October Challenger Job Cuts Report: 33.843K vs 29.989K in September, up 13% from September and up 33.8% Y/Y.
The variety of job cuts in October is the best month-to-month quantity since February 2021, when 34.5K job cuts had been recorded and it is the sixth time this yr that cuts had been greater than the identical month a yr earlier.
Know-how corporations minimize probably the most jobs final month with 9,587, bringing the overall to twenty-eight,207 up to now this yr, greater than double the variety of cuts introduced throughout the identical interval final yr.
The automotive sector led all industries in job cuts this yr with 28,987, up 182% from the ten,005 cuts introduced via October of 2021.
“We’re starting to see extra job minimize exercise within the fourth quarter, traditionally when the majority of cuts happen, as corporations finalize budgets and plans,” mentioned Andrew Challenger, senior vp of Challenger, Grey & Christmas. “Many corporations are anticipating a downturn, and with a still-tight labor market and the Fed’s charge hikes, extra cuts can be on the way in which as we enter 2023.”
On Wednesday, the ADP jobs report for October confirmed that goods-producing sectors misplaced 8K jobs.