Jobs Report Strong But Layoffs Mount in Some Sectors
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The U.S. economy continues to add hundreds of thousands of jobs monthly despite high interest rates, with unemployment at just 3.7%.
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However, many companies that ramped up hiring during COVID are now cutting jobs to reduce costs, including big tech firms.
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Clothing and fashion retailers like Nike, Estee Lauder, and Levi's are cutting thousands of corporate jobs as part of restructuring plans.
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Gaming companies like Sony, Electronic Arts, and Microsoft are eliminating hundreds of jobs due to industry changes.
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Delivery, media, social media, retail, and technology companies like UPS, Vice, Snap, eBay, Cisco, and Amazon have all announced layoffs recently.