Private Sector Job Cuts Increase Month-Over-Month but Decline Year-Over-Year in November

According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released Thursday (12-07-23), US-based employers announced 45,836 job cuts in November. This is a 24% increase from the 36,836 job cuts announced in October but 41.0% lower than the 76,835 job cuts announced in November 2022. That is the first year-over-year decline since July.

CG&C notes that through November 30th, employers have announced plans to cut 686,8600 jobs, an 115% increase from the first eleven months of 2022, when 320,173 cuts were announced. This is the highest January–November total since 2020, when 2,227,725 cuts were announced. Excluding 2020, CG&C says it is the highest year-to-date total since 1,242,936 cuts were announced through November 2009.

In November, employers announced plans to hire an additional 15,566 workers, resulting in a year-to-date total of 775,501, CG&C reported. This is the lowest year-to-date total for announced hiring plans since 2015, when 679,286 hiring plans were recorded through November.

In regard to seasonal employment, seasonal employers through November, announced 573,300 hires—the lowest total since 518,000 seasonal hiring plans were announced in 2013.