Job cuts announced by US-based employers fell by 29.8 percent month-over-month to 53,073 in November of 2018 but rose 51.5 percent year-on-year. General Motors announced it would cut 15 percent of its workforce, or up to 14,000 employees, after offering 18,000 buyouts to workers in an effort to save over $6 billion. Challenger counted 14,000 cuts due to cost-cutting. GM’s announcement is the 7th largest single job cut announcement by an Automotive company since 2001. So far this year, employers have announced 494,775 cuts, 28 percent higher than the 386,347 announced through this point last year. This is the highest 11-month total since 2015, when 574,888 cuts were tracked through November. Retail continues to lead all sectors in job cut announcements with 96,504, followed by telecommunications (59,518), financials (41,351), health care (39,443), consumer products (30,733) and autos (28,529 cuts). Challenger Job Cuts in the United States averaged 64978.70 Persons from 1994 until 2018, reaching an all time high of 248475 Persons in January of 2002 and a record low of 15100 Persons in June of 1997.
Challenger Job Cuts in the United States is expected to be 33300.00 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 42000.00 in 12 months time. In the long-term, the United States Challenger Job Cuts is projected to trend around 31000.00 Persons in 2020, according to our econometric models.