Catherwood LibraryILR School

In the past couple of months, the number of layoffs in the United States has significantly increased, but the number of new hires has also greatly risen. On average, the number of new workers hired has increased by a quarter million each month in the past six months. Many companies that have laid off employees this year also had hiring surges during the pandemic. As the economy returned to normal after the pandemic, companies realized that there were more employees than needed. To combat the overhiring, companies cut jobs, and thousands of workers were affected by layoffs. Layoffs are concentrated in a few industries, such as the technology and information sector. On the other hand, companies providing professional and business services, as well as companies in the manufacturing, hospitality, and healthcare industries have significantly increased hiring efforts.