It Increased 98% In 2023 & Is A Big Practical Reason Why You Should Prep

In 2023 there was a 98% increase in layoffs and there’s a forecast that 2024 may not be much better.

The data came from a new report published by Challenger, Gray and Christmas which discovered that companies cut 721,677 jobs last year, which was considerably more than the 363,832 from the year before.

As inflation remains stubborn and interest rates stay high forecasters are worried the trend could move into 2024.

“Labor costs are high,” said Andy Challenger, senior vice president of Challenger, Gray & Christmas. “Employers are still extremely cautious and in cost-cutting mode heading into 2024, so the hiring process will likely slow for many job-seekers and cuts will continue in the first quarter.”

Who got hit the hardest?


Employees in the tech sector shed 168,032, which is 73% higher than the previous year.

Those layoffs are expected to continue as the field merges with tools like AI.

Retail companies were second, dumping 78,840 jobs, which is a 274% increase from the previous year.

From Fox Business:

The top reason cited for job cuts last year was deteriorating market and economic conditions as the country grappled with still-high inflation, a sharp rise in interest rates and ongoing geopolitical tensions. Companies also blamed stores closing, bankruptcy and artificial intelligence for the layoffs.

The labor market has remained historically tight over the past year, defying economists’ expectations for a slowdown. Although economists say it is beginning to normalize after last year’s blistering pace, it is nowhere near breaking.

The report comes shortly after the Labor Department reported that the economy added 216,000 jobs in December, pointing to a gradually slowing labor market.


Layoffs are one emergency for why it’s good to prep. If you are lucky enough to get unemployment, it always takes a couple of weeks for it to start to come in. Having food storage and adequate supplies can help ease the burden until one can get back on their feet.


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