Labor Exits the Eye of the Hurricane
Ever since DOGE laid off thousands of workers earlier this year, Wall Street has been waiting for unemployment claims to start ticking up. But as I’ve explained time and time again, the vast majority of these employees were given severance packages — effectively extending their employment out another 90 days, through the end of May. Well, May is over. And as of last week, we’ve finally started to see layoffs tick up.
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