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Still Strong Pace Of Challenger Layoffs

US DATA
  • Challenger job cuts were up 319% Y/Y in March at 89.7k, although the rate of Y/Y pace is down from the >400% readings of Jan-Feb.
  • Tech layoffs bounced back closer to 40k from 21k in Feb, whilst ex-tech layoffs dipped again from 56k to 50.5k but are still up 137% Y/Y.
  • Initial claims haven’t shown the same extent of increases although have started to creep higher in non-seasonally adjusted terms in the past few weeks, with a further update at 0830ET.

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