Job cuts in the United States stood at 34,817 in November, declining 24% month on month, Challenger, Gray & Christmas Inc. announced in a report released on Thursday. On an annual basis, the figure was down 20% from 43,651 cuts registered in the same month a year prior. In 2023 the number reached 721,677, surging 98% from the 363,824 cuts announced in 2022.
In December, the financial sector recorded the highest number of job cuts at 6,260. In 2023, the technology companies led the job cut announcements with 168,032.
“Layoffs have begun to level off, and hiring has remained steady as we end 2023. That said, labor costs are high. Employers are still extremely cautious and in cost-cutting mode heading into 2024, so the hiring process will likely slow for many job seekers and cuts will continue in Q1, though at a slower pace," Challenger, Gray & Christmas Inc. Senior Vice President Andy Challenger commented.
