Layoffs increased in 2023, with companies cutting more than 720,000 jobs. This trend appears to be continuing into 2024, with major companies such as Amazon, Citigroup, UPS, and Salesforce each announcing hundreds or even thousands of layoffs.
“Labor costs are high. Employers are still extremely cautious and in cost-cutting mode heading into 2024, so the hiring process will likely slow for many job-seekers and cuts will continue in the first quarter.”—Andy Challenger, senior vice president of outplacement firm Challenger, Gray & Christmas
What does this say about today’s economy and how can consumers better protect their savings?
Click on the video link below for exclusive executive insights on this topic Edmund C. Moy, 38th Director of the U.S. Mint and Senior IRA Strategist for U.S. Money Reserve.
Related headlines from around the web:
- Fox Business: “Layoffs surged 98% in 2023; it could get worse this year”
- The Wall Street Journal: “Layoffs in 2024: A List of Companies Cutting Jobs This Year”
- Bloomberg: “Gold Demand to Hit Record With Central-Bank Buying, WGC Says”
Protect your portfolio with precious metals today.
Gold has historically been used as a hedge against economic uncertainty and market turbulence. As paper-based assets like stocks continue to experience volatility and inflation continues to deflate the dollar’s purchasing power, now may be the perfect time to add wealth protection to your portfolio in the form of physical gold.
Watch U.S. Money Reserve’s “Market Insider” each week for more economic insights. Nothing herein should be considered as portfolio or retirement advice as U.S. Money Reserve (“USMR”) cannot and does not offer financial advice. Clients should consult a financial advisor for specific advice. This commentary is provided by USMR for informational purposes only and is provided on an “as is” basis without any warranty of any kind, whether express or implied. Your use of the information provided in this commentary is entirely at your own risk. In no event will USMR be held liable for any indirect, special, incidental, or consequential damages arising from the use of information contained in this commentary.