CVS announced it is laying off nearly 3,000 employees.

“We’ve embarked on a multi-year initiative to deliver $2 billion in cost savings by reducing expenses and investing in technologies to enhance how we work,” the company said in a statement.

Around 2,900 jobs will be cut, a trend that’s emerged in industries like tech and health after spending ballooned in 2020.

The job losses account for about 1% of the company’s workers, a CVS spokesperson told CBS News.

The layoffs will “primarily” affect corporate employees.

“The reductions will not impact front-line jobs in our stores, pharmacies and distribution centers,” CVS said.

Employees who lose their jobs will receive severance and other benefits, including assistance finding a new job.

“The vast majority of impacted colleagues will be notified this week,” the CVS spokesperson said.

CVS, which is based in Rhode Island, has about 300,000 total employees, 9,000 retail locations and more than 1,000 walk-in clinics, as well as health insurer Aetna, which is headquartered in Hartford, Conn. It’s one of the largest private employers in New England.

Job openings rise

U.S. job openings rose unexpectedly in August as the American labor market continued to show resilience.

The Labor Department reported that employers posted 8 million vacancies in August, up from 7.7 million in July. Economists had expected openings to be virtually unchanged. Openings were up in construction and in state and local government.

Layoffs fell in August. But the number of Americans quitting their jobs — a sign of confidence in their job prospects — slid to the lowest level since August 2020 when the economy was reeling from COVID-19 lockdowns.