Posted 1/4/2024, 12:34:19 PM
U.S. Employers Slow Pace of Layoffs in December, But 2023 Sees Sharp Rise to 720K+ on Economic Worries
- U.S. employers slowed layoffs in December, with 34,817 announced job cuts - the fewest since July
- For all of 2023, announced layoffs roughly doubled from 2022 to over 720,000 - the highest since 2020
- The technology and retail industries had the most job cuts in 2023
- Employers cited economic uncertainty and closures of businesses/units/stores as top reasons for layoffs
- Hiring is expected to slow in Q1 2024 but layoffs should continue at a slower pace