Private Sector Job Cuts Up Month-Over-Month in March

According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released Thursday (4-6-23), US-based employers announced 89,703 job cuts in March. This is up 15% from the 77,770 announced job cuts in February. It is also up 319% from the 21,387 job cuts announced in March 2022. CG&C notes that March’s total marks the third time this year when cuts were higher than the corresponding month a year earlier.

Between January 1st and March 31st, employers announced 270,416 job cuts, an increase from the 55,696 cuts announced during the same time period in 2022. GC&G says it is the highest first quarter total since 2020Q1, when 346,683 cuts were announced. It is also the highest quarterly total since 2020Q3, when employers cut 497,215 positions.

In March, employers announced plans to hire 9,044 workers, the lowest total for March since 2015, when 6,412 new hires were announced. So far this year (Q1), US employers have announced plans to hire 70,638, the lowest Q1 total since 2016, when GC&G reported 26,898 new hires were recorded.

The most hiring announcements occurred in Entertainment/Leisure with 17,317 new positions, down 53% from the 36,932 announced in 2022Q1. Technology was next with 9,323 jobs, down 68% from the 28,701 announced hires in 2022Q1.