U.S. companies announced over 90,000 job cuts in March — the highest number since January 2023

Employers in the United States announced 90,309 job cuts in March, a 7% increase from February, according to data released Thursday by executive coaching firm Challenger, Gray & Christmas.

This number of planned layoffs marks the highest monthly total since January 2023, when employers announced 102,943 job cuts. Companies are cutting jobs due to store closings, bankruptcies, organizational restructurings or general cost-cutting, Challenger said. These reductions suggest that “many companies appear to be returning to an approach of doing more with less,” Senior Vice President Andy Challenger said in a statement.

“As technology continues to dominate every sector so far this year, several sectors, including energy and industrial manufacturing, are shedding more jobs this year than last,” he said. -he declares.

The number of layoffs in March may seem disconcerting given that, by most traditional economic measures, the U.S. labor market is strong. The country’s unemployment rate is near a 50-year low and wages are starting to outpace inflation. In January, the U.S. economy created 353,000 jobs, which exceeded the expectations of most economists.

Challenger’s numbers come a day before the U.S. Department of Labor releases the March jobs report.