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US DATA: Challenger Job Cuts At Higher End Of Recent Octobers

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • Whereas Challenger hiring announcements were healthy in October (potentially from Amazon hiring coming a month later than last year), job cut announcements offered a similar overview to last month.
  • Cut announcements fell to 55.6k in Oct from 73k but it meant a similar pace of 51% Y/Y after the 53% Y/Y in September, for fastest increases since Sep 2023.
  • Tech cuts played a sizeable role in the monthly decline in the NSA data, as they shrank to 3.6k from 11.4k. Indeed, ex-tech layoffs climbed 71% Y/Y, also the fastest increase since Sep 2023.
  • With overall cut announcements at the high end of Octobers from recent years (see left chart below), labor market conditions continue to slow but at a still manageable pace. 
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  • Whereas Challenger hiring announcements were healthy in October (potentially from Amazon hiring coming a month later than last year), job cut announcements offered a similar overview to last month.
  • Cut announcements fell to 55.6k in Oct from 73k but it meant a similar pace of 51% Y/Y after the 53% Y/Y in September, for fastest increases since Sep 2023.
  • Tech cuts played a sizeable role in the monthly decline in the NSA data, as they shrank to 3.6k from 11.4k. Indeed, ex-tech layoffs climbed 71% Y/Y, also the fastest increase since Sep 2023.
  • With overall cut announcements at the high end of Octobers from recent years (see left chart below), labor market conditions continue to slow but at a still manageable pace.