Healthcare/products, which includes hospitals and medical products manufacturers, announced the fourth-most job cuts among 30 industries and sectors measured in the first five months of 2023, according to one new analysis.
The finding comes from a June 1 report from Challenger, Gray & Christmas, an executive coaching firm that examines job cuts by U.S.-based employers.
Healthcare/products announced 33,085 job cuts in the first five months of 2023, up 81 percent from the 18,301 announced in the sector in the same period of 2022. In May alone, healthcare/products announced 3,951 job cuts, compared to 6,184 in the previous month.
All U.S.-based employers tracked by Challenger, Gray & Christmas announced 80,089 job cuts in May, up 20 percent from the 66,995 cuts announced in April. In the first five months of this year, companies announced plans to cut 417,500 jobs, up 315 percent from the 100,694 cuts announced in the same period last year. It is the highest total for the first five months of the year since 2020. Technology announced the most job cuts in January-May 2023, followed by retail, financial, healthcare/products, and services.
"Consumer confidence is down to a six-month low and job openings are flattening. Companies appear to be putting the brakes on hiring in anticipation of a slowdown," Andrew Challenger, labor expert and senior vice president of Challenger, Gray & Christmas, said in the report.