USA: According to executive coaching company Challenger, Gray & Christmas, US employers announced 77,770 job cuts in February, a 410% increase from the same month last year.

According to the report released earlier this week, the total for February was the highest for a single month since 2009, when 186,350 job cuts were reported. However, the number was 24% less than the 102,943 cuts announced in January.

According to the study, employers have already announced plans to cut 180,713 jobs this year, up 427% from the 34,309 job cuts announced in the first two months of 2022. 2009.

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Employers are undoubtedly interested in the Fed's plans to raise rates. Many have been cutting costs elsewhere in preparation for a recession for months.

According to Andrew Challenger, the company's senior vice president. Layoffs are usually the final step in a company's cost-cutting strategy if business conditions remain sluggish.

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According to the report, technology companies cut the maximum number of jobs last month, totaling 21,387. It has been announced to cut 35% of all jobs in 2023 for the tech industry.

“Right now, technology is seeing the majority of the cuts. For now, consumer spending is in line with economic conditions, and the financial and retail sectors are also making cuts. All 30 industries that Challenger tracks have lost jobs in February,” Andrew said. experienced loss." Challenger.

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The study also showed that hiring was down with companies announcing plans to hire 28,830 people in February, a decline of 87% year-on-year.