Job cuts are approaching levels not seen since the pandemic began in 2020, as major cuts in the technology and financial industries are starting to show their impact on the economy and soften the labor market.
Employers have cut roughly 270,400 jobs so far this year, a 396% jump from this time last year, according to a newIn March alone, there were 89,700 layoffs, up 15% from February and 319% from March last year.
The stark increase reflects a downward trend toward levels not seen since the earliest days of Covid-19; it’s the highest first-quarter job loss rate since 2020. To compare, this year’s first quarter saw about 76,300 fewer jobs lost than the first quarter of 2020 and 308,100 fewer than in 2009 after the mortgage crisis.38%. Out of all layoffs this year, that’s how many took place in the tech sector, which is by far the hardest-hit industry for job cuts, per the Challenger report. Giants like Amazon, Google and Facebook parent Meta set the tone in late 2022, each firing more than 10,000 workers.
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