Healthcare/products companies and manufacturers, including hospitals, have announced the third-most job cuts year to date among 30 industries and sectors measured, according to one new analysis.
The finding comes from an Oct. 5 report from Challenger, Gray & Christmas, a global outplacement and business and executive coaching firm that examines job cuts by U.S.-based employers.
Healthcare/products companies and manufacturers, including hospitals, announced 52,611 job cuts from January through September this year, a 121 percent increase from the 23,850 cuts announced in the same period last year.
Across industries and sectors measured, companies have planned 604,514 job cuts, up 198 percent from the 209,495 cuts announced through September 2022.
"Employers are grappling with inflation, rate increases, labor issues and consumer demand as we enter Q4," Andrew Challenger, labor expert and senior vice president of Challenger, Gray & Christmas, said in the report.
Becker's has reported on at least 87 hospitals and health systems trimming their workforces or jobs within the past year due to financial and operational challenges. Job cuts have included the C-suite and nurses.