Jobs website Glassdoor warned of “forever layoffs” in mid-November, as a small drip-drip-drip of cuts throughout the year flew under the radar of most newspaper headlines while instilling fear throughout white-collar ranks. Now the recruitment firm Challenger, Gray & Christmas has added a crucial bit of insight and one big number: 1.1 million. That’s how many layoffs have been announced year to date, only the sixth time since 1993 that threshold has been breached. With the notable and understandable exception of the pandemic year of 2020, you have to go back to 2009 to find a year with greater layoffs, and that was in the very depths of the Great Recession.
Technology remains the hardest-hit private sector industry, with more than 150,000 job cuts announced so far this year as firms continue to reset headcount after the boom years while they increasingly lean into automation. Telecom providers, food companies, services firms, retailers, nonprofits, and media organizations are all shedding workers as well, in many cases at double- or triple-digit percentage increases over last year.
