Industries that laid off the most workers in June

Layoffs are down from a year ago, but job cuts across major US employers and rising unemployment across nearly half of states are leaving Americans anxious and uncertain.

Layoffs among major employers, including Google and Tesla, have driven the narrative. May layoffs were up 7% from the previous month and 8% from 2023. That represents about 123,000 more layoffs nationwide in May 2024 compared to the same time last year. Notably, 2023 saw a major spike in job losses, with about 2 million more layoffs than the previous year; these levels still remained far below pre-COVID levels, at 19.8 million layoffs in 2023 compared to 21.8 million in 2019.

Despite layoffs in certain sectors, key indicators reflect a stable job market. The May layoff rate held steady at 1%, as did the national unemployment rate, at or below 4%; both figures have remained constant since early 2022. On the job front, openings are still elevated compared to pre-pandemic levels.

Despite persistent inflation and high interest rates, many economists and Secretary of the Treasury Janet Yellen agree that the US economy is poised for a “soft landing.” This type of landing would be signaled by ongoing monthly job creation, moderate gross domestic product growth, and inflation finally hitting the Federal Reserve’s 2% target—though the jobless rate may slowly rise. Americans are likely to remain fiscally wary, saving funds in case of a future downturn.

Stacker used Bureau of Labor Statistics data to rank 19 major industries by the number of layoffs in May 2024 to see which industries have been most affected by new layoffs. The analysis uses seasonally adjusted data. Numbers for the month are preliminary and may be updated.

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