Citigroup’s Chief Financial Officer Mark Mason announced on Friday that the banking giant will be cutting 20,000 jobs over the next two years. This decision comes alongside similar announcements from other major companies such as Amazon and Google, which have also revealed plans for layoffs. This raises the question: are these job reductions indicative of a broader trend, or does the job market remain robust despite these developments?
Kory Kantenga, a Senior Economist at LinkedIn, spoke with Yahoo Finance to provide perspective on the job landscape and discuss whether these layoff notifications should be a cause for concern among consumers. “When we analyze the data from both LinkedIn and the Bureau of Labor Statistics, the labor market appears to be quite solid and stable. Hiring actually increased in December, and LinkedIn data indicates that this December saw the smallest drop compared to the previous year in over a year,” Kantenga noted.
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