Healthcare/products companies and manufacturers, including hospitals, have announced the third-most job cuts year to date among 30 industries and sectors measured, according to one new analysis.
The finding comes from a Nov. 2 report from Challenger, Gray & Christmas, a global outplacement and business and executive coaching firm that examines job cuts by U.S.-based employers.
Healthcare/products companies and manufacturers, including hospitals, announced 54,429 job cuts from January through October this year, a 109% increase from the 26,046 cuts announced in the same period last year.
Across all industries and sectors measured, companies have announced plans to cut 641,350 jobs, a 164% increase from the 243,338 cuts announced in the first 10 months of 2022. This is the highest January-October total since 2020, when 2,162,928 cuts were announced, and the second-highest total since 2009, when 1,192,187 cuts were announced.
"Job cut plans have slowed significantly since the first half of the year, and consumers have continued to spend, even in the face of high inflation," Andrew Challenger, labor expert and senior vice president of Challenger, Gray & Christmas, said in the report. "Pandemic savings and higher wages have gotten many workers through economic uncertainty."
"That said, hiring has also slowed, workers are less likely to quit their jobs, and many companies are beginning to recognize the potential for artificial intelligence in their workforces," he added.
Becker's has reported on at least 92 hospitals and health systems trimming their workforces or jobs within the past year. Job cuts have included the C-suite and nurses.