Let's talk about the layoff news that we've received this week.
Goldman is embarking on a plan to eliminate about 1% of its workforce or roughly 400 positions. The Wall Street bank joins other lenders in the U.S. and Europe including Citigroup, Wells Fargo that have announced job cuts this year.
Dow said Wednesday it is cutting its workforce costs by 6%. American Airlines said it will begin furloughing 19,000 employees and United Airlines will lay off 13,000 workers after lawmakers failed to agree on a coronavirus relief package.
Most layoffs largely have been centered around hourly-wage and part-time positions predominately in retail, hospitality, and other small-business and service-focused sectors, with financial services companies like Goldman pledging to hold off on cuts amid payroll protection and other government support.
While U.S. private-sector employers added nearly three-quarters of a million new jobs in September, the economy is still out some 11.4 million positions since March. Meantime the Labor Department reported Thursday that 837,000 Americans filed for first-time jobless benefits last week, down from a revised 879,000 claims the week earlier.
So, should the market be concerned about the impending layoffs? Watch the video above to hear why Jim Cramer thinks layoffs could be "just beginning."