US-based employers announced 15,762 jobs cuts in August of 2020, down 56 percent from July. Still, it is the highest total for August month since 2002 as an increasing number of companies that initially had temporary job cuts or furloughs are now making them permanent. The most jobs were lost in transportation (26,545) as airlines begin to make staffing decisions in the wake of decreased travel and uncertain federal intervention. This was followed by entertainment/Leisure companies, including bars, restaurants, hotels, and amusement parks, with 17,271 job cuts. Considering the first eight months of the year, US employers announced a record 1.963 million cuts. “Both companies and workers are grappling with increasing uncertainty due to stalled economic relief, the approaching election, and child care and education concerns. This is undoubtedly impacting talent management concerns,” Challenger said.

Challenger Job Cuts in the United States averaged 68839.16 Persons from 1994 until 2020, reaching an all time high of 671129 Persons in April of 2020 and a record low of 15100 Persons in June of 1997. 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 September of 2020.

Challenger Job Cuts in the United States is expected to be 120000.00 Persons by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Challenger Job Cuts in the United States to stand at 50000.00 in 12 months time. In the long-term, the United States Challenger Job Cuts is projected to trend around 55000.00 Persons in 2021, according to our econometric models.

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United States Challenger Job Cuts

Actual Previous Highest Lowest Dates Unit Frequency
115762.00 262649.00 671129.00 15100.00 1994 - 2020 Persons Monthly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-06-04 11:30 AM May 397.016K 671.129K 810K
2020-07-01 11:30 AM Jun 170.219K 397.016K 180K
2020-08-06 11:30 AM Jul 262.6K 170.219K 125K
2020-09-03 11:30 AM Aug 115.762K 262.649K 149K
2020-10-01 11:30 AM Sep 115.762K 120K
2020-11-05 12:30 PM Oct 95K
2020-12-03 12:30 PM Nov 79K


News Stream
US Companies Cut Near 116K Jobs in August
US-based employers announced 15,762 jobs cuts in August of 2020, down 56 percent from July. Still, it is the highest total for August month since 2002 as increasing number of companies that initially had temporary job cuts or furloughs are now making them permanent. The most jobs were lost in transportation (26,545) as airlines begin to make staffing decisions in the wake of decreased travel and uncertain federal intervention. This was followed by entertainment/Leisure companies, including bars, restaurants, hotels, and amusement parks, with 17,271 job cuts. Considering the first eight months of the year, US employers announced a record 1.963 million cuts. “Both companies and workers are grappling with increasing uncertainty due to stalled economic relief, the approaching election, and child care and education concerns. This is undoubtedly impacting talent management concerns,” said Challenger.
2020-09-03
US Employers Announce More than 260K Layoffs in July
Job cuts announced by US-based employers rose to 262.6 thousand in July 2020, up from 170.2 thousand in the previous month and 38.8 thousand in the same period last year. It was the third-highest level of layoffs on record due to a resurgence in COVID-19 infections. The reason cited for 77.1 thousand of the announced cuts is market conditions. COVID-19 caused 63.5 thousand cuts in July, followed by 60.8 thousand job cuts due to demand downturn, and 17.1 thousand cuts due to voluntary severance/buyouts. 2.0 thousand job cuts were attributed to bankruptcies. July’s cuts brought the yearly total so far to 1.85 million, up 212 percent from the 593 thousand cuts at this time last year. The current year-to-date total is 109.2 thousand cuts away from the 1.95 million cuts announced in 2001, the highest annual total on record. The majority of cuts continue to come from Entertainment/Leisure companies, followed by retailers, service providers and transportation.
2020-08-06
US Employers Announce 170K Layoffs in June
Job cuts announced by US-based employers totaled 170,219 in June of 2020, down 57% from 397,016 in May. Prior to when cuts began to increase in March, it is the highest monthly total since February of 2009, when 186,350 job cuts were announced. Considering Q2, job cuts hit 1,238,364, the highest quarterly total on record. So far this year, employers have announced 1,585,047 cuts, 379% higher than a year earlier. While COVID-19 was cited as the reason for 1,011,387 cuts, market conditions were to blame for 228,592. Another 71,814 cuts were due to closings and 62,564 were due to a demand downturn. "Job cuts are trending down, as expected, as businesses begin the difficult task of reopening. However, with a resurgence in cases, millions of Americans out of work, and enhanced unemployment benefits coming to an end soon, we may expect more companies to make cuts as consumer and business spending slows,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc.
2020-07-01
US Companies Cut Near 400K Jobs in May
Job cuts announced by US-based employers totaled 397,016 in May of 2020, down 40.8 percent from 671,129 in APril, the highest monthly total on record. Despite the drop, last month’s total is the second highest monthly total on record, due to the coronavirus pandemic. The COVID-19 pandemic caused 209,147 cuts in May, followed by 119,018 job cuts due to market conditions, and 50,172 announced cuts due to demand downturn. By far, the majority of cuts came from Entertainment/Leisure companies, including bars, restaurants, hotels, and amusement parks, which announced 163,680 cuts in May. So far this year, 1,414,828 job cuts have been announced, 389.5 percent higher than the 289,010 announced in the first five months of 2019, and the highest January-May total on record.
2020-06-04

United States Challenger Job Cuts
Challenger Job-Cut Report provides information on the number of announced corporate layoffs by industry and region.