Add UKG To The List of HRMS Companies That See Softness

It is obviously not only the public HRMS companies that see softness. UKG plans to lay off 2,000 employees.

• UKG is owned by Hellman & Friedman and Blackstone. The PE shops will protect EBITDA and their dividends as best they can, especially as rates remain elevated.

• The U.S. economy is a slow motion train wreck. The minute that the adults takeover and slow fiscal spending and/or raise taxes (Yes, even Trump will allow his cuts to expire), this game of economic musical chairs will stop. Fiscal deficit spending is the only thing keeping the U.S. economy moving.

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