Latest data released by Challenger, Gray, and Christmas Inc
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US-based employers announced 17,895 job cuts last month, a 14% rise from August (which was a 24-year low). That said, the total job cuts for Q3 amounted to 52,560 which marks the lowest quarterly total since 1997 - reaffirming improved conditions in the labour market as the pandemic recovery takes shape.
Meanwhile, employers also announced plans to cut 265,221 jobs from their payrolls so far this year which is the lowest year-to-date figure on record as well. Once again, just reaffirming the narrative that labour market conditions are improving.
But there are also labour shortages to be wary of. Challenger notes that:
"Companies are in hiring and retention mode, and job seekers have a lot of power to make demands at the moment. We know there are millions of open positions, but many employers are having trouble keeping up with their applicants, taking too long to reach out, not making offers fast enough, or losing out to more attractive offers.
