"Retailers and Consumer Goods Manufacturers are preparing for a tightening in consumer spending, particularly with the Fed's hike to interest rates in an attempt to control inflation," said Andrew Challenger, senior vice president at the firm. So far this year, major retail and consumer companies including Gap Inc and Walmart have announced job cuts. The report also said job cuts last month fell 25% to about 67,000 - the lowest so far in the year, taking total layoffs to around 337,000 jobs since the start of the year. (Reporting by Akash Sriram and Tanya Jain in Bengaluru; Editing by Anil D'Silva)
+91-74116-87774; Tanya.Jain@thomsonreuters.com)) May 4 (Reuters) - U.S. retailers replaced technology
firms in cutting the most number of jobs in April, as companies
show little signs of easing their belt-tightening drive in an
uncertain economy.
Higher interest rates to counter the impact of inflation
have muddied the outlook for the U.S. economy, forcing Corporate
America to undertake stringent measures to protect itself from
any fallout from a potential recession.
The sector has cut 36,000 jobs this year, which is still
well below the 114,000 jobs cut by technology companies,
including Meta Platforms Inc and Amazon.com Inc , according to a report by Challenger, Gray & Christmas
Inc.
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