Layoffs surged 98% in 2023; It could get worse this year – By Megan Henney (FOX Business) / Jan 22, 2024
Layoffs skyrocketed in 2023 – and there could be more job cuts on the way
The pace of job cuts by U.S. employers accelerated in 2023, with the number of layoffs surging 98% compared with the previous year.
That is according to a new report published by Challenger, Gray & Christmas, which found that companies planned 721,677 job cuts last year, a substantial increase from the 363,832 layoffs reported in 2022.
The problem could get worse in 2024 as the labor market continues to soften in the face of high interest rates and stubborn inflation.
“Labor costs are high,” said Andy Challenger, senior vice president of Challenger, Gray & Christmas. “Employers are still extremely cautious and in cost-cutting mode heading into 2024, so the hiring process will likely slow for many job-seekers and cuts will continue in the first quarter.”
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