What’s going on:
Amazon and Meta may be the main forces behind layoffs across the globe, but industries like health care have seen a far greater percentage of employees cut.
Since October, approximately 800 businesses have eliminated almost half a million jobs across sectors such as consumer goods and financials, with an average workforce reduction of 10%.
Why it matters:
Although the U.S. job market has remained relatively strong, January was the worst month since the financial crisis, with a staggering 52,000 positions lost in a single week.
Since October, corporations have let go of hundreds of thousands of personnel across the globe. Even though unemployment has stayed relatively low (with the U.S. generating an extra 300,000 jobs in February and more than 500,000 in January) the failure of Silicon Valley Bank has raised worries of a possible recession.
How it’ll impact the future:
The Fed is facing a critical decision that could profoundly affect the international financial markets and the job outlook of many individuals; whether to press forward with its interest rate hike plan in an effort to contain inflation, or to reduce its intensity given the lingering effects of the global financial crisis.