Private Sector Job Cuts Increase in August

According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released Thursday (8-31-23), US-based employers announced 75,151 job cuts in August. This is a 217% increase from the 23,697 job cuts announced in July. It is also 267% higher than the 20,485 job cuts announced in August 2022.

Year-to-date through August 31st, employers have announced plans to cut 557,057 jobs, an increase of 210% from the 179,506 cuts announced during the same period in 2022. GC&G says it is the highest January–August total since 2020 when 1,963,458 job cuts were announced. It is also the third-highest year-to-date total since 2009.

CG&C reports that employers announced plans to hire 7,744 workers in August, the lowest monthly total since November 2020 when 6,527 new positions were announced. As of August 31st, companies this year have announced plans to add 135,980 positions, which is 83% below the 783,074 hires announced during the same period in 2022.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.