US job cuts soar in January, financial and tech sectors hit hard: Report
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Job cut announcements in the United States reached the highest level in a decade in January, with a 136% surge from December, totaling 82,307 layoffs. The financial and technology sectors witnessed a drastic rise, with the financial industry announcing 23,238 job cuts, more than double the figures from the previous year. The surge is attributed to a combination of factors, including potential policy changes, broader economic trends, and a strategic shift towards increased automation and AI adoption. The primary reasons cited for layoffs were 'restructuring' and the closure of plants, units, or stores. Prominent companies such as United Parcel Service, Amazon, Alphabet, Microsoft, and PayPal Holdings Inc. announced job reductions during the earnings reporting season in January.

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https://www.wionews.com/business-economy/us-job-cuts-soar-in-january-financial-and-tech-sectors-hit-hard-report-686250