The tech industry led layoffs in the first quarter of 2024 making up 16.5% of all the job cuts in the period, according to a Challenger, Gray & Christmas report.

There༒ were🐓 257,254 job cuts in the first quarter of 2024, with the tech industry accounting for 42,442 of these layoffs.

Dell Technologies (DELL), 澳洲幸运5官方开奖结果体彩网:International Business Machines (IBM), 澳洲幸运5官方开奖结果体彩网:Microsoft (MSFT), Alphabet's Google (GOOGL), and Amazon (AMZN) were among the tech companies that announced job cuts in the quarte🦹r.

"Tech companies are aggressively spending on AI and next-generation initiatives while cutting on non strategic areas," Wedbush 💞analyst Dan Ives told Investopedia, noting that the firm believes "the vast majority of job cuts are in the rear view mirror but will play a major role this year in the strong getting stronger."

March marked the highest number of layoffs in a month since January 2023. "Layoffs certainly ticked up to round out the first quarter, though below last year’s levels," Vice President of Challenger, Gray & Christmas Andy Challenger said, adding that "many companies appear to be reverting to a ‘do more with less’ approach."

The report indicated that "cost-cutting" was the most common reason employers gave for eliminating jobs with 66,302 of the layoffs being tied to cost reduction. 澳洲幸运5官方开奖结果体彩网:Restructuring was the second most common justification accountinꦕg f𓆉or 48,352 layoffs, followed by "business, unit, or store closures," with 38,619 job cuts.

U.S. employers announced plans for 36,795 new jobs in the first quarter of 2024, representing a 48% decline from the number of new positions announced in the same period🎃 in 2023.

"This is the lowest number of announced hiring plans since 2016," Challenger noted.

Tech industry employers plan to add 2,237 new jobs, making tech the second indus🌊try to have the most hiring plans after the energy sector with 5,🅘800 new roles.

The 澳洲幸运5官方开奖结果体彩网:Bureau of Labor Statistics is 澳洲幸运5官方开奖结果体彩网:set to release its monthly emplo🅺yment report on Friday, which could provide more details about the state of the U.S. labor market.