(STACKER) – World economies have been left in disarray after the COVID-19 pandemic shocked supply chains and deeply affected the global workforce. And the U.S. has been no exception.
As financial rescue efforts fade into the background, the U.S. economy is facing dual crises of stubbornly persistent inflation and uncertainty about a looming downturn stemming from central banks’ own prescription for combatting inflation—higher interest rates.
Companies spent 2022 pulling back on spending and new hires, moving forward cautiously. Nationwide, about 1.7 million people were laid off or fired in January 2023. That’s up about 16% from December 2022 and about 20% from January 2022.
Stacker used Bureau of Labor Statistics data to rank 19 major industries by the number of layoffs they had in January 2023. The analysis uses seasonally adjusted data. Numbers for the month are preliminary and may be updated.
#18. Mining and logging (tie)
– January 2023 layoffs: 5,000
— Change from prior month: No change
— Change from January 2022: -2,000
– January 2023 layoff rate: 0.8% (Rank: #11)
— Change from prior month: +0.1 percentage points
— Change from January 2022: -0.4 percentage points
#18. Federal government (tie)
– January 2023 layoffs: 5,000
— Change from prior month: -5,000
— Change from January 2022: -2,000
– January 2023 layoff rate: 0.2% (Rank: #19)
— Change from prior month: -0.1 percentage points
— Change from January 2022: No change
#17. Finance and insurance
– January 2023 layoffs: 22,000
— Change from prior month: +3,000
— Change from January 2022: +1,000
– January 2023 layoff rate: 0.3% (Rank: #18)
— Change from prior month: No change
— Change from January 2022: No change
#16. Educational services
– January 2023 layoffs: 28,000
— Change from prior month: -1,000
— Change from January 2022: +4,000
– January 2023 layoff rate: 0.7% (Rank: #12)
— Change from prior month: -0.1 percentage points
— Change from January 2022: +0.1 percentage points
#15. Real estate and rental and leasing
– January 2023 layoffs: 31,000
— Change from prior month: +13,000
— Change from January 2022: +19,000
– January 2023 layoff rate: 1.3% (Rank: #6)
— Change from prior month: +0.5 percentage points
— Change from January 2022: +0.8 percentage points
#14. Other services
– January 2023 layoffs: 41,000
— Change from prior month: No change
— Change from January 2022: -18,000
– January 2023 layoff rate: 0.7% (Rank: #12)
— Change from prior month: No change
— Change from January 2022: -0.4 percentage points
#13. State and local government education
– January 2023 layoffs: 45,000
— Change from prior month: +8,000
— Change from January 2022: +13,000
– January 2023 layoff rate: 0.4% (Rank: #17)
— Change from prior month: No change
— Change from January 2022: +0.1 percentage points
#11. State and local government, excluding education (tie)
– January 2023 layoffs: 47,000
— Change from prior month: -3,000
— Change from January 2022: +12,000
– January 2023 layoff rate: 0.5% (Rank: #15)
— Change from prior month: No change
— Change from January 2022: +0.1 percentage points
#11. Information (tie)
– January 2023 layoffs: 47,000
— Change from prior month: +1,000
— Change from January 2022: -14,000
– January 2023 layoff rate: 1.5% (Rank: #5)
— Change from prior month: No change
— Change from January 2022: -0.5 percentage points
#10. Nondurable goods manufacturing
– January 2023 layoffs: 55,000
— Change from prior month: +11,000
— Change from January 2022: +7,000
– January 2023 layoff rate: 1.1% (Rank: #7)
— Change from prior month: +0.2 percentage points
— Change from January 2022: +0.1 percentage points
#9. Durable goods manufacturing
– January 2023 layoffs: 57,000
— Change from prior month: +3,000
— Change from January 2022: -13,000
– January 2023 layoff rate: 0.7% (Rank: #12)
— Change from prior month: No change
— Change from January 2022: -0.2 percentage points
#8. Arts, entertainment, and recreation
– January 2023 layoffs: 59,000
— Change from prior month: +7,000
— Change from January 2022: -29,000
– January 2023 layoff rate: 2.5% (Rank: #1)
— Change from prior month: +0.3 percentage points
— Change from January 2022: -1.5 percentage points
#7. Wholesale trade
– January 2023 layoffs: 62,000
— Change from prior month: +3,000
— Change from January 2022: +25,000
– January 2023 layoff rate: 1.0% (Rank: #8)
— Change from prior month: No change
— Change from January 2022: +0.4 percentage points
#6. Health care and social assistance
– January 2023 layoffs: 112,000
— Change from prior month: -8,000
— Change from January 2022: -22,000
– January 2023 layoff rate: 0.5% (Rank: #15)
— Change from prior month: -0.1 percentage points
— Change from January 2022: -0.2 percentage points
#5. Transportation, warehousing, and utilities
– January 2023 layoffs: 123,000
— Change from prior month: +16,000
— Change from January 2022: +52,000
– January 2023 layoff rate: 1.7% (Rank: #4)
— Change from prior month: +0.2 percentage points
— Change from January 2022: +0.7 percentage points
#4. Retail trade
– January 2023 layoffs: 137,000
— Change from prior month: -1,000
— Change from January 2022: -1,000
– January 2023 layoff rate: 0.9% (Rank: #10)
— Change from prior month: No change
— Change from January 2022: No change
#3. Accommodation and food services
– January 2023 layoffs: 139,000
— Change from prior month: -2,000
— Change from January 2022: +20,000
– January 2023 layoff rate: 1.0% (Rank: #8)
— Change from prior month: No change
— Change from January 2022: +0.1 percentage points
#2. Construction
– January 2023 layoffs: 172,000
— Change from prior month: +6,000
— Change from January 2022: +32,000
– January 2023 layoff rate: 2.2% (Rank: #3)
— Change from prior month: +0.1 percentage points
— Change from January 2022: +0.4 percentage points
#1. Professional and business services
– January 2023 layoffs: 528,000
— Change from prior month: +190,000
— Change from January 2022: +207,000
– January 2023 layoff rate: 2.3% (Rank: #2)
— Change from prior month: +0.8 percentage points
— Change from January 2022: +0.9 percentage points
