Mass Layoffs in 2023 Soar Almost 100% From Year Earlier, Technology and Retail Hit Hardest
- Layoffs surged 98% in 2023 compared to 2022, with over 720,000 job cuts
- Technology sector was hit hardest with 168,032 layoffs, a 73% increase
- Retail sector saw nearly 79,000 layoffs, a 274% increase from 2022
- Health care and manufacturing eliminated over 58,000 positions, up 91%
- Main reasons cited for cuts were economic conditions, store closings, bankruptcy, and AI