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Challenger Job Cuts: Difference between revisions
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== Methodology == | |||
The firm collects its data through a variety of sources, including publicly available information, press releases, and company announcements. The report also includes data from the Bureau of Labor Statistics and other government agencies. The Challenger Job Cuts report tracks all types of job cuts, including layoffs, attrition and retirements. | |||
It is important to note that it is not comprehensive. The report only covers large-scale job cuts (i.e. those affecting 50 or more workers) and does not include smaller-scale layoffs or job cuts in the public sector. | |||
== Developments == | == Developments == | ||
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=== August 2023 === | === August 2023 === | ||
U.S.-based employers announced 75,151 cuts in August, a 217% increase from the 23,697 cuts announced one month prior. It is 267% higher than the 20,485 cuts announced in the same month in 2022. | U.S.-based employers announced 75,151 cuts in August, a 217% increase from the 23,697 cuts announced one month prior. It is 267% higher than the 20,485 cuts announced in the same month in 2022.<ref>https://omscgcinc.wpenginepowered.com/wp-content/uploads/2023/08/The-Challenger-Report-August-2023.pdf</ref> | ||
So far this year, companies have announced plans to cut 557,057 jobs, a 210% increase from the 179,506 cuts announced in the same period last year. It is the highest January-August total since 2020, when 1,963,458 cuts were recorded. It is the third-highest year-to-date total since 2009. | So far this year, companies have announced plans to cut 557,057 jobs, a 210% increase from the 179,506 cuts announced in the same period last year. It is the highest January-August total since 2020, when 1,963,458 cuts were recorded. It is the third-highest year-to-date total since 2009. | ||
In August, employers announced plans to hire 7,744 workers, the lowest monthly total since November 2020, when 6,527 new positions were announced. So far this year, companies have announced plans to add 135,980 positions, down 83% from the 783,074 hires announced through August 2022 | |||
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