April Job Cuts Surge 38% On AI Downsizing

Job-cut announcements surged 38% in April to 83,387, driven largely by technology-sector downsizing tied to AI initiatives. Technology firms announced 33,361 layoffs in April, with tech year-to-date cuts at 85,411. Announced hiring plans plunged 69% month-over-month to 10,049. Despite these announced cuts, private payrolls per ADP rose 109,000 in April and the BLS added 178,000 jobs in March, highlighting a mixed labor-market backdrop. The rise in AI-related layoffs and weaker hiring plans could weigh on sentiment for tech-heavy benchmarks, including the US Tech 100, even as broader payroll data remain resilient.