Layoffs in January and February were highest since 2009, and the tech sector accounted for more than 1/3 of over 180,000 job cuts. Read on.
in the United States stood at 77,770, more than five times higher than the 15,245 job cuts announced a year earlier, according to the report from employment firm Challenger, Gray & Christmas Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
“Right now, the overwhelming bulk of cuts are occurring in technology. Retail and financial are also cutting right now, as consumer spending matches economic conditions,” said Andrew Challenger, senior vice president of Challenger, Gray & Christmas Inc. Tech companies from Microsoft Corp. and Google-parent Alphabet Inc. to PayPal Holdings have cut thousands of jobs this year in an effort to curb spending and protect margins amid an uncertain economic outlook.Article content
“The layoffs that many of these companies are announcing are welcome to investors, sort of right-sizing the cost structure, rationalizing growth is being rewarded in the marketplace,” said James Tierney, chief investment officer at asset management firm Alliance Bernstein. Shares of Alphabet, Microsoft, Amazon.com Inc. and Meta Platforms Inc. have gained between six per cent and 54 per cent so far this year, after falling between 29 per cent and 64 per cent in 2022.
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