Last year was catastrophic for employees in some industries. Companies planned 721,677 job cuts, a 98% leap from 2022, according to a report from professional outplacement firm Challenger, Gray & Christmas.

The blow was felt throughout numerous job sectors, but tech was hit especially hard. Mega companies including Amazon, Alphabet (Google), Microsoft and Meta (Facebook) each slashed thousands of jobs, forcing workers to scramble for other ways to make money.

So far in 2024, things haven’t been much better. Tech again has been walloped. As of May, the sector had endured 89,000 job cuts across more than 300 companies, according to independent layoffs tracker Layoffs.fyi. Other industries that have seen massive layoffs include auto, education, healthcare and media.

GOBankingRates talked with career experts to find out what the rest of the year could look like.

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Some Experts Are Optimistic

Alas, there is no crystal ball that shows for sure whether there will be more major layoffs this year.

“It is difficult to predict with certainty whether 2024 will see more mass layoffs,” said Sunaree Komolchomalee, head of human resources at Cupid PR.

Still, Komolchomalee is optimistic.

“From where we’re positioned right now, I think we’ve passed through that phase,” Komolchomalee said. “Why? Economy wise we’re pretty much stable. With a stable economy, businesses feel more secure and don’t feel the need for mass layoffs.”

Some Experts Are Not So Optimistic

Other career experts, such as Lauren Winans, CEO and principal HR consultant at Next Level Benefits, are less optimistic.

“Yes, it appears that more mass layoffs across various industries are likely in 2024,” Winans said.

Why could there be more mass layoffs to come? Noah Yosif, chief economist at the American Staffing Association, highlighted one major problem: higher business costs driven by higher interest rates.

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