Corporate Layoff and Hiring Announcements
Market Sensitivity: Low
What Is It: Counts the number of planned job cuts and hirings announced by public companies.
Release Time: 7:30 a.m. (ET); published the first week after the end of the reference motnh.
Source: Challenger,Gray& Christmas, Inc.
Revisions: No revisions are made to previously released data.
Job cuts announced by US-based employers increased 17.5 percent to 35,038 in November of 2017 from 29,831 in October, the most in seven months.
Health care/products cut the most jobs (7,011), followed by services (3,920); consumer products (3,053); computer (2,694); industrial goods (2,623); food (2,210); financial (2,179) and retail (2,065).
Year-on-year, job cuts went up 30 percent. So far this year, 386,347 job cuts have been announced, 22 percent fewer than the 493,288 cuts announced through November 2016.
It is the lowest year-to-date total since 376,057 cuts were announced through November 1997. Challenger Job Cuts in the United States averaged 65858.41 Persons from 1994 until 2017, reaching an all time high of 248475 Persons in January of 2002 and a record low of 15100 Persons in June of 1997.
Addtionally, according to Challenger tracking,” holiday hiring announcements are slightly behind last year’s totals. Companies have announced 608,129 seasonal hires so far this year, 2 percent fewer than the 620,700 announced last year.”
Nevertheless, total hiring announcements reached 1,092,436, the highest number on record.
On the current Employment conditions, Mr. John Challenger,
“Employers have reported a lack of skilled workers to fill demand in many industries. In this tight labor market, those with the requisite skills and training have a leg up over the competition.”
Morover Mr. Challenger added,
“Opportunities exist for job seekers. It remains to be seen whether the recent tax reform bill will have a significant impact on job growth or announced cuts. It may make it easier for companies to combine, which generally leads to eliminating redundancies.”
– R.W.N II