Private Sector Job Cuts Down Month-Over-Month but Up Year-Over-Year in June

According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released Thursday (7-6-23), US-based employers announced 40,70 job cuts in June. This is down 49% from the 80,089 job cuts announced in May; however, it is up 25% from the 32,517 job cuts announced in June 2022. CG&C notes that June’s total marks the sixth consecutive month this year when job cuts were higher than the corresponding month a year earlier.

Between January 1st and June 30th, employers announced plans to cut 458,209 jobs, an increase of 244% from the 133,211 cuts announced during the same time period in 2022. GC&G says it is the highest January–June total since 2020, when 1,585,047 cuts were announced. With the exception of 2020, GC&C notes that this is the highest total for this period since 2009, when 896,675 cuts were announced.

US employers announced plans to add 115,462 positions since the start of 2023. This is the lowest first-half total since 2016, when 76,751 new hires were recorded. The most hire announcements occurred in Entertainment/Leisure with 20,012, down 82% from the 111,475 announced during the same time period in 2022. Technology was in second place, announcing 14,423 positions for hire, down 61% from 37,093 announced hires in the same time period in 2022.