GITNUX MARKETDATA REPORT 2024

Mass Layoff Statistics: Market Report & Data

Highlights: The Most Important Mass Layoff Statistics

  • In 2020, amidst the Covid-19 pandemic, at least 11.5 million workers experienced layoffs in the US.
  • March 2020 saw the largest number of mass layoffs since December 2009, with 2,763 unemployment insurance claims.
  • 59% of HR leaders in North America predict more layoffs in 2021 post the Covid-19 scenario.
  • In 2020, Asia Pacific region experienced a 3% increase in layoffs compared to the previous year.
  • Texas led the U.S. in mass layoffs in April 2020, with over 116,900 job cuts.
  • 30% of workers who experienced a mass layoff during the Great Recession were re-employed within three months.
  • In Canada, temporary layoffs due to Covid-19 have impacted 29% of women and 24% of men.
  • Over 40% of people in Greece have lost their jobs due to mass layoffs in 2020 because of the pandemic.
  • In March 2020, LA County experienced mass layoffs of 15,000 employees from 36 companies.
  • As of August 2021, 1.6 million people in the UK were estimated to be temporarily away from work due to mass layoffs and downsizing related to Covid-19.
  • In 2020, California had 226 mass layoff events with 50,000 total separated employees.
  • In Europe, layoffs have risen by 17% during 2020.
  • Approximately 1.3 million layoffs occurred in the manufacturing sector in 2021 globally.
  • The job cuts in the global aviation and tourism sector were more than 460,000 jobs in 2021.
  • Mass layoffs in the information technology sector increased by almost 36% in 2020.
  • Small business employment fell by 13.8% during the Covid-19 pandemic.
  • Retail industry accounted for the highest number of mass layoffs in 2021, with a 15% increase compared to the previous year.
  • Approximately 40% of mass layoffs in Europe during 2020 were related to COVID-19.

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Gaining a clear understanding of mass layoff statistics is crucial in times of economic instability or sectoral transformations. Whether it’s a turbulent economy, technological advancements, or industrial changes, mass layoffs can significantly impact industry trends, regional economies, and global market conditions. This blog post will walk you through the key concepts, data interpretation techniques, and the latest trends in mass layoff statistics. Our aim is to provide a comprehensive insight into this complex topic, equipping readers with the necessary tools to make informed predictions and decisions in their respective fields.

The Latest Mass Layoff Statistics Unveiled

In 2020, amidst the Covid-19 pandemic, at least 11.5 million workers experienced layoffs in the US.

In the grand theater of mass layoff statistics, the phenomenon of 11.5 million workers facing unemployment in 2020, amidst the destructive Covid-19 pandemic, stands as a starkly emblematic scene. It underscores the far-reaching and profound impact that external crises can exert on labor markets, accentuating the precariousness of employment stability and the vulnerability of livelihoods under extraordinary circumstances. With this statistic, we not only gauge the sheer magnitude of the pandemic-induced layoffs but also probe deeper into the economics of crises, the resilience – or lack thereof – of various industries, and the socio-economic ripples that transcend beyond the immediate labor market.

March 2020 saw the largest number of mass layoffs since December 2009, with 2,763 unemployment insurance claims.

In navigating through the unfolding narrative of mass layoff statistics, the spike in unemployment insurance claims in March 2020 underscores a pivotal moment. The figure, a staggering 2,763, marks the apogee of such claims since December 2009, and serves as a profound testament to the fluctuating dynamics of our economy. This staggering number not only betrays the seismic disruptions in the employment landscape, but it also helps readers draw parallels with the financial crisis of past, thereby deepening their understanding of the consequences that mass layoffs can have on individuals, businesses, and the economy. This critical data point, thus, stands as a symbol – a benchmark of economic struggle, providing a stark reminder of the potential pitfalls in our path.

59% of HR leaders in North America predict more layoffs in 2021 post the Covid-19 scenario.

Highlighting the forecast that ‘59% of HR leaders in North America anticipate further layoffs in 2021 following the Covid-19 situation’ vividly illustrates the enduring impact of the pandemic on employment security. This looming prediction, when situated in a blog post about mass layoff statistics, underscores the critical balance businesses must strike between recovery and workforce stability. A statistic of this magnitude not only captures attention due to its implications, but also enhances nominal understanding by placing abstract numbers into a digestible, relevant context. The forecast pushes the discussion of layoffs beyond a retrospective analysis, challenging readers with the prospect of an unsettled job market future.

In 2020, Asia Pacific region experienced a 3% increase in layoffs compared to the previous year.

Highlighting the 3% uptick in layoffs in the Asia Pacific region in 2020 invites a reflective discussion on the global labor market dynamics within the blog post about Mass Layoff Statistics. This numerical insight outlines the potential socio-economic ripple effects such as increased unemployment rates and changes in employee morale across various industries. Furthermore, it sets the stage for a comparative analysis of different regions’ workforce resilience in the wake of influences like economical, geographical, social, and industry-specific factors. It furnishes readers with a broader perspective of layoff trends, fostering a more comprehensive understanding about global labor market volatility.

Texas led the U.S. in mass layoffs in April 2020, with over 116,900 job cuts.

Bearing the weight of a staggering 116,900 job cuts, Texas looms prominently as the U.S. leader in mass layoffs for April 2020. These numbers, a grim reminder of the tumultuous economic landscape, hold critical relevance to our discourse on mass layoff statistics. They offer insight into regional labor market vulnerability, the criteria for industries most affected, and the direct impact on local economies and communities. Consequently, this Texas-size data point is an essential frame of reference for the broader narrative — a stark illustration of the magnitude and far-reaching implications of mass layoffs in the U.S.

30% of workers who experienced a mass layoff during the Great Recession were re-employed within three months.

In painting a picture of mass layoff repercussions through statistical lens, the data point that “30% of workers who experienced a mass layoff during the Great Recession were re-employed within three months” provides crucial insight. It underscores the resilience and capability of affected workers to bounce back into the workforce amidst economic instability. Furthermore, it can help readers engage with practical implications of mass layoffs, be it policy-making, organizational strategies or individual career maneuveurs, in a context where recovery pathways become an integral part of the narrative.

In Canada, temporary layoffs due to Covid-19 have impacted 29% of women and 24% of men.

Highlighting the statistics that 29% of Canadian women and 24% of men have experienced temporary layoffs due to Covid-19 in a blog post about mass layoff statistics has profound implications. It underscores the gender inequalities that are often exacerbated in crises like a pandemic, signaling the necessity to consider intersectional perspectives in problem-solving strategies. Moreover, the percentage-based figures shed light on the extensive impact of Covid-19 on the job market, particularly its disproportionate effect on females. Consequently, these figures incentivize immediate action, from policy changes to community support measures, to alleviate the socio-economic impact of mass layoffs.

Over 40% of people in Greece have lost their jobs due to mass layoffs in 2020 because of the pandemic.

Highlighting the profound ripple effect of the pandemic on global economies, the eye-opening statistic cited—that over 40% of Greeks faced job loss in the wake of 2020’s mass redundancies—underscores the extensive human impact behind raw numbers. In the context of a blog post on Mass Layoff Statistics, it delivers a stark, relatable narrative of a nation grappling with employment crisis, thus adding depth to our understanding of international trends in layoffs. By illustrating the severity and scope of such trends, the statistic amplifies the importance of analyzing, comprehending, and addressing job displacement issues caused by unprecedented global events such as the COVID-19 pandemic.

In March 2020, LA County experienced mass layoffs of 15,000 employees from 36 companies.

Unveiling a shocking reality, the narrative of March 2020 portrays a somber picture of LA County’s job landscape. The formidable figures speak volumes, with a startling 15,000 individuals from a comprehensive array of 36 companies bidding farewell to their employment. Within the overarching discourse of mass layoff statistics, these numbers not only provide a snapshot of this monumental labor shake-up, but they also establish a critical benchmark for evaluating the socioeconomic implications. This information becomes especially significant given the timing of these layoffs, offering insights into the exacerbating effects of the global pandemic on local economies.

As of August 2021, 1.6 million people in the UK were estimated to be temporarily away from work due to mass layoffs and downsizing related to Covid-19.

Illuminating the gravitas of the Covid-19 pandemic on the UK’s labor market, the sobering statistic of 1.6 million people temporarily out of work as of August 2021 sets stage. This number, not just a mere unsubstantiated figure, but a symbol of lives and livelihoods upended, showcases the dramatic fallout from mass layoffs and downsizing resulting from the health crisis. It is critical for readers to comprehend that behind each digit in this statistic, there’s a human story of struggle and resilience. Hence, such statistics offer a panoramic view of the economic disruption caused, enabling policymakers, businesses, and individuals to tailor strategies for the future.

In 2020, California had 226 mass layoff events with 50,000 total separated employees.

Highlighting the statistic that California saw 226 mass layoff events in 2020, affecting a total of 50,000 employees, paints a vivid picture of the economic turbulence caused by such events. This precise number underscores the magnitude of the issue, and gives the reader a clear, tangible reference point within the broader discussion on mass layoff statistics. It not only displays the direct impact on a substantial population of employees who lost their jobs, but also infers the ripple effect on related industries and the local economy. Furthermore, using a specific example like California, which is known for its vibrant tech and entertainment industries, allows readers to appreciate the breadth and diversity of sectors affected by mass layoffs.

In Europe, layoffs have risen by 17% during 2020.

Navigating through the tumultuous tide of the 2020 employment market, it’s impossible to disregard the 17% surge in layoffs in Europe. This figure not only underpins the scale and severity of job losses across the continent, but it also provides a wealth of critical context for understanding broader trends and impacts. Central to any exploration of mass layoff statistics, this surge paints a compelling picture of the economic upheaval triggered by the global health crisis. Moreover, it functions as a poignant reminder that these aren’t just numbers, but people’s livelihoods impacted, fueling the urgency for effective employment strategies to navigate these testing times. So while discussing mass layoffs, this statistic holds significant value. It acts as a microcosm, mirroring the daunting employment scenario that’s far from exclusive to Europe, but a global phenomenon shaped by the unprecedented circumstances of 2020.

Approximately 1.3 million layoffs occurred in the manufacturing sector in 2021 globally.

Painting a vivid picture of the global labor landscape, the startling statistic that roughly 1.3 million layoffs transpired within the manufacturing sector in 2021 provides food for thought. Particularly relevant to a discussion on mass layoff statistics, it underscores the significant vulnerability and volatility of employment in this sector amid economic uncertainties and changes. This figure not merely quantifies the magnitude of job displacement, but also nudges us to question the factors contributing to such a mass exodus, thereby stimulating a profound exploration into the correlation between industrial sectors, economic trends, and workforce stability.

The job cuts in the global aviation and tourism sector were more than 460,000 jobs in 2021.

A number as staggering as 460,000 job cuts in the global aviation and tourism sector in 2021 underscores the magnitude of mass layoffs within a single year. The cold hard figures paint a vivid picture of the scale of disruptions caused primarily by the global pandemic, as travel halted and tourism took a nosedive. In the story of mass layoffs that unfolded across sectors worldwide, this statistic becomes especially relevant; it serves as a stark reminder of the vulnerability of certain industries in the face of unforeseen global events, rendering it a crucial piece in understanding the complete layoff landscape.

Mass layoffs in the information technology sector increased by almost 36% in 2020.

Highlighting a significant 36% increase in mass layoffs in the information technology sector during 2020 anchors the pressing reality of instability in seemingly progressive sectors. In a blog post discussing mass layoff statistics, this figure amplifies the alarming influence of external variables such as economic downturns, pandemics, or technological shifts on industries anticipated to be insulated from such adverse impacts. It illustrates the comprehensive dissemination of workforce reduction across industries, revealing a tint of vulnerability in the perceived strength of the technology field, thus enriching the overall narrative of our investigation into mass layoffs.

Small business employment fell by 13.8% during the Covid-19 pandemic.

Highlighting the plunge in small business employment by 13.8% during the Covid-19 pandemic paints a real life picture of the mass layoff phenomenon faced worldwide during this crisis. In a blog post discussing global mass layoff statistics, this figure helps underline one of the pandemic’s most poignant economic impacts, sending a direct wake-up call to readers about the severity of job losses, particularly in the small business sector. It’s not just numbers, it’s the human stories and livelihoods intertwined with these figures that bring home the true repercussions of a global health emergency on the workforce.

Retail industry accounted for the highest number of mass layoffs in 2021, with a 15% increase compared to the previous year.

Unveiling the dire consequences of economic tumult, the statistic highlights the nerve-wracking reality of the retail industry bearing the brunt of mass layoffs in 2021. With a staggering 15% surge from the previous year, we don’t merely see a number, but an alarmingly growing trend casting a shadow over the job security in this sector. Within the mass layoff landscape, these statistics magnify the nuanced understanding of both existing labor market vulnerabilities and evolving industrial pressures. In essence, for anyone following mass layoff statistics, this insight forms an impactful backdrop to calibrate and comprehend the labor market dynamics while also predicting potential future trends in layoff patterns globally.

Approximately 40% of mass layoffs in Europe during 2020 were related to COVID-19.

Highlighting the statistic ‘Approximately 40% of mass layoffs in Europe during 2020 were related to COVID-19’ unveils the profound impact of the pandemic on employment trends. It underscores the dramatic intersection of public health and economic well-being, revealing a distinct cause of company workforce reductions. In a post centered on mass layoff statistics, this impeccable fact adds a powerful dimension, shedding light on an extraordinary event that intensified layoffs, providing a relevant and timely perspective to comprehend the implications of such large-scale lay-offs.

Conclusion

Mass layoffs, evidenced through statistical data, profoundly impact not just the employees affected but the economy as a whole. Our exploration of these statistics reveals patterns, causes, and potential solutions and mitigation strategies for these labor market upheavals. By continued research and analysis, we can better understand the dynamics of mass layoffs, providing valuable insights for policy makers, businesses, and individuals, aiding them to make informed decisions and introduce effective mechanisms to cushion the impacts of such events.

References

0. – https://www.apnews.com

1. – https://www.covid19.ca.gov

2. – https://www.www150.statcan.gc.ca

3. – https://www.www.cnbc.com

4. – https://www.www.business-standard.com

5. – https://www.www.brookings.edu

6. – https://www.www.theguardian.com

7. – https://www.www.statista.com

8. – https://www.www.bls.gov

9. – https://www.www.forbes.com

10. – https://www.hrexecutive.com

11. – https://www.www.asiaasset.com

12. – https://www.www.latimes.com

13. – https://www.fortune.com

14. – https://www.www.chron.com

15. – https://www.www.reuters.com

16. – https://www.www.bnnbloomberg.ca

FAQs

What is a mass layoff?

A mass layoff is a situation where a large number of employees are terminated from their jobs within a specific time frame, usually as a result of corporate restructuring, downsizing, or a significant economic downturn.

What are some common causes of mass layoffs?

Common causes of mass layoffs can include a change in company structure, mergers and acquisitions, cost-cutting measures, automation of tasks, economic recessions, and industry-wide downturns.

How does a mass layoff impact the economy?

Mass layoffs can have a substantial impact on the economy. They can increase the unemployment rate, decrease consumer spending, reduce tax revenue, and lower overall economic growth. On a local level, they can cause particularly significant damage if the laid-off employees were working for a town or city's major employer.

Are companies obligated to give notice before a mass layoff?

In many countries, yes. For instance, in the US under the Worker Adjustment and Retraining Notification (WARN) Act, employers are typically required to provide a 60-day notification before any plant closing or mass layoffs.

What resources are available for workers impacted by mass layoffs?

Resources can include unemployment benefits, job placement services, access to training and development programs, HR support to help with resume building and job searches, and in some cases, severance packages provided by the employer.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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