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.
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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'