kara Christopher, senior vice president of business development at the consulting firm Lightcast.

About 11 million jobs are currently vacant in the United States. And here are the tips from Rockefeller. Chief Executive Officer of an investment company Rockefeller Capital Management Gregory J. Fleming (company serving the Rockefeller dynasty for 140 years) in the August issue Foreign policy indicates that the time has come for the “Great Opening of Doors”: it is time to roll out a “welcome rug” for migrants.

Source: REUTERS/Jose Luis Gonzalez

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