Job cuts in the US decreased by 24.5% in February from the highest level in 27 months seen in January 2023, according to a statement by Challenger, Gray & Christmas. The number of layoffs in February was 77,770, down from 102,943 in the previous month, bringing the total number of job cuts in the past two months to 180,713. However, layoffs increased by 410.1% compared to 15,245 seen in January last year. Andrew Challenger, Senior VP at Challenger, Gray & Christmas, said that employers are paying attention to the Fed’s interest rate hike plans and that many have been planning a decrease for months, cutting costs elsewhere. He also pointed out that significant job cuts are currently being seen in the technology sector, with 21,387 layoffs in February, up from just 115 in the same month last year. The healthcare sector followed with 9,749 job cuts, and the media sector with 8,984.
