PINK SLIP WEEK: Tech, retail giants slash jobs as inflation takes its toll
But with many companies remaining mum on the number of jobs cut, it is impossible to know whether the reports of layoffs will amount to a trend that could have any noticeable impact on the economy at large until the August jobs report rolls in.
The latest monthly report from the Labor Department showed 528,000 jobs were added to U.S. payrolls in July, dwarfing Refinitiv economists' forecast of 250,000. However, job growth momentum is expected to cool in the coming months as companies make cuts to mitigate slowing demand amid soaring inflation.Markets
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