Job Cuts in November Increased Month-Over-Month and Year-Over-Year

According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released today (12-1-22), US-based employers announced 76,835 job cuts in November. This is a 127.0% increase from the 33,843 job cuts announced in October. It is 41.0% higher than the 14,875 job cuts announced in November 2021.

CG&C notes that November saw the highest number of job cuts announced in a single month since January 2021. It is the sixth time this year that cuts were higher in 2022 than in the corresponding month of the previous year.

So far this year, employers announced plans to cut 320,173 jobs, a 6.0% increase from the 302,918 job cuts announced in the same period in 2021. With November’s total, job cuts in 2022 have surpassed the job cuts announced in 2021, for the first time this year. The year-to-date total is the second lowest on record since CG&C began tracking job cuts back in 1993, with the lowest occurring during the same period last year.

In October, employers announced plans to hire 30,203 workers, bringing the year-to-date total to 1,430,671—down 14% from the 1,662,433 hiring plans employers announced in the same period last year.