have disappeared from the American job markett is FALSE.
He's referring to this:
https://www.challengergray.com/blog/challenger-report-71321-job-cuts-on-restructurings-closings-economy/#:~:text=NOVEMBER%20CUTS%20FALL%20FROM%20OCTOBER,companies'%20fiscal%20year%2Dends.
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.
But thaat report does not say what he purports it to say. The Challenger report usually carries relatively little weight among economists because it only tracks publicly announced job cuts, most of which haven’t happened yet and some of which wil NEVER happen. While the announcements are made by U.S.-based firms, Challenger includes cuts to jobs overseas in its tally for multinational firms. The main reason it has gotten a little more attention recently is due to the delay in the BLS data due to the shutdown.
There is also this part of the Challenger report which is always ignored by the media and also contradicts this guy's claims.
HIRING PLANS IN 2025
Through November, U.S. employers have announced 497,151 planned hires, down 35% from the 761,954 announced at this point in 2024. It is the lowest year-to-date total since 2010, when 392,033 new hires were planned through November.
So the net drop in announce job cuts so far this year according to their report is actually less than 700,000.
= new reply since forum marked as read