Layoffs up 287% in first 5 months of 2023; healthcare Leave a comment
A new report highlights the troublesome trend of companies cutting costs by laying off workers, revealing that job cuts are up 287% since May of last year.
According to the report, healthcare—an industry known for offering professional stability on many fronts—is not immune to the far-reaching effects of rising costs and inflation. Healthcare companies, including manufacturers that produce health products, announced a total of 33,085 layoffs in the first five months of 2023. This is up from the 18,301 job cuts that took place during the same period in 2022—an 81% increase overall.
The report was shared June 1 by global outplacement and business and executive coaching firm Challenger, Gray & Christmas Inc. The report’s data indicate that, outside of 2020, this is the largest amount of job cuts the U.S. has witnessed during the first five months of any year since 2009. So far this year, companies have announced 417,500 layoffs; in comparison, during the same period in 2022, that figure was 100,694, representing a 315% increase.
Andrew Challenger, labor expert and senior vice president of Challenger, Gray & Christmas, offered his insight pertaining to what’s behind the temperamental job market.
“Consumer confidence is down to a six-month low and job openings are flattening,” Challenger said. “Companies appear to be putting the brakes on hiring in anticipation of a slowdown.”
