Dark Picture: Layoffs See Uptick By 98% In The US!

America has the image of the land of opportunities as people from various places go there. The US has been the big arena for employees and companies to prosper. But things are not as good as expected for the employees last year as far as the layoffs are concerned.

In a development that many might not believe, the layoffs in the US in 2023 increased by as much as 98 percent. If we compare the layoffs with the previous year the numbers increased by 98 percent as around double the number of employees were removed which is a shock.

The shocking numbers were quoted by a big firm that compared the layoffs in 2023 with the previous year. What is even more shocking is that 2024 might be even more frightening as companies are looking at cost-cutting more.

The data cited by the report says that in 2022, the companies in the United States removed 363,832 which increased to 721,677 layoffs recording a massive jump of 98 percent. Various companies irrespective of size planned to cut jobs, the Challenger, Gray & Christmas said in the report.

While this is the case in 2023, 2024 might not be any different given the plans of the companies. Most companies want cost cut and with this, the employees are in danger of losing jobs. Besides the danger, the recruitment pace might be slow.

The layoffs are not restricted to just the IT and other sectors also did the same. The health care and product manufacturers also saw a big rise in layoffs and the numbers can be cited as one of the highest in recent times.

Inflation and economic instability are among the top reasons behind companies going for layoffs. Due to the uncertainty, firms across the fields went for layoffs. Even the tech giants are not an exemption from this. Global media firms also had to sack the employees to make the workspace short and crisp.