January job cuts in the retail industry came second only to the tech industry, which cut 41,829 workers in January, and accounted for 41% of all layoffs. The top reason employers provided for the cuts was market conditions (86,526), but 5,777 of the layoffs had no reason given.
“We’re now on the other side of the hiring frenzy of the pandemic years,” Andrew Challenger, labor expert and senior vice president of Challenger, Gray & Christmas, Inc., said in a statement. “Companies are preparing for an economic slowdown, cutting workers and slowing hiring.”
