US job cut announcements fall again in July, Challenger says
By Alexander Bueso
Date: Thursday 03 Aug 2023
(Sharecast News) - Layoff announcements in the States continued falling back in July, rising by less than during the same month one year before for the first time since 2023, a prestigious consultancy said.
According to Challenger, Gray and Christmas, job cut announcements dropped by 42% in July to reach 23,697.
That was 8% less than in the same month of 2022.
"The job market is remaining resilient in the face of rising interest rates, as consumers continue to spend and inflation falls," said Andy Challenger, labor expert and Senior Vice President of Challenger, Gray & Christmas, Inc..
"Companies, weary of letting go of needed workers, are finding other ways to cut costs. Many have slowed hiring, but wages continue to rise, particularly for the lowest-wage earners, for the moment."
Year-to-date on the other hand, employers had announced 481,906 cuts, slightly more than triple the 159,021 cuts unveiled over the same stretch of 2022.
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