Hiring Remains Down Significantly Despite Post-Pandemic Recovery

Job Cuts Exceed 100,000 Year-to-Date

Hiring activity remains well below pre-pandemic levels, according to new data released on July 31, 2024. The report shows that hiring is still down by 35-40% from the highs seen in the 2021-22 fiscal year.

More Damaging Cuts

Despite a slight improvement in hiring over the past few months, the overall trend remains concerning. The data reveals that job cuts have become deeper and more damaging, with over 100,000 people losing their jobs year-to-date.

Impact on the Economy

The decline in hiring and increase in job cuts is having a ripple effect on the economy. Severance packages are becoming more expensive, unemployment insurance rates are rising, and overall economic growth is being hampered.

Hindustan Times

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