India  
 
NewsR.in

US Job Market Stays Strong Despite Widespread Layoffs

Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
US Job Market Stays Strong Despite Widespread Layoffs

US Job Market Stays Strong Despite Widespread Layoffs

US Job Market , Stays Strong Despite , Widespread Layoffs.

'Newsweek' reports that government job cuts are at the highest they've been since September of 2011, with the most recent wave of layoffs hitting Army and Veterans Affairs offices.

The latest data from job search and coaching firm Challenger, Gray & Christmas, Inc.

Comes amid job losses in different industries across the U.S. .

Government agencies cut over 36,000 jobs in March, with 10,000 layoffs coming from Veterans Affairs.

Overall, over 90,000 positions were eliminated by employers last month, a 7% increase from February's numbers.

Layoffs certainly ticked up to round out the first quarter, though below last year's levels.

Many companies appear to be reverting to a 'do more with less' approach, Andy Challenger, workplace and labor expert at Challenger, Gray & Christmas Inc., via 'Newsweek'.

Since the beginning of 2024, technology firms cut over 42,000 positions, with tech companies reducing over 14,000 positions in March alone.

While Technology continues to lead all industries so far this year, several industries, including Energy and Industrial Manufacturing, are cutting more jobs this year than last, Andy Challenger, workplace and labor expert at Challenger, Gray & Christmas Inc., via 'Newsweek'.

While Technology continues to lead all industries so far this year, several industries, including Energy and Industrial Manufacturing, are cutting more jobs this year than last, Andy Challenger, workplace and labor expert at Challenger, Gray & Christmas Inc., via 'Newsweek'.

Q1 of 2024 also saw financial firms cut positions, slashing nearly 29,000 jobs.

Despite the waves of layoffs, experts suggest that workers are still experiencing a strong labor market.

.

Strong growth of 184,000 jobs, strong pay growth per job changers, and these sentiment indicators both in the manufacturing survey and our own worker sentiment and that is still seeing a pretty solid, maybe even good to great, jobs market for 2024, Nela Richardson's, ADP Research Institute chief economist, via 'Newsweek'


You Might Like


💡 newsR Knowledge: Other News Mentions

Challenger, Gray & Christmas

February Layoffs Hit Highest Level Since 2009 [Video]

February Layoffs Hit Highest Level Since 2009

February Layoffs , Hit Highest Level Since 2009. According to a report released by Challenger, Gray & Christmas on March 7, companies cut 84,638 jobs in February. That number represents a 3% increase from January and a 9% jump year-over-year, Fox Business reports. As we navigate the start of 2024, we're witnessing a persistent wave of layoffs. , Andy Challenger, senior vice president of Challenger, Gray & Christmas, via Fox Business. Businesses are aggressively slashing costs and embracing technological innovations, actions that are significantly reshaping staffing needs, Andy Challenger, senior vice president of Challenger, Gray & Christmas, via Fox Business. Tech companies had the most layoffs in February, over 12,000. The sector has cut over 28,000 jobs since the beginning of 2024, Fox Business reports. . Financial firms lost over 26,000 jobs since the beginning of the year. That is a 54% increase in layoffs for the sector compared to the same time last year. Other sectors to experience significant layoffs this year include manufacturing, energy and education. In light of the backlash some companies have faced for directly attributing job cuts to artificial intelligence, , Andy Challenger, senior vice president of Challenger, Gray & Christmas, via Fox Business. ... they appear to be framing this shift as a ‘technological update’ rather than an outright substitution of human roles with AI, Andy Challenger, senior vice president of Challenger, Gray & Christmas, via Fox Business. In truth, companies are also implementing robotics and automation in addition to AI. , Andy Challenger, senior vice president of Challenger, Gray & Christmas, via Fox Business. It's worth noting that last year alone, AI was directly cited in 4,247 job reductions, suggesting a growing impact on companies’ workforces, Andy Challenger, senior vice president of Challenger, Gray & Christmas, via Fox Business

Credit: Wibbitz Top Stories    Duration: 01:30Published

United States Department of Veterans Affairs United States Department of Veterans Affairs Department of the United States government


ADP (company) ADP (company) American software company