U.S. Companies' JOB CUTS Reach Record HIGH Since 2009 in Jan-Feb - Report | Latest English News

The layoffs by U.S. firms in January and February touched the highest since 2009, employment firm Challenger, Gray & Christmas reported. The tech sector accounted for more than a third of the over 1,80,000 job cuts announced. The layoffs in the US stood at 77,770 in February alone. The firms announced plans to hire 28,830 workers in February.

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the layoffs in the United States in January and February this year were the highest since 2009. this as per Reuters report more than a third of over 180 000 job Cuts announced by U.S companies in January and February were in the technology sector take a look at our next report to know more according to a report by employment firm Challenger gray and Christmas the number of layoffs in the United States in February alone was 77 770.
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which is more than five times higher than the 15 245 job Cuts announced the same month a year ago Andrew Challenger senior vice president of the firm said right now the overwhelming bulk of cuts are occurring in technology retail and finance are also cutting right now as consumer spending matches economic conditions thousands of jobs have been eliminated at Big tech companies including Amazon Facebook's parent meta Google's parent alphabet Microsoft PayPal Holdings and others this year as a result of the
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uncertain global economic Outlook James Tierney Chief investment officer at asset management firm Alliance Bernstein said the layoffs that many of these companies are announcing are welcome to investors sort of right sizing the cost of structure rationalizing growth is being rewarded in the marketplace that even as shares of alphabet Microsoft amazon.
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com and meta have risen between six percent and 54 so far this year after plunging between 29 and 64 in 2022. on Wednesday Federal Reserve chair Jerome Powell reiterated his message of higher and potentially faster interest rate hikes which could lead to more job cuts markets have now increased their bets for the FED rates to Peak at or over six percent from about five to five point five percent just last week now the potential for U.
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S interest rates to Peak at six percent is sending shock waves across the financial system as more and more investors consider the consequences for various asset classes indeed those expectations for higher rates pushed the bond market to price in a higher chance of a recession because the FED might have to raise interest rates again to slow down inflation and the economy two-year rates on U.
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S treasury bonds jumped about five percent for the first time since 2007. worryingly the yield on U.S two-year bonds was higher than that on U.S 10-year bonds by a full percentage point for the first time in over four decades in 1981 then Fed chair Paul Walker was engineering hikes that broke the back of double-digit inflation at the cost of a lengthy recession in versions of the yield curve happen or when short-term interest returns are higher than long-term rates this is usually a sign that a recession is coming soon Ken
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Griffin the CEO and founder of hedge fund giant Citadel says that a similar thing is happening right now we have the setup for a recession unfolding as the FED responds to inflation he said what that means is the Fed is engineering a recession which will push companies to announce more layoffs as they cut costs to look profitable to their shareholder a Reuters report reflects that this is the case already U.
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S firms announced plans to hire 28 830 workers in February down 87 percent from 215 127 a year earlier Bureau report we on world is one is now available in your country download the app now get all the news on the move