Companies are fawning all over Trump, citing job creations that were already planned before Trump was elected. Walmart and Amazon are the latest examples.
The Wall Street Journal reports Wal-Mart Touts Plans to Create 10,000 U.S. Jobs in Nod to Trump.
Wal-Mart Stores Inc. said it plans to create about 10,000 U.S. jobs this year, a sign that even the country’s largest private employer feels the need to tout American job growth ahead of President-elect Donald Trump’s inauguration.
The jobs will come from previously planned store openings, store expansions and new e-commerce services, the company said Tuesday. The retailer said 24,000 additional construction jobs will be supported by those efforts.
The announcement is the latest in a string of public displays from companies looking to head off criticism from the Trump administration about U.S. job losses. Last week Amazon.com Inc. promised to create 100,000 full-time jobs in the U.S. in the next 18 months mostly through expansion plans already in the works.
With 1.5 million U.S. employees, Wal-Mart dwarfs other employers. But as the company invests more in e-commerce and improving existing stores, the retailer has pulled back on opening new stores, historically the main driver of both sales and employee growth at the firm.
The Bentonville, Ark., company has also been cutting staff and restructuring its operations. It plans to eliminate about 1,000 corporate jobs before the month’s end, people familiar with the matter said last week.
In early 2016, Wal-Mart cut 10,000 store jobs after closing 154 U.S. locations and said 450 positions at its headquarters would be eliminated. Another 7,000 back-office positions were cut from stores later in the year.
Walmart Scorecard
- Wal-Mart cut 10,000 store jobs after closing 154 U.S. locations
- Wal-Mart cut 450 positions at its headquarters
- Wal-Mart cut 7,000 back-office positions
- Walmart plans to eliminate about 1,000 corporate jobs before the month’s end
Add those all up and the grand total is …. +10,000 jobs credited to Trump.
The new corporate necessity is avoidance of the “Trump Tweet”.
Mike “Mish” Shedlock
Trump creates nothing in the private sector. He does however create an atmosphere for a positive environment. Many of these plans were on the drawing board before the elections.
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No president can “create jobs.”
However, they can create an environment where businesses feel confident enough to hire people.
Predictable lower taxes.
Less regulations
Tort reform
And easy route to start a business
Not dealing with insane unions where the government takes their side every time
Insane union wage rules
Etc.
Obama did none of this. That is why his recovery was all smoke and mirrors papered over will trillions of debt…
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“No president can “create jobs.””
Not true! Bill got that blow***
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They aren’t doing anything they hadn’t already planned, but at least now it’s in headline font. So, despite it’s nothing but the “Cover Your A$$” effect, it is nice to finally see large headlines that don’t include the words bomb, terrorist, homicide, or any other horror story the media hypes up to further our fears.
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The “me to” club. Apparently these companies smell the possibility of some government hand out or tax break. They want to get their chit in place to recieve this benfit.
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The gist is Walmart is moving away from brick and mortar to online. They see the writing on the wall and are doing something smart. Replacing associates with IT workers is a good thing, but my hunch is many of the IT jobs will eventually end up in India.
Would any of this happen without Trump? Probably.
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Dang. And Trump is not even sworn in yet….
The media is still in full rebellion. I’ve seen a dozen stories about protests and protestors but ZERO stories about people attending the Inauguration. Well, eff you too, media.
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The contents of that Walmart shopping basket just about sums up the American diet!
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So I was on a trip and this guy asked me: “So how do we know that the Trump organization is not trading these companies before his tweets? “
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Did you remind him of Hillary’s cattle trading days
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No. My interest is the present and dislike of previous president does not translate to liking Trump. The thing I notice about all the comments here (including Mish) is that their dislike of Obama/Clinton (democrats in general) is so deep that they are willing (and even cheer) the new guy regardless of his own corruption. BTW if you want to see in action Trump “style” of governing all you need to do is look at president Chaves from Venezuela (another demagogue that appealed to the masses while robing them blind). On the plus side I think the republican will impeach this guy before the end of his 4 years or do you actually think that all those republican he humiliated and insulted in front of a live audience are all about “forgive and forget” lets kiss and make up kind of people.
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In Real America, you can only be a Democrat or Republican. Whichever you are, the other one is always 100% wrong, and your team is always 100% right. While your team may be corrupt, it’s okay because the other team is even more corrupt!
And everything, everything is either black or white. There is no gray. Ever. You are either a Stalinist Communist (Democrat) or pollution-loving, worker-hater (Republican). Now you can see why your comment makes little sense.
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“The thing I notice about all the comments here”
Not all. From detailed knowledge of the historical track records and policies of both major parties, I consider all of their candidates to be corrupt clowns pandering to the majority idiots until proven otherwise. I include Trump, BTW.
However, the limousine socialist Dems lose massive points from the get-go due to their redistribution pandering to the very large, economically illiterate “free stuff army” (government can just print more money for me; if someone else is rich, that’s why I’m poor, etc.) and the Dem’s near TOTAL dependence on identity politics (hey, I’m black, so I can’t be as corrupt as those white guys and, in the last election, a candidate figuratively grabbing women by their p*****s by asking them to vote for her simply because she has one), racial division, and false victim-hood to explain poor outcomes usually related to very bad individual choices.
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“the new guy regardless of his own corruption. ”
What corruption is that, Carlos? How about some facts instead of your unsubstantiated innuendos, which are not going to impress anyone here. Accusing commenters here of being prejudiced against “democrats in general” is quite quintessentially hypocritical when you display such an obvious prejudice against The Donald.
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Spectacular. Brush away her indiscretions and then criticize others for brushing away indiscretions.
Comic gold!
And comparing Trump to Chaves? Maybe El Chavo, but no way Chaves.
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I agree. Mostly Trump supporters here. However Wolf Street is another good read. Less political and more financial. His readers lean a little more to the left. He lives in the Bay area, i think.
Trump supporters are pots and Hillary supporters are kettles. They like to throw stones at each other in glass houses while simultaneously calling each other black.
Two potatoes in a pot, you’re one and I’m not. So there !!
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1) I believe Trump has disclosed that he own very little equities, although I could be wrong.
2) Aren’t Senators and Members of Congress exempt from “insider trading” laws due to the nature of their employment?
3) Ultimately, isn’t every POTUS in a position to trade on advanced or insider knowledge?
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Is this something new, “companies created 10,000” jobs. Seems a very inaccurate phrase to use. Liked it much better when the headlines read Wallmart to add 10,000 positions. Companies hire because they need to add a resource to a project. It’s no different than making buying a machine. There’s way too much spin in the news today.
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Every corporation has a plan … until the (coming) recession hits them in the mouth.
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Tysonian economics.
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Not 2011’s or 2015’s upcoming recession, right ?
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Did not predict a recession in 2011. Early 2015, however, I predicted a recession by early 2016. Came close with GDP Q4 2015 +0.9% and Q1 2016 +0.8% … abetted by a comically low deflator (+0.9% and +0.5% respectively). GDP is revised years down the line and I STILL wouldn’t be surprised if revisions eventually reveal a mild recession occurred.
Survey of professional forecasters (in may of 2015) forecast GDP of +2.9% and +2.4% respectively for those quarters.
https://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters
If you want to say I was wrong and they were right … have at it.
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Not at all Tony. You’re the sharpest here on numbers. You spot trends faster than anyone. A lazy person like me benefits when you’re quick to cut to the chase.
But the reality is that the global economy is like one big Japan. Until we have a Bear Stearns event which i thought would come in the from a severe China devaluation last year. It didn’t.
The dot com bubble was 3 standard deviations insane, the housing bubble was 3 standard deviations insane, the global bond bubble is arguably 3 standard deviations insane.
There is no wrong or right. Is Jim Cramer right to continuously recommend Amazon or is Jim grant right for continously recommending Gold ? No right, no wrong.
It’s just time horizon and risk tolerance.
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Any business expansion right now is pure and unadulterated misallocation of capital ~ riven purely by expansion of the money & credit supply. Absolutely unjustified on economic fundamentals…
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Everyone keep saying these jobs were already planned before Trump won. Ever wonder how many jobs which were already planned to go overseas are now being quietly scrapped.
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Good point.
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Newtonian economics.
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Dunno. $US still too strong (DXY > 100).
It has dropped a tad, but will need to go a lot lower (imo) to make a dent. As for DJT recent comment that $US too strong … to other countries that might across as starter’s pistol for next round (er, continuation) of currency wars. Look for other countries to be “crazier” than US.
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“In early 2016, Wal-Mart cut 10,000 store jobs”
2017 “Wal-Mart Stores Inc. said it plans to create about 10,000 U.S. jobs this year”
Is this common core math?
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the NWO dos not like blm ,,it likes the control of PC ,,,pc is just a form of control for them.
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First of all…. if you express 17000 jobs as a percentage of the 1.5 million total Walmart jobs (I am going off the figures in Mish’s post / the referenced article, I don’t know if they are correct)… anyway 17/1500 works out to 1.1% of the total WMT jobs. In other words: about 1/5th the typical annual turnover of an investment bank, and probably 1/20th the typical annual turnover of a retail store chain.
Can’t believe how many people can bicker over this bull sheet. WMT has always cut jobs in declining areas, and added jobs in growing areas — and this year is not really different.
On the management side of things, they are pushing more into e-commerce, and they got rid of the losing team that couldn’t make things work — to be replaced with the crew from jet.com which WMT bought last year (a better e-commerce platform… one that might help WMT better compete against Amazon).
Making a mountain out of a mole hill is one thing; but this is making a mountain out of a mirage. 1.1% employee turnover at a discount retail chain is hardly a newsworthy event.
.
Trump is trying to bully Boeing into charging less for the F35 fighter and for the obscene $2.2 billion (per plane) replacement Air Force-1 aircraft… As with all so-called “military” spending in the US, some of it is for actual weapons platforms, but a lot (most?) is really for greasing Congressional palms.
When Boeing is forced to charge for the planes (and not the political make-work jobs, etc) — it forces Congress and unions to get their kickbacks a different way. That actually effects Washington DC and taxpayers.
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sorry… this went in as a duplicate
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First of all…. if you express 17000 jobs as a percentage of the 1.5 million total Walmart jobs (I am going off the figures in Mish’s post / the referenced article, I don’t know if they are correct)… anyway 17/1500 works out to 1.1% of the total WMT jobs. In other words: about 1/5th the typical annual turnover of an investment bank, and probably 1/20th the typical annual turnover of a retail store chain.
Can’t believe how many people can bicker over this bull sheet. WMT has always cut jobs in declining areas, and added jobs in growing areas — and this year is not really different.
On the management side of things, they are pushing more into e-commerce, and they got rid of the losing team that couldn’t make things work — to be replaced with the crew from jet.com which WMT bought last year (a better e-commerce platform… one that might help WMT better compete against Amazon).
Making a mountain out of a mole hill is one thing; but this is making a mountain out of a mirage. 1.1% employee turnover at a discount retail chain is hardly a newsworthy event.
.
Trump is trying to bully Boeing into charging less for the F35 fighter and for the obscene $2.2 billion (per plane) replacement Air Force-1 aircraft… As with all so-called “military” spending in the US, some of it is for actual weapons platforms, but a lot (most?) is really for greasing Congressional palms.
When Boeing is forced to charge for the planes (and not the political make-work jobs, etc) — it forces Congress and unions to get their kickbacks a different way. That actually effects Washington DC and taxpayers.
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Trump Tweets are the new weapons of corporate destruction! Do not get in its way:-)
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