Private Sector Job Cuts Increase 3.8% in November

According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cut Announcement Report released on Thursday, US-based employers announced 57,727 job cuts in November, a 3.8% increase from the 55,597 cuts announced in October. It is also up 26.8% year-over-year from the 45,510 cuts announced in November 2023.

So far this year, companies have announced plans to cut 722,566 jobs, up 5.2% from the 686,860 cuts announced in the first eleven months of 2023. It is the fourth-highest November total since 2008. Excluding the year-to-date total of 2,227,725 in 2020, job cut announcements are the highest since 2009, when 1,242,936 job cuts were announced through November.

According to CG&C, job cuts in November were widespread, with the automotive sector leading the way, followed by technology, healthcare products, industrial manufacturing, and media and news

In November, US employers have announced 761,954 hiring plans, down 2.0% from the 777,101 plans recorded through November last year. The year-to-date total is the lowest since 2015, when employers planned to hire 679,286 new workers.