Lates News

Last week, the initial jobless claims in the United States increased more than expected, which may suggest an increase in layoffs due to tariffs. Tariffs dragged down the economy in the first quarter. As businesses try to avoid Trump's tariffs on a large amount of imported goods, the US GDP experienced its first contraction in three years last quarter. Economists predict that the aggressive trade policies will lead to a wave of unemployment. The tariffs expected to dampen domestic demand are already prompting some companies to lay off workers. United Parcel Service announced on Tuesday that it will lay off 20,000 people and close 73 factories due to a decrease in Amazon deliveries. Overall, most businesses are adopting a wait-and-see attitude, retaining existing employees while being cautious about hiring more staff.