Tech companies are on a white-hot acquisition binge, swallowing anything that isn’t nailed down. But layoffs have started soaring. And it’s getting worse.
35,000 M&A deals will likely be made this year, promising “efficiencies” and “synergies,” hence job cuts. So Microsoft, which bought Nokia’s handset unit, is planning the largest in its history…. The M&A frenzy of 2007/8 was followed by the Great Jobs Crisis!
About that jobs report? I won’t quibble over the details. Companies have been hiring. OK, the number of full-time workers plunged and involuntary part-timers who want to be full-timers soared, but hey.
by Wolf Richter • • Comments Off on Economic Growth in America’s “Two-Tiered Society”
It’s been glorious: global M&A in Q2 soared 47% to $1 trillion, highest since 2007, just before the financial crisis. But in California, 30% of the people making less than $40k were in worse financial shape than last year, despite all the bubbles around them.
