Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

• Over 100K job cuts announced in January: analysis
• Last month was the worst January for job cuts since the Great Recession in 2009
• U.S. companies announced roughly 103,000 job cuts in January
• Around 40 percent of last month’s job reductions came in the tech industry, where Google parent company Alphabet, Amazon, Microsoft and Salesforce announced plans to lay off thousands of workers. Many of the companies said they grew too quickly in recent years and must cut costs
• Retailers announced 13,000 job cuts, the second most of any industry
• The real estate industry cut 2,200 jobs, while construction companies cut roughly 1,100 jobs.
• The firings come as companies gear up for an expected economic slowdown driven by the Federal Reserve’s interest rate hikes.

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