Layoffs surged 136% in January to second-highest level on record

[mystery-ak]

February 1, 2024 1:56pm EST
Layoffs surged 136% in January to second-highest level on record
US job cuts skyrocket at beginning of 2024

By Megan Henney FOXBusiness


The pace of job cuts by U.S. employers accelerated at the start of 2024, a sign the labor market is starting to deteriorate in the face of ongoing inflation and high interest rates.

That is according to a new report published by Challenger, Gray & Christmas, which found that companies planned 82,307 job cuts in January, a substantial 136% increase from the previous month. However, that is down about 20% from the same time one year ago. It marked the second-highest layoff total for the month of January in data going back to 2009.

"Waves of layoff announcements hit U.S.-based companies in January after a quiet fourth quarter," said Andy Challenger, senior vice president of Challenger, Gray & Christmas. The cuts were "driven by broader economic trends and a strategic shift towards increased automation and AI adoption in various sectors, though in most cases, companies point to cost-cutting as the main driver for layoffs."

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https://www.foxbusiness.com/economy/layoffs-surged-january-second-highest-level-record

[Weird Tolkienish Figure]

Can confirm.

[Wingnut]

Feb numbers will negate the Jan numbers as the Layoffs hit.  Unemployment will increase as will inflation.  The US economy is in death loop.

[mystery-ak]

Layoffs skyrocketing in 2024: Here are the companies axing jobs
Daniella Genovese


It is becoming clear that companies are not finished with layoffs.

It is only four weeks into the new year, and tens of thousands of jobs have already been slashed across a multitude of industries, from Wall Street to travel, tech and media.

Many executives attributed the cuts to ongoing efforts to reorganize. It underscores how concerns about the economy are forcing employers to tighten their belts in the face of high interest rates and stubborn inflation.

Andy Challenger, senior vice president of executive outplacement firm Challenger, Gray & Christmas, had forewarned that cuts would continue into the new year after already surging 98% in 2023 compared to the year prior.

"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 the first quarter," said in a recent report.

Here is a rolling list of the most recent layoffs for 2024. This list will continually be updated:

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https://www.foxbusiness.com/lifestyle/layoffs-skyrocket-2024-here-companies-axing-jobs