Notably, government job cuts surged to 38,375 for 2024, a staggering 1520.6% increase due to military reductions. Transportation and industrial manufacturing cuts also rose sharply, reflecting sectoral shifts tied to cost pressures and evolving demand dynamics.
Regional Layoff Patterns
Regionally, layoffs rose across most areas except the South, where they fell by 21% compared to 2023. The West reported the highest volume of cuts at 332,369, up 8.2%, with California accounting for nearly half. Texas, in contrast, saw layoffs climb significantly to 71,467 from 41,509. The Midwest experienced a modest increase, driven by job losses in Ohio and Iowa. The East region saw a 15.8% rise, led by significant cuts in the District of Columbia due to federal workforce reductions.
Annual Hiring Plans at Nine-Year Low
Employers announced 769,953 hiring plans in 2024, down 1.3% from 2023, marking…
Read More
