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posted on 04 May 2017

April 2017 Job Cuts Fall 43 Percent from Last April

from Challenger Gray and Christmas

The pace of downsizing decreased in April, as US-based employers announced workforce reductions totaling 36,602 during the month.

The April figure represents a 15 percent decrease from March, when employers announced 43,310 planned layoffs. Last month's job cuts were 43 percent lower than the 64,141 recorded in April 2016*.

Employers have announced a total of 162,803 planned job cuts through the first four months of 2017. That is down 35 percent from the 249,061 job cuts tracked during the same period a year ago. It is the lowest January-April total since 2014, when the opening four months of the year saw 161,639 job cuts. Said John A. Challenger, chief executive officer of global outplacement and executive coaching consultancy Challenger, Gray & Christmas, Inc.:

Although restructuring in the retail sector continues to shed jobs, we aren't seeing the wide scale layoffs in other sectors, like energy or tech.

The retail industry announced 11,669 job cuts in April, the highest total among all industries, bringing the year-to-date total to 50,133. That is up 36 percent from the 36,977 retail-sector job cuts announced in the first four months of 2016.

*Challenger revised Energy sector cuts in Texas down 1,000 in April 2016.

MAJOR RETAIL ANNOUNCEMENTS

Stores Closed

Job Cuts Announced

Macy's

68

10,000

The Limited

250

4,000

American Apparel*

110

3,457

Wet Seal Inc.

171

3,000

Lowe's

2,400

Sears/Kmart**

150

406

Abercrombie & Fitch***

60

150

HH Gregg

220

5,000

JC Penney

140

5,500

Family Christian Stores

240

1,300

L.L. Bean

900

Payless

400

RadioShack

552

Bebe

190

960

BCBG Max Azria

120

Dollar Express

330

2,800

Rue 21

400

*Based on California Worker Adjustment and Retraining Notification Act listing

**Only cuts found so far in announcements, news reports

***Corporate cuts

Source: Challenger, Gray & Christmas, Inc. ©

Computer firms announced 840 job cuts during the month, 95 percent lower than the 17,015 cuts in that sector in April 2016. To date, computer firms have cut 5,734 cuts, 83 percent lower than the 34,017 cuts announced in the first four months of 2016.

Meanwhile, the energy sector, which at this point last year had shed 67,660 jobs, has announced 8,725 to date, an 87 percent decrease. Just 459 cuts were announced in the energy sector last month.

The telecommunications sector has announced 10,269 jobs through April this year, a 70 percent increase from the 6,023 cuts through this point last year. Concludes Challenger:

The FCC is expected to lift a ban on merger talks in the telecom industry which will likely result in companies paring down to make themselves more attractive in these deals. We could see even more cuts in the coming months from this sector.

The economy seems to be in a holding pattern. The government jobs report saw lower-than-expected job creation in March with 98,000 jobs added, and consumer spending has been sluggish in the first quarter. Companies may be waiting for the outcome of President Trump's tax reform before making any major decisions.

JOB-CUT ANNOUNCEMENT REPORT

TOP FIVE INDUSTRIES

Year To Date

2017

2016

Retail

50,133

36,977

Health Care/Products

11,269

8,294

Telecommunications

10,269

6,023

Automotive

8,725

6,452

Energy

8,339

67,660

MONTH BY MONTH TOTALS

2017

2016

January

45,934

75,114

February

36,957

61,599

March

43,310

44,207

April

36,602

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

162,803

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

California

21,057

Ohio

18,838

Texas

18,116

Indiana

10,299

New Jersey

9,861

Copyright 2017 Challenger, Gray & Christmas, Inc.

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

JOB CUTS BY INDUSTRY

16-Apr

17-Mar

17-Apr

YTD 2016

YTD 2017

Aerospace/Defense

5,337

3,339

2,102

7,741

6,598

Apparel

193

0

Automotive

1,706

1,293

3,424

6,452

8,725

Chemical

453

130

7,403

294

Commodities

385

1,084

0

Computer

17,015

717

840

34,017

5,734

Construction

75

125

125

169

790

Consumer Products

831

804

4,676

1,455

Education

1,108

4,375

950

3,787

5,631

Electronics

50

1,364

1,966

1,504

Energy

18,759

1,950

459

67,660

8,339

Entertainment/Leisure

1,501

1,736

318

8,472

4,896

Financial

2,847

987

608

5,849

5,147

Food

502

788

1,689

6,213

6,111

Government

2,082

1,121

2,314

3,627

5,342

Health Care/Products

359

3,935

3,153

8,294

11,269

Industrial Goods

3,917

3,947

1,159

14,756

7,107

Insurance

680

1,568

818

Legal

60

28

56

91

Media

411

189

709

2,023

1,948

Non-Profit

110

200

326

1,144

1,130

Pharmaceutical

434

1,141

717

3,883

3,492

Real Estate

80

130

122

258

Retail

5,145

4,084

11,669

36,977

50,133

Services

191

2,676

1,586

3,630

8,263

Telecommunications

513

7,768

487

6,023

10,269

Transportation

460

1,939

1,561

7,255

5,929

Utility

80

21

1,530

TOTAL

64,141

43,310

36,602

245,061

162,803


z%20challenger_jobcuts.png


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