United States Challenger Job Cuts

US employers announced 55,597 job cuts in October 2024, below 72,821 in September, but above 50.9% from 36,836 in October 2023. Aerospace/Defense led the cuts (18,465), primarily on Boeing’s announcement to cut 17K jobs, followed by Retailers (7,696) and Consumer Products manufacturers (4,571). October’s total marks the seventh time this year job cut announcements are higher year-on-year. So far this year, companies have announced plans to cut 664,839 jobs, up 3.7% from the same period of 2023. It is the highest year-to-date total since 2020. Excluding 2020, it is the highest YTD total since 2009. Technology leads all sectors this year with 120,470 cuts. “Job openings have fallen and hiring is pretty flat at the moment. Companies appear to be in a holding pattern as we await election results and the potential regulatory and market environment that follows,” said Andrew Challenger, Senior Vice President and workplace expert for Challenger, Gray & Christmas, Inc.