The December 2023 US jobs report showed modestly higher than expected hiring. The report, however, sheds little light on the broader pullback in hiring by employers and the potential for a sharp rise in unemployment in coming months. The US economy added 216,000 jobs in December and the unemployment rate held steady at 3.7 percent. Both figures were higher than economists expected. For the year employment rose by 2.7 million, the lowest level in two years. But, according to outplacement firm Challenger, Gray & Christmas, companies announced 721,677 job cuts in 2023, nearly double the layoffs announced in 2022. Among the companies announcing the largest number of cuts were tech firms, inclu
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