7 March 2024
Layoff announcements in February soared to their highest level for the month since the 2009 global financial crisis, as reported by Challenger, Gray & Christmas. The month witnessed 84,638 planned layoffs, marking a 3% increase from January and a 9% rise from February of the previous year. The technology and finance sectors were particularly hit hard. This spike in layoffs represents the most challenging February since 2009, during which 186,350 layoffs were announced as the financial crisis was nearing its end. Interestingly, the financial markets found their footing in March 2009, leading to the longest period of economic expansion, which lasted until the onset of the Covid pandemic in March 2020.