The job market received some good news, with a new report showing that layoffs appeared to drop by half in June.

Hundreds of thousands of employees have been laid off in 2022 and 2023, sending shockwaves through the economy. Some CEOs have painted the layoffs as critically necessary steps, while others have slammed the industry for the practice.

Either way, it appears the worst may be over, with Reuters reporting that new data from Challenger, Gray & Christmas Inc. shows that layoffs slowed by nearly half in June.

“In fact, June is historically the slowest month on average for announcements. It is also possible that the deep job losses predicted due to inflation and interest rates will not come to pass, particularly as the Fed holds rates,” said Andrew Challenger, senior VP at firm.

The slowdown could also be because companies have largely gotten rid of those employees they viewed as their biggest liability, leaving them with workforces they’re comfortable moving forward with.

“Probably we have already seen the tech sector shed the bulk of its ‘at risk’ workers, and as such I would expect further Fed tightening to now impact more heavily on other sectors of the US economy,” Stuart Cole, chief macro economist at Equiti Capital, told the outlet.

Whatever the cause, a slowdown in layoffs is good news for workers.