Job Cuts Jump In March 2024 To Highest Total Since Jan 2023

Job Cuts Jump In March 2024 To Highest Total Since Jan 2023

Job Cuts Jump In March 2024 To Highest Total Since January 2023 On Government & Tech

By Jeff Altman, The Big Game Hunter

An executive summary of an article from Challenger, Grey and Christmas

U.S.based employers announced 90,309 cuts in Marchup 7from the 84,638 cuts announced in Februaryand virtually the same as the 89,703 cuts announced in the same month last year.

It is the highest monthly total since 102,943 cuts occurred in January 2023according to a report released Thursday from global outplacement and leadership development and executive coaching firm ChallengerGray & ChristmasInc. In the first quartercompanies announced plans to cut 257,254 jobsdown 5from the 270,416 cuts announced in the same quarter last year.

It is up 120from the 117,163 cuts which occurred in the final quarter of 2023.

Layoffs certainly ticked up to round out the first quarterthough below last year’s levelsMany companies appear to be reverting to a ‘do more with less‘ approachWhile Technology continues to lead all industries so far this yearseveral industriesincluding Energy and Industrial Manufacturingare cutting more jobs this year than last,” said Andy Challengerworkplace and labor expert and Senior Vice President of ChallengerGray & ChristmasInc. Industries Cutting The Most Jobs Technology leads all industries in job cut announcements this year with 42,442down 59from the 102,391 cuts announced in the first quarter last year.

In MarchTechnology companies announced 14,224 cuts.

The Government announced 36,044 job eliminations in Marchincluding 10,000 cuts from the Veterans Affairs and 24,000 cuts to the United States Army.

This is the highest monthly total for the sector since September 2011when Government entities cut 54,182primarily on an announcement to cut 50,000 positions in the U.S. Army.

This sector has cut a total of 15,584 cuts between 2021 and 2023 after cutting 78,323 cuts in 2020.

Financial firms cut the third-most jobs in the first quarter with 28,715down 6from the 30,635 cuts announced in the first quarter of 2023.

The Services sector announced slightly fewer jobs than during the same time last year16,014 in Q1 2024 compared to 16,612 cuts in Q1 2023.

Transportation companies have announced 15,746 cutsup 483from the 2,701 announced through March 2023.

Industrial Goods Manufacturing have announced 9,214 cuts so far in 2024a 726increase over the 1,115 cuts announced during the same period last year.

The Apparel industry has announced 1,702more cuts than last yearEnergy cuts are up 1,114%, Education announcements are up 756%. Meanwhilecuts in the Real Estate industry are down 72%, Healthcare/Products Manufacturer cuts are down 50%, Retail cuts are down 43%, and Automotive sector announcements are down 39%. Media Cuts The Media industry shed 2,246 cuts last monthfor a total of 6,931 in the first quarter.

This is down 33from the 10,320 cuts announced in the sector during the first quarter of 2023.

Of the Media cuts tracked343 occurred in digitalbroadcastand print News last monthfor a total of 2,127 in Q1. This is up 48from the 1,438 cuts announced in News in the first quarter of 2023.

News organizations are still grappling with business models based on ads and subscribersGenerative AI is absolutely a technology these companies are attempting to implement without losing journalistic integrity and credibility from readers,” said Challenger.

Why Are Companies CuttingThe leading reason for job cuts in the first quarter was “Cost-Cutting,” which accounted for 66,302 of the reductionsfollowed by “Restructuring,” which led to 48,352 cuts this year.

Another 38,619 were due to businessunitor store closures.

Market Conditions were responsible for 23,329 cutswhile 7,591 were linked to Bankruptcy.

Hiring Plans U.S. employers announced plans to add 36,795 positions in the first quartera 48decrease from the 70,638 hiring plans announced during the same period last year.

This is the lowest number of announced hiring plans since 2016when employers planned to hire 26,898 workers in the first quarter.

The Energy sector led all industries with plans to hire 5,800 workersfollowed by the Technology sectorwhich plans to add 2,237 positions.

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