A new study from business coaching firm Challenger, Gray & Christmas Inc reports retail is leading all sectors in job cuts, with 15,000 jobs lost this month, an 843% increase from 2022.
Monday, May 29, 2023
A new study from business coaching firm Challenger, Gray & Christmas Inc. reports retail leading all sectors in job cuts in April, according to VMSD. The retail sector lost almost 15,000 jobs this month, a massive 270% increase from last year. That brings the total number of retail jobs cut this year to 36,115, an 843% increase from this point in 2022.
Challenger, Gray & Christmas point to predicted falls in consumer spending and the Fed’s interest rate hikes in response to inflation as the reason for the cuts. The tech sector and consumer goods manufacturers came in second and third in job cuts this year. Hiring in all sectors has fallen from 2022 levels, down from 81% last year.
