Job cuts in the United States stood at 84,638 in February, increasing 3% month on month, Challenger, Gray & Christmas Inc. announced in a report released on Thursday. On an annual basis, the figure rose by 9% from 77,770 cuts registered in the same month in 2023.
The technology sector leads in job cuts this year, although it has seen a significant reduction compared to last year. Financial firms and several other industries like Industrial Goods, Manufacturing, and Energy have seen substantial layoff increases, highlighting sector-specific vulnerabilities. The report underscores a broader trend of cautious hiring, with the lowest year-to-date total for announced hiring plans since records began.
"As we navigate the start of 2024, we're witnessing a persistent wave of layoffs. Businesses are aggressively slashing costs and embracing technological innovations, actions that are significantly reshaping staffing needs," stated Andrew Challenger, labor and workplace expert and Senior Vice President of Challenger, Gray & Christmas, Inc.
