Recent data from the Chicago Fed and ADP indicate new hires at a 16-year low. The ADP offered a bit of promising news for large corporations as they managed to expand by 33,000 positions last month. Yet, no corporation is immune to the increased cost of goods, excessive regulation, and taxation. Socrates has warned that unemployment will top 6% by 2026, and we are beginning to see the warning signs in Q4.

Exxon Mobil plans to slash 2,000 positions, representing 3% to 4% of the global workforce. "Our global office network was established decades ago under very different circumstances," Exxon said in a statement to Barron's. "To support the collaboration so critical to our success, we are aligning our global footprint with our operating model and bringing our teams together."

Exxon Chairman and CEO Darren Woods stated that the company is aiming to "redesign work processes and improve cost competitiveness." "We are making tough decisions, some of which will result in friends and colleagues leaving the company," Woods said back in 2020. The global economy never truly recovered from the pandemic. I discussed the ongoing issue with crude and the broader implications on the private blog.