{"id":1834579,"date":"2023-02-04T06:20:29","date_gmt":"2023-02-04T11:20:29","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1834579"},"modified":"2023-02-04T06:21:24","modified_gmt":"2023-02-04T11:21:24","slug":"u-s-layoffs-reach-two-year-high-as-big-tech-cut-thousands-of-jobs-in-january","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-layoffs-reach-two-year-high-as-big-tech-cut-thousands-of-jobs-in-january\/","title":{"rendered":"U.S. Layoffs Reach Two-Year High as Big Tech Cut Thousands of Jobs in January"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fu-s-layoffs-reach-two-year-high-as-big-tech-cut-thousands-of-jobs-in-january%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1834579&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/1.tagreuters.com2022binary_LYNXNPEI410KR-FILEDIMAGE-1200x800-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\"   style=\"display:none\"><\/div>\n<p>American companies revealed last month that they had the largest number <a href=\"https:\/\/www.theepochtimes.com\/t-layoffs\">Layoffs<\/a> In preparation for a possible ahref=&#8221;, tech companies have reduced their positions at the fastest pace since September 2020.https:\/\/www.theepochtimes.com\/t-recession&#8221;>recession<\/a>.<\/p>\n<p>The layoffs included 102,943 workers in January, more than twice the amount in December and\u00a0up 440 percent from the same month in 2022, according to employment analytics firm<a href=\"https:\/\/www.challengergray.com\/blog\/jan-23-recession-or-correction-highest-january-since-2009-highest-monthly-total-since-september-2020\/\">\u00a0Challenger, Gray &#038; Christmas, Inc., February 2.<\/a><\/p>\n<p>The report indicated that the tech sector was responsible for 41% of the planned layoffs. Retailers and financial firms saw their workforces increase from last year.<\/p>\n<p>January&#8217;s layoffs were the largest since 2009. In 2009, 241,749 were reported. They were also the most since September 2020 when 118.804 job cuts were reported.<\/p>\n<p>\u201cWe\u2019re now on the other side of the hiring frenzy of the pandemic years,\u201d Andrew Challenger, Challenger&#8217;s senior vice president, said in a statement.<\/p>\n<p>\u201cCompanies are preparing for an economic slowdown, cutting workers and slowing hiring.\u201d<\/p>\n<p>Although layoffs across the economy are generally low, companies have been announcing job cuts in recent months.<\/p>\n<h2>White-Collar Positions: Layoffs begin to mount<\/h2>\n<p>The tech sector suffered the largest job losses in any industry, with 41,829 jobs being lost during the pandemic.<\/p>\n<p><span class=\"image-caption\"> Amazon, for instance, has begun its largest-ever round in its history of layoffs, which are expected to impact 18,000 workers across the globe.<\/span><\/p>\n<p>Amazon, Microsoft and PayPal are among the largest tech companies, along with Alphabet, Alphabet, Alphabet, and PayPal, that worry about an economic downturn. This is because of falling consumer and corporate spending due to rising inflation. <a href=\"https:\/\/www.theepochtimes.com\/t-interest-rates\">Interest rates<\/a>.<\/p>\n<p>According to the report, technology companies have made 110,793 job reductions since November 2022.<\/p>\n<p>Retail suffered the second highest number of layoffs, with 13,000 positions being eliminated in January. This is compared to virtually no layoffs in the previous year.<\/p>\n<p>After a period of high growth, consumer spending has started to slow down in recent months.<\/p>\n<p>Even financial giants such as Goldman Sachs Group have had to reduce their workforces. The financial sector lost 10,603 jobs last month, up 696 from a year ago.<\/p>\n<p>This was followed by real estate, which lost 2,191 jobs over the same period. Construction companies, however, saw their jobs drop to around 1,100 in December.<\/p>\n<p>Despite the fact that the Federal Reserve has reduced the amount of its interest-rate hikes after several rounds of huge increases, it is still expected to maintain its hawkish policy against inflation. Companies fear this will cause an economic slowdown as well as further layoffs.<\/p>\n<h2>A broader job market remains stable<\/h2>\n<p>Despite recent layoffs and other challenges, the wider workforce remains strong. <a href=\"https:\/\/www.theepochtimes.com\/t-job-market\">Job market<\/a> remains strong, with\u00a0weekly jobless claims\u00a0falling to their lowest level\u00a0in nine months, to 183,000, the lowest figure since April,\u00a0<a href=\"https:\/\/www.dol.gov\/ui\/data.pdf\">according To the Labor Department on January 26.<\/a><\/p>\n<p>Last week\u2019s report showed the unemployment rate remaining steady at near 50-year lows over the past two years, hitting 3.5 percent in December.<\/p>\n<p>Economists project that the department\u2019s latest jobs report, which will be released tomorrow, will show a gain of roughly 215,000 jobs in January.<\/p>\n<p>The economy created\u00a0223,000 jobs in December, while\u00a0unemployment rate is expected to rise from 3.5 percent in December to 3.6 percent, according to most estimates.<\/p>\n<p>Meanwhile, the number of open jobs rose\u00a0to 11 million\u00a0in December, or 5.5 percent from the previous month,\u00a0with 1.9\u00a0openings for every\u00a0unemployed person..<\/p>\n<p>Employers announced plans to hire 32,764 workers in January, primarily in the entertainment and leisure sectors, but\u00a0the numbers of new hires are down 58 percent from the 77,630 during the same month last year and with a decline of 37 percent from the 51,693 from December,\u00a0according to government data.<\/p>\n<p><em>This report was compiled by Reuters<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>American companies revealed last month that they had the largest number Layoffs In preparation for a possible ahref=&#8221;, tech companies have reduced their positions at the fastest pace since September 2020.https:\/\/www.theepochtimes.com\/t-recession&#8221;>recession. The layoffs included 102,943 workers in January, more than twice the amount in December and\u00a0up 440 percent from the same month in 2022, according &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1834582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[9677,3780,4330,7970,5064,4989,4286,9435,7238],"class_list":["post-1834579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-cut","tag-january","tag-jobs","tag-layoffs","tag-reach","tag-tech","tag-thousands","tag-two-year","tag-u-s"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1834579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1834579"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1834579\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1834582"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1834579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1834579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1834579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}