During January and February, U.S. companies announced 180,000 job layoffs, which was the highest number since 2009. More than one-third of these layoffs came from the technology sector.In February, the United States announced job layoffs for around 77,770 positions, which accounts for more than five times the job layoffs during the previous year. Additionally, the first week of March saw a 21,000 increase in Americans requesting unemployment benefits. U.S. Reports Highest Job Layoffs
Currently, the IT sector is experiencing a disproportionately large number of job cuts. Retail and financial sectors are also experiencing job cuts to align with consumer spending and economic conditions.Microsoft, Alphabet Inc, and PayPal Holdings are just a few of the tech giants that have slashed thousands of positions this year in an effort to maintain margins and limit their expenditure due to uncertain economic outlook.“Certainly, employers undoubtedly are keeping an eye on rising interest rates. Almost every organization has been making other cost reductions while preparing for a downturn for several months. Layoffs are usually the final step in a firm's cost-cutting strategy if things continue to get tight”, a senior vice president of an employment service company commented. U.S. Reports Highest Job Layoffs
Despite the significant losses in the tech industry, the hospitality and banking industries reported growth of 83,000 and 62,000 jobs respectively, adding more than 150,000 jobs in February.For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true, and top stories of the world.
U.S. Reports Highest Job Layoffs
Currently, the IT sector is experiencing a disproportionately large number of job cuts. Retail and financial sectors are also experiencing job cuts to align with consumer spending and economic conditions.
Microsoft, Alphabet Inc, and PayPal Holdings are just a few of the tech giants that have slashed thousands of positions this year in an effort to maintain margins and limit their expenditure due to uncertain economic outlook.
“Certainly, employers undoubtedly are keeping an eye on rising interest rates. Almost every organization has been making other cost reductions while preparing for a downturn for several months. Layoffs are usually the final step in a firm's cost-cutting strategy if things continue to get tight”, a senior vice president of an employment service company commented.
U.S. Reports Highest Job Layoffs
Despite the significant losses in the tech industry, the hospitality and banking industries reported growth of 83,000 and 62,000 jobs respectively, adding more than 150,000 jobs in February.
For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true, and top stories of the world.
