Job cuts peak in December and January, which means many workers are now facing termination and the challenges that come with it. Veuer’s Matt Hoffman reports.
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00:00When it comes to layoffs, the holiday season is the least wonderful time of the year.
00:04According to the Bureau of Labor Statistics, job cuts tend to happen the most in December and January.
00:10The Wall Street Journal says that's because many companies are re-evaluating their finances at the end of the fiscal year.
00:16So it's sort of like your bosses have made a New Year's resolution to go on a diet,
00:19and that extra donut they're swearing off is you.
00:22And in most cases, there's nothing you can do about it.
00:25Every U.S. state except Montana has what's called at-will employment,
00:29which means that in the absence of a contract saying otherwise,
00:31your employer can terminate you for pretty much any reason,
00:34with exceptions such as your race or your attempts to form a union.
00:38A 2001 UK study published in Occupational Medicine ranked a layoff as the 7th most stressful life experience.
00:45And it's even worse when it happens just as you're stretching your budget during holiday shopping for friends and family.
00:50Workers who lose their jobs before the holidays may also have to wait at least a little while before their job search can begin in earnest.
00:56As one laid-off Indiana worker said to The Guardian,
00:58who wants to find a job or hire right before Christmas?
01:02Still, there are some things you can do.
01:04If you're filing for unemployment, do that as soon as possible,
01:06because you often won't be able to claim benefits retroactively.
01:09Financial educator Tiffany Alish told CNN she recommends thinking about how you can monetize your existing skill set,
01:15such as tutoring if you were previously a teacher.
01:18And take heart. For now, the U.S. jobs market remains strong.