US layoffs hit two-year high in Jan as tech firms cut thousands of jobs

Retailers, second after tech, cut 13,000 positions in January, compared with virtually no layoffs a year earlier

layoffs, job loss, lay-offs, unemployment

Financial firms, meanwhile, shed 10,603 jobs last month, up from 696 roles a year earlier

Layoffs in the United States hit a more than two-year high in January as technology firms cut jobs at the second-highest pace on record to brace for a possible recession, a report showed on Thursday.
The layoffs impacted 102,943 workers, a more than two-fold jump from December and an over five-times surge from a year earlier, according to the report from employment firm Challenger, Gray & Christmas Inc.
Companies from Microsoft Corp to Inc and Goldman Sachs Group Inc cut thousands of jobs last month in a bid to ride out a demand downturn as consumer and corporate spending shrinks due to high inflation and rising interest rates.

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Feb 02 2023 | 6:06 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers.

Register to