The US job market appears to be shifting, with layoff announcements surging by 28% in January 2023, according to Challenger data. 49,795 job cuts were reported, indicating a potential trend towards more layoffs despite a solid labor market. Though January was previously the quietest month for layoffs since 2022, early February saw significant announcements from companies like ADM and Salesforce. Regulatory WARN filings also rose, suggesting further job cuts on the horizon. The overall sentiment points towards a weakening job market as employers prepare for potential economic shifts.
'January was relatively quiet in terms of job cut announcements. However, we've already seen major announcements in the early days of February, so it seems this quiet is unlikely to last,' Andrew Challenger, the senior vice president of Challenger, wrote in a note.
'The number of positions covered by a WARN filing jumped in November and remained relatively high in December. As a result, we still think the trend in claims will continue.'
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