Fox News reports the pace of job cuts by U.S. employers accelerated at the start of 2024, a sign the labor market is starting to deteriorate in the face of ongoing inflation and high-interest rates.

That is according to a new report published by Challenger, Gray & Christmas, which found that companies planned 82,307 job cuts in January, a substantial 136% increase from the previous month. However, that is down about 20% from one year ago. It marked the second-highest layoff total for January in data going back to 2009.

Financial companies bore the brunt of the job losses in January, with the industry shedding 23,238 employees. That is the highest monthly layoff total for the financial sector since September 2018, when it announced 27,343 job cuts.

The technology sector followed with 15,806 layoffs, the most since May 2023 and a stunning 254% increase from just one month prior.

Food production companies also accounted for a large swath of the job cuts in January, slashing 6,656 positions — the highest monthly total for the sector since November 2012. Challenger said that “high costs and advancing automation” are reshaping the industry’s operations.

The sector is battling headwinds like climate change and immigration policies that affect labor dynamics, according to the report.

Another source of layoffs in January was retail stores, which trimmed 5,364 positions in January, a significant increase from the 110 layoffs announced in December.

The top reason for job cuts last month was restructuring; companies blamed stores closing and artificial intelligence for the layoffs, as well.