Layoffs in the U.S. rose 9% in February as companies battled deteriorating market and economic conditions — and more job cuts could be coming this year.
The pace of job cuts by U.S. employers accelerated in February, a sign the labor market is starting to deteriorate in the face of ongoing inflation and high interest rates. That is according to a new report published Thursday by Challenger, Gray & Christmas, which found that companies planned 84,638 job cuts in February, a 3% increase from the previous month and a 9% jump from the same time last year. It marked the highest layoff total for the month of February in data going back to 2009.
Another source of layoffs in February was education, which trimmed 6,336 positions last month, a significant increase from the 607 layoffs announced in January and February 2023. The top reason cited for job cuts last month was restructuring. Companies blamed stores closing and economic and market conditions for the layoffs, as well.
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