Layoffs Spike To 5-Month High In August As Labor Market Softens [Forbes]
INFINEON TECHS AG S/ADR (IFNNY)
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Source: Forbes
of economic uncertainty and a softening labor market, according to a new report from career services firm Challenger, Gray & Christmas. Signage with logo at the Silicon Valley headquarters of Cisco in San Jose, California on Aug. 17, ... [+] Getty Images Key Facts The number of job cuts in August was a 193% jump from those announced in July, and the highest single-month level since March. With the exclusion of 2020, last month was the August with the most job cuts since August of 2009, when 76,456 layoffs were recorded. Overall, 536,421 jobs cuts have been announced so far this year, down 3.7% from the same time in 2023. The technology sector led the month in cuts, as it has much of the year, with 39,563 in August, a reflection of what firm senior vice president Andrew Challenger says demonstrates the industry's shift from growth and innovation focus to profitability and efficiency. Tech firms like Cisco Intel Scale AI and Infineon , among others, all announced job cut
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