Recession Watch: Spooked For Good Reasons

A widely-followed consumer sentiment index just hit its second-worst level on record:

Why are Americans so spooked? Perhaps it’s the prospect of being replaced by AI. So far in 2025, major layoff announcements include:

• Amazon: 14,000 job cuts

• UPS: 48,000

• Intel: 20,000

• Microsoft: 6,000

• Target: 1,800

• Meta: 600 (from its AI division!)

• Salesforce: 4,000

Or maybe …