February 2024: Record Layoffs Hit US Companies

Layoff announcements in February 2024 reached the highest level for the month since 2009, with a total of 84,638 planned cuts, marking a 3% increase from January and a 9% increase from the same month a year ago. Technology and finance companies were at the forefront of these layoffs, with the tech industry leading in cuts. Despite the rise in layoffs, weekly jobless claims have not reflected the increase, suggesting that unemployment is short-lived and workers are finding new positions. Companies are citing restructuring plans and technological innovations as the main reasons for the reductions in workforce, with artificial intelligence and technological updates contributing to a significant number of job reductions.