America may have saved itself from being a defaulter, but the process of loss of jobs in American companies has not stopped. At the same time, about 13 thousand more jobs have been lost in May than in April. If compared with May last year, then about 4 times the jobs have been eliminated from America only in the month of May. It is clear that the recession in America has started showing its effect. Second, in the month of May, 3900 employees have lost their jobs due to Artificial Intelligence. Let us also tell you what kind of figures have come to the fore regarding loss of jobs in America.
Continuous layoffs
According to executive coaching firm Challenger, Gray & Christmas Inc., American companies have made a shocking announcement of job cuts in May this year, breaking the 2022 record. American employers have fired 80,089 people in May. Last year, 20,712 retrenchments were done in the same month, which means there has been an increase of 287 per cent in retrenchment as compared to last year. In April this year, American companies had fired 66,995 employees. According to the report, more than 80,000 American employees were fired last month, out of which about 3,900 people lost their jobs due to artificial intelligence.
So far this year, companies have planned to eliminate 417,000 jobs. This means that compared to the 100,694 cuts announced in the same period last year, there has been an increase of 315 per cent. Consumer confidence is at a six-month low and job openings are shrinking. Fearing recession, companies are seen putting brakes on hiring.
In which sectors did people lose the most jobs?
According to a report by Challenger, Gray and Christmas, the tech sector announced the maximum number of layoffs in May with 22,887. Which was a total of 136,831 this year, which was 2,939 percent more than the 4,503 reductions announced in the same period last year. Most layoffs have been announced in the tech sector. After 2001, the most retrenchments are being seen. 22 years ago, 168,395 people had to lose their jobs in the entire year.
Retailers announced the second highest number of layoffs in May with 9,053. Retail has announced 45,168 cuts so far this year, which is 942 per cent more than the 4,335 announced till May 2022.
The automotive sector announced 8,308 job cuts last month, taking the total to 18,017 this year, which is 235 per cent higher than the 5,380 cuts announced in the same period last year.
The banking sector also saw a boom in layoffs this year. Financial firms have announced 36,937 cuts in May, which is 320 per cent higher than 8,788 cuts during the same period in 2022.
Health care/products, which includes health products makers and hospitals, announced 33,085 layoffs, up 81 per cent from the 18,301 announced in the sector in the first five months of last year.
The media industry has announced 17,436 job cuts in 2023, the highest ever on record.
News media, which includes broadcast, digital and print, has announced 1,972 cuts so far this year, up from 1,808 announced in 2022.
Recruitment plan in may
In May, employers plan to hire 7,884 employees. Which is the lowest monthly recruitment in any month since November 2020. At that time when 6,527 new posts were announced. According to the report, so far this year, companies have planned to add 101,833 posts, which is 83 percent less than the 612,686 appointments announced by May 2022.
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