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12/2/2021, 1:32 PM (Source: TeleTrader)
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US job cuts lowest in over 28 years in November - Challenger

The number of job cuts in the United States in November was 34.8% lower than in October, according to a report by Challenger, Gray & Christmas Inc. published on Thursday. There were 14,875 dismissals in November, representing a 77% drop on an annual basis and the lowest figure seen since May 1993.

The year-to-date number reached 302,918, falling by 86% from the 2,227,725 jobs recorded in the same timeframe last year. Company closings caused 62,599 layoffs so far this year, followed by 56,865 dismissals due to restructuring, while 50,394 people lost their jobs because of the market conditions. This year, 8,904 cuts in total have been attributed to COVID-19, compared to 1,105,599 documented in the first 11 months of 2020.

"With the Omicron variant emerging and the unknowns that come with its spread, coupled with the ongoing difficulty hiring and retaining workers, it's no surprise job cuts are at record lows. Employers are spread thin, planning best- and worst-case scenarios in terms of COVID, while also contending with staff shortages and high demand," Challenger, Gray & Christmas Inc. Senior Vice President Andrew Challenger noted in the report.

Baha Breaking the News (BBN) / MS