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Workers Gear Up For Layoff Season in 2024

Workers Gear Up For Layoff Season in 2024

According to data released on Wednesday by the U.S. Bureau of Labor Statistics, the number of job opportunities decreased marginally in November to over 8.8 million from 8.85 million in October of the previous year and from nearly 11 million in January of last year.

In November, employers refrained from hiring, and employees opted to remain at their current positions as many Americans prepare for layoffs in 2024. There are fewer job opportunities despite the fact that 40% of firms indicate they plan to fire employees this year.

When workers opted to remain in their current positions, it may signal the end of the so-called “Great Resignation,” which occurred right after the economy recovered during the epidemic and workers were ready to change employment rapidly.

In November of 2023, there were indications of a cooling trend in certain industries that had led the hiring charge. There were only about 60,000 job opportunities in government, compared to 128,000 fewer positions in utilities, transportation, and warehousing.

In an effort to curb historically high inflation, Federal Reserve policymakers instituted the most aggressive round of rate hikes since the 1980s, and during their December meeting, they maintained interest rates for the third consecutive meeting. The increase in borrowing costs brought about by the rate jump has impacted corporate investment. But because they know it’s getting harder to acquire talent, hiring managers are keen to keep their staff.

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