President Joe Biden will present the annual State of the Union address on Thursday evening. Many eyes will be on him as questions about his physical and mental health swirl in advance of the November election.
The president will need to navigate mine-filled waters in his address as headlines noting negative poll numbers, the southern border crisis and a sour economy top the news.
Also disconcerting for those leading the Biden presidential campaign is a Thursday morning report that layoffs in February were the highest in 15 years.
The outplacement firm Challenger, Gray & Christmas Inc. shared the sobering report, which noted that “layoff announcements at financial firms have risen 56% compared to the first two months of 2023.”
Statistics show an overall 3% increase in layoffs in the last month and a 9% increase over last year. CNBC reported: “This was the worst February since 2009, which saw 186,350 announcements as the worst of the financial crisis was seemingly coming to an end.”
Companies announced the highest level of job cuts in January since early 2023, a potential trouble spot for a labor market that will be in sharp focus this year, according to a report Thursday from Challenger, Gray & Christmas.
The job outplacement firm said planned layoffs… pic.twitter.com/INXPa37JZH
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Andrew Challenger, the firm’s labor and workplace expert, shared: “As we navigate the start of 2024, we’re witnessing a persistent wave of layoffs.”
Challenger added: “Businesses are aggressively slashing costs and embracing technological innovations, actions that are significantly reshaping staffing needs.”
The labor and workplace expert noted that “restructuring plans” are the primary reason cited for workforce reductions. According to the report, artificial intelligence has also contributed to as many as 15,000 layoffs.
“In truth, companies are also implementing robotics, automation, and AI. It’s worth noting that last year alone, AI was directly cited in 14,247 job reductions, suggesting a growing impact on companies’ workforces,” Challenger reported.
