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While many experts and investors are eagerly awaiting data on status of the labor market to be released by the government on Friday, a new report shows U.S. employers cut more jobs last month than they have in the past 3.5 years.
Even though it is the shortest month of the year, U.S. employers announced plans to cut 76,835 jobs last month, according to a report from Challenger, Gray & Christmas. That’s a 117 percent year-over-year increase, and a 45 percent increase over January’s numbers.
The article goes on to state the following:
In fact it is the highest since July 2015, when 105,696 cuts were recorded — largely driven by the U.S. Army’s decision to eliminate 50,000 jobs as oil prices dropped.
“Job cuts have been trending upward since the last half of 2018. We continue to see companies respond to shifting consumer behavior, new technology, as well as trade and market uncertainty through workforce restructuring,” Andrew Challenger, vice president of the Chicago-based consultancy, said in a statement.
DML News founder Dennis Michael Lynch has long predicted that the economy would slow for jobs in 2019, especially during the latter part of the year. Watch the following news report:
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