I have been surprised that the labor market has held up. I work at a warehouse for a large retailer and they have gotten rid of a lot of people through attrition. Now, they have cut our hours from 40 to 32. My wife works at a grocery store and her hours are also going to get cut as they implement self checkout. I suspect a lot of companies are hoping for a pickup in the second half that won’t materialize and the layoffs will really start to accelerate along with the defaults on credit cards.
Great post!
Another excellent piece.
I have been surprised that the labor market has held up. I work at a warehouse for a large retailer and they have gotten rid of a lot of people through attrition. Now, they have cut our hours from 40 to 32. My wife works at a grocery store and her hours are also going to get cut as they implement self checkout. I suspect a lot of companies are hoping for a pickup in the second half that won’t materialize and the layoffs will really start to accelerate along with the defaults on credit cards.