Challenger, Gray & Christmas Inc. said Thursday that job cuts at U.S.-based employers totaled 89,703 in March, up 15% from the prior month, with more expected ahead. “With rate hikes continuing and companies’ reining in costs, the large-scale layoffs we are seeing will likely continue,” said Andrew Challenger, senior vice president of Challenger, Gray & Christmas. The previous month follows a month-to-month trend of increased job cuts in the U.S., as March marked the third time this year when cuts were higher than the year-earlier month. The 89,703 job cut figure for March amounts to more than four times the figure of 21,387 in March, 2022. In the first quarter, employers announced 270,416 cuts, up 396% from the 55,696 in the year-ago quarter and the highest first-quarter number since the first quarter of 2020.
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