Goldman Sachs: The US job market shows surprising "cracks", and layoff signals may reach a nearly ten-year high.

PANews, November 28 – Goldman Sachs warns of “cracks” in the U.S. labor market. WARN filings related to planned large-scale layoffs have risen to the highest level since 2016 (excluding the peak during the pandemic); Challenger statistics show that October layoff announcements are nearing recession-levels, mainly coming from technology, industrial products, and food and beverage sectors. Goldman Sachs states that layoffs combined with low hiring rates make it harder for the unemployed to re-enter the job market. Initial claims for unemployment benefits remain low but typically lag behind private layoff data by about two months, and may rise in winter. Amazon plans to cut approximately 14,000 corporate jobs this fall. Goldman Sachs indicates that there is currently insufficient evidence to determine that AI is a major driver of layoffs.