Challenger: US job cuts up to 75,891 in August - Breaking The News

Challenger: US job cuts up to 75,891 in August

5 September

1 min read

EPA/JUSTIN LANE

Job cuts in the United States stood at 75,891 in August, according to a report by Challenger, Gray & Christmas Inc. published on Thursday. The figure represents a 193% increase from the 25,885 in July and a 1% increase on a yearly basis. The technology sector announced the most job cuts in 20 months with 39,563. The year-to-date figure for hiring plans was the lowest since the company started publishing the report in 2005. It stood at 79,697, 41% lower compared to August 2023.

"August’s surge in job cuts reflects growing economic uncertainty and shifting market dynamics. Companies are facing a variety of pressures, from rising operational costs to concerns about a potential economic slowdown, leading them to make tough decisions about workforce management," the company's Senior Vice President Andrew Challenger said.

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