Economic Headwinds or Politics? (Update)

CRAIN'S COMMENTS

There are more signs that the US is heading into a recession:

  • Layoffs in digital advertising. Despite job growth overall, the number of jobs in online advertising has actually shrunk this year in absolute numbers.

Advertising and public relations lost 2,400 jobs in May despite an overall increase in US employment, per the US Bureau of Labor Statistics, a sign that the industry is beginning to wade through a period of uncertainty that will define the rest of 2022.(1)

  • Social media platforms are showing remarkable declines in advertising revenue. Facebook had the worst quarter in Q1 since going public a decade ago.(2) That has led to a company-wide hiring freeze for the remainder of 2022.
  • New business formation has been declining since mid 2021.(3) The current bright spot and exception is California, which is leading the nation in new business formation.

  • College enrollment is declining, which is going to particularly…

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