Private Sector Job Cuts Declined Further Month-Over-Month but Up Year-Over-Year in June 2024

According to Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report, released on July 3rd, 2024, U.S.-based employers announced 48,786 job cuts in June, down from 63,816 job cuts reported in May, and a 1.5% decline from the 64,789  job cuts reported in April. Year-over-year (Jun. 23 – Jun. 24) it is 19.8% higher than the 40,709 job counts announced in the same month in 2023.

June’s total marks the third time this year job cut announcements are higher than the corresponding month one year prior. So far this year, companies have announced plans to cut 434,645 jobs, down 5.1% from the 458,209 announced in the first half of 2023.

Reviewing just Q2 2024 data, CG&C reports that 177,391 job cuts were recorded, that is down 31.0% from the 257,254 tracked in Q1 2024. It is down 5.5% from the 187,793 cuts recorded in Q2 2023. It is the highest total for June since 2020, when 170,219 job cuts were recorded. Outside of 2020, it is the highest June total since 74,393 job cuts were recorded for the month in 2009

According to CG&C job cuts were widespread with the Consumer Products Manufacturers leading the way, followed by Technology Sector, Industrial Goods Manufacturers, Education, Transportation, Food Manufacturing, and Media & News.

U.S. employers, in June, announced plans to hire 19,087 workers, the second-highest monthly total so far this year, for a total of 69,920. This is the lowest year-to-date total for announced hiring plans since 2016 when 76,751 hiring plans were announced through June.