The buying in index heavyweights helped the benchmark indices Sensex and Nifty settle higher for the second straight session on Monday

Sensex, Nifty settle higher for 2nd straight session

The buying in index heavyweights helped the benchmark indices Sensex and Nifty settle higher for the second straight session on Monday

Benchmark indices Sensex and Nifty closed higher for the second straight session on Monday, boosted by buying in index heavyweights Reliance Industries, ICICI Bank and M&amp;M stocks amid a positive trend in global markets.
The 30-share BSE Sensex climbed 240 points to settle at 62,787. During the day, it jumped 396 points to 62,943.
The NSE Nifty advanced 59.75 points to end at 18,593.
From the Sensex pack, Mahindra &amp; Mahindra climbed 3.81 per cent and Axis Bank advanced 2.68 per cent, followed by Tata Motors, Larsen &amp; Toubro, Tata Steel, ICICI Bank, Reliance Industries, Maruti, IndusInd Bank and Sun Pharma.
Asian Paints, Tech Mahindra, Nestle, Hindustan Unilever, Kotak Mahindra Bank and ITC were among the laggards.
Global oil benchmark Brent crude jumped 1.92 per cent to USD 77.59 a barrel.

Sam Altman is visiting India to explore opportunities and collaborations in the country's AI ecosystem.

OpenAI CEO Sam Altman to visit India this week

Sam Altman is visiting India to explore opportunities and collaborations in the country's AI ecosystem.

Sam Altman, CEO of OpenAI, is set to <a href="https://twitter.com/sama/status/1665320086415060992?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1665320086415060992%7Ctwgr%5E7dc92d1caa3368ce570f6c0b0f2a77731e396f71%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.moneycontrol.com%2Fnews%2Ftrends%2Fsam-altman-openai-ceo-to-visit-india-later-this-week-10741291.html" target="_blank">visit India</a> in the coming week.
Altman's visit to the country reflects OpenAI's interest in exploring opportunities and collaborations in the Indian market.
OpenAI, known for ChatGPT and other advanced artificial intelligence technologies, aims to engage with local researchers, entrepreneurs, and policymakers during the visit.&nbsp;

Shipment of handsets in the mobile industry has gone down and this has hit the job market with low hiring in sales roles

As mobile shipments shrink, hiring also takes a hit 

Shipment of handsets in the mobile industry has gone down and this has hit the job market with low hiring in sales roles

A slowdown in device shipments in the mobile phones industry is creating ripple effects in the job market, particularly in sales roles where new hires are being put on hold.&nbsp;
Local sales promoter profiles are seeing indirect attrition since companies aren't instantly replacing employees who are leaving these roles, reported The Economic Times through experts.
Exports have helped counterbalance the effects of the domestic slowdown on production and manufacturing, but this isn't the case for local sales promoter profiles. Even though there haven't been any job losses yet, experts warned that they might happen if shipments don't increase.
'We are observing a gradual slowdown in hiring for sales roles among handset manufacturers, primarily due to the absence of replacements for employees who leave the company. This is ranging 5-6% in the first two months of Q1 (April-June quarter FY24) as compared to (fiscal 2023) Q4,' Kartik Narayan, CEO, TeamLease Services, said.
&nbsp;

UBS said that Credit Suisse Shares and American Depository Shares would be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE) after the merger

UBS likely to complete takeover of Credit Suisse by June 12: Report

UBS said that Credit Suisse Shares and American Depository Shares would be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE) after the merger

Multinational Investment bank UBS on Monday has said that it will complete the takeover of Credit Suisse as early as 12th June, reported Reuters. The merger would create a giant balance sheet of $1.6 trillion and will oversee assets worth around $5 trillion.
&ldquo;UBS expects to complete the acquisition of Credit Suisse by as early as 12 June 2023. At that time, Credit Suisse AG will be merged into UBS Group AG&rdquo;, said UBS in a statement that was accessed by Reuters. The biggest bank in Switzerland further added that Credit Suisse Shares and American Depository Shares would be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE). &nbsp;&nbsp;
After the merger is completed, Credit Suisse shareholders will get one UBS share for every 22.48 shares they held. UBS CEO Sergio Ermotti on Friday had warned of job cuts after the Credit Suisse takeover. However, as per Business Today, the bank is also looking to retain over 100 Credit Suisse Group investment bankers across Asia and employ around 1,20,000 people worldwide.
In a deal orchestrated by regulators, banking giant UBS is taking over Credit Suisse for almost $3.25 billion. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank's customers.

Since acquisition, Aakash has clocked a three-fold increase in revenue in the last two years

Aakash IPO: Byju's to launch IPO of its test preparatory subsidiary next year

Since acquisition, Aakash has clocked a three-fold increase in revenue in the last two years

Edtech major BYJU'S will launch the Initial Public Offering (IPO) of its test preparatory arm Aakash Education Services Limited by middle of next year, the company said on Monday.
Aakash Education Services Limited (AESL) revenue is on track to reach Rs 4,000 crore with an EBITDA (operational profit) of Rs 900 crore in the fiscal year 2023-24, the company said in a statement.
"BYJU'S... will launch the Initial Public Offering (IPO) of its subsidiary, Aakash Education Services Limited (AESL) mid next year," BYJU'S said in a statement.
The board of BYJU'S has granted its official sanction for the IPO.
"The appointment of the merchant bankers for the IPO will be announced soon to ensure a planned and successful listing next year.
"The upcoming IPO will provide a significant capital infusion to bolster Aakash's infrastructure, broaden its reach, and extend high-quality test-prep education to a larger number of students across the nation," the statement said.
BYJU'S acquired AESL for about USD 950 million, or about Rs 7,100 crore, in April 2021.
Since acquisition, Aakash has clocked a three-fold increase in revenue in the last two years.
According to Ken Research, test-prep market revenues are predicted to grow at a compound annual growth rate (CAGR) of 9.3 per cent over 2020-2025, led by the online test preparation segment which is predicted to grow at a CAGR of 42.3 per cent over the same duration.
"Aakash is uniquely positioned to capitalize on this growth due to its comprehensive range of offerings that combine the best of classroom-based learning with cutting-edge digital products and services tailored for engineering and medical entrance exams," the statement said.
Aakash has over 325 centres currently serving more than 4,00,000 students across the country.

The PMI reading for May showed a growth for the 22nd straight month, which is the longest streak of expansion in over 12 years. A PMI reading of below 50 represents a contraction and a reading of above 50 represents an expansion. 

India's Service PMI sees slight fall in May but remained in expansionary phase for 22nd straight month

The PMI reading for May showed a growth for the 22nd straight month, which is the longest streak of expansion in over 12 years. A PMI reading of below 50 represents a contraction and a reading of above 50 represents an expansion.&nbsp;

India's service sctor Purchasing Managers Index (PMI) declined slightly to 61.2 in May versus 62 in April. This as per the S&amp;P Global India Services PMI.&nbsp; A PMI reading of below 50 represents a contraction and a reading of above 50 represents an expansion. Witnessing a growth for the 22nd straight month, this is the longest streak of expansion in almost 12 years.&nbsp;
The services sector accounts for more than 50% of India's GDP. In April, India's services activity expanded at the fastest pace in nearly 13 years.&nbsp;&nbsp;
Pollyanna De Lima, economics associate director at S&amp;P Global Market Intelligence said, "Inflationary pressures continued to pose a challenge for service providers, with panelists noting rising costs for food, inputs, labor and transportation. &ldquo;Faced with the delicate task of balancing these increases and maintaining affordable prices for consumers, firms opted to lift selling prices again in May." Both domestic and international demand remained strong, however employment generation in the services industry saw only a marginal uptick.&nbsp;

After seven hours of talk the OPEC countries and its allies led by Russia, agreed on lowering the production target from 2024 by a further total of 1.4 million barrels per day

Saudi Arabia to cut oil production by 1 million barrels/day starting July due to price plunge

After seven hours of talk the OPEC countries and its allies led by Russia, agreed on lowering the production target from 2024 by a further total of 1.4 million barrels per day

Saudi Arabia has said that it will reduce its oil supply to the global economy by one million barrels per day, beginning July. By this, the output from the Kingdom will reduce to 9 million barrels per day from around 10 million barrels in May. In April, Saudi announced a cut of 5 hundred thousand barrels per day. Saudi Arabia's maximum output capacity is 12 million barrels per day.&nbsp;
This comes as the OPEC+ alliance of major oil-producing countries faces plunging oil prices and a looming excessive supply, even after taking voluntary cuts in April. On 3rd April, several producers of the oil cartel had said that the oil production will decline by 1.66 million barrels per day until the end of this year. The OPEC group's collective production targets were adjusted to 40.5mn barrels a day for 2024. After this cut, the prices briefly rallied towards $90 per barrel. However, it fell to $70 per barrel at one stage last week.&nbsp;
As per IMF, Saudi Arabia requires the prices to be above $80 a barrel to balance its budget and fund some of the &ldquo;giga-projects&rdquo; that Crown Prince Mohammed bin Salman hopes can transform its economy.
After seven hours of talk the OPEC countries and its allies led by Russia, agreed on lowering the production target from 2024 by a further total of 1.4 million barrels per day. This comes as the two earlier production cuts by the OPEC countries failed to push the price up.
&ldquo;This is a grand day for us, because the quality of the agreement is unprecedented,&rdquo; Saudi Energy Minister Abdulaziz bin Salman said in a news conference, adding that the new set of production targets is &ldquo;much more transparent and much more fair&rdquo;. He also mentioned that the cut by Saudi could extend beyond July if needed.&nbsp;
The rest of the oil producers have agreed to extend the production cut in supply through the end of 2024.&nbsp;
As per Reuters, Russian deputy Prime Minister, Alexander Novak has said that Russia will extend its oil production cut by 5 hundred thousand barrels per day until the end of December 2024.&nbsp; While, the group lowered the targets for Russia, Nigeria and Angola, UAE was allowed to raise the output.
The oil prices on Monday rose after the announcement of voluntary cuts. Global benchmark Brent futures were last trading up 1.43% at $77.22 a barrel during early Asia trade, while U.S. West Texas Intermediate futures rose 1.5% to $72.86 per barrel. OPEC+ pumps around 40% of the world&rsquo;s crude, making its policy decisions have a major impact on oil prices. &nbsp;

In the hope of fast-track deployment of 'Kavach', markets saw a rise in stock prices of HBL Power Systems and Kernex Microsystems

Odisha accident: These stocks' prices surge, as Govt pushes for 'Kavach' 

HBL power, Kernex microsystems shares spike amid hopes that govt will fast-track 'Kavack' adoption

In the hope of fast-track deployment of 'Kavach', markets saw a rise in stock prices of HBL Power Systems and Kernex Microsystems

HBL Power Systems' stock price increased by nearly 10% to reach a new 52-week high of ₹123 while Kernex Microsystems' stock price opened at its 5% upper circuit of ₹297 in early trade on Monday.&nbsp;
A mint report citing market experts, says that the stocks are rising on expectations that the government will prioritise the Kavach system deployment contracts following horrific Odisha train accident. These two companies are two of the major suppliers of transportation-related goods and services.
Both stocks have been rising over the past few days; shares of Kernex Microsystems have increased by almost 16% over the past week, while those of HBL Power Systems have increased by more than 13% in just three sessions of June.
What is ' Kavach'
On 23 March 2022, the Ministry of Railways announced a significant step towards enhancing the safety of train operations in India with the development of the indigenous Automatic Train Protection (ATP) System called Kavach.
Kavach has been developed to enhance train operations in conditions such as severe fog, and to help locomotive pilots avoid Signal Passing At Danger (SPAD) and overspeeding. The device ensures improved control over train speed and averts potential accidents by automatically deploying brakes as needed.

In lieu of registered death certificates, list of casualties published by Railway Authorities, Police or any State or Central Government Authorities will be accepted as proof of death

Odisha train tragedy: LIC relaxes claim settlement process for victims

In lieu of registered death certificates, list of casualties published by Railway Authorities, Police or any State or Central Government Authorities will be accepted as proof of death

Expressing grief over the Odisha train accident, in which over 300 people died, the Life Insurance Corporation (LIC) has announced to support those affected and expedite settlement claims to provide financial relief.
The national insurer said it will expedite claim settlements to provide financial relief to the victims of the train accident.
To mitigate the hardships of the claimants of LIC policies and also of Pradhan Mantri Jeevan Jyoti Bima Yojana, LIC has announced various concessions for claim settlements.
In lieu of registered death certificates, list of casualties published by Railway Authorities, Police or any State or Central Government Authorities will be accepted as proof of death.
Not only this, a specific help desk and a contact centre number (022-68276827) have also been established by the national insurance at the divisional and branch levels to assist claimants and address claim-related questions.&nbsp; Odisha train accident The two trains had been travelling at a high speed and carried around 2,000 passengers on board. Seventeen coaches were derailed and severely damaged in the collision, trapping hundreds of passengers.

The World Health Organisation had said that non-sugar sweeteners such as aspartame and stevia do not help in weight loss, while increasing risk of certain diseases

Non-sugar sweeteners: Beverage lobby disagrees with WHO's  non-sugar sweeteners observation

The World Health Organisation had said that non-sugar sweeteners such as aspartame and stevia do not help in weight loss, while increasing risk of certain diseases

A gorup of beverage companies that include, Coca-Cola, PepsiCo, Red Bull, Dabur and Tetra Pak among others, has disagreed with WHO's observation on non-sugar sweeteners, calling it not scientifically rigorous. The World Health Organisation had said that non-sugar sweeteners such as aspartame and stevia do not help in weight loss, while increasing risk of certain diseases.
After this, health groups have called for a 'restrictive use only' messages on all food and drinks with artifical sweeteners. "It is a disservice to public health to not recognise the role of low or no-calorie sweeteners in reducing sugar intake" amid a global obesity crisis. "IBA has been engaging with concerned authorities in the country to seek their alignment for a favourable policy regime in this regard," a senior Indian Beverage Association (IBA) executive told The Economic Times.&nbsp;
The industry body would join others, including relevant government agencies who have responded to the public consultation on the draft guidelines, expressing their concerns about the conclusions and rationale used by WHO.
WHO has said that its conditional recommendations and guidelines on non-sugar sweeteners are based on available evidence. "Replacing free sugars with non-sugar sweeteners does not help with weight control in the long term," Francesco Branca, WHO director for nutrition and food safety, had said in a detailed statement, adding that such sweeteners "are not essential dietary factors and have no nutritional value."
Meanwhile, the National Food regulator, Food Safety and Standards Authority of India has said that a scientific panel is evaluating the recommendations of WHO. Industry experts also believe that bringing guidelines and labelling changes could dent the sales of diet foods.
&nbsp;

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Odisha Train Crash

'Master Blaster',&nbsp;Sachin Tendulkar&nbsp;further strengthened his ties with digital entertainment technology company&nbsp;JetSynthesys&nbsp;by pitching in $2 million&nbsp; as investment.&nbsp;JetSynthesys is one of the leading names in the gaming industry and is known for developing mobile games with high fidelity and network play.&nbsp;The company had previously joined hands with Tendulkar to launch two platforms including gaming apps Sachin Saga Cricket Champions, Sachin Saga VR and digital destination for all things cricket, 100MB.JetSynthesys&nbsp; already boats of investors such as Adar Poonawalla,&nbsp;Kris Gopalakrishnan&nbsp;and&nbsp;the promoters of&nbsp;Thermax, Triveni Group.&nbsp;

Sachin Tendulkar invests $2 million in tech startup along with Adar Poonawalla, Kris Gopalakrishnan

Sachin Tendulkar invests $2 million in tech startup along with Adar Poonawalla&nbsp;and&nbsp;Kris Gopalakrishnan

Pitching in the right investment by Tendulkar

Master Blaster increases his investment into&nbsp;digital entertainment and technology firm JetSynthesys

'Master Blaster',&nbsp;Sachin Tendulkar&nbsp;further strengthened his ties with digital entertainment technology company&nbsp;JetSynthesys&nbsp;by pitching in $2 million&nbsp; as investment.&nbsp; JetSynthesys is one of the leading names in the gaming industry and is known for developing mobile games with high fidelity and network play.&nbsp;The company had previously joined hands with Tendulkar to launch two platforms including gaming apps Sachin Saga Cricket Champions, Sachin Saga VR and digital destination for all things cricket, 100MB. JetSynthesys&nbsp; already boats of investors such as Adar Poonawalla,&nbsp;Kris Gopalakrishnan&nbsp;and&nbsp;the promoters of&nbsp;Thermax, Triveni Group.&nbsp;

The streaming giant, which is listed on the New York stock exchange, announced in April it had passed 500 million monthly active users with 210 million paying subscribers

Layoffs 2023: Spotify to cut 200 jobs 

Spotify to cut 200 staff working with podcasts

The streaming giant, which is listed on the New York stock exchange, announced in April it had passed 500 million monthly active users with 210 million paying subscribers

Swedish music streaming giant Spotify said Monday it will cut some 200 positions, equalling two percent of its workforce, as it slims down its internal podcast operations.
The Sweden-based company said it had recently "embarked on the next phase of our podcast strategy," and was moving to a "tailored approach optimized for each show and creator."
"Doing so requires adapting; over the past few months, our senior leadership team has worked closely with HR to determine the optimal organization for this next chapter," Spotify said in a statement.
"As a result, we have made the difficult but necessary decision to make a strategic realignment of our group and reduce our global podcast vertical and other functions by approximately 200 people," it added, noting it represented about two percent of Spotify's global workforce.
The streaming giant, which is listed on the New York stock exchange, announced in April it had passed 500 million monthly active users with 210 million paying subscribers.
The company also posted a first quarter operating loss of 156 million euros ($167 million), compared to an operating loss of six million euros a year earlier.
The widened loss was, according to the company, attributed to a higher headcount compared to a year earlier and changes in social charges.
In January, following similar moves by other tech industry giants, the streaming giant announced it was cutting around 600 jobs.
The platform has only occasionally posted a quarterly profit since its launch and has regularly posted annual losses, despite strong subscriber growth and having had a head start on its rivals such as Apple Music and Amazon Music.
Spotify has also invested more than one billion euros into podcasting in recent years, but analysts say the company has yet to prove the investment is bearing fruit.

Civil aviation ministry, airlines to discuss airfare spike

High airfare in India: govt asks airlines to devise mechanism for reasonable pricing of air tickets

Scindia, on March 16, informed the Lok Sabha that "airfares are neither established nor regulated by the government"

As airfares have been skyrocketing in the wake of Go First crisis, the government on Monday asked airlines to devise a mechanism to ensure reasonable airfares amid a surge in air ticket prices, particularly on certain routes that were earlier served by Go First.
In the case of the unfortunate Odisha tragedy, airlines have been advised to provide free carriage (cargo) services to the families of the deceased, the civil aviation ministry said.
During an hour-long meeting of the airlines advisory group, Civil Aviation Minister Jyotiraditya Scindia shared his concerns about the steep rise in airfares on certain routes.
Airlines have been asked to self-monitor airfares on routes that have seen a considerable rise in ticket prices, particularly those that were served by Go First earlier.
Go First stopped flying from May 3 and the reduction of capacity due to the crisis at the budget airline has come at a time when the peak domestic air travel period is round the corner.
A mechanism should be devised by airlines to ensure reasonable pricing within the high RBDs (Reservation Booking Designator) and the same would be monitored by the Directorate General of Civil Aviation (DGCA), the ministry said in a statement.
Airfares are deregulated under the current regulatory regime.
Besides, the ministry has said that during any calamity, airlines need to keep a tight check on the pricing of air tickets "in view of the humanitarian situation and monitor and control any surge in ticket prices to/ from that region".
After the deregulation of the country's airline sector, airfares are market-driven and are neither established nor regulated by the government. Airline pricing runs in multiple levels (buckets or Reservation Booking Designators).
Scindia, on March 16, informed the Lok Sabha that "airfares are neither established nor regulated by the government".
"The airline pricing system runs in multiple levels (buckets) which are in line with practices being followed globally. The prices are fixed by airlines keeping in mind the market, demand, seasonality and other market forces. The airfare increases with an increase in demand for seats as the lower fare buckets get sold out fast when bookings are offered by airlines," he had said in a written reply.
India is one of the fastest-growing civil aviation markets in the world and domestic passenger traffic has been rising after being significantly impacted by the coronavirus pandemic.
In April, domestic airlines flew 128.88 lakh passengers, as per the latest official data.
Crisis-hit Go First is undergoing a voluntary insolvency resolution process.

The need for green skills in India is growing exponentially as more and more sectors are moving towards sustainability 

Demand for Green Skills for green jobs growing: LinkedIn senior director

The need for green skills in India is growing exponentially as more and more sectors are moving towards sustainability&nbsp;

The need for green jobs or occupations related to the environment and sustainability is growing in India more quickly than the talent pool can keep up with demand, according to Ruchee Anand, senior director, LinkedIn India.
'As of February, 13.1% of paid job postings on our platform in India require green skills. We&rsquo;re seeing steady progress in India where paid job postings that require green skills have increased by 5% year-over-year,' she added.
Construction (49.46%) and farming, ranching, and forestry (53.29%) have both experienced substantial green transformations and have India's greatest growth rates for green talent.
Others, like oil, gas, and mining, have a significant proportion of green talent (28.77%) and a high growth rate year over year of 13.56%. These industries are further along in their transition to a greener economy.
Top Green Skills in India
<ul>
<li>Carbon Footprinting</li>
<li>Sustainability Reporting</li>
<li>Environmental Law</li>
<li>Sustainability Consultancy</li>
<li>Radiation Safety&nbsp;</li>
</ul>
'This is a great opportunity for professionals to acquire top green skills because sometimes, these skills may even be required in traditionally &lsquo;non-green&rsquo; jobs,' said Ruchee. 'For example, sustainability reporting is a skill that may be required by financial accountants, who can assess the return on investment (ROI) of sustainability projects, cost savings from resource conservation, and potential risks or opportunities related to sustainability factors,' she said, as reported by The Economic Times.
&nbsp;

The now viral post is evoking strong reactions from users, most of whom are criticising the manager

HDFC bank manager suspended after video of him abusing employees goes viral

The now viral post is evoking strong reactions from users, most of whom are criticising the manager

A senior HDFC bank executive has been suspended after a video of him abusing his colleagues went viral on social media.&nbsp;
A video of Senior VP Pushpal Roy screaming and misbehaving with his colleagues was shared on social networking platform LinkedIn by a user named Soumi Chakraborty. This video showcased a firsthand account of the toxic work environment. The video shows Roy, who was the cluster head in a Kolkata branch of the private bank, engaging in misconduct with his employees in Bengali. He is seen snapping at his colleagues while taking an account of their work status and targets. A couple of times, Roy can be heard saying "Shut Up" to the employees in a stern tone.
&ldquo;For you my CPI Score is 77, Today I will issue an HR memo to you and Tithir,&rdquo; he told an employee named John.
After the video went viral, HDFC Bank suspended the executive in Kolkata. "This bears reference to a recent social media report. Basis a preliminary enquiry in the matter, the concerned employee has been suspended and a detailed investigation has been initiated which will be undertaken as per Conduct guidelines of the Bank," HDFC Bank said in a statement to Moneycontrol.
The banking major further added that they have a zero-tolerance policy for any form of misconduct at the workplace and firmly believe in treating all our employees with dignity and respect.

The leading cause of layoffs in May was due to business closure that affected 19,600 jobs. 14,600 people were laid off due to market and economic conditions and 12,900 employees were let go with no reasons provided

4,000 jobs affected due to AI in May in the U.S: Report

The leading cause of layoffs in May was due to business closure that affected 19,600 jobs. 14,600 people were laid off due to market and economic conditions and 12,900 employees were let go with no reasons provided

The growth of Artificial Intelligence has affected 4,000 jobs in May in the U.S, as per a report by multinational HR company, Challenger, Gray &amp; Christmas. As per the report, this is 4.9% of the total jobs that were cut in the month.
"Consumer confidence is down to a six-month low, and job openings are stagnating. Companies seem to be scaling back on hiring in anticipation of an economic slowdown", said Senior Vice President of Challenger, Gray &amp; Christmas, Andrew Challenger.
As per the report, the leading cause of layoffs in May was due to business closure that affected 19,600 jobs. This was followed by market and economic conditions that accounted for 14,600 layoffs. The report also mentioned that 12,900 jobs were cut with no reasons provided.
From January to March, 4,17,500 jobs were cut that makes it the worst five-month period since 2020. During the Covid-19 pandemic over 1.4 million jobs were lost.

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