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Challenger Job Cuts (view source)

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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.
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 Cuts ==
{| class="wikitable"
{| class="wikitable"
!
!
Line 252: Line 252:
|270,416
|270,416
|187,793
|187,793
|146,305
|
|
|
|604,514
|458,209
|-
|-
|AVG
!AVG
|197,619
!197,619
|179,292
!179,292
|176,174
!175,320
|189,169
!189,169
|
!
|}
|}


=== August 2023 ===
=== 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.<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.
==== Total ====
 
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
{| class="wikitable mw-collapsible"
{| class="wikitable mw-collapsible"
!
!
Line 308: Line 305:
|-
|-
!September
!September
|
|47,457
|29,989
|29,989
|-
|-
Line 324: Line 321:
|-
|-
!TOTAL
!TOTAL
|'''557,057'''
|'''604,514'''
|'''363,824'''
|'''363,824'''
|}
==== Job Cuts By Industry ====
{| class="wikitable"
!Industry
!22-Sep
!23-Aug
!23-Sep
!YTD 2022
!YTD 2023
!'''Y/Y %'''
|-
|Aerospace/Defense
|150
|855
|827
|1,363
|6,769
|'''397%'''
|-
|Apparel
|
|404
|192
|484
|2,090
|'''332%'''
|-
|Automotive
|221
|1,527
|4,769
|28,922
|25,214
|'''-13%'''
|-
|Chemical
|
|218
|
|0
|893
|
|-
|Construction
|357
|1,304
|496
|1,806
|4,890
|'''171%'''
|-
|Consumer Products
|1,287
|3,271
|3,497
|8,571
|30,888
|'''260%'''
|-
|Education
|
|488
|248
|5,579
|8,126
|'''46%'''
|-
|Electronics
|
|28
|127
|836
|2,036
|'''144%'''
|-
|Energy
|578
|160
|318
|1,601
|1,811
|'''13%'''
|-
|Entertainment/Leisure
|1,762
|453
|1,442
|14,728
|13,141
|'''-11%'''
|-
|Financial
|1,714
|1,776
|334
|14,832
|43,675
|'''194%'''
|-
|FinTech
|910
|241
|185
|5,780
|11,187
|'''94%'''
|-
|Food
|1,209
|3,597
|199
|7,606
|13,183
|'''73%'''
|-
|Government
|582
|136
|400
|5,515
|1,679
|'''-70%'''
|-
|Health Care/Products
|2,558
|7,688
|3,976
|23,850
|52,611
|'''121%'''
|-
|Industrial Goods
|57
|1,090
|991
|5,152
|5,934
|'''15%'''
|-
|Insurance
|155
|51
|2,029
|1,151
|5,025
|'''337%'''
|-
|Legal
|
|238
|
|0
|1,115
|
|-
|Media
|228
|31
|296
|2,986
|19,413
|'''550%'''
|-
|Mining
|
|
|525
|161
|1,225
|'''661%'''
|-
|Non-Profit
|1,081
|278
|351
|2,427
|3,560
|'''47%'''
|-
|Pharmaceutical
|522
|783
|731
|4,034
|8,401
|'''108%'''
|-
|Real Estate
|560
|1,681
|270
|6,695
|6,940
|'''4%'''
|-
|Retail
|9,273
|6,262
|14,958
|18,213
|70,713
|'''288%'''
|-
|Services
|2,308
|1,754
|6,288
|15,999
|41,332
|'''158%'''
|-
|Technology
|4,212
|3,198
|2,537
|18,620
|151,989
|'''716%'''
|-
|Telecommunications
|
|5,273
|38
|240
|18,683
|'''7685%'''
|-
|Transportation
|155
|243
|140
|3,681
|7,257
|'''97%'''
|-
|Utility
|
|
|449
|864
|1,122
|'''30%'''
|-
|Warehousing
|110
|32,123
|844
|7,799
|43,612
|'''459%'''
|-
|'''TOTAL'''
|'''29,989'''
|'''75,151'''
|'''47,457'''
|'''209,495'''
|'''604,514'''
|'''189%'''
|}
==== Job Cuts by Reason ====
{| class="wikitable"
!
!Sep-23
!YTD
|-
|Market/Economic Conditions
|3,628
|225,319
|-
|Closing
|19,462
|94,515
|-
|No Reason Provided
|11,971
|87,694
|-
|Cost-Cutting
|1,305
|59,553
|-
|Restructuring
|2,344
|39,073
|-
|Bankruptcy
|102
|31,651
|-
|Financial Loss
|136
|12,656
|-
|Demand Downturn
|650
|12,650
|-
|Voluntary Severance/Buyouts
|1,336
|11,568
|-
|Contract Loss
|2,338
|8,759
|-
|Acquisition/Merger
|171
|6,872
|-
|Artificial Intelligence
|30
|3,997
|-
|Labor Dispute
|3,200
|3,310
|-
|Outsourcing Operations Outside the US
|202
|2,202
|-
|Outsourcing Operations to Another US Company
|
|1,585
|-
|Cyberattack
|
|750
|-
|Relocation (Domestic)
|
|601
|-
|COVID-19
|99
|513
|-
|Looting/Violence
|383
|383
|-
|Consolidation
|
|361
|-
|Natural Disaster
|
|352
|-
|Maui Fire
|100
|100
|-
|Supply Shortage
|
|50
|-
|'''TOTAL'''
|'''47,457'''
|'''604,514'''
|}
|}


=== September 2023 ===
=== September 2023 ===
* U.S.-based employers announced 47,457 cuts in September, down 37% from the 75,151 cuts announced in August. It is up 58% from the 29,989 announced in the same month one year prior.<ref>https://omscgcinc.wpenginepowered.com/wp-content/uploads/2023/10/Challenger-Job-Cuts-Report-September-2023.pdf</ref>
* Employers announced 146,305 cuts in the third quarter, a 92% increase from 76,284 cuts announced in the same quarter last year. It is down 22% from the 187,793 cuts announced last quarter.
* So far this year, companies have planned 604,514 cuts, a 198% increase from the 209,495 cuts announced through September 2022. It is the highest January-September total since 2020, when 2,082,262 cuts were recorded. With the exception of 2020, it is the highest January to September total since 2009, when 1,136,908 job cuts were announced.
* US-employers announced plans to add 590,353 positions in September, 552,800 of which were seasonal positions for the holidays. So far this year, employers have announced 726,333, down 38% from the 1,163,088 plans recorded through September 2022
=== 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.<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.
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
== Developments Hiring Plans ==
{| class="wikitable"
!Month
!2023
!2022
!2021
!2020
!2019
!2018
!2017
!2016
|-
|January
|32,764
|77,630
|72,063
|23,229
|74,040
|41,890
|136,501
|8,362
|-
|February
|28,830
|215,127
|146,403
|88,202
|15,279
|139,925
|25,765
|7,539
|-
|March
|9,044
|105,224
|97,767
|824,610
|96,368
|14,525
|127,006
|10,997
|-
|April
|23,310
|88,622
|76,345
|285,639
|258,302
|13,842
|61,537
|11,557
|-
|May
|7,885
|126,083
|49,118
|38,981
|8,663
|9,889
|77,447
|24,732
|-
|June
|13,629
|102,897
|110,093
|75,454
|11,946
|13,504
|40,095
|13,564
|-
|July
|12,774
|25,506
|18,281
|246,507
|22,316
|9,823
|88,142
|16,051
|-
|August
|7,744
|41,985
|94,004
|160,411
|24,937
|17,274
|14,530
|9,101
|-
|September
|590,353
|380,014
|939,790
|929,860
|459,689
|595,997
|422,726
|487,075
|-
|October
|
|237,380
|52,042
|255,198
|190,835
|130,338
|37387
|135,532
|-
|November
|
|30,203
|6,527
|185,504
|19,063
|15,422
|61,300
|108,994
|-
|December
|
|51,693
|89,984
|77,267
|26,313
|15,999
|8,218
|35,198
|-
|'''TOTAL'''
|'''726,333'''
|'''1,482,364'''
|'''1,752,417'''
|'''3,190,862'''
|'''1,207,751'''
|'''1,018,428'''
|'''1,100,654'''
|'''868,702'''
|-
|'''Monthly Average'''
|'''80,704'''
|'''129,232'''
|'''178,207'''
|'''296,988'''
|'''107,949'''
|'''95,185'''
|'''110,417'''
|'''65,442'''
|-
|'''YTD'''
|
|'''1,163,088'''
|'''1,603,864'''
|'''2,672,893'''
|'''971,540'''
|'''856,669'''
|'''993,749'''
|'''588,978'''
|}
==== Hiring plans by Industry ====
{| class="wikitable"
!INDUSTRY
!23-Sep
!YTD 2023            
!YTD  2022
!Y/Y %
|-
|Aerospace/Defense
|3,820
|10,830
|12,207
| -11.28%
|-
|Apparel
|20
|20
|1,973
| -98.99%
|-
|Automotive
|1,378
|12,266
|30,986
| -60.41%
|-
|Chemical
|225
|1,175
|469
|150.53%
|-
|Construction
|808
|6,568
|7,370
| -10.88%
|-
|Consumer Products
|535
|4,280
|17,801
| -75.96%
|-
|Education
|668
|1,823
|8,342
| -78.15%
|-
|Electronics
|50
|744
|5,013
| -85.16%
|-
|Energy
|4,684
|17,163
|6,046
|183.87%
|-
|Entertainment/Leisure
|282
|20,294
|114,385
| -82.26%
|-
|Financial
|50
|7,877
|20,488
| -61.55%
|-
|FinTech
|
|50
|4,398
| -98.86%
|-
|Food
|465
|4,809
|28,703
| -83.25%
|-
|Government
|30,048
|34,111
|93,571
| -63.55%
|-
|Health Care/Products
|50
|6,634
|26,711
| -75.16%
|-
|Industrial Goods
|634
|7,358
|18,829
| -60.92%
|-
|Insurance
|200
|229
|1,188
| -80.72%
|-
|Legal
|20
|20
|20
|0.00%
|-
|Media
|
|11
|2,270
| -99.52%
|-
|Mining
|
|0
|1,025
| -100.00%
|-
|Non-Profit
|
|3,017
|13,830
| -78.19%
|-
|Pharmaceutical
|
|3,350
|5,085
| -34.12%
|-
|Real Estate
|75
|3,485
|5,452
| -36.08%
|-
|Retail
|438,420
|440,868
|524,013
| -15.87%
|-
|Services
|237
|5,731
|18,843
| -69.59%
|-
|Technology
|3,000
|18,706
|46,219
| -59.53%
|-
|Telecommunications
|400
|2,181
|6,476
| -66.32%
|-
|Transportation
|100,200
|105,352
|123,027
| -14.37%
|-
|Utility
|541
|1,420
|480
|195.83%
|-
|Warehousing
|3,543
|5,961
|17,868
| -66.64%
|-
|'''TOTAL'''
|'''590,353'''
|'''726,333'''
|'''1,163,088'''
|'''-37.55%'''
|}


== References ==
== References ==
Retrieved from "https://investmentwiki.mywikis.eu/wiki/Special:MobileDiff/9105"