Mar 05 Challenger Report: February Cuts Plunge, YTD Hiring Falls 56%
Source: Challenger, Gray & Christmas
Mar 05 Challenger Report: February Cuts Plunge, YTD Hiring Falls 56%
LAYOFFS PLUNGE 55% TO 48,307 IN FEBRUARY; HIRING PLANS DOWN 56% YTD
U.S.-based employers announced 48,307 job cuts in February, down 55% from the 108,435 job cuts in January. It is down 72% from the 172,017 cuts announced during the same month last year, according to a report released Thursday from global outplacement and executive coaching firm Challenger, Gray & Christmas.
Through February, employers announced 156,742 job cuts, the lowest January-to-February total since 2022, when 34,309 cuts were recorded in the first two months of the year. It is the fifth-highest January-February total since 2009.
"February's dip is a nice reprieve from the elevated job cut plans to start the year. With U.S. involvement in a growing war in Iran, the end of Q1 may bring more layoff plans as companies tighten belts amid uncertainty and higher costs," said Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas.
WHICH INDUSTRIES ARE CUTTING IN FEBRUARY?
Technology announced 11,039 job cuts in February for a total of 33,330 in 2026. That is an increase of 51% from the 22,042 cuts in this sector announced in the same period last year.
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Read more: https://www.challengergray.com/blog/challenger-report-january-job-cuts-surge-lowest-january-hiring-on-record-2/
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