The report says, the worst January since 2009.
Tech companies led the nation in job reductions in January, with around 40 percent of over 103,000 jobs that were cut coming from that industry. Retail released the second largest number of personnel though real estate and construction companies were close behind. The January job loss number is the highest monthly total since September 2020.
According to a report from an employment firm, job cuts for the month of January have not reached this quantity since the Great Recession of 2009. The firm reported that many of the companies say they expanded too rapidly in recent years and, in order to boost profitability, job cuts are necessary.
The layoffs are coming in the wake of the Federal Reserve’s efforts to slow the economy with interest rate hikes.
As the Lord Leads, Pray with Us…
- For Secretary Marty Walsh to seek the Lord’s direction as he heads the LAbor Department.
- For Commissioner William Beach as he oversees the Bureau of Labor Statistics.
- For Chairman Powell and members of the Federal Reserve as they continue to raise interest rates.
Sources: The Hill, Wall Street Journal
