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Layoff Impact
According to a report from human resources firm Challenger, Gray & Christmas, which specializes in career transition and outplacement services, “layoffs are creeping up, and job openings are drying up.”
This analysis suggests that ongoing job losses not only harm worker morale but also fail to provide a long-term solution for companies.
Technology, in particular, tops the list for the highest number of layoffs in any sector this year. While tech layoffs have slowed compared to recent years, they remain elevated as companies recalibrate from pandemic-era hiring surpluses.
Interestingly, white-collar jobs have been significantly affected, despite blue-collar workers traditionally being the most impacted by economic downturns.
Much of this shift is attributed to AI adoption, which is driving job disruption across the tech sector. With AI replacing jobs, further job cuts may be on the horizon.
Job Cuts by the Numbers
Challenger, Gray & Christmas’ analysis of the Job Openings and Labor Turnover Survey (JOLTS) shows that companies have announced 609,242 job cuts so far in 2024.
