US-based employers announced 23.697K job cuts in July 2023, the least since August 2022, compared to 40.709K in June. Compared to July last year, cuts fell 8%, the first year-on-year decline in more than a year. “The job market is remaining resilient in the face of rising interest rates, as consumers continue to spend and inflation falls. Companies, weary of letting go of needed workers, are finding other ways to cut costs. Many have slowed hiring, but wages continue to rise, particularly for the lowest-wage earners, for the moment,” said Andy Challenger, labor expert and Senior Vice President of Challenger, Gray & Christmas, Inc. In July, he Technology sector lead all industries in cuts (4.738K), followed by Health Care/Products (2.668K), Education (2.282K). So far this year, employers announced plans to cut 481.906K jobs, a 203% increase from the first seven months of 2022. This is the highest January-July total since 2020. source: Challenger, Gray and Christmas, Inc.

Challenger Job Cuts in the United States averaged 66302.89 Persons from 1994 until 2023, reaching an all time high of 671129.00 Persons in April of 2020 and a record low of 14875.00 Persons in November of 2021. This page provides the latest reported value for - United States Challenger Job Cuts - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Challenger Job Cuts - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Challenger Job Cuts in the United States is expected to be 126000.00 Persons by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States Challenger Job Cuts is projected to trend around 55000.00 Persons in 2024 and 31000.00 Persons in 2025, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
Width
Height
 Preview

United States Challenger Job Cuts



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-06 11:30 AM Jun 40.709K 80.089K 103.0K
2023-08-03 11:30 AM Jul 23.697K 40.709K 45.0K
2023-08-31 11:30 AM Aug 23.697K 26.0K


Related Last Previous Unit Reference
Challenger Job Cuts 23697.00 40709.00 Persons Jul 2023
Hiring Plans Announcements 12774.00 13629.00 Persons Jul 2023

United States Challenger Job Cuts
Challenger Job-Cut Report provides information on the number of announced corporate layoffs by industry and region.
Actual Previous Highest Lowest Dates Unit Frequency
23697.00 40709.00 671129.00 14875.00 1994 - 2023 Persons Monthly
NSA

News Stream
US Job Cuts Lowest in Nearly a Year
US-based employers announced 23.697K job cuts in July 2023, the least since August 2022, compared to 40.709K in June. Compared to July last year, cuts fell 8%, the first year-on-year decline in more than a year. “The job market is remaining resilient in the face of rising interest rates, as consumers continue to spend and inflation falls. Companies, weary of letting go of needed workers, are finding other ways to cut costs. Many have slowed hiring, but wages continue to rise, particularly for the lowest-wage earners, for the moment,” said Andy Challenger, labor expert and Senior Vice President of Challenger, Gray & Christmas, Inc. In July, he Technology sector lead all industries in cuts (4.738K), followed by Health Care/Products (2.668K), Education (2.282K). So far this year, employers announced plans to cut 481.906K jobs, a 203% increase from the first seven months of 2022. This is the highest January-July total since 2020.
2023-08-03
US Companies Cut the Least Jobs in 8 Months
US-based employers announced 40.709K job cuts in June 2023, the lowest level since October 2022, compared to 80.809K in May. Still, the reading is above 32.517K layoffs announced a year earlier. The tech sector laid off nearly 5,000 employees. "The drop in cuts is not unusual for the summer months. 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 vice president at Challenger, Gray & Christmas Inc. So far this year, employers have announced 458,209 cuts, the highest first-half total since 2020. Technology is leading with 141,516 cuts, the second-highest total for the sector ever, followed by retail companies (48,212) and financial firms (39,768). The top reason for job cuts is Market/Economic Conditions, followed by Cost-Cutting and store, unit, or department Closings.
2023-07-06
US Companies Cut More Jobs in May
US-based employers announced 80.089K job cuts in May 2023, higher than 66.995K in April and compared with 20.712K in May 2022, as companies appear to be putting the brakes on hiring in anticipation of a slowdown, according to the Challenger Report. The Technology sector announced the most cuts during the month (22.887K), followed by retailers (9.053K) and the auto sector (8.308K). So far this year, companies have announced plans to cut 417.5K jobs, a 315% increase from the same period last year. It is the highest January-May total since 2020. With the exception of 2020, it is the highest since 2009. The tech sector announced the most cuts so far this year (136.831K, the most since 2001), followed by retailers (45.168K) and the financial sector (36.937K). Also, the Media industry has announced 17.436K cuts, the highest year-to-date on record. Meanwhile, employers announced plans to hire 7,884 workers, the lowest since November 2020.
2023-06-01