MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22

MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1918 Mon; -1.35% Y/Y

CHINA PRESS: Yuan To Reach 17% Of Global Payments By 2035

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Challenger Job Cuts Don’t Point To Labor Market Alarm

US DATA
EM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsMetals bulletEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • The Challenger jobs report showed hiring announcements remain extremely low but there was no further escalation in planned job cuts.
  • Challenger job cuts only increased 1% Y/Y in August as they followed the 2023 pattern of stepping sharply higher in August (they increased from 25.9k in July to 75.9k in Aug in NSA data).
  • Notably, tech returned to having an outsized role as planned job cuts surged to 39.6k vs 3.2k in Aug’23.
  • It’s a crude measure but ex-tech job cuts fell 50% Y/Y to 36.3k vs 72k in Aug’23. The 36.3k is very similar to Aug’19 for a pre-pandemic comparison.
  • Hiring announcements meanwhile increased from 3.7k in Jul to 6.1k in Aug, but remain very low historically (-21% Y/Y from what was an already low Aug’23).
  • This is nothing particularly new though: the three lowest hiring announcements in the series history going back to 20024 have all come in the past eight months (3.0k in Dec’23 being the lowest).
158 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • The Challenger jobs report showed hiring announcements remain extremely low but there was no further escalation in planned job cuts.
  • Challenger job cuts only increased 1% Y/Y in August as they followed the 2023 pattern of stepping sharply higher in August (they increased from 25.9k in July to 75.9k in Aug in NSA data).
  • Notably, tech returned to having an outsized role as planned job cuts surged to 39.6k vs 3.2k in Aug’23.
  • It’s a crude measure but ex-tech job cuts fell 50% Y/Y to 36.3k vs 72k in Aug’23. The 36.3k is very similar to Aug’19 for a pre-pandemic comparison.
  • Hiring announcements meanwhile increased from 3.7k in Jul to 6.1k in Aug, but remain very low historically (-21% Y/Y from what was an already low Aug’23).
  • This is nothing particularly new though: the three lowest hiring announcements in the series history going back to 20024 have all come in the past eight months (3.0k in Dec’23 being the lowest).