The taboo against holiday layoffs is fading.
Summary
Companies are laying off workers more often toward the end of the year, even during the holiday season. This trend is different from recent years when businesses used to avoid layoffs during this time. The number of job cuts in November has increased, but official numbers are still not available.Key Facts
- End-of-year layoffs are becoming more common than they used to be.
- Job cuts in November rose by 24% compared to the same month last year.
- Private employers planned 71,321 job cuts in November, the second-highest since 2008 for this month.
- Companies are laying off workers to save money because of rising costs and inflation.
- Employers, in general, have more control over job discussions because hiring rates are low.
- Wells Fargo and Verizon are examples of companies that announced layoffs during the holiday season.
- Economists predict more layoffs might happen in January after temporary holiday jobs end.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.