The jobs market is hot, but layoffs keep coming in a shifting economic environment

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The U.S. economy is humming and there are hundreds of thousands of jobs being added every month

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. 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.

The high profile job cuts seem to arrive steadily, but the companies that went on major hiring sprees, mostly big tech, are still much bigger than they were a few years ago, before they began bulking up their workforces. On Thursday, Electronic Arts announced nearly 700 job cuts.

Here's where some of the job cuts have taken place in recent months.

Nike

Nike is cutting 2% of its global workforce, or little over 1,600 jobs, as the athletic wear giant aims to trim costs and reinvest its savings into what it sees as big growth areas like sport, health and wellness. Nike, based in Beaverton, Oregon, employed roughly 84,000 workers as of May 31, 2023 according to its annual report.

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,