Layoffs across the U.S. at highest level in five years |
| Employers across the U.S. cut nearly 950,000 jobs this year through September, the largest number of layoffs since 2020, according to a report published on Thursday from global outplacement firm Challenger, Gray & Christmas. Companies last month announced plans to add 117,313 jobs, down 71% from a year earlier and marking the weakest September for hiring intentions since 2011. The report also noted a major slowdown in seasonal hiring plans compared to recent years. Hiring plans so far this year have totaled 204,939, the lowest year-to-date since 2009 when the economy was just emerging from the Great Recession. "Right now, we're dealing with a stagnating labor market, cost increases and a transformative new technology," said Andrew Challenger, senior vice president at Challenger, Gray & Christmas. "With rate cuts on the way, we may see some stabilizing in the fourth quarter, but other factors could keep employers planning layoffs or holding off hiring." With no jobs data forthcoming from the federal government due to a full shutdown, economists will be looking closely at information from alternate sources, including the Federal Reserve Bank of Chicago, which estimates that the September jobless rate stood at 4.3%, unchanged from August. |
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