Despite high-profile layoffs, most workers likely to keep jobs if recession comes
The global economy is stuttering, and some of the world’s biggest names are already laying off thousands of employees. Business Fed officials signal slower pace of interest rate hikes coming ‘soon’ Since the Fed met earlier this month, economic data have shown moderate growth with some signs of slowing inflation amid a still strong labor market. Adrian Orr said the shortage of workers means it’s all about “labor labor labor.” “It’s an incredibly competitive market,” Orr told reporters Wednesday after raising interest rates by a record 75 basis points. Without measures such as sustained immigration, aging populations will shrink work forces in many countries, according to a recent study of labor markets in the U.S., Canada, France, U.K., Germany, Australia, Japan and China by Glassdoor Inc. and Indeed Inc. That’s pushing some companies and governments to think longer-term. “People are trying to find new jobs and opportunities and upskill.” Although Fed officials appear poised to begin slowing the pace of interest rate hikes, all bets will be off if inflation persists.
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