"January Sees Record Low Hiring and Surge in Layoffs, ADP Report Shows"

January saw the highest level of job cuts since early 2023, with planned layoffs totaling 82,307, a 136% increase from December. This marked the lowest planned hiring level for January on record, with technology and finance sectors being hit the hardest. Layoffs were driven by economic trends, automation, and cost-cutting measures, with companies like Microsoft, Alphabet, and PayPal announcing workforce reductions. The report follows a weak private payrolls increase and a rise in initial and continuing jobless claims, indicating potential challenges for the labor market.