posted on 01 December 2016
from Challenger Gray and Christmas
The pace of downsizing fell to the lowest level of the year in November, as U.S.-based employers announced plans to shed 26,936 workers from payrolls during the month.
November job cuts were 12 percent lower than the 30,740 cuts announced in October. They were down 13 percent from last November, when job cuts totaled 30,953.
Last month's total was the lowest of the year, falling below the previous low of 30,157, recorded in May. It was slightly higher than last December's 23,622 job cuts, which was the lowest monthly total since June, 2000, when employers announced just 17,241 planned layoffs.
To date, employers have announced 493,288 job cuts in 2016. That is 5.5 percent fewer than the 521,847 job cuts recorded by this point in 2015. Said John A. Challenger, chief executive officer of Challenger, Gray & Christmas:
The retail sector saw the heaviest job cutting in November, with 4,850 announced layoffs. Most of these resulted from the bankruptcy of American Apparel, which could impact nearly 3,500 workers.
The retail losses are more than offset by the surge in holiday hiring. In September, Challenger tracked retail hiring announcements totaling 317,000. Said Challenger:
Overall, retail job cuts are down 12 percent from a year ago. Through November, these employers have announced plans to shed 57,969 workers, compared to 65,609 job cuts recorded during the same period in 2015.
Even with the decline, year-to-date retail job cuts rank third among all industries, behind computer and energy. Computer firms have announced 66,188 job cuts in 2016, including 1,677 in November. The 2016 total is up 7 percent from 61,516 a year ago.
Meanwhile, heavy job cutting in the energy sector has ebbed in recent months, but the industry still leads all others with 105,041 job cuts, to date. That is 13 percent more than the 92,727 energy-sector job cuts recorded between January and November 2015. Concludes Challenger:
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