Challenger, Gray & Christmas, Inc.’s Post

June #ChallengerReport media coverage by Martin Baccardax with TheStreet. Challenger Gray's monthly report of corporate layoffs, however, showed overall job cuts fell by nearly 24%, to just under 50,000 last month, while overall layoffs for the first half were down 5.1% compared with 2023 levels. “June is typically a low month for job cut announcements, as most companies are midyear or at the end of their fiscal years," the firm's senior vice president, Andrew Challenger, said. "The months following fiscal year ends tend to have a spike in cuts, as those plans are implemented." https://lnkd.in/gtZ5GVg3 #layoffs #layoffs2024 #layoffsandjobreductions #economicoutlook #economictrends #costcutting #jobcuts

June #ChallengerReport media coverage by Martin Baccardax with TheStreet. Challenger Gray's monthly report of corporate layoffs, however, showed overall job cuts fell by nearly 24%, to just under 50,000 last month, while overall layoffs for the first half were down 5.1% compared with 2023 levels. “June is typically a low month for job cut announcements, as most companies are midyear or at the end of their fiscal years," the firm's senior vice president, Andrew Challenger, said. "The months following fiscal year ends tend to have a spike in cuts, as those plans are implemented." https://lnkd.in/gtZ5GVg3 #layoffs #layoffs2024 #layoffsandjobreductions #economicoutlook #economictrends #costcutting #jobcuts

TheStreet cites #ChallengerReport in “Should markets be worried ahead of jobs report?” by Charley Blaine. The Challenger-Gray Layoff report, due Thursday. An indication of if companies are trimming more staff to cope with rising costs and other issues. The rate was very low in April and may prove to be “the calm before the storm,” said Andrew Challenger, senior vice president of the outplacement firm. https://bit.ly/4e6hZz2 #layoffs #layoffs2024 #layoffsandjobreductions #economicoutlook #economictrends #costcutting #jobcuts⠀⠀⠀

TheStreet cites #ChallengerReport in “Should markets be worried ahead of jobs report?” by Charley Blaine. The Challenger-Gray Layoff report, due Thursday. An indication of if companies are trimming more staff to cope with rising costs and other issues. The rate was very low in April and may prove to be “the calm before the storm,” said Andrew Challenger, senior vice president of the outplacement firm. https://bit.ly/4e6hZz2 #layoffs #layoffs2024 #layoffsandjobreductions #economicoutlook #economictrends #costcutting #jobcuts⠀⠀⠀

Business Insider highlights #Challenger data in article by William Edwards. Here's another chart showing similar data from the Challenger Report from employment services firm Challenger, Gray & Christmas. The firm's layoff data, which leads unemployment claims, shows layoffs have been rising over the last few months. https://bit.ly/3PPGuGk #layoffs #costcutting #useconomy #economicoutlook #economictrends

Challenger #data cited in Fortune, “Jerome Powell pumped the brakes on rate cuts, but Goldman still eyes a soft landing because of the strong job market,” by Paolo Confino. At the same time, Hatzius points out that widespread job cuts “remain muted,” citing data from the Labor Department, the research firm Challenger, Gray & Christmas, and WARN notices, which are legal documents employers must file in the lead-up to a mass layoff. https://bit.ly/4beoSg5 #layoffs #layoffs2024 #layoffsandjobreductions #economicoutlook #economictrends

Challenger #data cited in Fortune, “Jerome Powell pumped the brakes on rate cuts, but Goldman still eyes a soft landing because of the strong job market,” by Paolo Confino. At the same time, Hatzius points out that widespread job cuts “remain muted,” citing data from the Labor Department, the research firm Challenger, Gray & Christmas, and WARN notices, which are legal documents employers must file in the lead-up to a mass layoff. https://bit.ly/4beoSg5 #layoffs #layoffs2024 #layoffsandjobreductions #economicoutlook #economictrends

Challenger #data cited in Fortune, “Jerome Powell pumped the brakes on rate cuts, but Goldman still eyes a soft landing because of the strong job market,” by Paolo Confino. At the same time, Hatzius points out that widespread job cuts “remain muted,” citing data from the Labor Department, the research firm Challenger, Gray & Christmas, and WARN notices, which are legal documents employers must file in the lead-up to a mass layoff. https://bit.ly/4beoSg5 #layoffs #layoffs2024 #layoffsandjobreductions #economicoutlook #economictrends

#WhatsHappening??? Part 2 of many detailing what's going on with the #economy and #jobsmarket in the #UnitedStates Nearly 100 conversations with executives and graduate-educated professionals over the past 90 days is showing some very interesting/concerning patterns I think are worth discussing. Firstly, I'm going to share two data points/events with major US companies I see as being the canary in the coalmine, if you will. 1) #LinkedIn - We/I get SO much value from LinkedIn on a daily basis, it's crazy. That said, two days ago they made a change you will NOT hear them announce in any PR briefing or to any of us, but it happened. Slowly but surely job listings with over 100 applicants NO LONGER say how many applicants. Last week I checked a role I applied to a month ago that had over 1800 Applicants. Today, it says it has "100+ Applicants". This is so people keep applying, and they keep getting their revenue from job listings, because job listings that don't get applicants, don't get renewed/re-posted. 2) #Redfin - The corporations who profit on the #HousingMarket are getting sly. Just last week Redfin changed their calculation on the health of the US Housing Market (much like the fed did for how they calculate inflation or #unemployment. They no longer include DEMAND in their equation. I guess they figure, "How important can demand be in terms of knowing the health of the housing market, anyway?". Jokes and dry humor aside, what's really happening right now is ALL the effect of #INFLATION, folks. FULL STOP. It's all the result of, as Jerome Powell put it, having "virtually unlimited money and ability to print it". We are all now paying the price, for now economically, and ultimately with our #taxes. What can we do about those topics? Quite literally nothing. But being aware of a problem and your reality/situation is the FIRST STEP TO FIXING IT. This is not the economy of yesteryear, this is not going back to 'normal'. This is the new normal. Layoffs will continue for 1-3 years to maintain high stock prices and the #NYSE keeping #investors happy. --- Back to #jobseekers and what you can do out there to improve your outcome/situation. What we CAN all do is triple our output/efforts in #jobseeking and think outside the box. You are NOT going to find a role by doing what you've always done, you are going to have to think outside the box, be resourceful, network, get uncomfortable. It takes extraordinary effort to overcome extraordinary circumstances. Stay focused, stay hydrated, exercise, get sunlight everyday multiple times, socialize with good friends who support your outcome and success, and GOOD LUCK!

Friday's weak job report spooked investors and yesterday's unwinding of the "yen carry trade" (topic for another day) has left the markets a bit black and blue. We're not worried about a single day's performance, but we do want to understand what's going on in the economy and what that means for business owners. Two weeks ago, the Minneapolis Fed published a piece titled "Quits, Layoffs, and Labor Supply." The key takeaway from that piece is that during economic slowdowns, the unemployment rate is stable at first. When times are good, Quits increase because people feel more confident about their ability to get another job. Layoffs decrease because companies are doing well. When times are bad, Quits decrease and Layoffs increase. As Quits decrease, the unemployment rate remains lower for longer, artificially stabilizing the unemployment rate. This is part of the reason why Wharton professor Jeremy Siegel called on the Fed to make an emergency rate cut yesterday. Whether you agree that we're nearing (or are already in) a recession, it may be a good idea to start saving excess cash for a rainy day. Don't know what that looks like? Check out our free recession planning tool on our website. www.mycfoinsights.com