California Hammered: Job Cuts Surge to Five-Year High
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tech Layoffs Surge to Five-Year High, But Hiring Plans Emerge
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Job cuts across the United States have reached a five-year high, with California and Washington state experiencing the most notable reductions. Despite the overall increase in layoffs, some tech companies are simultaneously announcing new hiring initiatives.
National Layoff Numbers Climb
Nationwide, a total of 1,170,000 job cuts were announced from January to November 2023, a 54% increase compared to the same period in 2022, according to a report released on thursday by outplacement firm Challenger, Gray & Christmas. Challenger, Gray & Christmas has been tracking layoff announcements since 1989.This marks the highest number of cuts as 2020, when the COVID-19 pandemic triggered widespread job losses.
The previous high for the year was recorded in April 2023, with 168,478 announced cuts. November saw a decrease, with 58,800 cuts announced, the lowest monthly total as April.
| Year | total Job Cuts (Jan-Nov) | % Change from Previous Year |
|---|---|---|
| 2020 | 839,366 | N/A (COVID-19 Pandemic) |
| 2021 | 430,668 | -48.6% |
| 2022 | 760,720 | +76.7% |
| 2023 | 1,170,000 | +54% |
California Leads in Job Cuts
California employers announced 173,022 job cuts between January and November 2023, representing a nearly 14% increase from the 151,835 cuts announced during the same period in 2022.Challenger, Gray & Christmas data shows the state consistently leads in layoff announcements.
Washington state also experienced significant cutbacks, tho the specific number was not detailed in the initial report.
Hiring Plans Amidst Downsizing
Despite the widespread layoffs, some tech companies are still actively hiring. employers announced 258,084 planned