Challenger: Downsizing in U.S. at lowest level of 2016

Economy 12/1/2016, 1:36 PM
Challenger: Downsizing in U.S. at lowest level of 2016

Employers in the United States revealed plans to slash headcount by 26,936 last month, 12% less than in October, according to data compiled by Challenger, Gray and Christmas Inc. The monthly tally is the smallest since the start of the year.

The report published on Thursday by the outplacement consultancy revealed the most layoffs were announced in the retail sector – 4,850, with the impact of up to 3,500 pink slips following the bankruptcy of American Apparel. Store operators came in third in the year to date in downsizing and the total of 57,969 is still 12% smaller on an annual basis, while energy businesses led with 105,041 or 13% more than in 2015, followed by computer firms, which announced 66,188 or 7% fewer job cuts in plan.

Scheduled layoffs in November were 13% lower than in the same month of last year, the firm's data showed. The 11-month total of 493,288 is 5.5% down against the same period of 2015. There were 108.994 job openings announced last month, compared to 135,532 in October and just 10,026 for November of last year. The total for past 11 months was 833,504 or 22.7% more on an annual scale. 


TeleTrader Newsroom / IT