Job Cuts Surge Across Major US Companies

The wave of layoffs that began in 2023 continues into 2024, with companies across various sectors, including tech, finance, and manufacturing, announcing significant job cuts. Major firms such as Goldman Sachs, Tesla, Google, and Apple have reported layoffs, with tech companies particularly affected by the shift towards automation and artificial intelligence, leading to the replacement of many human jobs. In August alone, companies like Apple and IBM announced layoffs, with IBM cutting 1,000 jobs as part of a broader strategy amid geopolitical tensions. A survey indicated that nearly 40% of business leaders anticipated further layoffs due to recession concerns and AI implementation. So far in 2024, approximately 60,000 job cuts have been documented across more than 250 companies, signaling ongoing challenges in the labor market. As the landscape shifts, companies are offering retraining programs to aid displaced workers in transitioning to new roles.