U.S. Job Cuts: A Tale of Mixed Signals
September saw U.S.-based employers announcing 47,457 job cuts, a figure that’s down 37% from the 75,151 announced in August. While this might initially seem like a silver lining, diving into the numbers offers a less optimistic outlook, especially when considered on a year-over-year basis.
Unpacking the Numbers
Compared to the same month last year, September’s cuts are up by a staggering 58%. This increase paints a worrying picture of the U.S. labor market, signaling a softening in employment that’s more than just a blip. Furthermore, the third quarter alone saw 146,305 cuts, a massive 92% leap from the same period last year.
Looking at the yearly perspective, there’s been a 198% increase in planned job cuts through September 2023 compared to 2022. These alarming stats make it clear that we’re witnessing more…
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