A recent string of mass layoffs across the U.S. could be the sign that the country's economy is finally sliding into the recession many feared would hit the nation last year, financial analyst Gary Shilling told Newsweek.Last year, Shilling said, the U.S. economy avoided a recession primarily because the labor market ran stronger than the Federal Reserve expected. But now, the financial analyst is picking up on clues that the labor market is starting to weaken.
Three companies—ShipMonk, Anodyne and Student Transportation—already announced this year that they were letting hundreds of employees go, with three states—New Jersey, Georgia and Florida—taking the brunt of this decision.E-commerce fulfillment company ShipMonk said it would lay off 148 workers in New Jersey by June 30—about 25 percent of its entire workforce. Lightweight solutions provider Aludyne said it will let go 193 employees in Georgia—about 8 percent of its total workers.
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