July Layoffs Higher Compared to Year Ago, Hiring Plans Lowest Since 2009: Challenger Data

Layoffs were slightly higher compared to a year ago while hiring efforts have stalled, signaling that the U.S. labor market continues to cool off kicking off the second half of 2024. New data from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc. revealed that U.S.-based employers announced nearly 26,000 job cuts in July, down 47 percent from the previous month, but up 9 percent from the same time a year ago. Last month’s layoffs were the highest for this time of the year since 2020 when companies slashed more than 262,000 positions. Year to date, companies have announced 460,530 job cuts, down 4.4 percent from the same seven-month period in 2023. This represents the third-highest year-to-date total since 2009....