Despite a robust jobs report for March, some sectors of the labor market are cutting staff in anticipation of a recession.
Workers inspect General Motors Co. Chevrolet 2019 Silverado HD and 2019 GMC Sierra HD pickup trucks on the assembly line at the GM plant in Flint, Michigan, on Feb. 5, 2019.Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.The people who control corporate America’s purse strings are worried — and pockets of weakness in the March jobs report fueled fears that this anxiety is starting to create a drag on the labor market.
Although a wide variety of industries saw job gains, labor market experts said the kinds of jobs that are being shed reveal where the economy is beginning to show strain. “The areas where we’re seeing [cuts] the most are retail, autos, and energy — those are all areas where there have been big changes in consumer preferences,” said Andrew Challenger, vice president at executive outplacement firm Challenger, Gray & Christmas.
In its new survey, Deloitte found that a whopping 84 percent of chief executives expect a downturn or a recession in the U.S. by the end of 2020, and 15 percent say they already see evidence of a downturn at their firms. Private-sector job growth tracked by ADP and Moody’s Analytics found that just 129,000 jobs were added in March — a surprising miss from the 173,000 estimated by economists polled by Dow Jones. And a new report from Challenger, Gray & Christmas found that, while American companies announced fewer job cuts last month than in February, first quarter job cuts climbed by 36 percent on a year-over-year basis, the highest first quarter total since 2009.
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