Layoffs increased significantly during the first month of 2024, making January one of the lowest hiring months in the past decade. Many of these layoffs occurred in the technology, food, and finance sectors, and major companies that cut jobs include Microsoft, Alphabet, Paypal, Amazon, and UPS. It is estimated that 82,307 workers were affected by layoffs. Companies cited various reasons for layoffs, with the main reasons being cutting costs and shifting more resources to artificial intelligence and automation. The United States economy has been stable and after a moderate fourth quarter, companies are working towards decreasing costs while maintaining profits and high levels of efficiency.
See "In the first month of 2024, layoffs have affected thousands of workers", Jeff Cox, CNBC, February 8, 2024