A healthy economy creates jobs. When you see a pattern of store closings and layoffs, you can be sure that all is not well. So we take notice when it’s reported that Walmart is going to shed thousands of jobs.
It’s interesting in that the company claims that the loss of these jobs is due to increasing automation in accounting functions. Translated, that means that it’s become cheaper to automate various accounting processes than to have 7,000 humans doing the work.
What happens to those 7,000 employees?