February Layoffs , Hit Highest Level Since 2009.
According to a report released by Challenger, Gray & Christmas on March 7, companies cut 84,638 jobs in February.
That number represents a 3% increase from January and a 9% jump year-over-year, Fox Business reports.
As we navigate the start of 2024, we're witnessing a persistent wave of layoffs.
, Andy Challenger, senior vice president of Challenger, Gray & Christmas, via Fox Business.
Businesses are aggressively slashing costs and embracing technological innovations, actions that are significantly reshaping staffing needs, Andy Challenger, senior vice president of Challenger, Gray & Christmas, via Fox Business.
Tech companies had the most layoffs in February, over 12,000.
The sector has cut over 28,000 jobs since the beginning of 2024, Fox Business reports.
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Financial firms lost over 26,000 jobs since the beginning of the year.
That is a 54% increase in layoffs for the sector compared to the same time last year.
Other sectors to experience significant layoffs this year include manufacturing, energy and education.
In light of the backlash some companies have faced for directly attributing job cuts to artificial intelligence, , Andy Challenger, senior vice president of Challenger, Gray & Christmas, via Fox Business.
... they appear to be framing this shift as a ‘technological update’ rather than an outright substitution of human roles with AI, Andy Challenger, senior vice president of Challenger, Gray & Christmas, via Fox Business.
In truth, companies are also implementing robotics and automation in addition to AI.
, Andy Challenger, senior vice president of Challenger, Gray & Christmas, via Fox Business.
It's worth noting that last year alone, AI was directly cited in 4,247 job reductions, suggesting a growing impact on companies’ workforces, Andy Challenger, senior vice president of Challenger, Gray & Christmas, via Fox Business
