According to the latest released Job Cut Report from Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, U.S. based employers announced job cuts fell by -34.8% in November to 14,875 from 22,822 in October. This is the lowest monthly total since May 1993, when 14,086 were reported. November’s total is -77% lower year-over-year (Nov. 2021 vs. Nov. 2020), when 64,797 cuts were announced.
So far this year, employers have announced plans to cut 302,918 jobs from their payrolls, down -86% from the 2,227,725 jobs eliminated through the same period last year. It is the lowest January-November total on record. The previous lowest occurred in 1997, when companies announced 376,057 cuts through November.
In remarks prepared for the release of the October report, Andrew Challenger, Senior Vice President of CG&C said, “With the Omicron variant emerging and the unknowns that come with its spread, coupled with the ongoing difficulty hiring and retaining workers, it’s no surprise job cuts are at record lows. Employers are spread thin, planning best- and worst-case scenarios in terms of COVID, while also contending with staff shortages and high demand.”
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Nov-21 Job Cuts Fall To Lowest Monthly Total Since May 1993; 14,875 Cuts Recorded