U.S. Companies Announce Layoffs Amid Recession Concerns

Major U.S. companies, including Amazon, Pinterest, and UPS, have announced significant layoffs, heightening fears of a potential recession. According to NS3.AI, the U.S. labor market is exhibiting signs of weakness, characterized by extended job searches and a declining likelihood of re-employment, which are exacerbating economic concerns. These challenges may exert pressure on risk assets, such as cryptocurrencies, in the short term. However, expectations of monetary easing could offer longer-term support.