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U.S. companies pared back hiring plans in 2024 as employers announced the smallest additions to headcount in almost a decade, according to figures published Thursday.
Monthly data from Challenger, Gray & Christmas showed firms announced plans to hire 769,953 workers last year, the least since 2015. Job cuts also picked up, with employers planning to eliminate 761,358 positions — a 5.5% increase from 2023.
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Layoffs are scheduled to take place May 20 as the company shifts more spending toward AI development.
Despite job openings and increasing unemployment, employers are having a hard time filling roles formerly occupied by non-American workers.
Employers are growing cautious about expanding their staff, while at the same time mostly holding onto their existing workers.
Microsoft said it will cut 6,000 workers in an effort to reduce management layers.
Layoffs of delivery drivers and package handlers will be accompanied by facility closures and other methods of cost-cutting.
