Amid a broader surge in layoffs and company slimdowns, media employment is faring better than reeling tech — but don’t mistake that for the all-clear
, sending a painful reminder to the media business that times are getting harder.
As of the end of November, the media industry announced 3,372 layoffs, far less than sectors including technology, automotive, health care/products, services and retail experienced. And even as the headlines about job cuts in news organizations continue to cause concern, Challenger’s data showed layoffs across digital, print and broadcast news totaled 1,446 year-to-date, which is on track to be the lowest total since 2010, unless a monumental event happens in December.
In November, U.S. based companies announced a total of 76,835 job cuts, which was a 127% increase from October and a whopping 417% jump from November 2021. So far this year, employers announced plans to cut 320,173 jobs, which was 6% higher than the 302,918 cuts announced in the first eleven months last year, according to Challenger.
in July, the biggest spikes in layoffs occur during in recessionary periods. After the dot-com bubble, there were a whopping 43,420 media job cuts in the recession that followed in 2001, according to Challenger. Then during the Great Recession, which ran from the end of 2007 until 2009, there were a combined 51,149 job cuts from 2008 to 2009. The COVID recession in 2020 resulted in 30,711 layoffs that year.
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