In February alone, layoffs in the United States stood at 77,770, more than five times higher than the 15,245 job cuts announced a year earlier, according to the report from employment firm Challenger, Gray & Christmas Inc.
"Right now, the overwhelming bulk of cuts are occurring in Technology. Retail and Financial are also cutting right now, as consumer spending matches economic conditions," said Andrew Challenger, senior vice president of the firm.
Tech companies from Microsoft Corp. and Google-parent Alphabet Inc. to PayPal Holdings have cut thousands of jobs this year in an effort to curb spending and protect margins amid an uncertain economic outlook.
"The layoffs that many of these companies are announcing are welcome to investors, sort of right-sizing the cost structure, rationalizing growth is being rewarded in the marketplace," said James Tierney, chief investment officer at asset management firm Alliance Bernstein.
U.S. firms announced plans to hire 28,830 workers in February, down 87% from 215,127 a year earlier, the report added.
Federal Reserve Chair Jerome Powell on Wednesday reaffirmed his message of higher and potentially faster interest rate hikes, which could force companies to slash more jobs.
