American employers announced 77,770 job cuts in February, marking a 410% increase from the same month last year, executive coaching firm Challenger, Gray & Christmas has revealed.
According to the report issued earlier this week, February’s total was the highest for the month since 2009, when 186,350 job cuts were recorded. However, the figure was down 24% on the 102,943 cuts announced in January, reports RT.
“Certainly, employers are paying attention to rate increase plans from the Fed. Many have been planning for a downturn for months, cutting costs elsewhere,” the company’s senior vice president, Andrew Challenger, stated. “If things continue to cool, layoffs are typically the last piece in company cost-cutting strategies.”
The report indicated that technology companies axed the most jobs last month, with the figure hitting 21,387. The tech sector has announced 35% of all job cuts in 2023.