Job Cuts Decline for Second Straight Month in November but Remain 45.4% Above a Year Ago

According to the latest released report by Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, U.S. based employers announced 64,797 job cuts in November. The second-lowest monthly total for 2020. It is -19.7% lower than the October job cuts of 80,666. However, year-over-year it is 45.4% higher than November of 2019. So far this year, 2,227,725 job cuts have been announced, 298% higher than the 559,713 cuts announced through November 2019. It is the highest annual total on record. In comments prepared for the release of the report, Andrew Challenger, Senior Vice President of CG&C) said “News of a coming vaccine and clarity surrounding election results have sent markets soaring and given companies some stability as we end the year. That said, disposable income decreased over $130 billion in October, according to the Bureau of Economic Analysis. Undoubtedly, the millions of Americans who remain out of work will have an impact on spending, which will lead to further cuts.”