Job cuts at US companies jumped 193% in August to 75,891 from the 25,885 cuts announced in July according to The Challenger Report released Thursday.

This has been driven by technology firms which announced 39,563 job cuts, the most in 20 months, accounting for ~52% of all cuts.

Tech companies announced 5.5 TIMES more job cuts than in the previous month.

Furthermore, the education sector announced 25,396 job cuts in 2024 so far, up a whopping 222% compared to 2023.

More proof that the labor market is weakening.

- The Kobeissi Letter

#Finance #Bitcoin #Economy #USA