Know The Difference Minute

Today’s unemployment numbers say one thing—but reports of growing layoffs are another.

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An employment pivot?
Welcome to the Know the Difference Minute for Thursday, November 3rd.
Today’s unemployment numbers say one thing—but reports of growing layoffs are another. First, current unemployment. The number of Americans who applied for unemployment benefits fell slightly to 217,000, near pandemic lows, and signaling the labor market is still tight. This week’s JOLTS report listed 10.7 million open jobs.
But reports of layoffs are increasing. Digital payments giant Stripe is cutting 14%, more than 1,000 employees. Real-estate platform Opendoor is laying off about 550, 18% of its workforce. Oracle laid off up to 200 Monday. Zillow 300. 1000 at Microsoft. 550 at Peloton.
Then there’s Twitter. Numerous sources say it will eliminate about half its workforce by tomorrow while calling everyone else back to work. When this happened at Tesla, it was show up or quit.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.