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U.S. employers witnessed a decrease in announced job cuts for December, marking the lowest figure since July, according to a report released today by outplacement firm Challenger, Gray & Christmas.
The data revealed a 24% decline, with 34,817 announced layoffs compared to 45,510 in November. Additionally, layoffs dropped by 20% compared to December 2022.
However, the overall picture for 2023 presents a contrasting narrative. Announced job cuts for the year exceeded 720,000, almost doubling from the previous year.
This figure represents the highest annual total since 2020, a year dominated by the emergence of the COVID-19 pandemic, during which over 2 million job cuts were reported.
Andy Challenger, Senior Vice President of Challenger, Gray & Christmas, commented on the findings, stating, “Layoffs have begun to level off, and hiring has remained steady as we end 2023. That said, labor costs are high. 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 Q1, though at a slower pace.”
The technology and retail industries emerged as the sectors with the highest job cuts in 2023. Employers in these industries cited economic uncertainty and the closure of businesses, units, or stores as primary reasons for layoffs.
Specifically, the technology sector reported 168,032 job cuts annually, nearly matching the sector’s record of 168,395 set in 2001.
As the calendar turns to 2024, a sense of cautious optimism pervades, tempered by the continued focus on cost-cutting measures among employers.
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