The latest data from MacroEdge Research indicates that job cuts in October 2024 have already reached 73,646, suggesting a potential rise above this year’s previous highs. Information obtained from MacroEdge Research proves that layoffs in October, 2024 are already at 73,646 and may surpass this year’s new high cuts.
Overall unemployment trends remain bleak all year through 2024, with an upward trend for job losses as observed previously. Although there is apparent variation on the monthly basis, the continuous increase especially in the month of October, led to economic insecurity. October’s losses have already reached 73,999, increasing pressure on businesses and policymakers and on course to exceed the annual peak of job losses.
The above changes may even have extended effects which are not specific to the labor market only. Job insecurity is usually associated with decreased Customer Power and lower economic optimism, and it impacts different industries. Moreover, ultra-high severance rates may result in deeper slump in economic activity in the future.
Economists are now turning their attention to how the FOMC may respond to these ominous trends. As the signals for layoffs increase meaning a declining economy next year, there is increasing likelihood that the FOMC may be forced into initiating QE and or cutting interest rates in November at the earliest.
The labor market condition is now the next region to consider in the next few months. If firing rates are to persist in their current trajectory, there is increased potential for additional economic interference.The deteriorating job situation may also have a direct influence on the remaining forms of assets such as Bitcoin and other virtual currencies.
Read CRYPTONEWSLAND onTraditionally, higher liquidity attained through QE has also been beneficial to such types of these assets since clientele switch from conventional asset classes. If the FOMC continues with rate cuts then the market has the potential for positive sentiment in these niches.
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