Layoffs are in an upward spiral in the US with the rate in January and February touching the highest since 2009, media reports suggest.According to a report, the technology sector accounts for more than a third of the over 180,000 job cuts announced.

Job cuts stood at 77,770 in February. The figure is more than five times higher than the 15,245 layoffs announced a year earlier, according to the report from employment firm Challenger, Gray & Christmas.

“Right now, the overwhelming bulk of cuts are occurring in technology. Retail and financial are also cutting right now, as consumer spending matches economic conditions,” said Andrew Challenger, Senior Vice President of the firm.

The job market, especially in the tech sector, continues to give employees jitters. Microsoft, Google parent Alphabet, and PayPal have gone on to cut thousands of jobs this year in an effort to cut costs amid an uncertain and gloomy outlook.

“The layoffs that many of these companies are announcing are welcome to investors, sort of right-sizing the cost structure, and rationalising growth is being rewarded in the marketplace,” said James Tierney, chief investment officer at asset management firm Alliance Bernstein.

Reports suggest shares of Alphabet, Microsoft, Amazon.com, and Meta Platforms have gained between 6 per cent and 54 per cent so far this year, after falling between 29 per cent and 64 per cent in 2022.