Job cuts announced by US-based employers totaled 170,219 in June of 2020, down 57% from 397,016 in May. Prior to when cuts began to increase in March, it is the highest monthly total since February of 2009, when 186,350 job cuts were announced. Considering Q2, job cuts hit 1,238,364, the highest quarterly total on record. So far this year, employers have announced 1,585,047 cuts, 379% higher than a year earlier. While COVID-19 was cited as the reason for 1,011,387 cuts, market conditions were to blame for 228,592. Another 71,814 cuts were due to closings and 62,564 were due to a demand downturn. "Job cuts are trending down, as expected, as businesses begin the difficult task of reopening. However, with a resurgence in cases, millions of Americans out of work, and enhanced unemployment benefits coming to an end soon, we may expect more companies to make cuts as consumer and business spending slows,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc.
Challenger Job Cuts in the United States averaged 68082.14 Persons from 1994 until 2020, reaching an all time high of 671129 Persons in April of 2020 and a record low of 15100 Persons in June of 1997. This page provides the latest reported value for - United States Challenger Job Cuts - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Challenger Job Cuts - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020.
Challenger Job Cuts in the United States is expected to be 150000.00 Persons by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Challenger Job Cuts in the United States to stand at 50000.00 in 12 months time. In the long-term, the United States Challenger Job Cuts is projected to trend around 55000.00 Persons in 2021, according to our econometric models.