"The firm said state filings related to planned mass layoffs have surged to their highest level since 2016, excluding the pandemic spike - the sharpest increase Goldman has tracked in nearly a decade. Layoff announcements compiled by Challenger, Gray & Christmas, a firm that tracks corporate job cuts, had by October climbed to a level previously unseen outside of a recession, the report noted, citing cuts in sectors like tech, industrial goods, and food and beverage as factors that drove the increase."
"Goldman's economists said the combination of rising layoff signals is concerning - representing "growing signs of weakness" - because workers are increasingly struggling to secure new employment, making rebounding after losing a paycheck especially difficult. Even some of corporate America's biggest names haven't evaded the job market's cooling. Amazon, for example, announced plans this fall to eliminate about 14,000 corporate jobs as it seeks to streamline and embrace AI."
State WARN filings have surged to their highest level since 2016, excluding the pandemic spike. Corporate layoff announcements compiled by Challenger, Gray & Christmas climbed by October to levels previously unseen outside a recession. Cuts have appeared across sectors including tech, industrial goods, and food and beverage. Workers are increasingly struggling to secure new employment, making rebounds after job loss more difficult. Major employers are cutting corporate roles; Amazon plans to eliminate about 14,000 corporate jobs to streamline and embrace AI. Goldman has not concluded that AI is driving a significant share of recent job cuts.
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