Since the year 2020, employers in the US have axed the maximum jobs, reveals a report. About 1,02,943 jobs were cut in January 2023, which is more than double the number announced in December 2022. This is also 440 per cent more than in January of 2022. Of these, 41 per cent, that is, about 41,829 jobs were cut in the tech sector alone.
With companies gearing up to face the economic slowdown, hiring has either been frozen altogether or slowed down tremendously. Job are also being axed in big numbers.
As per the report by Challenger, Gray & Christmas, Inc., while economy-wide layoffs are low on the whole, the number of organisations that have announced job cuts has increased of late. The tech sector has seen maximum job cuts, with thousands being rendered jobless at Amazon, Meta, Alphabet, Microsoft, Twitter, PayPal and others.
About 1,10,793 job cuts have been announced since November 2022. In January, 2023, the tech sector saw 158 per cent more job cuts than December 2022.
The media industry announced 754 cuts in January, the highest monthly total since June 2021. Of these, 360 were in digital, print and broadcast news companies, reveals the report.
While firms had revealed their intention to hire 32,764 employees in January, mainly in the entertainment and leisure space, the number has come down 58 per cent, than what was announced in January 2022. It is 37 per cent less than what was announced in December 2022.
