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Only Modest Growth In Job Cut Announcements In October

  • Challenger job cut announcements stood at 36.8k in October, increasing just 9% Y/Y for a very modest increase for the series.
  • It follows 106% Y/Y averaged in Q3, 163% in Q2 and 390% Y/Y in Q1, although that trend of quarterly moderation masks a faster moderation early in the summer before spiking higher in August.
  • Within industries, technology layoffs remain the largest single contributor with 6.5k announcements, but they're down 32% Y/Y on a year ago with the third consecutive monthly decrease on a Y/Y basis. Tech cuts are starting to lap last year’s surge higher, with a large negative base effect due for November compared with the 53k layoffs in Nov’22.

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