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US DATA: Challenger Job Cuts See Fastest Y/Y Increase In Twelve Months

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • Challenger job cut announcements were notably higher in Y/Y terms in September at 53% Y/Y for the highest rate since Sep 2023, even if it’s small compared to the surges seen back in late 2022 into early 2023.
  • The non-seasonally adjusted level of cuts of 72.8k was down from 75.9k in Aug but compares with 47.5k in Sep’23 and 30.0k in Sep’22, with September a month focused on hiring.
  • Unlike August’s layoffs which were heavily concentrated in tech (39.6k of 76k), this was more broad-based with tech 11.4k, health care 10.5k and entertainment 9.4k all contributing. 
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  • Challenger job cut announcements were notably higher in Y/Y terms in September at 53% Y/Y for the highest rate since Sep 2023, even if it’s small compared to the surges seen back in late 2022 into early 2023.
  • The non-seasonally adjusted level of cuts of 72.8k was down from 75.9k in Aug but compares with 47.5k in Sep’23 and 30.0k in Sep’22, with September a month focused on hiring.
  • Unlike August’s layoffs which were heavily concentrated in tech (39.6k of 76k), this was more broad-based with tech 11.4k, health care 10.5k and entertainment 9.4k all contributing.