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Challenger Job Cuts Pull Back With Tech

US DATA
  • Challenger job cuts rise 129% Y/Y in December after the eye-catching 417% Y/Y in Nov (43.7k vs 76.8k).
  • The moves continue to be led by tech, spiking from 9.6k in Oct to 52.8k in Nov and now back to 16.2k in Dec.
  • Layoffs excluding tech still drifted higher compared to 2021 but remain below 2019 levels. This ex-tech measure remains more representative of the latest moves in weekly jobless claims, which sit close to the 2019 average with no indication of a material deterioration in the labor market.

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