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Challenger Job Cuts Surge On Tech Layoffs But Initial Claims Less Dramatic
- Challenger job cuts jumped an eye-catching 417% Y/Y in November to 76.8k, in part a factor of a low base from the 15k in Nov’21 but also a genuinely high number, far higher is normally the case for this time of year (first chart).
- Tech layoffs dominate, accounting for 52.8k of the 76.8k which drove a heavy regional bias - companies headquartered in California were 41.8k of the total.
- At risk of omitting the sector under most pressure, strip out tech and layoffs were at more typical 24.1k, sitting between Nov’21 and Nov’19 values, whilst continuing to sit a broadly similar distance above 2021 levels as has generally been the case since the summer (second chart).
- Going against this, initial claims partly reversed last week’s move higher as they dipped from 241k to 225k in the week to Nov 26, albeit remaining slightly above the 2019 average of 218k.
To read the full story
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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.