Goldman Sachs Warns of Weakening US Job Market

Goldman Sachs warns of a weakening U.S. job market, citing a surge in layoffs across various industries. This trend, marked by the highest number of planned large-scale layoffs since 2016, is causing concern as it suggests a significant shift. Data from Challenger, Gray, and Christmas shows layoff announcements reaching recession-level highs, with technology, industrial goods, and food and beverage sectors hit hard. Economists worry that finding new jobs after being let go is becoming increasingly difficult, posing financial challenges for many families. Despite low government reports on weekly jobless claims, the extent of changes in the job market may not be fully reflected in official data.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.