40+ Impactful Layoff Statistics for Surviving Job Market Dynamics in 2024

February 14, 2024 0 Comments

Concerned about job security? 

Are layoffs keeping you anxious these days? 

You are not alone!

61% of adults between the ages of 18 and 34 have layoff anxiety and deal with great pressure.  

47% of employees are not prepared to handle a layoff well.

Did you know 15.4 million people were laid off in 2022

During the pandemic in 2020, 41.7 million people were laid off. 

The number went down to 17 million in 2021. 

Ready to find out if your industry is under layoff threat? 

Dive into the latest layoff statistics – your guide to understanding the workforce landscape!

Top Layoff Statistics: Editor’s Pick

Layoffs in private industry increased 5x since 2012
  1. Men are 25% more likely to be laid off than women. [6]
  2. Northeastern US saw the least (2.55 million) layoffs in 2022. [7] 
  3. The Professional and Business Services industry had the most layoffs (2.12 million) in 2022. [7]
  4. The State and Local Education industry has the lowest layoff rate only 0.3%. [7]
  5. Food industry startups have seen the most layoffs in 2022 (over 10,000). [9]
  6. Construction industry startup layoffs are at an all-time low of 210. [9]
  7. 2005 had the least number of layoffs in the last three decades, with only 8884.6k layoffs. [2]
  8. The next big number was seen during the pandemic in 2020 when 4.6 million jobs were laid off in August alone. [6]

Layoff Statistics By Gender And Education

Is there any specific category of average laid-off people? Let’s find out!

  • It is to be noted that men are 25% more likely to be laid off than women. [6]
  • 45% of men reported that they’ve been laid off compared to only 36% of women. [6]
  • Only 36% of those with a college degree have been laid off. [1]
  • While 53% of those with only a High School degree have been laid off. [1]

Layoff Statistics By Region

Do layoffs vary by region? What are the statistics for your region?

Northeastern US saw the least (2.55 million) layoffs in 2022. [7] 

While the southern US saw the highest layoffs (6 million) in the US. [7]

As of June 2022, the Midwest has the highest layoff rate of 1%. [7]

total layoffs in the US by region

Layoff Statistics By Industry

Which industry has had more layoffs recently?

The Professional and Business Services industry had the most layoffs (2.12 million) in 2022. [7]

The Arts, Entertainment, and Recreation industry has had the highest layoff rate, reaching 3% in May 2022. [7]

The State and Local Education industry has the lowest layoff rate, only 0.3%. [7]

Layoffs in private industry increased 5x since 2012. [8]

Between 2021 and 2022 there have been 7.736 million private industry layoffs. [8]

IndustryTotal Layoffs
Mining and logging24K
Construction783K
Manufacturing603K
Durable goods323K
Nondurable goods281K
Trade, transportation, and utilities1.46M
Wholesale trade214K
Retail trade834K
Transportation, warehousing, and utilities414K
Information159K
Financial activities241K
Finance and insurance160K
Real estate and rental and leasing80K
Professional and business services2.12M
Education and health services841K
Educational services136K
Health care and social assistance705K
Leisure and hospitality1.05M
Arts, entertainment, and recreation366K
Accommodation and food services687K

Startup Layoff Statistics

  1. Food industry startups have seen the most layoffs in 2022 (over 10,000). [9]
  2. As of 2022, the food industry has had 28% more startup failures than the transportation industry. [9]
  3. Construction industry startup layoffs are at an all-time low of 210. [9]
  4. It is interesting to note that travel industry startup layoffs decreased by 95% between 2020-2022. [9]
  5. In 2020 there were 13,983 travel industry startup layoffs
  6. The number has dropped to only 668 in 2022. [9]
startup layoffs by industry

Layoff Statistics Over Time

Is Recession Increasing?

2005 had the least number of layoffs in the last three decades, with only 8884.6k layoffs. [2]

According to the annual US Layoff reports 2009 saw the worst layoffs with 2.10 million jobs being laid off. [3]

The next big number was seen during the pandemic in 2020 when 4.6 million jobs were laid off in August alone. [6]

Here we have curated a list of layoffs since 2002 in the US.

YearTotal Layoffs (in Millions)
200223.6
200324.3
200423.7
200523.7
200622.3
200723.5
200825.4
200927.5
201022.6
201122.1
201222.2
201321.0
201421.1
201521.8
201621.2
201721.6
201821.8
201921.8
202041.7
202117.0
202215.4

How Do People Handle Layoffs?

Anxious about Layoffs? 

How others are dealing with the threat?

Statistics suggest, not well!

61% of adults between 18 and 34 years suffer layoff anxiety. [4]

41% of adults aged 35 or older have layoff anxiety. [4]

51% of employees between the ages of 18  and 34 reported they were unprepared for a layoff. [5]

30% of employees over 55 years of age reported that they feel unprepared for a layoff. [5]

Overall, 47% of employees are not prepared to handle a layoff well. [5]

FAQs 

What are the latest layoff statistics?

15.4 million people were laid off in 2022. 

How Covid affected layoffs?

During the pandemic in 2020, 4.6 million jobs were laid off in August alone. 41.7 million people were laid off in 2020. The number went down to 17 million in 2021. 

What do statistics suggest about layoffs based on gender?

Men are 25% more likely to be laid off than women. 

45% of men reported that they’ve been laid off compared to only 36% of women. 

Which startup industry faced more layoffs?

As of 2022, Construction industry startup layoffs are at an all-time low of 210.

Conclusion

Layoffs took a major high during the pandemic, as 4.6 million jobs were laid off in August 2020 alone. But the situation seems to be improving a little now. 

Between 2021 and 2022 there have been 7.736 million private industry layoffs. The Professional and Business Services industry had the most layoffs (2.12 million) in 2022.

Youngsters are not prepared to deal with these layoffs and 61% of youngsters are reported to suffer from layoff anxiety. 

Sources

  1. CNBC. Covid’s ‘legacy of weirdness’: Layoffs spread
  2. Investopedia. What a Layoff Means, Plus Statistics and an Example
  3. Layoffs. Layoffs.FYI Tracker
  4. PRN. Study Finds Nearly Half of Employees Experience Layoff Anxiety Despite Record Low Unemployment Rates and Upward Economic Growth
  5. TLNT. Younger Workers Fear Layoff More Because They Are Prepared Less
  6. BLS. The number of job layoffs decreased to 4.6 million in August 2020
  7. BLS. Table 5. Layoffs and discharge levels and rates by industry and region, seasonally adjusted
  8. BLS. Mass Layoff Statistics
  9. BLS. Job openings and quits reach record highs in 2021, layoffs and discharges fall to record lows