U.S. job cuts in January, February hit highest level since 2009: report

Sun, 26 Mar 2023

U.S. job cuts in January, February hit highest level since 2009: report

Xinhua
15 Mar 2023, 02:44 GMT+10

LONDON, March 14 (Xinhua) -- Employers in the United States announced plans to cut more than 180,000 jobs in January and February, the highest since 2009, according to a labor market analyst firm.

Among all the layoffs, the tech sector accounted for more than a third of the total number, Reuters said Thursday, citing a report from Chicago-based employment firm Challenger, Gray & Christmas.

U.S.-based employers announced 77,770 job cuts in February alone, compared with the 15,245 dismissals announced in the same month last year, according to the firm.

The U.S. Labor Department reported Thursday the number of Americans filing for unemployment benefits increased by 21,000 to 211,000 for the week ending March 4, the largest increase in five months.

"Certainly, employers are paying attention to rate increase plans from the Fed. Many have been planning for a downturn for months, cutting costs elsewhere. If things continue to cool, layoffs are typically the last piece in company cost-cutting strategies," said Andrew Challenger, senior vice president of Challenger, Gray & Christmas.

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