Job cuts were the lowest of 2023 in April, according to figures released on Thursday.

That’s where the good news stopped. Last month’s 66,995 cuts marked a 176% increase from last April, even as the total was 25% lower than March’s sum.

That’s all according to the latest data from Challenger, Gray & Christmas.

This is shaping up to be a “banner” year (note the scare quotes) for layoffs. At nearly 340,000, job cuts over the first four months of the calendar were higher only in 2009 and 2020, using recent history as a lookback.

Obviously, the January-April period in 2020 was anomalous, so the better comparison is 2009, when businesses were operating in the shadow of a near-miss Chicxulub impactor moment in the US financial sector.

Notably, hiring plans have also been pared back aggressively this year. According to Challenger’s figures, announced plans are down more than 80% from last year.

The Fed, to the extent officials still believe a soft landing is possible for the US economy, are relying on the notion that tighter policy can cool demand such that millions of open positions are rendered superfluous, which is to say the Fed is trying to curb hiring intentions. If they’re successful, labor demand and supply can balance, thereby cooling wage growth, without too many people losing an actual job.

That’s the “immaculate disinflation” story, and Jerome Powell reiterated the narrative on Wednesday, following what most believe was the last rate hike of the cycle. Suffice to say many economists remain skeptical that the Fed can bring down wage growth and inflation without a marked increase in unemployment. (Something about breaking eggs to make omelettes.)

Job cuts at financial firms are up 285% from last year, Challenger said Thursday. The report cited higher rates and recent bank failures for what could be “a more cautious approach in the sector going forward.”

Tellingly, perhaps, the most cuts in April were among retailers and consumer goods manufacturers, who Challenger said are “preparing for a tightening in consumer spending.” Tech cuts continued, and now total almost 114,000 for the year.