Healthcare job cuts up 83% from first 4 months of 2022

Healthcare announced the fourth-most job cuts among 30 industries and sectors measured in the first four months of 2023, according to one new analysis.

The finding comes from a May 4 report from Challenger, Gray & Christmas, an executive coaching firm that examines job cuts by U.S.-based employers.

Healthcare, which includes hospitals and medical products manufacturers, announced 6,184 job cuts in April, compared to 6,468 in March. In the first four months of 2023, healthcare announced a total of 29,134 job cuts, up 83 percent from the 15,928 cuts announced during the same period in 2022.

All U.S.-based employers tracked by Challenger, Gray & Christmas announced plans to cut 337,411 jobs in the first four months of 2023, a 322 percent increase from the 79,982 cuts announced in the same period last year. It is the highest January-April total recorded by the firm since 2020. Technology announced the most job cuts, followed by retail, financial, healthcare, and services. 

"Retailers and consumer goods manufacturers are preparing for a tightening in consumer spending, particularly with the Fed's hike to interest rates in an attempt to control inflation," Andrew Challenger, labor and workplace expert and senior vice president of Challenger, Gray & Christmas, said in the report.

To read the full report click here

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