US Private Sector Job Cuts Ease in September

According to Challenger, Gray & Christmas, Inc. (CG&C) Job Cut Announcement Report released on Thursday, US-based employers announced 72,821 cuts in September, a 4% decrease from the 75,891 cuts announced in August. However, this is up 53% year-over-year from 47,457 cuts in September 2023.

In Q3, companies announced plans to cut 174,597 jobs, down 16% from the 177,391 cuts announced in Q2. Compared to 146,305 cuts in 2023Q3, it is up 19%.

So far this year, companies have announced 609,242 cuts, up 0.8% from 604,514 during the same period last year. Though less than a percentage point separates them, this is the first time this year that year-to-date cuts are higher than those tracked during the same period in 2023.

According to CG&C, job cuts were widespread, with the technology sector leading the way, followed by utility and energy, apparel, transportation and industrial manufacturing, education, entertainment and leisure, and media and news.

Hiring

US employers announced 403,891 hiring plans in September, with 401,850 coming from seasonal employers—both in retail and transportation/warehousing. This is down 32% from the 590,353 hiring plans announced in September 2023.

For the year, employers have announced plans to add 483,590 jobs, down 33% from the 726,333 hiring plans announced through September 2023. This is the lowest year-to-date figure since 2011, when employers planned to add 300,794 jobs through September.