Last month marked the highest layoff total for the month of February in data going back to 2009, according to U.S. outplacement firm Challenger, Gray & Christmas.
The number of layoffs by U.S. employers surged in February, a sign of a potentially worsening labor market amid ongoing inflation and high interest rates.A new report published Thursday by U.S. outplacement firm Challenger, Gray & Christmas found that companies planned 84,638 job cuts in February, a 3% increase from the previous month and a 9% jump from the same time last year. It marked the highest layoff total for the month of February in data going back to 2009, according to the firm.
RELATED: Cities where Americans are under the most financial stressThe top reason cited for job cuts last month was restructuring, the report said. Companies blamed stores closing and economic and market conditions for the layoffs, as well. Companies explicitly mentioned "artificial intelligence" as the reason for 383 job cuts so far this year. More often, they cited updating or incorporating new technology, accounting for 15,225 cuts through February.
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