US-based companies announced plans to cut 321,970 jobs from their payrolls in 2021, the least on record and down 86% from 2020 as employees try to retain workers faced with a record number of job quits. Company closings caused the most cuts (69,648), followed by restructuring (58,712), and market conditions (54,160). In December alone, 19,052 job cuts were announced, 28.1% above an 18-year low of 14,875 hit in November but still 75.3% less than 77,030 in December 2020. "The number of COVID cases will impact the labor market, regardless of how severe illnesses are. The main difference between COVID waves is that now much of the financial support from the government is gone, which may push workers who were leaving the workforce for child care, COVID concerns, or burnout back into the labor market. January may see more cuts due to workers’ refusal to get vaccinated, since many companies imposed deadlines for this month,” said Andrew Challenger, senior VP of Challenger, Gray & Christmas. source: Challenger, Gray and Christmas, Inc.
Challenger Job Cuts in the United States averaged 67535.11 Persons from 1994 until 2021, 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 January of 2022.
Challenger Job Cuts in the United States is expected to be 23000.00 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.