Layoffs by U.S. companies over January and February touched the highest since 2009

3/14/2023

Layoffs by U.S. companies over January and February touched the highest since 2009, with the tech sector accounting for more than a third of the over 180,000 job cuts announced, per Reuters.

The number of Americans filing new claims for unemployment benefits rose 21,000 in the week ended March 4, the Labor Department said — the biggest increase in five months.

U.S. firms announced plans to hire 28,830 workers in February, down 87 per cent from 215,127 a year earlier, the report added.

Recently, it was said that cmpanies are using layoffs to cut new-hire salaries and win back the power they held before the pandemic.

"Yes, there is an economic downturn, but I do think there's a lot to be said about companies making strategic decisions to put power back in their hands and put their foot down," an anonymous user said per BI.

"Now the companies that are hiring are taking weeks and months to fill roles and they want to make sure they hire the cheapest person," said a user on BI. "It's 'take it or leave it.'"

Read more: https://unusualwhales.com/news/companies-are-using-layoffs-to-cut-new-hire-salaries-and-win-back-the-power-they-held-before-the-pandemic

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