The job market is beginning to show cracks

Job growth is slowing, unemployment claims are ticking up and several big companies, including Apple and Meta, are putting hiring plans on hold. There are signs that more firms are slashing jobs in industries as varied as tech, advertising, health care, finance and law.

Advertisement

Convenience store chain 7-Eleven laid off 880 corporate workers in Texas and Ohio, following its purchase of a rival chain, a company spokesperson said in an email. Ford is planning to cut 8,000 positions in the coming weeks, Bloomberg News reported. Meanwhile, electric carmaker Rivian is cutting 700 positions, delivery start-up Gopuff is laying off 1,500, and mortgage lender LoanDepot is slashing 4,800 jobs this year, according to reports.

“What had been universally positive labor market news is certainly less so now,” said Liz Ann Sonders, managing director and chief investment strategist at Charles Schwab. “The anecdotes are starting to stack up of companies laying off workers or freezing hiring or limiting job postings.”

The number of active job postings across multiple online platforms has declined nationwide for five straight weeks, according to an analysis by Julia Pollak, a labor economist at ZipRecruiter.

Join the conversation as a VIP Member

Trending on HotAir Videos

Advertisement
Advertisement
Advertisement