Challenger: US job cuts up to 102,943 in January
Job cuts in the United States observed a drastic increase of 136% from 43,651 in December to 102,943 in January, Challenger, Gray & Christmas Inc. revealed in its report published on Thursday. It is 440% higher than the 19,064 cuts registered at the same time last year.
January observed the highest total since 2009 when 241,749 were recorded and the highest monthly total since September 2020 when 118,804 job cuts were reported. The technology industry led the most layoffs with 41% of all cuts announced in January. The retail sector followed second with 13,000, closely followed by the financial industry with 10,603 cuts.
"We’re now on the other side of the hiring frenzy of the pandemic years. Companies are preparing for an economic slowdown, cutting workers and slowing hiring," Challenger Senior Vice President Andrew Challenger commented.