Former Home Depot CEO sounds alarm on 'tremendous shift' in labor market

foxbusiness.com:

Former Home Depot CEO Bob Nardelli discusses shrinkflation as Americans still feel impact of economic pressures, Biden's handling of the U.S. economy and the growing national debt.

A former top corporate America executive is warning that the U.S. economy is not on a fast track to recovery, as higher inflation and more mass layoffs loom over markets.

«The general population will not be duped by this aversion to try and blame inflation on corporate America. It starts at the raw materials, it starts at transportation, it starts at energy,» former Home Depot and Chrysler CEO Bob Nardelli said on "Cavuto: Coast to Coast" Monday. «A whole host of things that are driving this up, wage increases.»

«We're now seeing people being laid off,» he continued, «If you look at chips, they've laid off almost 40,000 people. We're seeing a tremendous shift in employment out there where people are being laid off.»

In the last two weeks, companies like Cisco, Snap, Estée Lauder, Amazon, Citigroup and UPS have all announced layoffs as executives tighten their belts amid rate volatility.

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Thepace of job cuts by U.S. employers accelerated at the start of 2024, as a recent report from business firm Challenger, Gray & Christmas found that companies planned 82,307 job cuts in January, a substantial 136% increase from the previous month.

America saw a 136% increase in layoffs month-over-month in January, according to a report from Challenger, Gray & Christmas. (Getty Images)

However, that is down about 20% from the same time one year ago. It marked the second-highest layoff total for the month of January in data going back to 2009.

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