partly due to 50,000 people dropping out of the workforce.
I'm surprised and not surprised at the same time. We entered this "recession" with 11 million jobs and only 5 million looking. I figured we could lose a few million of the 11 million and still have plenty of jobs for most people. I don't see this as a big unemployment recession for the time being but I expect the 3.5% to gradually increase to 4.5% with the biggest hit coming during Q1.
Companies are looking at projected revenues and expenses for 2023. A lot of them won't make their cuts until year end. Companies like auto makers and chip manufacturers can't keep up as is so they won't be cutting staff anytime soon. Retailers are staffing up for Christmas so they won't be cutting back until 2023. Home builders are still finishing homes for buyers who got lower interest rate loans. That industry is likely to fall quite a bit but in the next 6 months.
I'm surprised and not surprised at the same time. We entered this "recession" with 11 million jobs and only 5 million looking. I figured we could lose a few million of the 11 million and still have plenty of jobs for most people. I don't see this as a big unemployment recession for the time being but I expect the 3.5% to gradually increase to 4.5% with the biggest hit coming during Q1.
Companies are looking at projected revenues and expenses for 2023. A lot of them won't make their cuts until year end. Companies like auto makers and chip manufacturers can't keep up as is so they won't be cutting staff anytime soon. Retailers are staffing up for Christmas so they won't be cutting back until 2023. Home builders are still finishing homes for buyers who got lower interest rate loans. That industry is likely to fall quite a bit but in the next 6 months.
