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posted on 31 August 2017

August 2017 Job Cuts Increase

from Challenger Gray and Christmas

U.S.-based employers announced plans to cut payrolls by 33,825 in August, a 19.4 percent increase from the 28,307 recorded cuts announced in July.

The August job-cut total is 5 percent higher than the same month last year, when 32,188 cuts were recorded. This month's total marks the first increase in job cuts in the past five months of this year. Job cuts have declined each month of this year following the announcement of 43,310 payroll cuts in March.

So far this year, employers announced 289,132 planned job cuts, down 26.1 percent from the 391,288 cuts announced through the first eight months of 2016. Said John Challenger, Chief Executive Officer of Challenger, Gray & Christmas, Inc.:

Although job cuts have risen this month, they continue to be significantly lower compared to the same time last year.

Although we have seen high layoffs in retail with store closings and some companies filing for bankruptcy, there has also been increased hiring in new areas of the sector as retailers build out their e-commerce platforms. Shipping and technology jobs are expanding and going unfilled. We are seeing a labor market in which skilled technical and logistics/supply chain talent is in high demand.

Retail continues to lead all sectors this year, with 67,596 announced cuts, 3,607 in August. Retail job cuts are 51.4 percent higher this year than through the same point last year, when 44,643 retail cuts were announced.

The construction industry announced the highest number of job cuts in August, with 4,332. Companies in the financial sector cut 3,414 jobs in August, for an eight-month total of 10,799. The services industry announced 3,039 cuts in August, bringing that sector's total to 21,061. Concludes Challenger:

Retail is pivoting, and with the holiday rush just around the corner, a big jump in seasonal jobs is imminent. An increasing number of these jobs will involve new technologies and be more customer-centric, as brick-and-mortar retailers seek to create experiences that consumers cannot find online.

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

TOP FIVE INDUSTRIES

Year To Date

2017

2016

Retail

67,596

44,643

Health Care/Products

22,764

13,174

Services

21,061

8,194

Automotive

15,205

10,157

Industrial

14,343

25,840

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

33,092

30,157

June

31,105

38,536

July

28,307

45,346

August

33,825

32,188

September

44,324

October

30,740

November

26,936

December

33,627

TOTAL

289,132

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

38,963

Texas

26,711

Ohio

23,041

Indiana

18,320

New York

18,201

JOB CUTS BY INDUSTRY

16-Aug

17-Jul

17-Aug

YTD 2016

YTD 2017

Aerospace/Defense

285

2,295

684

9,333

11,776

Apparel

413

765

0

Automotive

1,296

951

1,684

10,157

15,205

Chemical

30

10,452

556

Commodities

560

25

70

2,112

95

Computer

6,103

1,448

1,826

55,567

12,962

Construction

160

4,332

1,199

5,269

Consumer Products

1,347

1,918

2,907

7,264

9,465

Education

1,872

1,059

984

9,719

11,047

Electronics

435

640

246

6,544

3,644

Energy

2,430

1,614

2,212

97,366

12,604

Entertainment/Leisure

3,037

728

478

14,433

8,104

Financial

381

1,474

3,414

17,707

10,799

Food

1,144

1,601

1,116

12,445

14,179

Government

942

808

578

6,598

7,532

Health Care/Products

1,992

3,634

1,210

13,174

22,764

Industrial Goods

3,073

1,531

1,650

25,840

14,343

Insurance

311

53

705

2,675

5,788

Legal

17

56

148

Media

224

249

88

3,593

3,182

Non-Profit

145

212

1,796

1,371

Pharmaceutical

389

877

689

7,001

5,494

Real Estate

722

505

Retail

1,025

3,862

3,607

44,643

67,596

Services

395

2,607

3,039

8,194

21,061

Telecommunications

1,706

202

871

9,050

12,440

Transportation

2,223

714

1,145

12,269

9,595

Utility

270

78

614

1,608

TOTAL

32,188

28,307

33,825

391,288

289,132

JOB CUTS BY REGION, STATE

EAST

August

YTD

New York

1,005

18,201

New Jersey

5,004

16,991

Pennsylvania

523

13,353

Massachusetts

217

7,973

Dist. of Columbia

3,346

Maryland

1,026

2,615

Maine

19

1,838

Connecticut

129

1,311

New Hampshire

602

Vermont

360

Delaware

264

Rhode Island

72

TOTAL

7,923

66,926

MIDWEST

August

YTD

Ohio

424

23,041

Indiana

912

18,320

Illinois

3,530

12,460

Michigan

547

11,317

Wisconsin

1,339

4,627

Minnesota

207

3,449

Missouri

888

3,224

Kansas

200

2,938

Nebraska

1,090

2,022

Iowa

217

1,650

TOTAL

9,354

83,048

z%20challenger_jobcuts.png


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