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Challenger Job Cuts See Further Notable Moderation

US DATA
  • Challenger job cuts saw further moderation in July, declining -8% Y/Y for the first Y/Y decline since May’22.
  • It follows an average 163% Y/Y through Q2 (ending with 25% Y/Y in June) and a very large 390% Y/Y in Q1.
  • The latest change was driven by non-tech job announcements falling and helps the total return to a low absolute level of job cuts compared to typical non-pandemic years.

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