The November jobs report will be published on Friday. It should be a fascinating one and, in theory, should show considerable weakness in the U.S. labor market.
But the monthly snapshot of the jobs situation keeps surprising everyone each month.
If the latest job cuts data is anything to go by, then the U.S. economy is certainly heading into a recession.
Last month, U.S.-based employers announced 76,835 job cuts, the highest since January 2021. This is also more than double the 33,835 reading in October.
“The Tech sector has announced the most job cuts this year by far. While other industries are cutting jobs at a slower pace, hiring appears to have slowed as well,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc., in a news release.
The tech sector accounted for most of the losses, with nearly 53,000. There were also sizable job cuts in the consumer products sector (4,176), health care (2,985), construction (2,612), and transportation (2,127).
This comes after the number of job openings eased to 10.334 million, while job quits dipped to 4.026 million. Moreover, the ADP Employment Report highlighted gains of just 127,000 new jobs in November, with the manufacturing sector shedding 100,000 positions.
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