Which industry is hiring and which industry is firing workers in America?

Highlights: American industry's strong hiring resulted in layoffs

• The job growth in past months has resulted in high-profile layoff announcements by several large companies.
• The layoffs are mostly happening in industries like technology, finance and media.
• Over the past six months, a monthly average of 2,48,000 jobs were added.
• The most well-known companies that announced layoffs were Google, Amazon, eBay, UPS, Spotify, and Facebook's parent company, Meta.

 

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Companies that are hiring:

In January, American businesses and employers added 3 53,000 jobs annually. The previous year, the job trend ranked up to 1, 26,000.

 

Most of the companies have kept hiring employees in the past three months. Here is a table that represents the job trend added last year in each sector:

Job sectors	Total job count
Manufacturers	56,000
Restaurants, hotels and entertainment companies	60,000
Health care providers - hospitals, doctors' offices, and dentists	3,00,000
accountants, engineers, lawyers and their support staff	1,20,000
Federal, state and local governments	1,20,000

 

Companies that have layoffs:

The companies shedding out jobs are primarily because of the over-hiring they did during the pandemic.

 

Companies that have announced layoffs are:

 

• Google
• Amazon
• eBay
• UPS
• Spotify
• Facebook's parent Meta.
• Gray & Christmas

 

As to get a far contrast, the unemployment rate for the information sector, which includes companies like media and tech workers, jumped from 5.5 per cent in January from 3.9 per cent a year ago.

 

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Reason for Layoffs:

The reason for layoff doesn't mean the economy is weak. The American government recently announced that the economy is expanding at a healthy 3.3 per cent from October to December after a massive growth of 4.9 per cent the previous quarter.

 

Companies who have a trend to shed jobs may have reasons like:

 

• Changes in their business strategy
• Maintain or boost their profit margins
• There is less demand for their product and services.

 

One of the primary reasons is the demand for workers during the pandemic, which has led to over-hiring. This over-hiring is resulting in the layoff of the workers.

 

Though most companies have announced layoffs, reductions will occur over time.

 

 

A handful of data confirms the layoff of jobs in many sectors, but the US job market is pretty healthy even after these. The Private sector is still hiring workers with good benefits.

 

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