Industry Tracker: US Job Cuts up 127% in Nov Amid Tech Sector Job Drain
Pedestrians walk by a “Now Hiring” sign outside a store on August 16, 2021 in Arlington, Virginia
WASHINGTON (Sputnik) – US employers slashed 76,835 jobs in November, some 127% more than in October and five times more than a year ago, private employment tracker Challenger, Gray & Christmas, Inc. said Thursday in a report that showed most of the cuts occurring in the high-paying technology sector.So far this year, US employers have announced plans to cut 320,173 jobs, a 6% increase from the 302,918 cuts reported in the first eleven months of 2021, the firm said.With November’s total, job cuts in 2022 have surpassed cuts announced in 2021 for the first time this year. The year-to-date total is the second lowest on record, since Challenger, Gray & Christmas began tracking job cuts in 1993, with the lowest occurring during the same period last year.
AmericasDays Before Election, Latest Labor Dept Report Says US Economy Added Quarter-Million Jobs in October4 November, 18:23 GMTOf November’s job cuts, almost 70% occurred in the technology sector alone, where some 52,771 positions were shed. For all of this year, the sector has lost 80,978 jobs.“This is the highest monthly total for the sector since the firm began keeping detailed industry data in 2000,” the firm said in its report for November. “It is the highest YTD [year-to-date] total for the sector since 2002, when 128,563 tech-sector cuts were recorded through November and 131,294 for the year. This year’s tech cuts are 535% higher than the 12,761 cuts announced through the same period in 2021.”
