Job cuts in the United States observed a monthly decline of 43% in December to decrease from November's 76,835 to 43,651, Challenger, Gray & Christmas Inc. revealed in its report published on Thursday. On an annual level, the figure surged by 129% from 19,052 cuts registered in December 2021.
In 2022, 363,824 cuts were announced, which is 13% more compared to 2021. On the other hand, it is the second-lowest figure behind the previous year since Challenger began registering the layoffs. Technology was 2022's leader in job cuts, having announced 97,171 of them, followed by the automotive industry with 30,912 and health care/products manufacturers and providers with 30,626.
"The overall economy is still creating jobs, though employers appear to be actively planning for a downturn. Hiring has slowed as companies take a cautious approach entering 2023," Challenger Senior Vice President Andrew Challenger commented.
