February 2024 Sees Highest Layoffs Since 2009

U.S. employers planned 84,638 job cuts in February, marking the highest layoff total for the month since 2009. Technology companies bore the brunt of the job losses, shedding 12,412 employees, while financial firms followed with 26,856 layoffs since the start of the new year. Industrial goods manufacturing and energy companies also saw significant increases in layoffs. The top reason cited for job cuts was restructuring, with companies attributing layoffs to stores closing and economic conditions. The labor market, historically tight over the past year, is showing signs of deterioration amid ongoing inflation and high interest rates.