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More than 90,000 people lost their jobs in March, the most in the U.S. since January 2023, as companies adopt “more-do-more-with-less” approaches, according to a new report from Outplacement. It was the month with the highest number of layoffs by employers based in . Career services company Challenger, Gray & Christmas.
A flag flies outside the Pentagon, home to the U.S. Army, on September 11, 2021.
important facts
U.S.-based employers shed 90,309 jobs in March, the highest month since January 2023, when 102,943 jobs were lost.
More than a third of those jobs were cut from federal positions, with 36,044 jobs lost in the sector, including 24,000 in the U.S. Army and 10,000 in the Department of Veterans Affairs, according to the report. That's what it means.
March's layoffs marked the highest total of civil servants laid off in a single month since September 2011, and the government's largest single layoff in March.
Overall, the total number of jobs lost in March was 7% higher than the 84,638 job cuts announced in February, contributing to a total of 257,254 job cuts in the first quarter of 2024.
Technology led the way in the quarter with 42,442 job losses, followed by government and third, with 28,715 jobs lost so far this year.
The majority of job losses in the first quarter (66,303) were due to cost cutting, followed by 48,352 job losses due to restructuring, and a further 38,619 jobs announced due to department and store closures. .
big number
257,254. That's the number of jobs cut this year, according to a report in Challenger. Overall, layoffs are lower than last year, even though the number of monthly payrolls was higher in March than in any month since January 2023. By this point in 2023, 270,416 jobs have been lost.
amazing facts
The Eastern region of the United States (which includes 12 states, including New York, Massachusetts, and Washington, D.C.) has seen more layoffs than any other region. The region has seen more than 94,000 layoffs so far this year, followed by the West with 92,178, the Midwest with 37,639 and the South with 33,031, according to the Challenger report. It has become.
important quotes
“Many companies appear to be returning to a 'do more with less' approach,” Andy Challenger, the company's senior vice president, said in a statement. “While technology continues to lead all industries so far this year, some industries, including energy and industrial manufacturing, have cut more jobs this year than last.”
Contra
Despite layoffs and slowing hiring, the U.S. unemployment rate has remained below 4% for 25 consecutive months, the longest such level since the 1960s, according to the Associated Press. The unemployment rate rose from 3.7% in December and January to 3.9% in February, the highest level in two years. Economists expect that rate to decline slightly when the Bureau of Labor Statistics releases its monthly employment report on Friday.
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