Historical minimum: hiring in the US reaches its lowest point in a decade.
American companies plan to cut employee growth
American companies plan to reduce their hiring growth in 2024, marking the lowest level in the past ten years. According to Bloomberg, a report by Challenger, Gray & Christmas showed that last year, intentions to hire 769,953 employees were announced, the lowest figure since 2015. Additionally, employers plan to eliminate 761,358 jobs, which is 5.5% more than in 2023.
The report is based on current data indicating moderate demand for labor, as businesses have become more cautious ahead of January's changes in the White House.
The report also noted that technology companies led the layoffs last year, cutting nearly 134,000 jobs. However, this figure is 20.3% lower than in 2023. The healthcare sector ranked second with 51,600 jobs cut, while the automotive sector experienced around 48,200 layoffs due to the transition to electric vehicles and supply chain issues.
The most common reasons for layoffs in 2024 were 'market/economic conditions' with around 150,000 jobs cut and 'cost reductions' with over 148,000 cases.
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