Founder, Goodall Research. Capital, the people behind it & the companies it moves. I watch which corporate narratives are about to break. New: Layoff Desk ↓
Joined June 2017
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165,000 jobs added. Unemployment down to 4.1%. Sounds like a great jobs report, provided you stop reading after the first paragraph.
Let's break down the story being told about these numbers.
356,000 more Americans are working part-time because business slowed and their employers don't have enough hours for them. They want full-time work. It's the biggest one-month jump in that category all year.
The number of people who "could only find part-time work" barely moved. Nearly the entire increase came from people whose hours were cut because business was slow.
Rank-and-file private-sector workers are averaging 33.8 hours a week. A raise looks awfully nice on paper until the hours disappear.
Now look at the hiring.
Temp agencies added 18,600 jobs. That's more than a quarter of the 70,000 jobs added in professional and business services, the sector that led the report.
How convenient. Hire people without making much of a long-term commitment. Keep the flexibility to send them packing when business gets uncomfortable.
The broader U-6 unemployment rate rose to 7.9%, even as the headline rate fell. That broader measure includes people who want full-time work but can't get it, along with people on the margins of the labor force.
Employers are adding temporary workers while more Americans are stuck with part-time hours. That's a rather telling combination if you ask me.
Companies aren't stupid. They're keeping their options open.
165,000 jobs added… a beautiful number for the headlines.
Not quite as beautiful when you look at what's actually landing in people's paychecks.
Celebrate if you like. This number gets revised twice more. July was first reported as a gain of 21,000. It's now a loss.
Amanda Goodall retweeted
This new $NVDA development is what could be called a Black Leather Swan
When do we start asking who got chips, who got capital, and who got Jensen onstage?
Start with these names from Nvidia’s orbit:
CoreWeave, Nebius, Nscale, OpenAI, Anthropic, Oracle, Meta, Palantir, SoftBank Corp., Gigabyte, Supermicro, ASUS, Pegatron, Wistron, Wiwynn, Dell Technologies, HPE, Lenovo, Foxconn, Crusoe, Lambda, IREN, Vultr, Firebird, Firmus, GMI Cloud, Alibaba Cloud, ByteDance.
This can’t be due to AI.
572 strawberry jobs gone. SoCal Berry Growers is shutting six farms in Oxnard and Ventura County in January.
They grow for Driscoll's.
Ventura County's strawberries brought in about $808 million last year. Growing them cost about $815 million. Ummm….
The workers voted to join the UFW in July. The union calls the closures retaliation. The company hasn't said anything further.
This week's Layoff Watchlist is out.
Open calls on big tech hardware, energy, retail and media, each with a dated window and the parts of the business I expect to be hit.
New names on the watchlist across banking, payments, enterprise software, and more.
Last week's hit: PepsiCo. I called it October 8 for November through January. On November 9 it started cutting about 1,000 jobs in North America.
Members get it in their inbox as soon as I call it and updates every Monday. 👇👇
The Layoff Desk is live.
Every week I name the companies I expect to cut, when, and which parts of the business it hits. Dated before the announcement, scored after, misses included.
In February I said Meta was cutting. Meta’s comms director said that wasn’t accurate. Meta cut 10% in May.
Now keep track of it all.
goodallresearch.com/layoff-d…
Amanda Goodall retweeted
I fear US strategic popcorn reserves aren’t enough for what’s coming
$NVDA will postpone their earnings call. Should be good for another $10 off the share price when that happens.
Amanda Goodall retweeted
I'm told such are the ramblings of twitter randos and conspiracy theorists.
This quoted post is unavailable.
$CSCO reports tomorrow. Before the numbers drop, I went through Cisco's own careers site.
1,456 open jobs.
298 are in India.
281 of those are in Bangalore.
Open engineering jobs by city:
Bangalore 210.
San Jose, Cisco's own HQ, 154.
Jobs with "Software Engineer" in the title: India 101.
United States 69.
Software engineer was the single biggest job title on the layoff notices Cisco filed in California this summer. Those notices covered 471 people in San Jose, Milpitas and San Francisco.
13 new Bangalore listings went up today alone.
Openings aren't replacements… but watch where the hiring lands.
Earnings tomorrow!
Damn. Jensen!
I really would have guessed a different person… but could there be more?
$NVDA
UPDATE- Poundland: 11,000 jobs, and it gets decided tonight.
The board meets before a midnight deadline. Administrators are already lined up.
Asked if jobs are safe through Christmas, the boss said "no guarantees at this point."
The MP chairing the committee says the owner took millions out while the chain was on a knife edge. It paid £1 for it.
I flagged this in June 2025 when it was 2,000 jobs being cut. Now it's the whole company.
Just what Britain needs. Another 12,000 people wondering whether they'll have a job by Christmas.
12,000 jobs at risk. 600 stores. Britain’s Poundland is heading toward administration.
For Americans, think Dollar Tree meets Dollar General.
The chain was sold to Gordon Brothers for £1 just last year. Yes, ONE pound. Now the whole thing is fighting for survival.
Stores are still open, and buyers are circling parts of the business. But there’s no deal for the entire chain.
Megaspeed’s first significant hire came from Alibaba Cloud. Then came the Alibaba-linked financing.
Then I found engineers moving between the two companies in West Java. Same industrial estate. Same job titles. Different paychecks.
Whose chips are they running now?
Full investigation ↓
Over at Nvidia, veterans of its Asia legal and partner teams left in 2026. dispatches.goodallresearch.c…
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Holy! $BNTGF Brenntag says at least 250 jobs were cut in headquarters and central functions alone.
The CEO says the real total is “significantly higher.”
Why keep it quiet? He literally said:
“if you do not talk so much about the number… you draw a lot less attention.”
They’ll tell investors the savings down to the million. €47M delivered in Q3. €150M targeted for 2026. They’ll tell you severance costs will keep coming as they cut more jobs. The CFO even talked up AI as a way to lower costs further.
But how many people lost their jobs? Apparently that number would draw too much attention.
Capital Markets Day is tomorrow.
Ask him again.
Do it.
Amanda Goodall retweeted
Nvidia’s Board of Directors is preparing to oust President and CEO Jensen Huang amid the fallout following reports he had an affair with a Chinese businesswoman who was operating as a spy for China’s Ministry of State Security, sources tell The Wall Street Journal.
Amanda Goodall retweeted
AXIOS: LUTNICK BLOCKED TRUMP'S NVIDIA–CHINA CHIP CRACKDOWN
Commerce Secretary Howard Lutnick repeatedly stalled restrictions on Nvidia ($NVDA ) chip exports to China, despite Trump approving action three times, according to Axios.
At an Oval Office meeting, Trump consulted Elon Musk, who backed tighter controls alongside Rubio, Bessent and Hegseth.
Lutnick reportedly warned the move “will start a trade war with China.”
Trump ultimately ordered: “Let's get it done.”
Axios reports the restrictions still have not been implemented. The Commerce Department disputes parts of the account.
Who built Megaspeed??
dispatches.goodallresearch.c…
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Update on $MNDY. I checked their careers site this morning.
124 open jobs right now. 77 of them listed since October 1.
22 are "Delivery & Solutions" roles: forward deployed consultants, deployment strategists, in New York, Denver, Singapore and Brazil. One of the jobs posted TODAY is a Talent Acquisition Partner in London.
21 of the 23 jobs with "AI" in the title are in Tel Aviv.
So they cut about 1 in 5 people, their own sales chief admitted the disruption "lingered," and now they're recruiting recruiters.
Their careers page lists "Transparency and trust" as a core value. ummmm Ok.
$MNDY monday.com's headcount dropped by 690 people in one quarter… about 1 in 5 of the company.
The layoffs gave them a record profit margin. The CFO said the quarter "was basically the result of the RIF." Then their own sales chief said the layoffs caused "disruption and some distraction" that "lingered, candidly, a little longer than we thought."
Revenue grew 19% this quarter. Their guide for next quarter is about 14%. They also spent $735 million buying back their own stock this year.
So the layoffs made one quarter look great and the next one look worse. I don't think monday.com is the last company that finds this out.
