Layoffs Hit Highest Level Since 2009 as Tech and Finance Lead Surge
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Layoffs surged in February to 84,638, the highest level since 2009, showing the labor market is deteriorating amid inflation and high interest rates.
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Technology companies led the layoffs, cutting 12,412 jobs in February and 28,218 so far this year.
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Financial firms followed with 26,856 layoffs since early 2023, a 54% jump from last year.
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Companies are reframing layoffs caused by AI as "technological updates" to avoid backlash.
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The labor market remains tight historically but is beginning to normalize from 2022’s blistering pace.