The expertise, authorities and monetary sectors made the best variety of job cuts through the first quarter.

Across all industries, U.S. employers introduced 257,254 job cuts through the quarter, Challenger, Gray & Christmas mentioned in a Thursday (April 4) press release.

That complete was up 120% from the 117,163 cuts introduced within the earlier quarter however down 5% from the 270,416 layoffs introduced within the first quarter of 2023, in line with the discharge.

“Layoffs certainly ticked up to round out the first quarter, though below last year’s levels,” Andy Challenger, senior vp of Challenger, Gray & Christmas, mentioned within the launch. “Many companies appear to bereverting to a ‘do more with less’ approach.”

The most cited cause for job cuts through the first quarter was “cost-cutting,” the discharge mentioned. Other generally cited causes embrace restructuring; enterprise, unit or retailer closures; market circumstances; and chapter.

The expertise trade accounted for the best variety of job cuts within the first quarter, per the discharge. The trade introduced 42,442 layoffs, down 59% from the 102,391 cuts introduced throughout the identical interval in 2023.

The sectors with the next-highest variety of job cuts within the first quarter have been authorities, monetary, companies and transportation, in line with the discharge.

Financial companies reduce 28,715 jobs within the first three months of 2024, down 6% from the 30,635 cuts introduced within the first quarter of 2023, the discharge mentioned.

“While technology continues to lead all industries so far this year, several industries, including energy and industrial manufacturing, are cutting more jobs this year than last,” Challenger mentioned within the launch.

The last month of the primary quarter — March — noticed the best variety of job cuts since January 2023, in line with the discharge.

The complete of 90,309 layoffs introduced in March was up 7% from 84,638 in February and up 0.7% from 89,703 in March 2023, the discharge mentioned.

March’s complete was the best since 102,943 job cuts have been introduced in January 2023, in line with the discharge.

This information comes a day after ADP reported that non-public employers added 184,000 jobs in March, the largest enhance since July 2023.

ADP mentioned job good points have been strong all through industries, significantly within the leisure and hospitality house and in building. The one exception got here from the skilled companies discipline, which noticed a drop in hiring.