The Second Wave of Layoffs is Here, Now Hitting Well-Paid Jobs | Wolf Street

Logistics giant and freight broker C.H. Robinson added a new spin to the theme of not-bringing-back furloughed workers: In April it had said it would temporarily furlough 7% of its workforce or about 1,000 people. But now it turns out that it won’t bring back hundreds of them because their jobs had been automated during their absence. And those jobs disappeared permanently, as the company told investors recently, and they would become, as it said “permanent cost savings from our investments in tech.”

For them, October 1 is the big day when they’re free under the bailout package to lay off people involuntarily. Between American Airlines, United Airlines, and Delta, the additional cuts announced so far could amount to more than 55,000 employees.

Oil-and-gas drillers and oil-field services providers have been cutting jobs in massive numbers, amid a surge of bankruptcy filings, as both demand and prices collapsed. A month ago, Schlumberger, the giant US oil-field services provider, threw another 21,000 job cuts on top of that pile.

And we’re seeing this in the numbers. Over the past four weeks, nearly 7 million people filed initial unemployment claims under state and federal unemployment insurance programs.

This means that over the past four weeks, nearly 7 million people, who were eligible for state or federal unemployment insurance, got newly laid off. That’s a huge and catastrophic number.

The Second Wave of Layoffs is Here, Now Hitting Well-Paid Jobs | Wolf Street