The United States announced the largest number of layoffs in five months in August, with the technology industry hardest hit

U.S. employers announced the most job cuts in five months in August, with the tech sector the hardest hit, data showed on Thursday, amid an uncertain outlook for economic growth and persistent cost concerns. Companies announced 75,891 job cuts last month, roughly triple July's figure and the biggest monthly increase in a year, employment consultancy Challenger said. However, the number of job cuts announced so far this year is down 3.7 percent. "The surge in layoffs in August reflects increased economic uncertainty and changing market dynamics. Businesses are facing pressures ranging from rising operating costs to concerns about a potential economic slowdown that are forcing them to make difficult decisions about workforce management," said Andrew Challenger, vice president of Challenger, in a statement. More than half of the job cuts announced in August came from the technology sector, totaling 39,563, a sharp increase from about 6,000 in July and the highest since January 2023. The healthcare sector had the second-highest number of job cuts announced at 6,158.