U.S. layoffs surge to two-year high as tech slashes thousands of jobs: report

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The layoffs impacted 102,943 workers, a more than two-fold jump from December and an over five-times surge from a year earlier, according to the report from employment firm Challenger, Gray & Christmas Inc.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

“We’re now on the other side of the hiring frenzy of the pandemic years,” said Andrew Challenger, labour expert and senior vice-president of the employment firm. “Companies are preparing for an economic slowdown, cutting workforce and slowing hiring.” The push to correct pandemic excesses has been most evident in the tech sector, which slashed 41,829 jobs last month, the highest across industries.Article content

Retailers, second after tech, cut 13,000 positions in January, compared with virtually no layoffs a year earlier. Financial firms, meanwhile, shed 10,603 jobs last month, up from 696 positions a year earlier.

Source: News Formal (newsformal.com)

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