Layoffs accelerate amid high inflation!

Rising interest rates alongside high inflation and uncertainties regarding the global economic outlook have increased layoffs since last year. It is expected that layoffs will not slow down in 2024.

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Companies' costs have risen due to increasing interest rates in the face of high inflation. With the rise in global economic uncertainties, companies continue to take steps to reduce their costs.

The shift toward artificial intelligence and automation to lighten workloads is increasing signs that layoffs will continue this year as well.

According to data from Chicago-based global outplacement and career transition firm Challenger, Gray & Christmas, layoffs in the U.S. increased by 98 percent last year.

While the number of layoffs in the U.S. was recorded at 363 thousand 832 in 2022, it was recorded at 721 thousand 677 in 2023.

The sector with the highest number of layoffs was identified as the "technology sector." According to data from Challenger, Gray & Christmas, 168 thousand 32 people were laid off in the technology sector.

According to Layoffs.fyi data, 1,186 technology companies laid off 262 thousand 595 people last year. Since the beginning of this year, 72 technology companies have already terminated the employment of 13 thousand 240 workers.