102,000 job firings in US high tech in December, according to report

Robert Besser
07 Feb 2023, 00:52 GMT+10

A report released this week detailed how, in January, layoffs in the US reached a more than two-year high
Technology firms cut jobs at the second-highest rate on record in anticipation of a possible recession
According to the report by employment firm Challenger, Gray and Christmas, 102,943 workers were laid off in January, an over five-fold rise from last year

WASHINGTON D.C.: A report released this week detailed how, in January, layoffs in the US reached a more than two-year high, as technology firms cut jobs at the second-highest rate on record in anticipation of a possible recession.

According to the report by employment firm Challenger, Gray and Christmas, 102,943 workers were laid off in January, a more than two-fold increase from December and an over five-fold rise from last year.

In an effort to work through a downturn in demand and lower consumer and corporate spending due to high inflation and rising interest rates, many major companies, including Microsoft, Amazon and Goldman Sachs, cut thousands of jobs last month.

Andrew Challenger, labor expert and Senior Vice President of Challenger, Gray and Christmas, said, "We are now on the other side of the hiring frenzy of the pandemic years. Companies are preparing for an economic slowdown, cutting workforce and slowing hiring," as quoted by Reuters.

With the Federal Reserve expected to continue raising interest rates to curb inflation, which has remained high after several rounds of rate increases, more job cuts by US companies are expected.

"For companies that ramped up headcount over the past few years, they will likely shrink their workforce as the economy is headed towards a rough patch," noted OANDA analyst Edward Moya, as reported by Reuters.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Brazil Sun.

More Information

23 ℃

Mostly Cloudy in Brasilia

South America

Section

Rome approves extradition of Russian governor's son to US

Artem Uss was arrested in Italy at the request of Washington for allegedly evading sanctionsA court in Italy approved the ...

IBA Women's World Boxing C'ships: Jaismine, Nikhat, Nitu, Manisha advance to quarterfinals

New Delhi [India], March 21 (ANI): Indian boxers Nikhat Zareen, Nitu Ghanghas, Manisha Moun and Jaismine extended their dazzling show ...

IBA Women's World Boxing C'ships: Nikhat, Nitu, Manisha advance to quarterfinals

New Delhi [India], March 21 (ANI): Indian boxers Nikhat Zareen, Nitu Ghanghas and Manisha Moun extended their dazzling show at ...

Five Ecuador TV Stations Receive Letter Bombs, one Explodes

Quito, Ecuador - Letter bombs were sent to at least five journalists working in TV and radio stations in violence-plagued ...

Under PM Modi's leadership, G20 has been democratised, says Dy CM Devendra Fadnavis

Mumbai (Maharashtra) [India], March 21 (ANI): Deputy Chief Minister of Maharashtra, Devendra Fadnavis on Monday said that under PM Modi's ...

Carlos Alcaraz reflects on "perfect tournament" after winning first Indian Wells title

California [US], March 21 (ANI): After winning his maiden Indian Wells title, C said the tournament was perfect and it ...

Business

Section