Know The Difference Minute

Layoffs are making the news—and not just in tech.

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The labor market tug of war.
Welcome to the Know the Difference Minute for Thursday, January 19th.
Layoffs are making the news—and not just in tech. Many companies overhired after the pandemic and are beginning what is called labor recalibration. It’s a nice way to describe cutting back headcount. Also in play, wage inflation is finally cooling—a relief to HR departments which had to pay more to hire and keep workers.
With all that, you’d think the pendulum would swing and we’d see higher jobless claims and rising unemployment numbers. But unemployment is at 3.5%, the lowest in 50 years. Today’s jobless claims came in at 190,000—a 4 month low.
It might be starting. Quiet Quitting was so 2022. The new phrase Career Cushioning is weaving its way into the mainstream. Simply, that is working on Plan B while you’re still employed. Shaking my head.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.