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Job Cuts Soar 396% As Biden’s Economy Continues To Spiral Out Of Control

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2 years ago

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In March, companies declared a significant rise in layoffs, with almost 90,000 job cuts reported. This represents a notable increase from the previous month and a substantial acceleration compared to a year ago. The news highlights the continuing economic challenges faced by companies under President Biden’s administration.

The total number of planned layoffs for the month reached 89,703, which is 15% higher than the figures for February. So far this year, job cuts have surged to 270,416, indicating a whopping 396% increase from the corresponding period in the previous year.

The tech industry has been particularly hard hit, with 102,391 job cuts announced so far in 2023. This figure represents a staggering increase of 38,487% compared to the same period in the previous year.

“We know companies are approaching 2023 with caution, though the economy is still creating jobs. With rate hikes continuing and companies’ reigning in costs, the large-scale layoffs we are seeing will likely continue,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc.

“The Technology sector is leading all industries, and this talent is in demand across industries. In fact, 38% of all cuts are in the Tech sector,” he added.

The main reasons cited for companies cutting jobs this year are Market/Economic Conditions, which account for 167,575 job cuts, followed by Cost-Cutting with 24,825 and store, unit, or department Closings with 22,109. Financial Loss was responsible for 9,870 job cuts, while 8,500 were lost due to Restructuring.

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