Reliable sources are saying a large round of layoffs are coming before August the fall budget begins.
Unconfirmed but signs pointing to:
Hope it’s not this drastic
Hi All! I am in corporate (creative/photography) is anyone willing to shed a little light of what is to come. I know you were asked to not talk..but if you can give any info i would appreciate it as im starting not to sleep at night.
Thank in advance & stay safe
measure of underemployment that includes those who have given up looking and those who have been reduced to part-time status is 21.2%.
I certainly hate to see layoffs considering we’ve laid off so many earlier in the year. Anyone heard about other layoffs outside of stores and store operations? Corporate, MT, CCS, etc?
BLS acknowledges that there was an error in calculation, due to classification of furloughed workers as being "out of office" rather than unemployed. They estimate the real numbers are about 3 percent higher, and that this will likely show up in the adjusted numbers now and moving forward, just as March and April were adjusted downward.
It is wishful thinking to believe the unemployment rate is 13.3%. Let’s do some simple math. In February 2020 (the peak), 158.8m people were employed and 5.8m were unemployed, implying a workforce then of 164.5m and an unemployment rate of 3.6%. Fast forward a few months. Friday’s report showed 137.2m employed. The difference is 27.3m (164.5m − 137.2m). Divide the difference by the February workforce and we get 16.6% (27.3/164.5), given the reasonable assumption that the workforce has not dramatically changed in three months. Two other items. First, the unemployment rate is based on a sample of households (survey) which can by noisy in a time of stress. Second, while at the onset of the economic shutdown it had been useful to look at initial claims (which exceed 40m since the crisis began), by now some people might be filing twice. The continuing claims for the week ending May 23 are 21.5m. We have had new claims since then. In addition, the claims should be considered a lower bound on the number unemployed - but they are hard data not survey-based. The stock market reacted with exuberance to the surprise “13.3%.” I recommend caution. Over the next few weeks, I will detail the risks to the recovery in these posts.
They're probably waiting because of the extended unemployment benefits and they want to bask in all the competitors going bankrupt before they make the announcement
Not a rumor. Confirmed. I was furloughed from MTech along with my entire team, the whole time we were led to believe we would be called back once stores reopened. My boss finally had the decency to tell me to expect a call from HR letting me know we’re being laid off and I should find another job.
Why is macys’s waiting to lay off furloughed employees?
Whoever questioned “fall budgets” doesn’t understand how business works. Or how Macy’s works. This post has merit.
If you know how Macy’s does their budgets, then this makes sense.
Severance in June and July before the fall budget starts in August. Then you have a clean slate to write off Q1 & Q2 then start fresh for Q3.
Make more cuts in Q1 after you see how you do in Q4.
M should reduce by 60 percent ...
We we do get Spring and Fall budgets so what's the issue with that statement?
Severance package is expect in July. 📑
JG already said Macy's would come out the other side of this as a smaller company. Where's the surprise?
Usually changes comes every July, possibility this time large amount of layoffs. 🤔
Manager here, haven’t heard anything like this. I’m not sure what OP is trying to do.
after that bomb dropped in february when executives were told out of the blue they had three days to get out, who could rule out anything?
Sounds like there will be only associates in the store
“Fall budget”, whoever started this rumor clearly understands how businesses operate.
I heard the same thing from my best friend’s second cousin’s baby mama. Weird.