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251 Corporate Profits Surge as Companies Cut Nearly 1 Million Jobs

Slashdot
msmash @ Slashdot · today 12:21 EDT

Corporate Profits Surge as Companies Cut Nearly 1 Million Jobs

U.S. corporate profits have risen to record levels this year as companies eliminated nearly 1 million jobs. Chen Zhao of Alpine Macro calls the disconnect a "jobless boom." Companies typically cut workers when profits decline. Amazon laid off 30,000 employees despite strong earnings. Zhao attributes the pattern to AI adoption boosting productivity across industries while reducing demand for workers. Labor demand has fallen to zero growth or mild contraction.

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