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posted on 05 October 2017

September 2017 Job Cuts Fall

from Challenger Gray and Christmas

Job cuts announced by U.S.-based employers fell 4.4 percent, from 33,825 in August to 32,346 in September. Last month's total was 27 percent lower than the 44,324 job cuts announced in the same month last year

September job cuts bring the third quarter total to 94,478, 6.2 percent lower than the 100,799 cuts in the second quarter of this year, and 22.5 percent lower than the 121,858 cuts announced in the third quarter of last year. The quarterly total is the lowest it's been since the fourth quarter last year, when 91,303 cuts were announced. This quarter marked the lowest third quarter total since 91,784 job cuts were announced in the third quarter of 1996.

So far this year, employers in the U.S. have announced 321,478 job cuts, 26.2 percent lower than the 435,612 cuts recorded through September last year.

Job cuts have remained low since the second half of last year. As companies grapple with potential deregulation and changes to health care costs in a tight labor market, employers are holding on to their existing workforces while many positions requiring skilled labor go unfilled.

Retail leads in announced job cuts, with 71,057 so far this year, 3,461 of which occurred in September. This is a 36.8 percent increase from the previous year, when 51,939 cuts were recorded. While retail leads in announced job cuts, the sector also leads in hiring announcements. Through September, retailers planned to add over 500,000 new jobs, both seasonal and permanent.

Meanwhile, companies in the service sector have announced 24,977 job cuts so far this year, 193 percent more than the 8,518 job cuts announced in the same period last year. Health care companies came in third for the highest number of announced job cuts in 2017, with 24,761, 42 percent higher than the 14,344 job cuts announced through the third quarter of 2016. Concludes Challenger:

With cuts down from last year in most industries, people should remain optimistic about job prospects.

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

TOP FIVE INDUSTRIES

Year To Date

2017

2016

Retail

71,057

51,939

Services

24,977

8,518

Health Care/Products

24,761

14,344

Food

17,188

12,815

Automotive

16,231

10,932

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

32,346

44,324

October

30,740

November

26,936

December

33,627

TOTAL

321,478

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

45,793

Texas

28,375

Ohio

23,387

Indiana

22,553

New York

20,336

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

JOB CUTS BY INDUSTRY

16-Sep

17-Aug

17-Sep

YTD 2016

YTD 2017

PERCENT CHANGE

Aerospace/Defense

554

684

1,595

9,887

13,371

35.2%

Apparel

20

785

0

-100.0%

Automotive

775

1,684

1,026

10,932

16,231

48.4%

Chemical

326

79

10,778

635

-94.1%

Commodities

705

70

150

2,817

245

-91.3%

Computer

4,152

1,826

2,373

59,719

15,335

-74.3%

Construction

99

4,332

3,183

1,298

8,452

551.2%

Consumer Products

898

2,907

1,950

8,162

11,415

39.9%

Education

8,671

984

310

18,390

11,357

-38.2%

Electronics

720

246

680

7,264

4,324

-40.5%

Energy

1,367

2,212

393

98,733

12,997

-86.8%

Entertainment/Leisure

469

478

636

14,902

8,740

-41.4%

Financial

1,212

3,414

794

18,919

11,593

-38.7%

Food

370

1,116

3,009

12,815

17,188

34.1%

Government

7,156

578

13,754

7,532

-45.2%

Health Care/Products

1,170

1,210

1,997

14,344

24,761

72.6%

Industrial Goods

1,500

1,650

1,252

27,340

15,595

-43.0%

Insurance

40

705

29

2,715

5,817

114.3%

Legal

190

56

338

503.6%

Media

945

88

53

4,538

3,235

-28.7%

Non-Profit

187

212

87

1,983

1,458

-26.5%

Pharmaceutical

309

689

4,251

7,310

9,745

33.3%

Real Estate

722

505

-30.1%

Retail

7,296

3,607

3,461

51,939

71,057

36.8%

Services

324

3,039

3,916

8,518

24,977

193.2%

Telecommunications

4,331

871

535

13,381

12,975

-3.0%

Transportation

328

1,145

395

12,597

9,990

-20.7%

Utility

400

78

2

1,014

1,610

58.8%

TOTAL

44,324

33,825

32,346

435,612

321,478

z%20challenger_jobcuts.png


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