Job cuts announced by US-based employers increased by 20.7 percent to 52,988 in January of 2019 from 43,884 in the previous month, and were up by 18.7 percent from 44,653 a year earlier. While it is lower than the average of 86,347 cuts announced during the month of January since 1993, it is higher than 20 of the last 24 monthly totals. Retail sector reported the most cuts (22,327, up 45 percent year over year), mostly related to Gymboree’s plan to liquidate remaining stores in the U.S. and Canada, costing a reported 10,000 jobs. Redundancies in financial firms were the second-highest (4,230), followed by the Automotive sector (3,949) and Entertainment/Leisure (3,533). Challenger Job Cuts in the United States averaged 64868.78 Persons from 1994 until 2019, 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 55080.00 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 34000.00 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.