Do You Have a Backup Income?
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Last year, employers in the United States cut nearly one million jobs, which is the highest number of layoffs since 2020. Companies of every size are looking for ways to minimize their workforce.
For example, GM cut more than 6,000 jobs over the past two years, even though they had rising profits and strong stock performance. Amazon has eliminated more than 27,000 jobs since 2022. Not because they were losing money. Profitable corporations are eliminating jobs because of a new reality - they can grow revenue without adding employees.
Labor expert Andy Challenger noted that job cuts at this level have historically occurred normally “during recessions or… during the first wave of automations that cost jobs in manufacturing and technology.”