Forum Discussion: Challenger Job Cuts
Methodology
The firm collects its data through a variety of sources, including publicly available information, press releases, and company announcements. The report also includes data from the Bureau of Labor Statistics and other government agencies. The Challenger Job Cuts report tracks all types of job cuts, including layoffs, attrition and retirements.
It is important to note that it is not comprehensive. The report only covers large-scale job cuts (i.e. those affecting 50 or more workers) and does not include smaller-scale layoffs or job cuts in the public sector.
Developments Cuts
|
|
Q1
|
Q2
|
Q3
|
Q4
|
TOTAL
|
| 1989
|
9,850
|
10,100
|
24,085
|
67,250
|
111,285
|
| 1990
|
107,052
|
87,686
|
49,104
|
72,205
|
316,047
|
| 1991
|
110,056
|
76,622
|
147,507
|
221,107
|
555,292
|
| 1992*
|
110,815
|
85,486
|
151,849
|
151,850
|
500,000
|
| 1993
|
170,615
|
84,263
|
194,486
|
165,822
|
615,186
|
| 1994
|
192,572
|
107,421
|
117,706
|
98,370
|
516,069
|
| 1995
|
97,716
|
114,583
|
89,718
|
137,865
|
439,882
|
| 1996
|
168,695
|
101,818
|
91,784
|
114,850
|
477,147
|
| 1997
|
134,257
|
51,309
|
95,930
|
152,854
|
434,350
|
| 1998
|
139,140
|
131,303
|
161,013
|
246,339
|
677,795
|
| 1999
|
210,521
|
173,027
|
173,181
|
118,403
|
675,132
|
| 2000
|
141,853
|
81,568
|
168,875
|
221,664
|
613,960
|
| 2001
|
406,806
|
370,556
|
594,326
|
585,188
|
1,956,876
|
| 2002
|
478,905
|
292,393
|
269,090
|
426,435
|
1,466,823
|
| 2003
|
355,795
|
274,737
|
241,548
|
364,346
|
1,236,426
|
| 2004
|
262,840
|
209,895
|
251,585
|
315,415
|
1,039,735
|
| 2005
|
287,134
|
251,140
|
245,378
|
288,402
|
1,072,054
|
| 2006
|
255,878
|
180,580
|
202,771
|
200,593
|
839,822
|
| 2007
|
195,986
|
197,513
|
194,095
|
180,670
|
768,264
|
| 2008
|
200,656
|
275,292
|
287,142
|
460,903
|
1,223,993
|
| 2009
|
562,510
|
318,165
|
240,233
|
151,122
|
1,120,908
|
| 2010
|
181,183
|
116,494
|
113,595
|
118,701
|
529,973
|
| 2011
|
130,749
|
115,057
|
233,258
|
127,018
|
606,082
|
| 2012
|
143,094
|
139,997
|
102,910
|
137,361
|
523,362
|
| 2013
|
145,041
|
113,891
|
128,452
|
121,667
|
509,051
|
| 2014
|
121,341
|
124,693
|
117,374
|
119,763
|
483,171
|
| 2015
|
140,214
|
147,458
|
205,759
|
105,079
|
598,510
|
| 2016
|
180,920
|
132,834
|
121,858
|
91,303
|
526,915
|
| 2017
|
126,201
|
100,799
|
94,478
|
97,292
|
418,770
|
| 2018
|
140,379
|
104,800
|
120,879
|
172,601
|
538,659
|
| 2019
|
190,410
|
140,577
|
133,882
|
127,687
|
592,556
|
| 2020
|
346,683
|
1,238,364
|
497,215
|
222,493
|
2,304,755
|
| 2021
|
144,686
|
67,975
|
52,560
|
56,749
|
321,970
|
| 2022
|
55,696
|
77,515
|
76,284
|
154,329
|
363,824
|
| 2023
|
270,416
|
187,793
|
146,305
|
117,163
|
721,677
|
| 2024
|
257,254
|
|
|
|
257,254
|
| AVG
|
199,720
|
179,534
|
175,320
|
186,025
|
|
2023
Total
|
|
2024
|
2023
|
2022
|
| January
|
82,307
|
102,943
|
19,064
|
| February
|
84,638
|
77,770
|
15,245
|
| March
|
90,309
|
89,703
|
21,387
|
| April
|
|
66,995
|
24,286
|
| May
|
|
80,089
|
20,712
|
| June
|
|
40,709
|
32,517
|
| July
|
|
23,697
|
25,810
|
| August
|
|
75,151
|
20,485
|
| September
|
|
47,457
|
29,989
|
| October
|
|
36,836
|
33,843
|
| November
|
|
45,510
|
76,835
|
| December
|
|
34,817
|
43,651
|
| TOTAL
|
|
721,677
|
363,824
|
Job Cuts By Industry
| Industry
|
22-Sep
|
22-Oct
|
23-Aug
|
23-Sep
|
23-Oct
|
23-Nov
|
23-Dec
|
YTD 2022
|
YTD 2023
|
Y/Y %
|
| Aerospace/Defense
|
150
|
255
|
855
|
827
|
451
|
953
|
|
2,573
|
8,173
|
218%
|
| Apparel
|
|
|
404
|
192
|
435
|
778
|
800
|
647
|
4,103
|
534%
|
| Automotive
|
221
|
53
|
1,527
|
4,769
|
1,530
|
2,059
|
4,858
|
30,912
|
33,661
|
9%
|
| Chemical
|
|
|
218
|
|
199
|
93
|
|
23
|
1,185
|
5052%
|
| Construction
|
357
|
2,177
|
1,304
|
496
|
78
|
385
|
302
|
7,187
|
5,655
|
-21%
|
| Consumer Products
|
1,287
|
958
|
3,271
|
3,497
|
2,080
|
2,131
|
2,416
|
15,806
|
37,515
|
137%
|
| Education
|
|
256
|
488
|
248
|
812
|
1,360
|
125
|
6,872
|
10,423
|
52%
|
| Electronics
|
|
|
28
|
127
|
140
|
615
|
|
836
|
2,791
|
234%
|
| Energy
|
578
|
391
|
160
|
318
|
172
|
481
|
488
|
2,220
|
2,952
|
33%
|
| Entertainment/Leisure
|
1,762
|
2,076
|
453
|
1,442
|
945
|
1,339
|
1,341
|
18,283
|
16,766
|
-8%
|
| Financial
|
1,714
|
1,523
|
1,776
|
334
|
3,419
|
3,698
|
6,260
|
24,437
|
57,052
|
133%
|
| FinTech
|
910
|
1,453
|
241
|
185
|
340
|
2,700
|
400
|
10,476
|
14,627
|
40%
|
| Food
|
1,209
|
1,386
|
3,597
|
199
|
1,566
|
1,165
|
1,100
|
10,939
|
17,014
|
56%
|
| Government
|
582
|
105
|
136
|
400
|
6
|
106
|
577
|
6,174
|
2,368
|
-62%
|
| Health Care/Products
|
2,558
|
2,196
|
7,688
|
3,976
|
1,818
|
3,329
|
802
|
30,626
|
58,560
|
91%
|
| Industrial Goods
|
57
|
410
|
1,090
|
991
|
546
|
2,037
|
273
|
6,876
|
8,790
|
28%
|
| Insurance
|
155
|
135
|
51
|
2,029
|
2,752
|
1,229
|
|
4,769
|
9,006
|
89%
|
| Legal
|
|
|
238
|
|
|
322
|
|
150
|
1,437
|
858%
|
| Media
|
228
|
41
|
31
|
296
|
468
|
443
|
1,093
|
3,774
|
21,417
|
467%
|
| Mining
|
|
|
|
525
|
|
319
|
187
|
161
|
1,731
|
975%
|
| Non-Profit
|
1,081
|
97
|
278
|
351
|
|
445
|
28
|
2,895
|
4,033
|
39%
|
| Pharmaceutical
|
522
|
517
|
783
|
731
|
1,624
|
1,473
|
1,361
|
7,387
|
12,859
|
74%
|
| Real Estate
|
560
|
511
|
1,681
|
270
|
385
|
99
|
41
|
8,074
|
7,465
|
-8%
|
| Retail
|
9,273
|
1,978
|
6,262
|
14,958
|
1,469
|
6,548
|
110
|
21,054
|
78,840
|
274%
|
| Services
|
2,308
|
4,157
|
1,754
|
6,288
|
2,081
|
948
|
1,075
|
22,405
|
45,436
|
103%
|
| Technology
|
4,212
|
9,587
|
3,198
|
2,537
|
6,524
|
5,049
|
4,470
|
97,171
|
168,032
|
73%
|
| Telecommunications
|
|
528
|
5,273
|
38
|
1,258
|
500
|
227
|
1,791
|
20,668
|
1054%
|
| Transportation
|
155
|
252
|
243
|
140
|
1,600
|
3,515
|
2,329
|
6,239
|
14,701
|
136%
|
| Utility
|
|
199
|
|
449
|
|
150
|
169
|
1,863
|
1,441
|
-23%
|
| Warehousing
|
110
|
2,602
|
32,123
|
844
|
4,138
|
1,241
|
3,985
|
11,204
|
52,976
|
373%
|
| TOTAL
|
29,989
|
33,843
|
75,151
|
47,457
|
36,836
|
45,510
|
34,817
|
363,824
|
721,677
|
98%
|
Job Cuts by Reason
|
|
YTD
|
| Market/Economic Conditions
|
233,448
|
| No Reason Provided
|
123,557
|
| Closing
|
117,408
|
| Cost-Cutting
|
69,141
|
| Restructuring
|
57,865
|
| Bankruptcy
|
32,053
|
| Demand Downturn
|
19,131
|
| Financial Loss
|
14,240
|
| Voluntary Severance/Buyouts
|
12,008
|
| Contract Loss
|
10,947
|
| Acquisition/Merger
|
10,920
|
| Labor Dispute
|
6,165
|
| Artificial Intelligence
|
4,247
|
| Outsourcing Operations Outside the US
|
2,202
|
| Relocation (Domestic)
|
1,850
|
| Outsourcing Operations to Another US Company
|
1,752
|
| Government Regulation
|
1,200
|
| Covid-19 Recovery
|
781
|
| Cyberattack
|
750
|
| COVID-19
|
616
|
| Consolidation
|
476
|
| Looting/Violence
|
383
|
| Natural Disaster
|
352
|
| Maui Fire
|
135
|
| Supply Shortage
|
50
|
| TOTAL
|
721,677
|
November 2023
U.S.-based employers announced 45,510 cuts in November, a 24% increase from the 36,836 cuts announced one month prior. It is 41% lower than the 76,835 cuts announced in the same month in 2022.[1]
- So far this year, companies have announced plans to cut 686,860 jobs, a 115% increase from the 320,173 cuts announced in the same period last year. It is the highest January-November total since 2020, when 2,227,725 cuts were recorded. Prior to 2020, it is the highest year-to-date total since 1,242,936 cuts were announced through November 2009.
- In November, employers announced plans to hire 15,566 workers, for a total of 775,501. This is the lowest year-to-date total for announced hiring plans since 2015, when 679,286 hiring plans were recorded through November
October 2023
U.S.-based employers announced 36,836 cuts in October, a 22% decrease from the 47,457 cuts announced one month prior. It is 9% higher than the 33,843 cuts announced in the same month last year.[2]
“Job cut plans have slowed significantly since the first half of the year, and consumers have continued to spend, even in the face of high inflation. Pandemic savings and higher wages have gotten many workers through economic uncertainty,” said Andy Challenger, labor expert and Senior Vice President of Challenger, Gray & Christmas, Inc.
- So far this year, employers have announced plans to cut 641,350 jobs, a 164% increase from the 243,338 cuts announced in the first ten months of 2022. This is the highest January-October total since 2020, when 2,162,928 cuts were announced. It is the second-highest total since 2009, when companies announced 1,192,187 job cuts.
- gh October, companies have announced plans to hire 759,935 workers, down 46% from the 1,400,468 new positions employers announced in the same period last year. This total includes the 573,300 seasonal positions Challenger has tracked in September and October of this year
- While Challenger will continue to add seasonal hiring announcements from companies, as of now, it is the lowest year for seasonal hiring announcements since 2013
September 2023
- U.S.-based employers announced 47,457 cuts in September, down 37% from the 75,151 cuts announced in August. It is up 58% from the 29,989 announced in the same month one year prior.[3]
- Employers announced 146,305 cuts in the third quarter, a 92% increase from 76,284 cuts announced in the same quarter last year. It is down 22% from the 187,793 cuts announced last quarter.
- So far this year, companies have planned 604,514 cuts, a 198% increase from the 209,495 cuts announced through September 2022. It is the highest January-September total since 2020, when 2,082,262 cuts were recorded. With the exception of 2020, it is the highest January to September total since 2009, when 1,136,908 job cuts were announced.
- US-employers announced plans to add 590,353 positions in September, 552,800 of which were seasonal positions for the holidays. So far this year, employers have announced 726,333, down 38% from the 1,163,088 plans recorded through September 2022
August 2023
U.S.-based employers announced 75,151 cuts in August, a 217% increase from the 23,697 cuts announced one month prior. It is 267% higher than the 20,485 cuts announced in the same month in 2022.[4]
So far this year, companies have announced plans to cut 557,057 jobs, a 210% increase from the 179,506 cuts announced in the same period last year. It is the highest January-August total since 2020, when 1,963,458 cuts were recorded. It is the third-highest year-to-date total since 2009.
In August, employers announced plans to hire 7,744 workers, the lowest monthly total since November 2020, when 6,527 new positions were announced. So far this year, companies have announced plans to add 135,980 positions, down 83% from the 783,074 hires announced through August 2022
Developments Hiring Plans
| Month
|
2024
|
2023
|
2022
|
2021
|
2020
|
2019
|
2018
|
2017
|
2016
|
2015
|
| January
|
5,376
|
32,764
|
77,630
|
72,063
|
23,229
|
74,040
|
41,890
|
136,501
|
8,362
|
8,774
|
| February
|
10,317
|
28,830
|
215,127
|
146,403
|
88,202
|
15,279
|
139,925
|
25,765
|
7,539
|
14,574
|
| March
|
21,102
|
9,044
|
105,224
|
97,767
|
824,610
|
96,368
|
14,525
|
127,006
|
10,997
|
6,412
|
| April
|
|
23,310
|
88,622
|
76,345
|
285,639
|
258,302
|
13,842
|
61,537
|
11,557
|
13,898
|
| May
|
|
7,885
|
126,083
|
49,118
|
38,981
|
8,663
|
9,889
|
77,447
|
24,732
|
12,598
|
| June
|
|
13,629
|
102,897
|
110,093
|
75,454
|
11,946
|
13,504
|
40,095
|
13,564
|
11,176
|
| July
|
|
12,774
|
25,506
|
18,281
|
246,507
|
22,316
|
9,823
|
88,142
|
16,051
|
11,637
|
| August
|
|
7,744
|
41,985
|
94,004
|
160,411
|
24,937
|
17,274
|
14,530
|
9,101
|
11,778
|
| September
|
|
590,353
|
380,014
|
939,790
|
929,860
|
459,689
|
595,997
|
422,726
|
487,075
|
492,306
|
| October
|
|
33,602
|
237,380
|
52,042
|
255,198
|
190,835
|
130,338
|
37387
|
135,532
|
86,107
|
| November
|
|
15,566
|
30,203
|
6,527
|
185,504
|
19,063
|
15,422
|
61,300
|
108,994
|
10,026
|
| December
|
|
3,022
|
51,693
|
89,984
|
77,267
|
26,313
|
15,999
|
8,218
|
35,198
|
11,465
|
| TOTAL
|
36,795
|
780,123
|
1,482,364
|
1,752,417
|
3,190,862
|
1,207,751
|
1,018,428
|
1,100,654
|
868,702
|
690,751
|
| Monthly Average
|
7,847
|
65,010
|
130,061
|
151,130
|
283,054
|
107,403
|
91,130
|
99,312
|
75,773
|
61,753
|
| YTD
|
36,795
|
70,638
|
397,981
|
316,233
|
936,041
|
185,687
|
196,340
|
289,272
|
26,898
|
|
Hiring plans by Industry
| INDUSTRY
|
23-Sep
|
23-Oct
|
23-Nov
|
23-Dec
|
YTD 2023
|
YTD 2022
|
Y/Y %
|
| Aerospace/Defense
|
3,820
|
250
|
793
|
|
11,873
|
15,011
|
-21%
|
| Apparel
|
20
|
432
|
150
|
|
602
|
2,298
|
-74%
|
| Automotive
|
1,378
|
3,007
|
50
|
|
15,323
|
39,254
|
-61%
|
| Chemical
|
225
|
|
100
|
|
1,275
|
2,194
|
-42%
|
| Construction
|
808
|
340
|
544
|
48
|
7,500
|
12,719
|
-41%
|
| Consumer Products
|
535
|
3,155
|
655
|
|
8,090
|
20,584
|
-61%
|
| Education
|
668
|
120
|
|
13
|
1,956
|
8,884
|
-78%
|
| Electronics
|
50
|
160
|
500
|
300
|
1,704
|
5,183
|
-67%
|
| Energy
|
4,684
|
3,517
|
30
|
|
20,710
|
14,958
|
38%
|
| Entertainment/Leisure
|
282
|
51
|
150
|
|
20,495
|
116,770
|
-82%
|
| Financial
|
50
|
100
|
430
|
|
8,407
|
22,311
|
-62%
|
| FinTech
|
|
|
|
|
50
|
5,098
|
-99%
|
| Food
|
465
|
1,247
|
1,460
|
599
|
8,115
|
32,984
|
-75%
|
| Government
|
30,048
|
251
|
7,500
|
19
|
41,881
|
125,178
|
-67%
|
| Health Care/Products
|
50
|
71
|
125
|
75
|
6,905
|
38,304
|
-82%
|
| Industrial Goods
|
634
|
187
|
440
|
110
|
8,095
|
24,481
|
-67%
|
| Insurance
|
200
|
|
|
250
|
479
|
1,688
|
-72%
|
| Legal
|
20
|
|
|
|
20
|
20
|
0%
|
| Media
|
|
|
|
|
11
|
2,360
|
-100%
|
| Mining
|
|
|
|
|
0
|
1,025
|
-100%
|
| Non-Profit
|
|
120
|
|
|
3,137
|
13,983
|
-78%
|
| Pharmaceutical
|
|
129
|
85
|
|
3,564
|
7,812
|
-54%
|
| Real Estate
|
75
|
9,293
|
|
|
12,778
|
5,536
|
131%
|
| Retail
|
438,420
|
15
|
10
|
|
440,893
|
728,308
|
-39%
|
| Services
|
237
|
312
|
502
|
380
|
6,925
|
25,191
|
-73%
|
| Technology
|
3,000
|
285
|
1,500
|
7
|
20,498
|
55,086
|
-63%
|
| Telecommunications
|
400
|
|
60
|
|
2,241
|
7,501
|
-70%
|
| Transportation
|
100,200
|
|
|
300
|
105,652
|
126,262
|
-16%
|
| Utility
|
541
|
60
|
471
|
|
1,951
|
574
|
240%
|
| Warehousing
|
3,543
|
12,100
|
11
|
921
|
18,993
|
20,807
|
-9%
|
| TOTAL
|
590,353
|
35,202
|
15,566
|
3,022
|
780,123
|
1,482,364
|
-47%
|
References