Gegli news - Employers tap brakes after 2 years of torrid job growth

Gegli news - Employers tap brakes after 2 years of torrid job growth -  

Job growth is slowing, unemployment claims are

Job growth is slowing, unemployment claims are ticking up and several big companies, including Apple and Meta, are putting hiring plans on hold. There are signs that more firms are slashing jobs in industries as varied as tech, advertising, health care, finance and law.

 

Convenience store chain 7-Eleven laid off 880 corporate workers in Texas and Ohio, following its purchase of a rival chain, a company spokesperson said in an email. Ford is planning to cut 8,000 positions in the coming weeks, Bloomberg News reported. Meanwhile, electric carmaker Rivian is cutting 700 positions, delivery start-up Gopuff is laying off 1,500, and mortgage lender LoanDepot is slashing 4,800 jobs this year, according to reports.

The number of active job postings across multiple online platforms has declined nationwide for five straight weeks, according to an analysis by Julia Pollak, a labor economist at ZipRecruiter.

Meanwhile, first-time filings for unemployment benefits rose by 7,000 last week and are up 51 percent from mid-March, although they are still near historic lows, Labor Department data show.

The cooling of the hot labor market is, in many ways, exactly what policymakers have been trying to engineer. Next week, the Federal Reserve is expected to raise interest rates for the fourth time this year in hopes of slowing the economy enough to control inflation without leading to widespread job losses or recession.