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Open original source ↗Workers are F**ked. Paychecks are disappearing. Again.
✅ Real hourly earnings: -0.5% in September alone.
✅ -0.7% over the past year [BLS].
😇 The workers are getting crushed.
✅ Fed Beige Book: high-income households drove spending in over half of districts.
✅ Five districts: firms trimming hiring after investing in AI.
✅ Netflix cutting ~1,000 jobs. About 6% of staff.
😇 Companies will make more money, but people will make even less money.
😇 Layoffs are probably going to be the Grim Reaper that kills this party.
➡️ So far, layoffs are still getting absorbed.
➡️ Jobless claims Thursday morning tell us if that holds.