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Markets Open Ahead Of Fed Chairman Powell's Afternoon Remarks On Interest Rates

Source: Michael M. Santiago / Getty

2023 has been a bad year for layoffs so far. More than 270,000 U.S. jobs have been cut so far this year – a nearly 400% increase over this time last year. Over 100,000 of those layoffs are in the tech sector – where job cuts are up an astounding 40,000% percent over 2022.

Companies announced nearly 90,000 layoffs in March, a sharp step up from the previous month and a giant acceleration from a year ago, outplacement firm Challenger, Gray & Christmas reported Thursday.

Planned layoffs totaled 89,703 for the period, an increase of 15% from February. Year to date, job cuts have soared to 270,416, an increase of 396% from the same period a year ago.

Why are we seeing more layoffs in 2023 than in the last two years?  What does it mean for the economy?