Job Cuts in October Increased Month-Over-Month and Year-Over-Year, Reaching Highest Level Since February 2021

According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released today (11-3-22), US employers announced 33,843 job cuts in October. This is a 13.0% increase from the 29,989 job cuts announced in September. It is 48.0% higher than the 22,822 job cuts announced in October 2021.

CG&C notes that October saw the highest number of job cuts announced in a single month since February 2021, when 34,531 jobs cuts were reported. It is the sixth time this year that cuts were higher in 2022 that in the corresponding month of the previous year.

So far this year, employers announced plans to cut 243,338 jobs, down 16% from the 288,043 job cuts announced in the first nine months of 2021. It is the lowest recorded January–October total since Challenger began tracking monthly job cut announcements in 1993.

In October, employers announced plans to hire 237,380 workers, after a soft September total, the lowest, in fact since 2011. With G&C commenting that September is typically when season employers announce large-scale plans.