Job cuts slowed in July as companies stepped up their hiring plans, while artificial intelligence (AI) continues to be cited as a leading reason for workforce reductions, new data shows.

Companies announced 33,429 job cuts in July – a decrease of 27% from the 45,849 announced in June, and a level that’s down 46% from the 62,075 cuts planned in the same month last year, according to data from Challenger, Gray & Christmas.

The total of 33,429 layoffs announced last month is the lowest monthly total in two years since July 2024, when there were 25,885 cuts announced, the firm noted. It’s also the fifth time this year the monthly job cut figures were lower than the corresponding month a year ago.

Companies announced 33,429 job cuts in July. (Andrew Kelly/Reuters)

So far in 2026, employers have announced 477,033 job cuts through July, which comes as a 41% decline from the 806,383 cuts announced in the first seven months of 2025.

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“The pace of layoffs fell dramatically this summer. Layoff plans continue to be announced primarily in tech, and artificial intelligence is still the story, as investments in the technology reshape organizations,” said Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas.

“Hiring has also increased over last year by 25%, so while AI is shifting the labor market, it is not dismantling it,” Challenger added.

The tech sector announced 9,867 job cuts in July to bring the industry’s total for this year to 149,023 – a figure that’s a 67% increase from the same period last year.

So far in 2026, employers have announced 477,033 job cuts through July. (iStock)

Layoffs in the tech sector account for 31% of all job cuts announced this year, and Challenger noted that tech “remains the center of gravity for this year’s cuts, and AI is still the reason companies give.”

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Financial firms accounted for 3,157 cuts in July, ranking second among industries, which brought the sector’s total for the year to 18,626 – down 31% from a year ago.

Government agencies announced 2,962 cuts in July, bringing the total for the year to 20,752. That figure is 93% lower than last year, when the 292,294 cuts through July were largely driven by federal workforce reductions.

Across industries, AI was the dominant reason cited by employers for workforce reductions, as it was attributed to 10,970 cuts announced in July, or 33% of the total.

July was the fifth consecutive month in which AI was the top reason cited for layoffs, and so far this year it has been cited in 112,713 job cut announcements, accounting for about 24% of all cuts. Since the firm first started tracking AI as a distinct reason for workforce reductions, Challenger, Gray & Christmas has tracked AI as being the reason cited in 184,538 job cuts.

Across industries, AI was the dominant reason cited by employers for workforce reductions. (iStock)

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Challenger’s report noted that there remains ambiguity about what constitutes an AI-related cut, with some employers explicitly citing that as a reason, whereas others may point to new technology deployments and allude to AI indirectly without being linked to the cuts, which is why the firm tracks those announcements with a separate category.

“Naming AI in a layoff announcement can win over investors while pushing current and prospective employees away. That’s why the messaging has swung from hedging to aggressively citing it,” Challenger said.

“As regulations start to take shape, companies will be even more careful in their announcements, which would make tracking the impact of AI on jobs more opaque,” he added.

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A total solar eclipse will sweep across the Northern Hemisphere on Wednesday, Aug. 12, marking the first total eclipse visible from mainland Europe since 1999 and offering millions of people across multiple continents a chance to witness the moon completely block the sun.

The path of totality, the narrow band of Earth’s surface where the moon fully covers the sun, stretches roughly 182 miles wide and traces an unusual route that arcs up and over the North Pole before sweeping down across the North Atlantic. Only skywatchers positioned within that narrow path will experience true totality, when day briefly turns to twilight and the sun’s outer atmosphere, or corona, becomes visible to the naked eye. A much broader surrounding region will instead see a partial eclipse, in which the moon takes a visible “bite” out of the sun without fully covering it.

Russia

The eclipse begins over the remote Taymyr Peninsula in Siberian Russia, an uninhabited stretch of Arctic tundra. Because the event occurs above the Arctic Circle during summer, when the sun never fully sets, totality technically begins at the unusual local time of 11:59 p.m. The path quickly exits Russian territory after this initial landfall, looping over the North Pole before continuing toward Greenland.

Greenland

After crossing the Arctic Ocean, the path of totality drops onto the remote, frozen terrain of eastern Greenland. This portion of the eclipse’s path passes through dramatic, largely uninhabited Arctic landscapes, offering a strikingly different viewing experience compared with the more accessible locations later in the path. Skywatchers traveling to Greenland for the eclipse will see totality occurring relatively high in the sky, set against the island’s stark icecap scenery.

Iceland

Iceland represents one of the two most popular and accessible destinations along the entire path of totality, alongside Spain. The moon’s shadow first makes landfall in Iceland at the Straumnes Lighthouse in the Westfjords region at 17:43:28 UT, with totality lasting roughly 1 minute 26 seconds at that specific point. The shadow then races south across the country at speeds of roughly 2,110 miles per hour, crossing the Snæfellsnes Peninsula before passing directly over the capital, Reykjavik, and continuing across the Reykjanes Peninsula. The shadow’s final exit point from mainland Iceland comes at the Reykjanestá Lighthouse at 17:50:07 UT, meaning the total duration of totality across the country spans roughly six minutes and 48 seconds from first landfall to final departure. Notably, this will be the first total eclipse visible from Iceland since June 30, 1954, and the first visible specifically from Reykjavik since 1433, underscoring the rarity of the event for residents there. The point of maximum eclipse duration overall, 2 minutes 18 seconds, occurs over open ocean roughly 44.7 kilometers west of Iceland’s Látrabjarg peninsula, meaning locations on land near that area will experience close to the longest totality available anywhere along the path.

Portugal

After crossing the Atlantic Ocean, the eclipse’s path clips a small section of northeastern Portugal before continuing into neighboring Spain. While this represents only a tiny sliver of Portuguese territory, it nonetheless gives the country a brief claim to totality alongside its larger neighbor.

Spain

Spain stands as the other major hub for eclipse tourism this year, given its accessibility and status as the first place on mainland Europe to experience a total solar eclipse since 1999. The path of totality crosses the Iberian Peninsula from west to east, passing through numerous provincial capitals and cities including A Coruña, Oviedo, León, Bilbao, Zaragoza and Valencia, before extending out over the Balearic Islands, including Palma. Because Spain sits near the end of the eclipse’s overall path, the event will occur late in the day, close to sunset, creating what eclipse chasers describe as a dramatic, low-angle viewing experience. In A Coruña, one of the first Spanish locations to see the eclipse, totality is expected to begin at 19:31 local time, reach its maximum at 20:28, and conclude at 21:22, just minutes before the day’s sunset at 21:41. Roughly the entire northern half of the Iberian Peninsula will experience totality, while the southern half will see only a partial eclipse. Spain’s total solar eclipse marks the first such event visible from the Iberian Peninsula in more than a century.

Countries Seeing a Partial Eclipse

Beyond the narrow path of totality, a much larger swath of the Northern Hemisphere will witness a partial solar eclipse, in which the moon obscures only part of the sun’s disk. This broader viewing region includes much of Europe, including the United Kingdom, Ireland, France, Germany, Italy and the Scandinavian countries. In the United Kingdom and Ireland specifically, the eclipse will appear as a thin, inverted crescent of sunlight low over the western horizon, even though neither country falls within the path of totality itself. Skywatchers across these regions are advised to look toward the west or west-northwest to catch the partial phase as it unfolds.

Safety Reminders for All Viewers

Regardless of location, anyone observing any phase of the eclipse outside of totality itself must use certified solar eclipse glasses or a properly fitted solar filter on telescopes, binoculars or cameras. It is never safe to look directly at the sun without this protection during the partial phases of the eclipse. Only viewers positioned within the narrow path of totality may safely remove their eclipse glasses, and only during the brief window when the moon fully and completely covers the sun.

With the eclipse now just days away, astronomy outlets and eclipse-chasing communities are finalizing travel plans and live-coverage arrangements, with Iceland and Spain expected to draw the largest concentrations of visiting eclipse tourists given their combination of accessibility and dramatic scenery. For those unable to travel to the path of totality, live-streamed coverage of the event is expected to be made widely available online as Wednesday’s eclipse approaches, offering a chance to witness the celestial event even from far outside its narrow physical path.

Professional sports teams and leagues have gotten in bed with sports gambling websites, and now, perhaps the most famous sports team in the entire world has gone another step.

The New York Yankees and Polymarket announced Thursday a deal in which the site has become the team’s official prediction market partner for the rest of the season.

“We are excited to begin a relationship with Polymarket — Major League Baseball’s prediction market partner,” Yankees SVP of partnerships Michael Tusiani said in a release. “Through signage and fan experience opportunities, we look forward to elevating Polymarket’s brand awareness both at Yankee Stadium and across our fan base.”

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The New York Yankees celebrate after the ninth inning against the St. Louis Cardinals at Yankee Stadium on Aug. 4, 2026, in the Bronx borough of New York City. (Sarah Stier/Getty Images / Getty Images)

“We are proud to become an Official Prediction Market Partner of the New York Yankees. Yankees fans are among the most active on our platform and passionate in sports, and Yankee Stadium is a natural home for Polymarket, where the questions driving our markets come to life throughout the season,” Polymarket’s president of sports business development Ari Borod said.

Polymarket will have a presence both at Yankee Stadium and on Yankees broadcasts on the YES Network and Amazon Prime Video. As part of the sponsorship package, Polymarket purchased tickets to premium hospitality areas and suites.

An exterior view of Yankee Stadium before the game against the Minnesota Twins at Yankee Stadium on August 13, 2025 in New York, New York.  (New York Yankees/Getty Images / Getty Images)

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Exclusive fan experiences, including an outfield catch for children, Kids Run the Bases, and lineup card delivery experiences.

The Yankees are just the second team in North America’s four major sports leagues to have a deal with Polymarket, joining the NHL’s New York Rangers. Polymarket is also Major League Baseball’s exclusive Prediction Market Exchange partner and is also the National Hockey League’s official prediction market partner.

An overall view of Yankee Stadium during the game against the Los Angeles Angels at Yankee Stadium on June 19, 2025 in New York, New York.  (New York Yankees/Getty Images / Getty Images)

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For what it’s worth, Polymarket gives the Yankees a 97% chance of missing the postseason. The team has struggled offensively without Aaron Judge (Giancarlo Stanton and Cody Bellinger have also hit the shelf), but the pitching has been dynamic, and trade deadline reinforcements figure to help out down the stretch as the team seeks its first World Series since 2009.

Mortgage rates rose this week, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage climbed to 6.69% from last week’s reading of 6.66%. 

The average rate on a 30-year loan was 6.63% a year ago.

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A real estate agent sets up an open house in Rancho Cucamonga, Calif., May 9, 2026. (Kyle Grillot/Bloomberg via Getty Images)

“While mortgage rates continue to influence affordability, the housing market is showing signs of adjustment, with listing prices modestly below year-ago levels and for-sale inventory improving from the limited supply seen in recent years,” said Sam Khater, Freddie Mac’s chief economist.

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The average rate on a 15-year fixed mortgage fell to 6.01% from last week’s reading of 6.04%.

Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.67% as of Thursday afternoon.

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“The upward move comes despite a choppy week in the bond market: The 10-year Treasury yield hit an 18-month high above 4.7% in late July before pulling back several basis points this week on hopes that the U.S. and Iran are nearing a deal to reopen the Strait of Hormuz,” said Danielle Hale, Realtor.com’s chief economist. 

“Mortgage rates have been slow to follow that pullback, and Friday’s jobs report, next week’s inflation report and how the Hormuz talks resolve, will determine whether that gap closes in the coming weeks.

A real estate agent speaks with a prospective buyer during an open house in Rancho Cucamonga, Calif., May 9, 2026. (Kyle Grillot/Bloomberg via Getty Images / Getty Images)

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“Recent mortgage rate volatility makes it a challenging time for homebuyers to navigate the market, especially as this volatility is coming at the upper end of the mortgage rate range we’ve seen over the last year,” Hale added.

Housing affordability remains a concern for would-be homebuyers as the income needed to afford a typical U.S. home remains near historic highs and well above what most American households earn, though there are signs of improvement from a year ago.

Home prices surged in 2022 and 2023 amid strong demand coming out of the pandemic, while mortgage rates also doubled due to interest rates rising to counteract the surge in inflation.

A new report by Redfin found that the income needed to afford to buy the typical home on the market is $109,796 as of June – a decrease of 0.5% from the all-time high of $110,382 that was reached last year.

A year ago, the typical American household’s income was $26,125 below what was needed to afford a median-priced home at the time, while two years ago the gap was even larger at $28,834. Redfin attributed the narrowing gap to income growth outpacing the growth in housing costs in the last few years.

While the income needed to afford a home has been declining since October 2025, those decreases have been relatively small and the income needed to afford a home is still $22,197 above the typical household income of $87,599.

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Home affordability is improving, though it remains a challenge for many Americans – particularly first-time homebuyers. (Kyle Grillot/Bloomberg via Getty Images)

Compared with last year, the median home sale price was up 2.2% in June, with mortgage rates down slightly into the mid-6% range, while the median household income was up 4% from a year ago.

“The earnings needed to buy a house have stabilized after several years of deterioration, but that doesn’t mean homes are affordable to the average American,” said Redfin senior economist Yingqi Xu.

“There’s still a double-digit gap between what the typical household earns and what they need to comfortably buy a home, leaving many prospective first-time buyers stalled on the sidelines. But even if the market isn’t becoming much more affordable, it is becoming a bit more manageable for house hunters,” Xu explained.

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Income growth has outpaced home price growth in the last year. (Getty Images/stock)

The share of affordable listings on the housing market – which Redfin defines as a buyer’s mortgage not consuming more than 30% of their income on their monthly housing payment – rose from 31% last year to 34% in June.

However, the report notes there are still far fewer affordable home listings than there used to be, as prior to the 2022 surge in mortgage rates, over half of U.S. home listings were affordable to the typical American nearly every month in records dating back through 2013.

Redfin found affordability improving in 24 of the 46 metro areas included in its analysis, with Seattle homebuyers seeing the biggest decline as the income needed to afford the median priced home in the city declined 7.4% to $221,831.

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Seattle saw the largest year-over-year decline in the income needed to afford the median-priced home in June, Redfin found. (Juan Mabromata/AFP via Getty Images)

Other West Coast metros rounded out the top three in terms of largest improvements, with San Jose seeing the second-largest decline of 6.5% to $423,840 in income, and Portland in third with a 4.5% decline to $153,844 when compared with a year ago.

However, that doesn’t mean the median home is more affordable to typical residents in the area, as in San Jose the median income is still at $176,401 – about $250,000 below what’s needed to afford the typical home in that area.

The report found just three metro areas in which the typical household earns more than what’s required to afford the median-priced home – St. Louis, Indianapolis and Pittsburgh.

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The company said it added about 280,000 net digital-only subscribers in the second quarter, compared with roughly 310,000 net digital subscribers the previous quarter.