{"id":1759065,"date":"2022-12-02T06:00:01","date_gmt":"2022-12-02T11:00:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1759065"},"modified":"2022-12-02T06:03:59","modified_gmt":"2022-12-02T11:03:59","slug":"job-cuts-soar-127-percent-in-november-amid-wave-of-tech-layoffs","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/job-cuts-soar-127-percent-in-november-amid-wave-of-tech-layoffs\/","title":{"rendered":"Job Cuts Soar 127 Percent In November Amid Wave of Tech Layoffs"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjob-cuts-soar-127-percent-in-november-amid-wave-of-tech-layoffs%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1759065&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The rate of <a href=\"https:\/\/www.theepochtimes.com\/t-job-cuts\">job cuts<\/a> in the United States soared 127 percent in November, amid a wave of layoffs in the tech industry.<\/p>\n<p>The American employers announced 76,835 cuts last month, a 127 percent increase from the 33,843 cuts in October, <a href=\"https:\/\/www.challengergray.com\/blog\/november-2022-job-cuts-soar-127-as-tech-drains-jobs-highest-monthly-total-since-jan-2021\/\">according to a report<\/a> by Challenger, Gray &#038; Christmas.<\/p>\n<p>Last month saw a 417 percent increase over the 14,875 cuts announced in November of last year, and is\u00a0the sixth time for 2022 that cuts were higher than in the\u00a0corresponding month a year earlier,\u00a0<a href=\"https:\/\/www.challengergray.com\/blog\/no-21-job-cuts-fall-to-lowest-monthly-total-since-may-1993-14875-cuts-recorded\/\" target=\"_blank\" rel=\"noopener\">according to Challenger.<\/a><\/p>\n<p>A separate <a href=\"https:\/\/www.forbes.com\/sites\/brianbushard\/2022\/11\/22\/hp-cuts-more-than-4000-jobs-here-are-the-biggest-us-layoffs-this-year\/?sh=6ab5bbe0a3dc\">layoff tracker<\/a> by Forbes <a href=\"https:\/\/www.forbes.com\/sites\/brianbushard\/2022\/12\/01\/46000-laid-off-in-november-alone-as-job-cuts-grow\/?sh=57eb890248d4\">reported<\/a> that 46,000 worker lost their jobs in two dozen large corporate layoffs in November, including nearly 4,000, on Nov. 1.<\/p>\n<h3>Job Losses Spike in November, as Fears of Recession Loom<\/h3>\n<p>Employers are now freezing hiring or slowing cutting positions due to the fear that a recession is around the corner, as the once strong labor market begins to take a hit.<\/p>\n<p>Nearly 100 large companies, ranging from retail to banks and crypto exchanges, have carried out massive series of job cuts since May, as interest rate hikes by the Federal Reserve began to shake the market, reported Forbes.<\/p>\n<p>Companies have so far announced plans to cut 320,173 jobs through November, which is a 6 percent increase from the 302,918 cuts announced during the same period in 2021.<\/p>\n<p>Total job cuts for 2022 have for the first time exceeded the total number of losses that were announced in 2021.<\/p>\n<p>However, the year-to-date total number of layoffs is still the second-lowest on record since Challenger began tracking job cuts in 1993, with the lowest occurring in the same month last year.<\/p>\n<p>\u201cWhen we\u2019re looking at layoffs across the board, while we have seen an uptick from the historic low layoffs we\u2019ve been in at the last two years, we\u2019re not seeing huge mass layoff activity,\u201d Andrew Challenger<a href=\"https:\/\/www.cnbc.com\/2022\/12\/01\/employees-to-shift-focus-to-career-cushioning-as-job-cuts-rise.html\">,<\/a>\u00a0senior vice president at\u00a0Challenger, Gray &#038; Christmas,<a href=\"https:\/\/www.cnbc.com\/2022\/12\/01\/employees-to-shift-focus-to-career-cushioning-as-job-cuts-rise.html\">\u00a0told CNBC.<\/a><\/p>\n<h3>Tech Sector Sheds Thousands of Employees, as Industry Faces Market Losses<\/h3>\n<p>The technology sector, which led the majority of losses last month, announced 52,771 cuts in November, for a total of 80,978 job cuts so far this year, for the highest monthly total since Challenger started to track industry data in 2000.<\/p>\n<p>This is the worse year-to-date loss for the tech sector in 20 years, during the end of the dot.com boom, as tech stocks took a major hit this year.<\/p>\n<p>Comparatively, the year 2002 saw 128,563 tech industry jobs losses through November of that year, with 131,294 cuts in total.<\/p>\n<p>Cuts in the tech sector for 2022 are brutal enough, and is higher by 535 percent above the 12,761 cuts announced through the same period last year.<\/p>\n<p>About 11,000 Meta employees, for example, were laid off earlier this month, the largest number of terminations this fall, reported Forbes.<\/p>\n<p>This was followed by a similar number of cuts at Amazon, which will reportedly\u00a0affect as many as 10,000 employees, <a href=\"https:\/\/www.nytimes.com\/2022\/11\/14\/technology\/amazon-layoffs.html\">The New York Times reported.<\/a><\/p>\n<p>Cisco\u00a0<a href=\"https:\/\/www.crn.com\/news\/networking\/cisco-layoffs-slated-as-tech-giant-rebalances-business-units\">announced<\/a> two weeks ago that it would cut 4,100 employees, or 5 percent of its staff, while new Twitter CEO Elon Musk had in mind to fire\u00a050 percent of the company\u2019s staff, affecting 3,750 employees.<\/p>\n<p>Hewlett Packard, too, last week announced that it would cut between 4,000 and 6,000 employees by the end of 2025.<\/p>\n<h3>Other Industries Take Losses<\/h3>\n<p>Meanwhile, the financial tech sector saw a whopping 1,272 percent increase in layoffs, or 8,125 jobs, over the 592 lost during the same period in 2021.<\/p>\n<p>\u201cThe tech sector has announced the most job cuts this year by far. While other industries are cutting jobs at a slower pace, hiring appears to have slowed as well,\u201d said Challenger.<\/p>\n<p>The financial sector saw 17,571 cuts so far, up 105 percent from the 8,568 announced through November of last year.<\/p>\n<p>The automotive industry witnessed the second-largest number of job cuts this year, at 30,669, a 198 percent increase from the 10,277 cuts during the same period last year.<\/p>\n<p>The leisure, retail, and transportation sectors have all announced many tens of thousands of cuts over the last several months, the worse since the pandemic hit in 2020.<\/p>\n<p>Challenger reported that the last time a single industry cut that many workers in a single month was in\u00a0July 2015, when the federal government cut 57,531, primarily when the U.S. Army announced 40,000 in troop-number reductions over the next three years.<\/p>\n<p>Due to the flagging housing sector, the real estate industry saw 7,919 job losses this year, a 187 percent increase from the 2,762 announced during the same period in 2021.<\/p>\n<p>Employers in November announced plans to hire 30,203 new workers, bringing the year-to-date total of new hires to 1,430,671, a 14 percent decrease from the 1,662,433 announced in the same period last year.<\/p>\n<h3>The Fed Indicates an Ease in Interest Rate Policy<\/h3>\n<p>Meanwhile, many economists are predicting that a recession will hit sometime in 2023, even as <a href=\"https:\/\/www.theepochtimes.com\/t-inflation\">inflation<\/a> rates have slowed\u00a0over the last couple of months.<\/p>\n<p>Federal Reserve Chairman Jerome Powell, at a speech at the Brookings Institution on Nov. 30, said\u00a0the Fed will probably slow its pace of interest rate hikes in December.<\/p>\n<p>Powell said that \u201cdespite some promising developments, we have a long way to go in restoring price stability.\u201d<\/p>\n<p>This comes after the Fed\u00a0indicated\u00a0last week that it would start to ease its aggressive interest-rate hike policy, as it attempts ease consumer demand to reduce inflation.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-bryan-jung\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/ttl7daySGw_WEB_BrianJung.jpg\" alt=\"Bryan Jung\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The rate of job cuts in the United States soared 127 percent in November, amid a wave of layoffs in the tech industry.The American employers announced 76,835 cuts last month,<\/p>\n","protected":false},"author":1,"featured_media":1695376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1759065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1759065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1759065"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1759065\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1695376"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1759065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1759065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1759065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}