U.S.-based employers announced 71,321 job cuts in November, up 24% from the 57,727 job cuts announced in the same month last year. It is down 53% from the 153,074 cuts announced one month prior, according to a report released Thursday from global outplacement and executive coaching firm Challenger, Gray & Christmas.
November’s total is the highest for the month since 2022 when 76,835 job cuts were announced. It is the eighth time this year job cuts were higher than the corresponding month one year earlier.
“Layoff plans fell last month, certainly a positive sign. That said, job cuts in November have risen above 70,000 only twice since 2008: in 2022 and in 2008,” said Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas. [snip]
Through November, employers have announced 1,170,821 job cuts, an increase of 54% from the 761,358 announced in the first eleven months of last year. Year-to-date job cuts are at the highest level since 2020 when 2,227,725 cuts were announced through November. It is the sixth time since 1993 that job cuts through November have surpassed 1.1 million... (our emphasis)
On that last sentence, check out during which administrations job cuts were high or low:
November job cuts stayed below 70,000 from 1993 until 2000 [Clinton Democratic administration], according to Challenger tracking. During the recession year of 2001, job cuts in November skyrocketed to over 181,000 [Republican Bush administration]. Layoff plans in November remained elevated until 2009 [Obama Democratic administration], and stayed below 70,000 until the pandemic [Trump's tour de incompetence].
Yet, somehow it's been planted in the average American brain that Republicans are better on Jobs and The Economy. Sic transit gloria, America.
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