US-based companies announced plans to cut 25,810 jobs from their payrolls in July of 2022, a 36.3% increase from the 18,942 cuts announced in July of 2021. The figure marks the second-highest amount of job cuts in the year so far, easing from the 16-month high of 32,517 in June. The automotive sector shed 9,510 jobs in July, while the technology sector cut 3,558 positions and financial firms cut 1,327 jobs. Still, the Challenger report noted that the labor market remains tight and that larger-scale layoffs have not yet started, despite indications that hiring activity is slowing after an extended period of growth.So far this year, employers announced plans to cut 159,021 jobs from their payrolls, a 31.3% drop from the corresponding period of the previous year. source: Challenger, Gray and Christmas, Inc.

Challenger Job Cuts in the United States averaged 66620.46 Persons from 1994 until 2022, reaching an all time high of 671129 Persons in April of 2020 and a record low of 14875 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 2022.

Challenger Job Cuts in the United States is expected to be 28000.00 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 2023, according to our econometric models.

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United States Challenger Job Cuts



Calendar GMT Actual Previous Consensus TEForecast
2022-07-07 11:30 AM Jun 32.517K 20.712K 20K
2022-08-04 11:30 AM Jul 25.81K 32.517K 34K
2022-09-01 11:30 AM Aug 25.81K


Related Last Previous Unit Reference
Challenger Job Cuts 25810.00 32517.00 Persons Jul 2022
Hiring Plans Announcements 25506.00 102897.00 Persons Jul 2022

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
25810.00 32517.00 671129.00 14875.00 1994 - 2022 Persons Monthly
NSA

News Stream
US Job Cuts Rise in July
US-based companies announced plans to cut 25,810 jobs from their payrolls in July of 2022, a 36.3% increase from the 18,942 cuts announced in July of 2021. The figure marks the second-highest amount of job cuts in the year so far, easing from the 16-month high of 32,517 in June. The automotive sector shed 9,510 jobs in July, while the technology sector cut 3,558 positions and financial firms cut 1,327 jobs. Still, the Challenger report noted that the labor market remains tight and that larger-scale layoffs have not yet started, despite indications that hiring activity is slowing after an extended period of growth.So far this year, employers announced plans to cut 159,021 jobs from their payrolls, a 31.3% drop from the corresponding period of the previous year.
2022-08-04
US Companies Cut the Most Jobs in 16 Months
US-based companies announced plans to cut 32,517 jobs from their payrolls in June of 2022, the highest reading since February last year, and a 58.8% increase from the 20,476 cuts announced in the same month last year. The Automotive sector announced the most cuts with 10,198, amid supply chain issues, semiconductor shortages, surging gas prices, and increased demand for electric vehicles. Considering Q2, employers announced 77,515 job cuts, the highest quarterly total since Q1 2021. “Employers are beginning to respond to financial pressures and slowing demand by cutting costs. While the labor market is still tight, that tightness may begin to ease in the next few months,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc.
2022-07-07
US Job Cuts Fall in May
US-based companies announced plans to cut 20,712 jobs from their payrolls in May of 2022, the lowest reading in three months. It is 15.8% lower than the 24,586 cuts announced in May of 2021. So far this year, employers announced plans to cut 100,694 job cuts, the lowest on record for the first five months of the year. Still, four industries saw more job cuts announced in May than in the previous four months of the year combined: technology (4,044, the highest since December of 2020); fintech (2,059); construction (817); and automotive (2,918). Meanwhile, employers in the US announced 126,083 hiring plans in May, primarily on plans from Ace Hardware to hire 40,000 associates and 7-Eleven, which plans to hire 60,000. So far this year, there were 612,686 hiring announcements, the second-highest January-May hiring total on record.
2022-06-02