{"id":1828363,"date":"2023-01-30T08:04:54","date_gmt":"2023-01-30T13:04:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1828363"},"modified":"2023-01-30T08:05:12","modified_gmt":"2023-01-30T13:05:12","slug":"walmart-ceo-warns-corporate-layoffs-may-significantly-impact-u-s-economy-in-near-future","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/walmart-ceo-warns-corporate-layoffs-may-significantly-impact-u-s-economy-in-near-future\/","title":{"rendered":"Walmart CEO Warns Corporate Layoffs May Significantly Impact U.S. Economy in Near Future"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwalmart-ceo-warns-corporate-layoffs-may-significantly-impact-u-s-economy-in-near-future%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1828363&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>Former <a href=\"https:\/\/www.theepochtimes.com\/t-walmart\">Walmart<\/a> CEO Bill Simon warned of the potential impact that corporate layoffs could have on the U.S. Economy in the near future.<\/p>\n<p>\u201cIt\u2019s crazy right now. We\u2019re stuck in this loop of wage inflation, product inflation, and cost inflation. And it\u2019s just that cycle keeps going. And I think, unfortunately, an inevitable byproduct of some of the Fed\u2019s moves and as the necessary medicine we have to take to kind of cool things down and get the inflation back under control on some of these layoffs that are coming,\u201d Bill Simon, the former CEO at the Arkansas-based retailer, said <a href=\"https:\/\/www.foxbusiness.com\/economy\/consumers-could-be-world-hurt-biden-doesnt-act-soon-former-walmart-ceo-warns\">Fox Business<\/a> Sunday<\/p>\n<p>In the past few weeks, several large tech companies, including Microsoft, Twitter and Google, have conducted layoffs that have impacted tens of thousands. It\u2019s prompted concerns that similar rounds of layoffs could be enacted in other industries in the near term.<\/p>\n<p>Despite the recent bevy of tech layoffs, the U.S. economy\u2019s labor market continues to remain relatively strong. According to Labor Department data the economy added 223,000 new jobs in December.<\/p>\n<p>He said that wage inflation will lead to higher unemployment numbers in the near future. \u201cThere\u2019s this wage inflation that\u2019s going on. For example, last week, Walmart announced they\u2019re raising their minimum wage, their starting wage to $14 an hour. That\u2019s a 17 percent increase,\u201d Simon said.<\/p>\n<p>\u201cFood costs have gone up 23\u00a0percent in the last two years. So now, wages have gone up 17 percent at Walmart, 25\u00a0percent at Delta for pilots, 25\u00a0percent for the rail industry. And wage increases like that sort of counteract the employment layoffs that we\u2019re starting to see,\u201d He added. \u201cAnd so there\u2019s a lot going on.\u201d<\/p>\n<figure id=\"attachment_4063888\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2021\/10\/22\/walmart-shop-2021-10-22-1200x832.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-medium wp-image-4063888\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/walmart-shop-2021-10-22-600x416-1.jpg\" alt=\"Walmart\" width=\"600\" height=\"416\"   style=\"display:none\"><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4063888\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/walmart-shop-2021-10-22-600x416-1.jpg\" alt=\"Walmart\" width=\"600\" height=\"416\" \/><\/noscript><\/figcaption><\/a> The sign for Walmart was taken in East Setauket on March 16, 2020. (Bruce Bennett\/Getty Images)<\/figure>\n<p>Simon suggested that federal officials must try to keep inflation under control during the interview. However, the consumer price index was down to 5% December 2022. In an effort to reduce inflation, the Federal Reserve has raised interest rates at every Federal Open Market Committee meeting in recent years. Reports indicate that this is continuing. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-28\/fed-latest-us-central-bank-set-to-shrink-rate-hikes-again-as-inflation-slows\">Another rate hike<\/a> When the Fed members meet again in February, it will be a sign that something is up.<\/p>\n<p>\u201cI think the most critical thing that\u2019s going to happen in \u201923 is we have to get this inflation under control,\u201d Simon spoke to Fox News. \u201cAnother year of high single-digit, low double-digit inflation, and we\u2019re going to be in a world of hurt because inflation hurts 100 percent of the population.\u201d<\/p>\n<h2>More Layoffs<\/h2>\n<p>IBM Corp. announced on Jan. 25 3,900 layoffs in part of asset divestments. This disappointed the crowds cheering for beating revenue expectations in fourth quarter. Hasbro, however, said a day later that it would reduce about 15% of its global workforce and project holiday-quarter results well below Wall Street expectations.<\/p>\n<p>Wayfair Inc., an online furniture retailer, announced on Jan. 20 that they will reduce 1,750 jobs or 10% of their workforce in a cost-saving drive during a time when inflation is persistently high.<\/p>\n<p>Google\u2019s parent company, Alphabet, announced 12,000 layoffs on Jan. 20, while\u00a0Microsoft said it would cut 10,000 employees. In December, Facebook said it would lay off more than 11,000 workers, while Twitter reportedly laid off thousands starting in November after Tesla CEO Elon Musk\u2019s purchase of the firm.<\/p>\n<p><em>This report was compiled by Reuters<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Walmart CEO Bill Simon warned of the potential impact that corporate layoffs could have on the U.S. Economy in the near future. \u201cIt\u2019s crazy right now. We\u2019re stuck in this loop of wage inflation, product inflation, and cost inflation. And it\u2019s just that cycle keeps going. And I think, unfortunately, an inevitable byproduct of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1828366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[3850,6079,9168,3899,5663,7970,7238,11489,3633],"class_list":["post-1828363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-ceo","tag-corporate","tag-economy","tag-future","tag-impact","tag-layoffs","tag-u-s","tag-walmart","tag-warns"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1828363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1828363"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1828363\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1828366"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1828363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1828363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1828363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}