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Announced job cuts totaled 34,817 in December, down 24% from
45,510 in November, according to data released by outplacement
firm Challenger, Gray & Christmas. Announced layoffs fell 20%
from December 2022.
For the year, though, announced layoffs roughly doubled from
2022 to more than 720,000. That was the highest since 2020 when
over 2 million job cuts were reported, the report said.
“Layoffs have begun to level off, and hiring has remained steady
as we end 2023," said Andy Challenger, workplace and labor
expert and Senior Vice President of Challenger, Gray &
Christmas, Inc.
"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 said.
The technology and retail industries announced the most job cuts
in 2023, with employers most frequently citing economic
uncertainty and the closure of businesses, units or stores as
reasons for layoffs. Employers in the technology industry
announced 168,032 job cuts on an annual basis, just shy of the
sector's record of 168,395 set in 2001.
(Reporting by Amina Niasse; Editing by Chizu Nomiyama)
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