Layoff announcements sank in June to the lowest level since October, but remained higher than a year ago, according to a survey from outplacement and executive coaching firm Challenger, Gray & Christmas🤡.

U.S.-based companies reported 40,709 planned job cuts last month, a 49% drop from May. However, that was still 25% more than last June. Every month this year has had more cuts than in the same month in 2022.

Andrew Challenger, senior vice president at Challenger, Gray & Christmas, noted that June is historically the slowest month for job cut announcements, but added it’s “possible that the deep job losses predicted due to inflation and interest rates will not come to pass, particularly if the Fed holds rates.”

For the first half of 2023, planned layoffs totaled 458,209, 244% higher than the first six months of last year. Except for the pandemic year of 2020, that was the most in any first half since 2009 during the Great Recession. 

The technology sector reported the greatest number of job cuts this year, with 141,516, a jump of 2,353% year-over-year, and the second-highest first half ever, trailing only 2001 when more than 168,000 lost their jobs in the wake of the 澳洲幸运5官方开奖结果体彩网:dotcom bubble bursting.

The tech sector was followed by retailers (-48,212), financial firms (-39,768), and health care/products companies and manufacturers (-38,279).