Job Cuts Up Month-Over-Month and Year-Over-Year in September

According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released today (10-6-22), US-based employers announced 29,989 job cuts in September. This is a 46.4% increase from the 20,485 job cuts announced and reported in August 2022. It is also 67.6% higher than the 17,898 cuts announced in September 2021. CG&C notes that September marks the fifth time this year that cuts were higher in 2022 than in in the corresponding month in 2021.

So far this year, employers announced plans to cut 209,495 jobs, down 21% from the 265,221 job cuts announced in the first nine months of 2021. It is the lowest recorded January-September total since Challenger began tracking monthly job cut announcements in 1993.

Retailers led in job cut announcements in September with 9,273, just as many are determining holiday hiring plans. Technology companies followed with 4,212 cuts in September, for a total of 18,620 so far this year. The automotive sector leads all industries in job cuts this year with 28,922, up 194% from the 9,831 cuts announced through September last year. Meanwhile, cuts in the financial technology (fintech) sector have increased 927% over last year, from 563 through September 2021 to 5,780 cuts through the same time this year. The financial sector, which is dealing with a possible recession and housing downturn, has announced 14,832 cuts, up 81% from the 8,205 announced through September 2021.

Employers announced plans to hire 380,014 workers in September, the lowest total since September 2011, when they announced plans to hire 76,551.