WASHINGTON (Reuters) – Hiring announcements by U.S. employers last 12 months were the bottom since 2015, a report showed on Thursday, confirming a pointy moderation in job growth over that period.

Global outplacement firm Challenger, Gray & Christmas said firms announced 769,953 hiring plans, down 1.3% from 2023.

Hiring announcements dropped to 7,999 in December from 11,621 in November. Sluggish hiring accounted for the slowdown in job gains last 12 months, with the unemployment rate jumping from 3.7% firstly of the 12 months to 4.3% in July after which stabilizing, hovering at 4.2% in November.

“The slower hiring pace reflects ongoing uncertainty in economic conditions and cautious approaches by employers to expansion,” said Andrew Challenger, senior vice chairman at Challenger, Gray & Christmas. “Most employers are anticipating additional uncertainty with the upcoming administration, which is resulting in slower hiring.”

Planned job cuts totaled 761,358 last 12 months, the best since 2020 when the labor market was roiled by the COVID-19 pandemic, up 5.5% from 2023. Outside the pandemic, announced layoffs were the best since 2009.

Despite the surge in announcements, Labor Department data like weekly jobless claims and the Job Openings and Labor Turnover Survey have consistently shown low layoffs.

Planned job reductions dropped 33% to 38,792 in December. The technology sector accounted for the majority of announced job cuts last 12 months, followed by healthcare, automotive, services and consumer products industries.

Market or economic conditions, cost cutting, closing and restructuring were the highest reasons for planned layoffs.

(Reporting by Lucia Mutikani; Editing by David Gregorio)