Click here for the PDF: The Weekly Beacon – May 3 2024
We will be giving some macro economic market updates on a weekly basis. No equity recommendations will be given in this commentary, and we encourage you to contact us if you have questions regarding any observations.
Feel free to send in your pictures of lighthouses to be featured in our weekly commentary.
This weeks issue: Job layoffs, Unemployment, Tech industry job trends, Learn to code, Tesla, Self driving cars, Tesla and China, Elon Musk, Waste Connections Inc stock, Waste Connections analysis, Waste management stocks, Canada housing market, Canada population growth, Canada’s migration, Correlation between bonds and stocks, FED decision, Jerome Powell, Rate cuts, Gold prices.
Job market correction
The job market has been extremely robust over the last year plus. Employment numbers along with inflation, and GDP data have helped guide the FED in their interest rate policy. We will not dive deep into the general job market in this publication but will share an image that Indeed.com posted over the last month.
Indeed, posted a table that looked at the sectors with the sharpest decline in the number of job postings during 2023. The sectors that saw the biggest declines are unsurprisingly in the technology sector which has seen massive layoffs over the last 18 months. Regardless of the company size, tech companies have laid off employees in the thousands over the last 12-18 months. It’s no surprise they are also not hiring.
All the online gurus and news publications that promoted coding, and software development pre Covid-19 and in the early days of COVID-19 as a career path are quite right now. New grads in the space are struggling to find jobs as large enterprises are realizing that profit matters to shareholders and they employ excess staff.
