Market Updates
Employers Accelerated Job Cuts In March and First Quarter
Brian Turner
06 Apr, 2023
New York City
U.S. based employers cut jobs for the third month in a row, according to a report released by Challenger, Gray & Christmas, Inc on Thursday.
Employers announced 89,703 job cuts in March, 15% higher than 77,770 in February and soared 319% from 21,387 a year ago.
The job cuts were higher from a year ago for the third month in a row.
Employers announced 270,416 cuts in the first quarter, a 396% increase from the 55,696 cuts announced a year ago and the highest first quarter total since 2020 when 346,683 were announced.
The sharp jump in job cuts in March and in the first quarter also comes after months of payroll expansions in 2021 and 2022 but businesses are now shifting gears and preparing for economic slowdown in the face of weakening consumer demands driven by rising interest rates and elevated inflation.
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