Private Sector Job Cuts in February Down Month-Over-Month but Up Year-Over-Year

According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released today (3-9-23), US-based employers announced 77,770 job cuts in February, down 24% from the 102,943 announced job cuts in January. However, this is 410% higher than the 15,245 job cuts announced in January 2022.

CG&C notes that February’s total is the highest for the month of February since 2009, when 186,350 were announced. Year-to-date, employers have announced plans to cut 180,713 jobs, up 427% from the 34,309 job cuts in the first two months of 2022. It is also the highest year-to-date total since 2009, when a total of 428,099 job cuts were announced for the time period.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.