Retail led all U.S. industries in announcing job cuts in April, at 14,689, a 270 percent jump from the month earlier. So far this year, retailers have pared their payrolls by 36,115 positions, an 843 percent increase from the same period last year.
Those figures come from a just-released report from outplacement and business/executive coaching firm Challenger, Gray & Christmas Inc.
The company’s data also showed consumer products manufacturers announced the third-highest number of cuts last month, with 9,146, for a total of 19,116 thus far this year. This is a 391 percent increase from cuts announced through April 2022.
“Retailers and consumer goods manufacturers are preparing for a tightening in consumer spending, particularly with the Fed’s hike to interest rates in an attempt to control inflation,” said Andrew Challenger, labor and workplace expert and Senior Vice President of Challenger, Gray & Christmas, Inc.
Overall, employers announced plans to cut 337,411 jobs in the first four months of the year, a 322percent increase from a year ago. This is the highest January-April total since 2020, when just over a million pink slips were announced through April.
Sandwiched between retail and consumer goods in second place for job losses in April was the technology sector, with 11,553 cuts. This sector leads all industries in cuts this year, with 113,944, or 34 percent of all cuts announced in 2023.
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Though job cuts fell in April from March, hiring plans have also fallen significantly from 2022, Challenger, Gray & Christmas reports. In April, companies announced plans to add 23,310 positions for a total of 93,948 so far this year. This is down 81 percent from the same period last year.
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