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'
Credit: Wibbitz Top Stories Duration: 01:30Published
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