Dubious Honor Alert: 1Q23 among biggest job cut quarters of last 22 years
Ahead of tomorrow’s March 2023 jobs report, Challenger, Gray & Christmas has a job cut report with some dubious honors for March and the first quarter of 2023.
The table above shows that, 1Q23 is among the biggest job cut quarters of the past 22 years.
The report also shows that:
– Companies’ announced job cuts were up 15% in March 2023
– March 2023 job cuts (89,703) announced by companies were up 319% from March 2022 (21,387)
– 1Q23 announced job cuts (270,416) are highest since 1Q20 (346,683), a dubious honor given that quarter was when pandemic lockdowns began.
– Tech companies announced 102,391 cuts in 1Q23, up 38,487% from 267 cuts in 1Q22, and up 5% from 97,171 total cuts for all of 2022.
– If this pace continues, tech sector job cuts would surpass the highest annual job cut totals from 2001 (168,395 cuts) and 2002 (131,294 cuts).
Here’s the full report.
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