US Job Cuts Soared 98% in 2023, Could Worsen in 2024

Tech, retail, and healthcare sectors hit hardest as high inflation, interest rates, and AI impact lead to layoffs.

US companies planned 721,677 job cuts in 2023, a 98% increase from the 363,832 layoffs reported in 2022, according to a report by Challenger, Gray & Christmas.
High-profile tech companies, including Meta and Amazon, laid off around 168,032 employees in 2023, a 73% increase from the previous year.
Retail companies cut 78,840 jobs in 2023, a 274% increase from the previous year, while healthcare and product manufacturers, including hospitals, eliminated 58,560 positions, a 91% increase from 2022.
Deteriorating market and economic conditions, high inflation, high interest rates, store closures, bankruptcy, and the onset of AI were cited as the main reasons for the job cuts.
Experts warn that the situation could worsen in 2024 as the labor market continues to soften.