Energy Layoffs Jump 359%
According to the Challenger, Gray & Christmas monthly jobs report for September, the number of job cuts in the energy sector surged 359% for the first three quarters of 2024. No reason was given. No reason was given.
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In detail, energy job cuts totaled 8,315 this year compared to 1,811 in the first nine months of 2023.
The trend is very different nationwide. Challenger Gray announced, “For the year, companies have announced 609,242 job cuts, up 0.8% from 604,514 announced during the same period last year. Though less than a percentage point separates them, this is the first time this year that year-to-date cuts are higher than those tracked during the same period in 2023.”
Some of the cuts may be due to difficult or failed efforts by companies that hoped to enter the alternative or green energy business. According to the magazine Sustainable Tech Partners, “Still, the rising tide of green jobs will not lift all boats. Some climate tech, renewable energy and sustainability-focused businesses have issued layoffs.”
Alternative energy companies have found that finding money can sometimes be challenging. Infrastructure problems have caused wind turbine breakdowns, for example. This has made private capital view these as financially risky.
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