White collar employment is sharply declining: The number of the S&P 500 employees fell -400,000 in 2025, to 28.1 million, posting its first annual decline since 2016. This follows 8 consecutive years of uninterrupted employment growth, adding over +3.0 million jobs in total. The decline was driven by UPS, UPS, Oracle, ORCL, Amazon, AMZN, Meta, META, Intel, INTC, and Microsoft, MSFT, as corporations raced to cut costs and redirect spending toward AI. In 2026, layoffs are set to continue with Amazon cutting ~16,000 corporate jobs, Meta slashing ~8,000 positions, and Microsoft offering voluntary buyouts to ~8,750 employees. Corporate America is cutting jobs at an accelerating pace.(The Kobeissi Letter)