DENVER (KDVR) — The nation is facing the kind of layoffs it did in the Great Recession, though Colorado isn’t high on the list.
Career placement and executive coaching firm Challenger, Gray & Christmas, Inc. released a May report on national job cuts and layoff information. Detailed by Fortune, the report records the biggest year for layoffs in the last decade except for the first portion of 2020.
U.S.-based companies have announced 417,500 cut jobs. This is the highest number of layoffs from January to May of any year since 2009, with the exception of 2020.
The tech industry has had the most layoffs this year, while the retail, financial, health care and services industries followed.
A little less than half the jobs were cut because the business was closing for market or economic reasons. For the first time, however, artificial intelligence is cited as a reason to cut jobs. AI was the reason 3,900 jobs were cut in 2023, which is more than were lost to outsourcing.
Colorado is not among the states with high rates of layoffs, however. To date, there have been 3,385 jobs lost in Colorado, the 21st highest in the country. This is about 58 layoffs per 100,000 people, the 22nd highest rate.