Private Sector Job Cuts Decline Further in July
Summer Job Cuts Stay Low; Hiring Total Lowest Since 2012
According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cut Announcement Report released on Thursday, US-based employers announced 25,885 job cuts in July, down 47% from 48,786 in June. Year-over-year, July was 9.0% higher (23,697 in July 2023).
July marks the fourth time this year that announcements are higher than the corresponding month one year prior. It is also the highest total for the month since 2020, when 262,649 cuts were recorded.
So far this year, companies have announced 460,530 cuts, down 4.4% from 481,906 cuts announced through July last year. With the 1,847,696 cuts recorded through July 2020, it is the third highest year-to-date total since 2009 (994,048).
According to CG&C, job cuts were widespread in the technology sector, followed by the service sector, food sector, consumer products sector, health care and products sector, and media and news sector.
US employers announced plans to hire 3,676 workers in July, the lowest monthly total since December 2023 when 3,022 hiring plans were announced. It is the lowest total for July since CG&C began keeping detailed hiring announcements in 2009. For the year, employers have announced plans to hire 73,596 workers, the lowest year-to-date total since 2012 (72,858).
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