U.S. companies announced over 90,000 job cuts in March the highest number since January 2023 [Video]

Employers in the U.S. announced 90,309 job cuts in March — a 7% increase from February, according to data released Thursday from executive coaching firm Challenger, Gray & Christmas.

That amount of planned layoffs mark the highest monthly total since January 2023, when employers announced 102,943 cuts. Companies are cutting jobs as a result of store closures, bankruptcies, organizational restructuring or general cost-cutting, Challenger said. The cuts suggest that “many companies appear to be reverting to a ‘do more with less’ approach,” Senior Vice President Andy Challenger said in a statement. 

“While technology continues to lead all industries so far this year, several industries, including energy and industrial manufacturing, are cutting more jobs this year than last,” he said.

Government jobs led the way in March with 36,044 planned cuts, followed by 14,224 from technology companies, according to Challenger’s data. …