11/3/2022, 12:31 PM (Source: TeleTrader)
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US job cuts in Oct. highest since Feb. '21 - Challenger

The number of job cuts in the United States in October was 13% higher than in the previous month, according to a report Challenger, Gray & Christmas Inc. published on Thursday. There were 33,843 dismissals in October 2022, representing a 48% jump on an annual basis and the highest figure seen since February 2021.

The year-to-date number reached 243,338, falling by 16% from the 288,043 job cuts recorded in the same timeframe last year and the lowest 10-month figure in the 29 years Challenger has been tracking such data. In October, the technology industry documented 9,587 cuts, more than any other sector, while for the first 10 months of 2022, the automotive industry cut 28,987 jobs and lead the chart in that regard.

"We are beginning to see more job cut activity in the fourth quarter, historically when the bulk of cuts occur, as companies finalize budgets and plans. Many companies are anticipating a downturn, and with a still-tight labor market and the Fed's rate hikes, more cuts will be on the way as we enter 2023," Challenger, Gray & Christmas Inc. Senior Vice President Andrew Challenger noted in the report.

Baha Breaking News (BBN) / MS