January Job Cuts Surge 106% on Tech, Retail, Industrial
Job cuts announced by U.S.-based employers jumped 106%, from December’s total of 32,843 to 67,735, the highest monthly total since February 2019, according to a report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.
Last month’s total is 27.8% higher than the 52,988 cuts announced in the same month last year. It is the highest total since February 2019, when employers announced 76,835 cuts.
Technology companies led in announced job cuts last month with 13,869, 1,828.9% higher than the 719 cuts announced in that sector in December 2019 and 2,073.4% higher than the 638 cuts from Technology firms announced in the same month last year. Technology companies cut 64,166 jobs in 2019, compared to 14,230 in 2018.
“We have seen large Technology companies shed workers as they pivot to new products or services. In some cases, long-standing, bellwether companies are reducing bureaucracy and removing layers of management to become nimbler,” said Andrew Challenger, Vice President of Challenger, Gray & Christmas, Inc.