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Challenger Job Cuts Spike, Broadens From Just Tech Layoffs
- Challenger job cuts surge 440% Y/Y in January to 103k for the highest Jan since 2009, and this time see contributions from wider than just tech unlike the eye-catching 417% Y/Y increase in November.
- In Nov, 53k of the 77k total layoffs were in tech whereas in Jan it was 42k of 103k total.
- As such, non-tech job cuts jumped from the 22k averaged in 2022 to 61k in January. Retail played a significant role, jumping from just 391 to 13k whilst financial firm cuts increased from 696 to 10.6k (both on a Y/Y basis).
- There are however two important caveats: i) ex-tech layoffs have occasionally seen one month spikes in the past, and ii) most notably, weekly initial jobless claims have shown no sign of this pick up through January, instead continuing to trend surprisingly lower.
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