Layoffs among employers based in the United States increased nearly 400% between the first three months of last year and this year.
Economic turmoil and a desire for increased cost efficiency are primary causes for employers dismissing large shares of their employees, according to a Thursday report from executive outplacement firm Challenger, Gray & Christmas. Layoffs have accordingly risen 396% between the first quarter of 2022 and the first quarter of 2023.
“We know companies are approaching 2023 with caution, though the economy is still creating jobs,” Challenger, Gray & Christmas Senior Vice President Andrew Challenger said in a statement. “With rate hikes continuing and companies’ reigning in costs, the large-scale layoffs we are seeing will likely continue.”
