Private Sector Job Cuts Fall in July
According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released Thursday (8-3-23), US-based employers announced 23,697 job cuts in July. This is down 42% from the 40,709 job cuts announced in June. It is also 8% below the 25,810 job cuts announced in July 2022. CG&C notes that July’s total marks the first time this year that cuts were lower than the corresponding month one year earlier.
Between January 1st and July 31st, employers announced plans to cut 418,906 jobs, an increase of 203% from the 159,021 cuts announced during the same time period in 2022. GC&G says it is the highest January–July total since 2020, when 1,847,696 cuts were announced. The year-to-date percent change has fallen steadily since April, when cuts were 322% higher than the prior year.
GC&G says that so far this year, most job cuts have been attributed to economic or market conditions, with 219,972 job cuts. That is 46% of all cuts announced thus far in 2023.
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