What: In the US, retailers replaced technology firms in cutting the most number of jobs in April.

Why it is important: The retail sector has cut 36,000 jobs this year and companies are preparing for consumers to tighten their spending as interest rates increase in an uncertain economy.

With higher interest rates to control inflation and a potential recession, retailers in America are preparing for consumers to start spending less and taking measures to protect themselves from the fallout.

US retailers cut most number of jobs in April