AM I NEXT? IT'S OFFICIAL, WE ARE ENTERING A RECESSION

Am I Next? We are now officially in a recessionary period.

Cambridge, Massachusetts-based National Bureau of Economic Research, a private unbiased nonprofit economic research organization, has declared that the peak of the economic business cycle occured in February 2020 and we are officially in a downward cycle and entering a recession.

According to the Business Cycle Dating Committee of the National Bureau of Economic Research has "determined that a peak in monthly economic activity occurred in the U.S. economy in February 2020. The peak marks the end of the expansion that began in June 2009 and the beginning of a recession. The expansion lasted 128 months, the longest in the history of U.S. business cycles dating back to 1854."

"The usual definition of a recession involves a decline in economic activity that lasts more than a few months.” However, in deciding whether to identify a recession, the committee weighs the depth of the contraction, its duration, and whether economic activity declined broadly across the economy (the diffusion of the downturn).”

“The committee recognizes that the pandemic and the public health response have resulted in a downturn with different characteristics and dynamics than prior recessions. Nonetheless, it concluded that the unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession, even if it turns out to be briefer than earlier contractions."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT JONATHAN LOUIS FURNITURE

Am I Next? Mass layoff at Jonathan Louis Furniture.

Gardena, California-based furniture maker Jonathan Louis has announced the layoff of 329 employees commencing on August 30, 2019. A company spokesperson attributed the layoffs to “a slowing in business demand and an increase in production costs.” A major portion of the company’s raw materials are sourced in China and it is possible that the new U.S. 25% tariff structure on furniture and components may have resulted in an increase in the cost of materials. The company produces sofas, sectionals, chairs , storage beds, chaise lounges, and headboards which are primarily sold in Southern California. According to a WARN (Worker Adjustment and Retraining Notification) notice filed with the State of California, the positions affected include: 179 floor helpers, 40 upholsterers, 34 machine sewing operators, 16 fabric cutters, 12 assemblers, eight quality control inspectors, seven forklift drivers, six supervisors, five janitors, four machine operators, four spring assemblers and three foam cutters.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?