THE JOB MARKET IS HUMMING, BUT LAYOFFS ARE STILL HAPPENING IN A SHIFTING ECONOMIC ENVIRONMENT

The U.S. economy is humming and there are hundreds of thousands of jobs being added every month. In a stunning burst of hiring to start the year, the nation added 353,000 jobs in January, shrugging off the highest interest rates in two decades that have been put in place by the U.S. Federal Reserve in part to cool off hiring and spending.

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The unemployment rate is hovering at 3.7%, just above a half-century low.

At the same time, layoffs continue to arrive across almost every sector in 2024 as companies adjust to a shifting economy.

Job cuts in tech and retail follow a massive ramp-up in hiring during the COVID-19 pandemic — when people spent more time and money online. Now, many companies are reducing headcounts to help lower costs and bolster their bottom lines. Many still have more workers than they did a few years ago.

Here’s where some of the job cuts have taken place in recent weeks.

ESTEE LAUDER

Estee Lauder is cutting 3% to 5% of its global workforce. The downsizing, which will affect as many as 3,100 workers, will be made by July, Estee Lauder said. The company employed 62,000 workers worldwide, according to its latest regulatory filing.

REI