In July, U.S. employers announced an unprecedented number of job cuts, exceeding the total from the same month in the previous year. This information comes from a report by Challenger, Gray & Christmas, which tracks layoff announcements without specifying when layoffs will occur. Factors contributing to this uncertainty include Trump-era immigration policies, tariffs, and federal workforce reductions. Economists caution that these announced cuts may not correspond with immediate job losses, indicating a protracted timeline for actual layoffs.
Dogecoin actions were cited as the number one reason for planned job cuts by employers, reflecting a significant shift in the job market.
In July, U.S.-based employers announced a record number of layoffs, with figures more than double those reported in the same month last year.
The Challenger report shows uncertainty in the labor market, influenced by factors such as immigration policies, tariffs, and federal workforce cuts.
Announced layoffs may not directly correlate with actual job losses, as they can occur over an extended period.
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