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May 23, 2024

Legal News

May 23, 2024

Layoff Numbers Nearing Last Year’s

In March we saw a 7% increase in layoffs, reaching the highest level since January 2023, a period marked by significant job cuts in the technology sector. Once again, technology companies are leading the latest wave of layoffs, alongside government agencies. According to Challenger, Gray & Christmas, job cuts rose to 90,309 in March from 84,638 in February. However, the total for the first quarter, amounting to 257,254 cuts, remains below the 270,416 cuts reported a year earlier. This suggests that despite facing the highest interest rates in 23 years, the labor market remains resilient.

Although new jobless claims climbed to a nine-week high of 221,000 at the end of March 2024, they are still historically low. ADP, the payrolls processor, reported an unexpected surge in hiring by companies in March 2024, along with the highest wage gains among job switchers since July.

At Outside Legal Counsel LLP, our attorneys have extensive experience in helping employees negotiate separation and employment packages. Feel free to contact us for a consultation to discuss your specific needs.

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