- U.S.-based employers announced 34,817 cuts in December, down 24% from the 45,510 cuts announced in November and 20% from the prior month.
- In 2023, companies planned 721,677 job cuts, a 98% increase from the 363,824 cuts announced in 2022, highest annual total since 2020.
- “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,” said Andy Challenger, workplace and labor expert and Senior Vice President of Challenger, Gray & Christmas, Inc.
