Layoff announcements in February hit their highest level for the month since the global financial crisis, according to outplacement firm Challenger, Gray & Christmas.
The total of 84,638 planned cuts showed an increase of 3% from January and 9% from the same month a year ago, with technology and finance companies at the forefront.
From a historical perspective, this was the worst February since 2009, which saw 186,350 announcements as the worst of the financial crisis was seemingly coming to an end. Financial markets bottomed the following month, paving the way for the longest economic expansion on record, lasting until the Covid pandemic in March 2020.
For the year, companies have listed 166,945 cuts, a decrease of 7.6% from a year ago.
“As we navigate the start of 2024, we’re witnessing a persistent wave of layoffs,” said Andrew Challenger, the firm’s labor and workplace expert. “Businesses are aggressively slashing costs and embracing technological innovations, actions that are significantly reshaping staffing needs.”
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