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Which industries are most at risk for layoffs?

Layoffs affected several industries early this year, though some were hit harder than others. Learn which industries had the most, how the labor market has fared after the COVID-19 pandemic, and when layoffs are most likely [in this article]([link removed]). 

- Since 2001, there has been an average of 5.8 million layoffs per quarter, peaking in the first quarters of 2009 (7.8 million) and 2020 (17.3 million). Since May 2023, there's been an average of 4.9 million per quarter. 

- From January to March 2024, 1.2 million layoffs occurred in the professional and business services sector, in occupations such as accounting, legal, architectural, engineering, and consulting services.  
 
- People with construction jobs had the highest layoff risk, with a median of 2.3% of the workforce laid off monthly. 

[Bar graph showing how many people supersectors laid off]([link removed])

- The professional and business services sector has historically had the highest average number of layoffs per year, with nearly 5 million annually since 2005. At the same time, it’s been the US economy’s third largest sector, employing an average of 19.3 million people. 
Want charts comparing the layoff histories of several different industries? [See the data here]([link removed]). 

Just the Facts with Steve Ballmer

[Gif of Just the Facts with Steve Ballmer]([link removed])

Tune in this Thursday for the debut of Just the Facts with Steve Ballmer. This video series will explore government data on the big issues affecting the nation today. The more we know, the better voters we can be. [Click here to see an ad]([link removed]) previewing the series. The first episodes on the US budget and immigration air on August 1 at 9 PM Eastern and Pacific, 8 PM Central and Mountain on FOX! And you can watch it anytime on our [YouTube channel]([link removed]).

Credit complaints are rising 

Americans are increasingly dissatisfied with credit reporting services. Consumer complaints about credit reporting and repair services rose by 73% from 2022 to 2023 and have continued to climb this year. Here’s what Consumer Financial Protection Bureau (CFPB) data [says about the trend]([link removed]).  

- Credit reporting involves compiling and maintaining a person’s credit history to assess their creditworthiness. Credit repair services aim to help people improve their credit standing by disputing inaccuracies and removing negative entries. 

- In 2023, consumers filed 961,570 complaints against the “Big Three” credit reporting services: 336,580 against TransUnion, 323,910 against Equifax, and 301,080 against Experian. Put another way, 92% of credit reporting complaints the CFPB received were against the Big Three. 

- As of 2022, the Big Three aggregated data from more than 1.6 billion credit accounts for over 200 million adults monthly. 

- People made about 8,100 monthly complaints in 2017. The first five months of 2024 each had an average of over 145,000 complaints. 
See more here, including how the CFPB director has [weighed in on credit reporting agencies]([link removed]). 

Data behind the news

American Airlines recently announced it was changing its tagging program to better manage passengers’ wheelchairs, scooters, and other mobility devices. [See which airlines]([link removed]) have historically been the best and worst at handling wheelchairs. 
 
Last week, the Commerce Department reported that US GDP increased last quarter to an annual rate of 2.8%. Here are the facts behind [GDP and why it's measured]([link removed]). 
 
Israel's Prime Minister Benjamin Netanyahu addressed Congress last Wednesday as its war against Hamas in Gaza entered its 10th month. [Here’s how much aid]([link removed]) the US gives to Israel. 
 
President George H.W. Bush signed the Americans with Disabilities Act just over 34 years ago —  July 26, 1990 — prohibiting discrimination based on mental or physical disabilities. Census data shows that [over 40 million people]([link removed]) in the US have a disability.  

One last fact

[Chart showing Social Security recipients]([link removed])

In December 2023, 67.1 million people received [monthly Social Security benefits]([link removed]). The Social Security Administration projects that nearly 68 million people will in each month of 2024. 

 

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