February Layoffs , Hit Highest Level Since 2009.<br />According to a report released by <br />Challenger, Gray & Christmas on March 7, companies cut 84,638 jobs in February.<br />That number represents a 3% increase <br />from January and a 9% jump <br />year-over-year, Fox Business reports.<br />As we navigate the start of 2024, we're <br />witnessing a persistent wave of layoffs. , Andy Challenger, senior vice president of <br />Challenger, Gray & Christmas, via Fox Business.<br />Businesses are aggressively slashing <br />costs and embracing technological <br />innovations, actions that are <br />significantly reshaping staffing needs, Andy Challenger, senior vice president of <br />Challenger, Gray & Christmas, via Fox Business.<br />Tech companies had the most <br />layoffs in February, over 12,000.<br />The sector has cut over 28,000 jobs since the beginning of 2024, Fox Business reports. .<br />Financial firms lost over 26,000 jobs <br />since the beginning of the year.<br />That is a 54% increase in layoffs for the sector compared to the same time last year.<br />Other sectors to experience significant layoffs this year include manufacturing, energy and education.<br />In light of the backlash some companies <br />have faced for directly attributing job <br />cuts to artificial intelligence, , Andy Challenger, senior vice president of <br />Challenger, Gray & Christmas, via Fox Business.<br />... they appear to be framing this <br />shift as a ‘technological update’ <br />rather than an outright substitution <br />of human roles with AI, Andy Challenger, senior vice president of <br />Challenger, Gray & Christmas, via Fox Business.<br />In truth, companies are also <br />implementing robotics and <br />automation in addition to AI. , Andy Challenger, senior vice president of <br />Challenger, Gray & Christmas, via Fox Business.<br />It's worth noting that last year alone, <br />AI was directly cited in 4,247 job <br />reductions, suggesting a growing <br />impact on companies’ workforces, Andy Challenger, senior vice president of <br />Challenger, Gray & Christmas, via Fox Business
