BLS Revises Jobs Numbers Down By 501,000

from Challenger Gray and Christmas

Last week, the Bureau of Labor Statistics (BLS) announced the agency was revising the monthly employment figures down by 501,000 between March 2018 and March 2019. The largest revisions occurred in Retail, Professional Services, and Leisure and Hospitality.

According to The Challenger Report, Retail has lead all sectors in job cut announcements since 2017. Since January 2018, Retailers have announced 153,730 layoffs, 55,167 of which have occurred through July of this year.

“Retail cuts have slowed in recent months, but over the last 18 months, Retailers have announced the most layoffs of any sector. The revisions to job creation numbers indicate that perhaps consumers are not spending enough to justify hiring workers in this sector,” said Andrew Challenger, Vice President of global outplacement and executive and business coaching firm Challenger, Gray & Christmas, Inc.

Through July of this year, employers have announced plans to cut 369,832 jobs, a 35.8% increase from the 272,301 cuts announced in the first seven months of last year. It is the highest seven-month total since 2015, when 393,368 cuts were announced.

“As more indicators emerge that point to a coming recession, economists will be looking closely at consumer spending and hiring, particularly as we enter the holiday shopping season,” said Challenger.

Source: Challenger, Gray & Christmas, Inc. ©

According to Challenger tracking, six industries have seen the most job cut announcements through July since 2009. They include Industrial Goods Manufacturing, Automotive, Food Manufacturing, Media, Mining, which includes coal mines as well as metals, and Real Estate.

Industries with Highest Cuts Since 2009

Through July

Source: Challenger, Gray & Christmas, Inc. ©