What you need to know about layoffs in tech, retail, media and other industries
Salesforce, Amazon, Twitter, Etsy, LinkedIn, Pinterest and more are laying off thousands of employees and canceling their contracts.
Here’s what you need: What are some key industries that are losing jobs?1.
Retail and hospitality The loss of about 300,000 retail and hospitality jobs has been attributed to a number of factors.
The industry employs some of the country’s fastest-growing demographic, millennials, who make up about 40% of the workforce.
In December, retail sales at retailers were down 6.3%, while hospitality was down 9.4%.
The economy will likely contract in the next three months.2.
Retail sales fell 3.4% in December from a year earlier, and in January, sales in food services and grocery were down 5.3% from a January.
In both cases, the decline was blamed on the recession, not the industry’s woes.3.
Automotive, aerospace and electronics The sector is expected to shed 2,000 jobs, while the aerospace industry is expected at about 400,000 job losses, according to data from IHS Markit.
The job losses are due to a combination of high costs and a slowing economy.4.
Healthcare IT-related jobs are expected to grow by more than 6,000 over the next five years.
In February, healthcare IT workers will be asked to take up new positions.
The industry is experiencing a severe downturn in its revenue, and analysts have projected that the industry will lose around a quarter of its employees over the coming years.5.
Retail-focused technology is also facing tough times, with tech giants like Amazon and Microsoft cutting jobs and Amazon announcing it is laying off staff.6.
Retail is one of the most important industries to millennials, whose median age is 27.
It is the industry where they are expected by employers to work the longest hours.7.
Business services and finance There is also concern that the loss of retail jobs could put the industry at a disadvantage in recruiting and retaining talent.
In fact, the number of graduates per capita in the US has declined in recent years, according the US Census Bureau.8.
InsuranceThe insurance industry has been hurt by a number different factors, including the economic downturn and a drop in insurance premiums.
But the losses could be particularly bad in the healthcare industry.9.
Health care The healthcare sector, which employs more than 70 million people, is expected by many analysts to lose more than 50,000 full-time jobs over the years.10.
Home and auto servicesA lot of people are concerned that the drop in home and auto sales in recent months could be attributed to the economic turmoil.
In January, the US Consumer Comfort Index dropped 7.5% from the previous month.
In addition, the National Association of Home Builders said that home construction was down 5% in January compared to the previous year.11.
Transportation and warehousing The drop in auto sales and a dip in the number who are driving could be a factor.12.
ManufacturingThe manufacturing sector lost around 1.6% of its workforce in the past year, according an estimate from the Institute for Supply Management.13.
Real estateA fall in house prices and a decline in sales of houses have caused a drop of around 8.5%.14.
Real-estate agentsThe downturn in the housing market has also hit the industry.
Sales of home sales have dropped by more.15.
PharmaceuticalsPharmaceutical sales are expected for a fall of up to 10% in the year ahead.16.
Real EstateThe financial crisis and the slowdown in the economy has hurt the housing industry, as well.
In November, the S&P/Case-Shiller Real Estate Index fell 2.3%.17.
Retail retail sales are also expected to fall by up to 15% over the year, with the industry accounting for around 5% of all retail sales in the country.18.
ITThe job losses have been attributed in part to the recession.
In June, a number-crunching survey by the Conference Board showed that the US had the highest rate of job cuts in the developed world.19.
FinanceThe sector is also under pressure, and its job loss figures are likely to be worse than the others.
A study by McKinsey said that about 6,800 jobs will be cut over the course of the next four years, or roughly a quarter.20.
HealthcareThe healthcare industry has lost around 2.4 million full- and part-time employees in the last three years, and the industry has seen a decline of nearly 6.5%, according to the US Centers for Disease Control and Prevention.21.
TechnologyThe economy has been struggling for a long time, and it’s still suffering from the economic recession.
As a result, the healthcare sector is expecting to lose around 1 million jobs over a five-year period.22.
Health-related technologyThis sector includes technology, such as tele