In 2023, the U.S labor market has been hit with an unsettling wave of layoffs, and many individuals are now grappling with the harsh reality of unemployment. This year alone, multiple industries - from Big Tech to Detroit's Big 3 - have announced payroll reductions, as many companies have slashed headcounts and even closed their doors for good.
In fact, data from Challenger, Gray & Christmas shows 604,514 job cuts were planned at companies through September this year - marking an increase of 198% over the first nine months of 2022. That's the highest number of announced cuts since the pandemic era of January-September 2020 - and prior to COVID-19, it's the highest since the comparable period of 2009.
