November Job Cuts Jump, Highlighting Key Industry Weaknesses
The Challenger, Gray & Christmas report showed U.S. employers announced 57,727 job cuts in November, marking a 3.8% month-over-month increase and a steep 27% rise from the same period last year. Year-to-date job cuts reached 722,566, the highest level since 2009 (excluding the pandemic-induced layoffs in 2020).
The automotive sector reported 11,506 layoffs in November, driven by supply chain disruptions, tariff concerns, and heightened competition from overseas EV manufacturers. Year-to-date, automotive job cuts surged 59% compared to last year. Similarly, industrial manufacturing saw an eye-catching 158% increase in layoffs through November, indicating stress in the broader industrial base.
On a positive note, layoffs in technology firms showed signs of stabilization, with a 2% year-over-year decrease in year-to-date figures. The…
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