Has anyone else been trying to get new employment?

[Dave Hess]

US personal Savings rates are now down to where they were just before the GFC - at 2.9%. Realize this is average, so the majority of people are negative at this point. People are using up whatever savings they have to get by.

At the same time credit cards and other revolving credit is at all time highs.

Walmart and other discounters are talking about "increase in traffic" as shoppers trade down. But the fine print is average purchase $ has declined.

Talking heads on TV keep telling us "retail sales beats", but its up 2.1% from last year and not adjusted for inflation - so unit volume is down. At the same time - all costs have gone way up - utilities, labor, etc.

The economy is bi-focated. If your in the top 20%, own your house, own stocks, life looks very good. If your just the average person, rent your home, and trying to get by on a paycheck, its a very different story.

I really enjoy reading your posts cause they are very well written and informative.

Yes, the average person / family in the USA is just making it cause inflation is killing them. Idiot puppet on TV says it’s just “transitory”.

The cost to raise a family today has increased exponentially compared to a decade ago.
Lots of people have no choice than to put everything on credit card.

Sure, older affluent folks doing very well and not worried about anything.
They bought a home back when it was only 3 or 4 times their yearly salary.

I mentioned this before, my dad supported a family of 6 on his salary back in the 1970’s , have a rainy day fund and savings / retirement. That’s impossible today for the average American.

 

[Dave Hess]

Little mentioned is that the higher paying jobs are currently dead, tech, finance and segments of manufacturing are receding.

People being landlocked by a home are sliding into lower paying jobs and under employment.

So while the economy looks great on paper most folks aren’t benefiting.

I keep mentioning Daily Job Cuts . com

Cisco announced 10K layoffs plus an unknown amount contractors on work visa.
Nike, Intel, Qualcomm, Microsoft and Dell also had big layoffs recently.

No job is safe from a downsizing.

I knew a manager with 33 years at the same hospital, he was downsized and was never replaced. All his duties and responsibilities were divided and given to other managers.

https://www.dailyjobcuts.com/