Deloitte - Workers will start getting laid off on January 1st of next year

Massive layoffs will begin on January 1st, according to predictions from consulting firm Deloitte. In 2024, these layoffs are anticipated to represent 6 percent of the overall workforce in the United States. The forecast highlights the impact of a potential recession on the job market.<br><br>**The reasoning behind the projected layoffs.** Around 10% of the global workforce is employed in sectors with falling demand. These sectors include banking, entertainment, and retail. This could result in layoffs for around 6% of all employees in these industries. However, Deloitte also forecasts that as a result of the fall in demand for these workers, there will be new employment possibilities in growth industries, such as the public sector, information technology, and logistics.<br><br>**The impact on employees.** It is anticipated that on average, employees in the impacted areas will lose between 15% and 30% of their income. The tech industry has been particularly hard hit by the anticipated job losses. There are around 1.1 million persons employed in this industry. Layoffs are anticipated to affect 15% to 20% of its workers, or roughly 165,000 employees.<br><br>**The impact on businesses.** Firms in affected industries will experience a 15% to 30% drop in revenue due to the layoffs. There are likely to be significant shifts in the entertainment business as a result of this. Due to the projected fall in movie attendance, it is likely that several movie theater chains will be sold or go out of business. In the early 2020s, revenue for movie theaters began to decline as a result of the COVID-19 pandemic. Apps and streaming services made it possible to watch brand-new movies at home. Theaters have toiled to attract viewers back since then.<br><br>**In conclusion**<br><br>In 2024, a recession is predicted, which will result in layoffs in some businesses and expanding demand in others. While the layoffs could result in a 15% to 30% loss of income for impacted employees, businesses in the affected industries may endure a 15% to 30% drop in revenue. By 2025, it is anticipated that the recession won't have an impact on the job market. At that point, the number of available positions will equal the number of job seekers.<br><br>---<br><br>Edit: It's worth mentioning that this is an article from a dutch newspaper, there are probably even more articles about it in english.