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posted on 06 April 2017

March 2017 Job Cuts Rise 17 Percent

from Challenger Gray and Christmas

Job cuts announced by US-based employers rose 17 percent from the February total of 36,957 to 43,310 in March

March announcements are 2 percent lower than the same month last year, when employers announced plans to eliminate 44,207 jobs from their ranks. Last month's total is the third consecutive month of lower job cuts than the corresponding month a year earlier.

So far this year, employers have announced 126,201 job cuts. Last quarter's total was 38 percent higher than the 91,303 cuts announced in the fourth quarter of 2016, and 30 percent lower than the same period last year when 180,920 cuts were announced. Said John A. Challenger, chief executive officer of global outplacement and executive coaching consultancy Challenger, Gray & Christmas, Inc.:

Cuts in the energy sector, which started en masse in mid-2014, were still occurring in the first quarter of 2016. The energy industry is no longer bleeding jobs, which is partly why job cut announcements have trended down,.

Through the first quarter of the year, the energy sector has announced 7,880 job cuts, 84 percent lower than the 48,901 cuts announced in the first quarter of last year. Since January 2014, the energy sector has announced 224,265 cuts, with 107,714 occurring in 2016.

Retail leads all sectors this year with 38,464 announced cuts, 4,084 of which occurred last month. While retailers have cut over 53,000 jobs in the last seven months, the industry has announced over 121,000 new jobs so far this year. Said Challenger:

Retail is typically an industry in flux, but we've seen long established companies close stores and cut workers. The industry, though, is creating openings just as quickly as they are cutting.

First quarter retail cuts are 19 percent higher than the 31,832 cuts announced in the same period last year.

Telecommunications companies follow retailers with 9,782 job cuts through March, 184 percent more than the 3,439 job cuts announced through Q1 2016. Concludes Challenger:

Telecommunications providers, like other tech companies, are undergoing restructuring, losing jobs to automation, and pivoting to new projects.

Companies in the healthcare space announced 8,116 job cuts last quarter, 3,935 of which occurred in March. Healthcare announced 50 percent more layoffs in March than the 1,931 announced in February.

Hiring announcements continue to break records according to Challenger tracking. For the quarter, companies announced 289,272 new positions, the bulk of which were announced by retailers. Home Depot announced 80,000 new seasonal jobs in March. Last quarter's total is the highest first quarter total on record, and the highest quarterly total except for third quarter totals when holiday hiring plans are typically announced.

Hiring Totals

2017

2016

2015

2014

2013

2012

2011

Q1

289,272

26,898

29,760

24,226

161,072

30,678

112,942

Q2

49,853

37,672

36,816

27,714

31,830

85,394

Q3

512,227

515,721

593,906

463,007

448,112

102,458

Q4

279,724

107,598

166,558

113,413

119,857

236,778

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

TOP FIVE INDUSTRIES

Year To Date

2017

2016

Retail

38,464

31,830

Telecommunication

9,782

3,439

Health Care/Products

8,116

7,935

Energy

7,880

48,901

Industrial Goods

5,948

10,839

MONTH BY MONTH TOTALS

2017

2016

January

45,934

75,114

February

36,957

61,599

March

43,310

44,207

April

64,141

May

30,157

June

38,536

July

45,346

August

32,188

September

44,324

October

30,740

November

26,936

December

33,627

TOTAL

126,201

526,915

Some reductions are identified by employers as workers who will take early retirement offers or other special considerations to leave the company.

LAYOFF LOCATION

Year To Date

Texas

17,798

Ohio

17,943

California

15,279

New Jersey

9,031

New York

6,655

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

JOB CUTS BY INDUSTRY

16-Mar

17-Feb

17-Mar

YTD 2016

YTD 2017

Aerospace/Defense

1,343

193

3,339

2,404

4,496

Apparel

123

193

0

Automotive

708

643

1,293

4,746

5,301

Chemical

160

113

130

6,950

294

Commodities

276

699

0

Computer

996

1,966

717

17,002

4,894

Construction

170

125

94

665

Consumer Products

2,806

335

3845

651

Education

1,284

160

4,375

2,679

4,681

Electronics

51

50

1,966

140

Energy

3,747

4,077

1,950

48,901

7,880

Entertainment/Leisure

6,212

1,208

1,736

6,971

4,578

Financial

998

3,292

987

3,002

4,539

Food

2,071

3,247

788

5,711

4,422

Government

289

10

1,121

1,545

3,028

Health Care/Products

6,236

1,931

3,935

7,935

8,116

Industrial Goods

3,770

695

3,947

10,839

5,948

Insurance

55

680

1,568

818

Legal

11

60

56

63

Media

442

504

189

1,612

1,239

Non-Profit

163

370

200

1,034

804

Pharmaceutical

330

762

1,141

3,449

2,775

Real Estate

122

80

122

128

Retail

8,490

11,889

4,084

31,832

38,464

Services

1,108

2,310

2,676

3,439

6,677

Telecommunications

1,264

981

7,768

5,510

9,782

Transportation

1,152

2,101

1,939

6,795

4,368

Utility

21

1,450

TOTAL

44,207

36,957

43,310

180,920

126,201

z%20challenger_jobcuts.png


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