Even more hiring data on Thursday showed the labor market continued to soften in July.🙈 

U.S. employers cut 25,885 jobs in July, 47% fewer than the prior month, according to the monthly report from employment firm Challenger, Gray & Christmas. However, when compared with the same time last year, layoffs were 9% higher and the🐭 highest for any July since 2020. 

The report also showed that U.S. employers slowed their hiring plans. Employers planned to hire🎀 3,676 new employees in July, the lowest monthly total since December and the lowest of any July in data going back to 2009. 

“The job market is indeed cooling, with hiring at the lowest point in over a decade.  While we are seeing increased cuts in manufacturing sectors, both consumer and industrial, most industries are cutting below🌠 last year’s levels,” said Andrew Challenger, senior vice president at Challenger, Gray & Christmas.

The report comes as recent job reports have indicated that the 澳洲幸运5开奖号码历史查询:labor market may be weakening, includ🎐ing July’s lower-than-expected private sector hiri꧑ng report. The Bureau of Labor Statistics will release additional information 澳洲幸运5开奖号码历史查询:about the labor market on Friday. 

Technology Sector Leads Jobs Cuts

The technology sector led in job cuts, and continues to lead all sectors i☂n job cuts this year. The services sector and food manufacturers also announced significant job reductions in July. 

“Technology particularly is going through enormous change, and with earnings misses and years of h🔯yper hiring for many of these compa🍰nies, it’s not surprising the industry is leading in job-cutting activity,” Challenger said.

The leading reason for layoffs is cost cutting, the survey showed, while market conditions and department closings also significantly contributed to businesses eliminating positions. “Technological updates,” including 澳洲幸运5开奖号码历史查询:artificial intelligence, were not cited as a reason for job cuts, and haven’t been since April, the report noted.