US job cuts more than double in January -report
Job cut announcements in January surged to the highest level in 10 months, driven by the financial industry and technology sectors. Announced layoffs reached 82,307, a 136% increase from December. Employers in the financial industry announced 23,238 job cuts, more than double the previous year. Companies cited cost-cutting, automation, and AI adoption as the main drivers for layoffs. Major companies like United Parcel Service, Amazon, Alphabet, Microsoft, and PayPal also announced job reductions. This trend is likely influenced by potential policy changes and the strategic shift towards automation.
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