Private Sector Job Cuts in February Down Month-Over-Month but Up Year-Over-Year
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Job Cuts Hit 77,770 in February; Highest YTD Since 2009
Job Cuts Hit 77,770 in February; Highest YTD Since 2009
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.
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