Published August 16, 2023
A ‘richcession’ may be underway
- There’s a lot of speculation about whether a recession is still on the horizon.
- Some economists say the country is already experiencing a “richcession,” rather than a broad contraction to come later.
- Layoffs have been largely limited to white-collar jobs while the unemployment rate, as a whole, remains near 50-year lows.
The start of the year was plagued by waves of layoffs: Employers announced plans to cut 481,906 jobs in the first seven months, up 203% from the 159,021 cuts for the year-earlier period, according to Challenger, Gray & Christmas, a global outplacement and business and executive coaching firm.
Challenger, Gray & Christmas showed that job cuts rose 15 percent in March, and tripled from a year earlier.
Read the full Challenger Report here: Job Cuts Fall to Lowest Point in 11 Months in July 2023; YTD Cuts up 203%, Hiring Down 83% YOY