U.S.-based employers announced 108,435 job cuts in January, a surge of 118 percent from the 49,795 cuts announced in the same month of last year, a report showed Thursday.
The report, released by global outplacement and executive coaching firm Challenger, Gray and Christmas, said the U.S. companies announced the highest number of job cuts in January since the deep recession of 2009.
The report also showed that hiring intentions fell 13 percent year on year to 5,306 people, the weakest January hiring figure since the agency began keeping records in 2009.
According to the report, the three main reasons for the January layoffs were contract losses, market and economic conditions, and restructuring,
Andy Challenger, the company's chief revenue officer, said January's high total means most of job cut plans were set at the end of 2025, indicating employers are "less-than-optimistic about the outlook for 2026."
Meanwhile, according to data released by the U.S. Department of Labor on Thursday, in the week ending January 31, the number of Americans filing initial claims for unemployment benefits was 231,000, an increase of 22,000 compared to the revised number of initial claims in the previous week.
U.S. layoffs surge by 118 percent in January: report
Canadian Prime Minister Mark Carney on Thursday announced a new electric vehicle (EV) strategy to transform the country's auto industry, with consumer incentives and corporate tax cuts.
Under the strategy, the Canadian federal government will launch a five-year, 2.3-billion-Canadian-dollar "EV Affordability Program," according to a news release from the prime minister's official website.
The program will offer consumers purchase or lease incentives of up to 5,000 Canadian dollars (about 3,658 U.S. dollars) for battery-electric and fuel EVs, while those opting for plug-in hybrids can receive up to 2,500 Canadian dollars.
The government has also earmarked over 3 billion Canadian dollars to help the auto industry adapt, grow, and diversify to new markets, while 1.5 billion Canadian dollars will be invested to expand the national EV charging network.
Corporate tax cuts will be offered to zero-emission technology manufacturers to encourage investment in clean technologies and EVs, said the release, adding that stricter greenhouse gas emission standards will be implemented to have EVs account for 75 percent of all new car sales by 2035, and 90 percent by 2040.
Carney said in the release that the Canadian government will leverage existing and new trade agreements -- including the recent EV arrangement with China -- to catalyze massive new investment in the sector, diversify Canada's auto export markets, and position Canada as a global leader in EVs.
The release noted that currently, over 90 percent of Canadian-made vehicles and 60 percent of Canadian-made auto parts are exported to the United States, adding that U.S. auto tariffs are threatening Canada's auto manufacturing industry and the 125,000 direct jobs it supports.
Counter-tariffs on auto imports from the United States will be maintained by the Canadian government to ensure a level playing field for Canadian auto manufacturers in the domestic market, said the release.
Canada announces new EV strategy to transform auto industry
