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Challenger Job Cuts Drop Sharply In June

  • Challenger job cuts fell sharply in non-seasonally adjusted terms in June, from 80.1k in May to 40.7k.
  • It left an annual increase of just 25% Y/Y, smallest climb since May'22 following 287% Y/Y in May and an average 390% Y/Y in Q1.
  • Whilst still up on a year ago, it leaves levels much closer to typical Junes in non-pandemic years having been notably elevated in the year-to-date.
  • Plenty of employment data still to come today though before tomorrow’s payrolls: ADP, initial claims, JOLTS and ISM services employment.

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