Layoff announcements in February hit their highest level for the month since the global financial crisis, according to outplacement firm Challenger, Gray & Christmas.
From a historical perspective, this was the worst February since 2009, which saw 186,350 announcements as the worst of the financial crisis was seemingly coming to an end.
"As we navigate the start of 2024, we're witnessing a persistent wave of layoffs," said Andrew Challenger, the firm's labor and workplace expert.
Layoff announcements at financial firms have risen 56% compared with the first two months of 2023.
It's worth noting that last year alone, AI was directly cited in 4,247 job reductions, suggesting a growing impact on companies' workforces," Challenger reported.
Persons:
Andrew Challenger
Organizations:
Wall, Challenger
Locations:
Lake Forest , CA