• by Ray Schultz , Columnist, February 5, 2024

The media industry shed 836 jobs in January, down 24% from the tally in December. But the total is still up 11% YoY, and 528 of the layoffs were in news, versus 30 cuts in December, according to The Challenger Report from Challenger, Gray & Christmas, a global outplacement and executive coaching firm.

This is the highest monthly total since the 532 announced in March 2023.  

The media category includes TV, film, streaming and news; the news subset consists of digital, broadcast and print.  

There were several high-profile publishing layoffs in January, including those at Sports Illustrated and The Messenger. 

Also laying off workers at an increased rate is the technology sector, which let go of 15,806 people, a 254% hike over December, and the highest number since May 2023, when 22,887 were cut.  

However, the financial vertical saw the biggest job loss in January: 23,238, the highest monthly total since the 27,343 seen in September 2018.

Despite record hiring in the U.S., with employers adding 353,000 jobs in January, this study reports that “U.S. employers announced plans to hire 5,376 workers, the lowest January on record.”

“Waves of layoff announcements hit US-based companies in January after a quiet fourth quarter,” concludes Andrew Challenger, senior vice president of Challenger, Gray & Christmas, Inc.

Challenger adds, “As we step into 2024, the landscape is shaped by stabilizing prices and the anticipation of falling interest rates. It is also an election year, and companies begin to plan for potential policy changes that may impact their industries.“ But these layoffs “are also driven by broader economic trends and a strategic shift towards increased automation and AI adoption in various sectors, though in most cases, companies point to cost-cutting as the main driver for layoffs."