Special Report
This Is the Industry Laying Off the Most Americans
Published:
Last Updated:
Layoffs have been rare recently. The U.S. unemployment rate in April was close to the lowest level on record. The Employment Situation Report for April from the Bureau of Labor Statistics showed that the country added 428,000 nonfarm payroll jobs, and the unemployment rate remained at 3.6%. This is almost back to the pre-pandemic jobless rate of 3.5% in February of 2020. The BLS also recently reported that in March job openings hit an extremely high 11.5 million. (These are states with the most job openings.)
Despite this strong labor market, some industries have laid off people, and the industry laying off the most Americans is health care/products. (Some health care professions are among the best paying jobs in America.)
Challenger, Gray & Christmas, an outplacement firm, tracks layoffs by month across 19 industries. In April, the most recent month reported, announced job cuts by U.S.-based employers rose 14% to 24,286. For the first four months of the year, announced layoffs dropped 52% from the same period in 2021 to 79,982.
Andrew Challenger, senior vice president of Challenger, Gray & Christmas, remarked, “Job cut plans appear to be on the rise, particularly as companies assess market conditions, inflationary risks, and capital spending. Despite this, job openings are still at record highs. Workers who are being cut will have lots of opportunities and will likely land quickly.”
To find the industry laying off the most Americans, 24/7 Wall St. reviewed the Challenger, Gray & Christmas Job Cuts report and ranked industries by the number of announced job cuts so far this year – January through April 2022.
Job cuts varied widely among the 19 industries the firm tracks and ranged from a few hundred in the first four months to over 10,000. The industry with the highest number of job cuts over the first four months was health care/products, at 15,928, which was up from 8,881 in the same period of 2021. The industry includes hospitals, health care products manufacturers, and other care-related companies.
Click here to see the industry laying off the most Americans
29. Chemical
> Total layoffs, Jan.-Apr. 2022: 0
> Total layoffs, Jan.-Apr. 2021: 113
[in-text-ad]
28. Mining
> Total layoffs, Jan.-Apr. 2022: 161
> Total layoffs, Jan.-Apr. 2021: 175
24/7 Wall St.
27. Telecommunications
> Total layoffs, Jan.-Apr. 2022: 190
> Total layoffs, Jan.-Apr. 2021: 24,639
26. Construction
> Total layoffs, Jan.-Apr. 2022: 333
> Total layoffs, Jan.-Apr. 2021: 161
[in-text-ad-2]
25. Electronics
> Total layoffs, Jan.-Apr. 2022: 355
> Total layoffs, Jan.-Apr. 2021: 1,398
24. FinTech
> Total layoffs, Jan.-Apr. 2022: 440
> Total layoffs, Jan.-Apr. 2021: 428
[in-text-ad]
23. Technology
> Total layoffs, Jan.-Apr. 2022: 459
> Total layoffs, Jan.-Apr. 2021: 3,045
22. Apparel
> Total layoffs, Jan.-Apr. 2022: 461
> Total layoffs, Jan.-Apr. 2021: 555
21. Energy
> Total layoffs, Jan.-Apr. 2022: 501
> Total layoffs, Jan.-Apr. 2021: 7,961
[in-text-ad-2]
20. Pharmaceutical
> Total layoffs, Jan.-Apr. 2022: 797
> Total layoffs, Jan.-Apr. 2021: 188
19. Utility
> Total layoffs, Jan.-Apr. 2022: 857
> Total layoffs, Jan.-Apr. 2021: 301
[in-text-ad]
18. Insurance
> Total layoffs, Jan.-Apr. 2022: 870
> Total layoffs, Jan.-Apr. 2021: 5,031
17. Aerospace/Defense
> Total layoffs, Jan.-Apr. 2022: 914
> Total layoffs, Jan.-Apr. 2021: 32,006
16. Media
> Total layoffs, Jan.-Apr. 2022: 915
> Total layoffs, Jan.-Apr. 2021: 2,824
[in-text-ad-2]
15. Transportation
> Total layoffs, Jan.-Apr. 2022: 1,232
> Total layoffs, Jan.-Apr. 2021: 4,126
14. Non-profit
> Total layoffs, Jan.-Apr. 2022: 1,238
> Total layoffs, Jan.-Apr. 2021: 359
[in-text-ad]
13. Real Estate
> Total layoffs, Jan.-Apr. 2022: 1,475
> Total layoffs, Jan.-Apr. 2021: 625
12. Industrial Goods
> Total layoffs, Jan.-Apr. 2022: 2,130
> Total layoffs, Jan.-Apr. 2021: 2,083
11. Automotive
> Total layoffs, Jan.-Apr. 2022: 2,462
> Total layoffs, Jan.-Apr. 2021: 2,940
[in-text-ad-2]
10. Education
> Total layoffs, Jan.-Apr. 2022: 2,855
> Total layoffs, Jan.-Apr. 2021: 5,070
9. Food
> Total layoffs, Jan.-Apr. 2022: 3,764
> Total layoffs, Jan.-Apr. 2021: 6,518
[in-text-ad]
8. Retail
> Total layoffs, Jan.-Apr. 2022: 3,830
> Total layoffs, Jan.-Apr. 2021: 12,541
7. Consumer Products
> Total layoffs, Jan.-Apr. 2022: 3,893
> Total layoffs, Jan.-Apr. 2021: 1,962
6. Government
> Total layoffs, Jan.-Apr. 2022: 4,809
> Total layoffs, Jan.-Apr. 2021: 3,698
[in-text-ad-2]
5. Warehousing
> Total layoffs, Jan.-Apr. 2022: 5,353
> Total layoffs, Jan.-Apr. 2021: 9,272
4. Entertainment/Leisure
> Total layoffs, Jan.-Apr. 2022: 6,667
> Total layoffs, Jan.-Apr. 2021: 11,149
[in-text-ad]
3. Services
> Total layoffs, Jan.-Apr. 2022: 8,418
> Total layoffs, Jan.-Apr. 2021: 15,193
2. Financial
> Total layoffs, Jan.-Apr. 2022: 8,675
> Total layoffs, Jan.-Apr. 2021: 4,357
1. Health Care/Products
> Total layoffs, Jan.-Apr. 2022: 15,928
> Total layoffs, Jan.-Apr. 2021: 8,881
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
