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Tech industry accounted for 28% of all layoffs in February, cutting 21,387 jobs in the shortest month of the year.

US-based companies cut 77,770 jobs in February, compared to 102,943 in January. Tech companies continued to lead the layoff race, trimming 21,387 jobs last month, which represents 28% of all cuts, according to a report by executive outplacement firm Challenger, Gray & Christmas.
 

US Employers Cut 77.7K Jobs in February

Tech companies accounted for the most considerable portion of layoffs in February across all sectors, marking a continuation of a trend that emerged in late 2022. The industry cut 21,387 jobs last month, accounting for 28% of all announced layoffs.

The industry laid off 63,216 employees since the year started, up by a whopping 33,705% from the 187 cuts in the same period last year. Challenger data shows that the tech sector accounted for 35% of all layoffs in 2023.

US employers cut 77,770 jobs in February, down 24% from 102,943 in January. Annually, layoffs surged by 410% from 15,245 announced in February 2022.

February 2023 marked the highest number of monthly layoffs since 2009. Since the start of the year, US-based employers announced intentions to slash 180,713 jobs, up 427% from 34,309 layoffs announced in the first months of 2022.

The number of US workers filing for unemployment benefits increased more than 10% last week but is still historically on the lower side. This could suggest that laid-off workers are getting new jobs relatively quickly or might not be in the labor market due to hefty severance packages.

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