Important Takeaways:
- Job Cuts Drop 49% in June 2023, Lowest Total Since October 2022; Is the Tech Purge Over?
- U.S.-based employers announced 40,709 cuts in June, down 49% from the 80,089 cuts announced in May. It is up 25% from the 32,517 announced in the same month one year prior, according to a report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.
- Despite the drop, June’s total marks the sixth time this year when cuts were higher than the corresponding month a year earlier.
- Employers have announced 458,209 cuts so far this year, a 244% increase from the 133,211 cuts announced through June 2022. It is the highest first-half total since 2020, when 1,585,047 cuts were recorded. With the exception of 2020, it is the highest January to June total since 2009, when 896,675 job cuts were announced.
- Technology is leading in job cut announcements this year with 141,516, up 2,353% from the 5,769 cuts announced in the same period last year is now the second-highest total for the sector ever, with only 2001 leading.
- Retail companies announced the second-most job cuts this year with 48,212, a 718% increase from the 5,896 cuts announced in the sector during the same time last year.
- Financial firms announced the third-most cuts so far in 2023 with 39,768, up 268% from the 10,800 cuts announced in the sector in the first half of 2022. Health Care/Products companies and manufacturers, including hospitals, announced 38,279, up 97% from the 19,390 cuts in the first half of last year.
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