This week has seen one oil company after another announce major layoffs. The oil curve is within sight of flipping and wholesale gasoline prices are only a penny above their lowest since 2021. Why? The answer was all over ADP's private payroll report for September.

Eurodollar University's Money & Macro Analysis

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ADP
https://adpemploymentreport.com/

IEA Oil Market Report August 2025
https://www.iea.org/reports/oil-market-report-august-2025

HRD Imperial Oil, ExxonMobil announce major layoffs for Canada amid global restructuring
https://www.hcamag.com/ca/news/general/imperial-oil-exxonmobil-announce-major-layoffs-for-canada-amid-global-restructuring/551612

Dow Jones TotalEnergies to Cut Costs While Boosting Oil, Gas Output Through 2030 — Update
https://www.morningstar.com/news/dow-jones/202509296462/totalenergies-to-cut-costs-while-boosting-oil-gas-output-through-2030-update

Fox Business Exxon to slash thousands of jobs
https://www.foxbusiness.com/media/exxon-slash-thousands-jobs-major-corporate-overhaul-comprehensive-restructuring-plan

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Disclaimer
This video is sponsored by 21Shares. The information provided in this video is for educational and informational purposes only and should not be considered financial or investment advice. Investing involves risk, including the possible loss of principal. Products mentioned may not be available in all jurisdictions, and their suitability will depend on your individual circumstances. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

The latest report on jobs changes everything. The hiring rate in August dropped to its lowest level since April of 2020. April 2020. It’s another clear sign that the labor market is visiting Dr. Beveridge and right in time for Amazon Prime Days which begin a week from now. Consumer confidence fell sharply here for September in even more new data, with workers reporting they also feel job availability is at a multi-year low, so it’s not just in the high level data, this thing is also making waves on the ground.

Eurodollar University's Money & Macro Analysis

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Conference Board
https://www.conference-board.org/topics/consumer-confidence/

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What is going on in the auto world? First, Tricolor goes bankrupt. Then parts supplier First Brands follows them. CarMax reports dismal earnings. Even Germany's Bosch decided to lay off another 13,000 workers. It's not just a canary in the coal mine, there's a whole flock - or fleet - of them.

Eurodollar University's Money & Macro Analysis
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CarMax Second Quarter Earnings
https://investors.carmax.com/news-and-events/news/news-details/2025/CarMax-Reports-Second-Quarter-Fiscal-Year-2026-Results/default.aspx

CNBC CarMax stock plummets 20% following ‘challenging’ quarter
https://www.cnbc.com/2025/09/25/carmax-stock-plummets-after-missed-wall-streets-expectations.html

MarketWatch CarMax sees surprise drop in used-car sales even at lower prices, and the stock dives
https://www.marketwatch.com/story/carmax-sees-unexpected-drop-in-used-car-sales-even-at-lower-prices-and-the-stock-dives-7dc067b0

Bloomberg Economists Lower US Job Growth Through 2026, Fueling Rate Cuts
https://www.bloomberg.com/news/articles/2025-09-26/economists-lower-us-job-growth-through-2026-fueling-rate-cuts

GTR First Brands supply chain finance debt tops US$866mn
https://www.gtreview.com/news/americas/first-brands-supply-chain-finance-debt-tops-us866mn/

Bloomberg First Brands Files for Bankruptcy After Lender Scrutiny
https://www.bloomberg.com/news/articles/2025-09-29/auto-parts-supplier-first-brands-files-for-bankruptcy

Q3 2025 Cox Automotive Dealer Sentiment Index Shows Steady Confidence Amid Economic Headwinds
https://www.coxautoinc.com/insights-hub/q3-2025-cadsi/

Bloomberg Bosch to Shed 13,000 Jobs as Auto-Industry Slump Deepens
https://www.bloomberg.com/news/articles/2025-09-25/bosch-to-shed-another-13-000-jobs-as-auto-industry-slump-deepens

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