Challenger, Gray & Christmas, Inc.’s Post

Fox Business Network coverage of March #ChallengerReport by Megan Henney. A separate report released Thursday by Challenger, Gray & Christmas found that the pace of job cuts by U.S. employers accelerated in March. Findings from the firm indicate that companies planned 90,309 job cuts in March, a 7% increase from the previous month and a 0.7% increase from the same time last year. It marked the highest monthly layoff total since January 2023. https://fxn.ws/4aDGGRu #layoffs #layoffs2024 #layoffsandjobreductions #economicoutlook #economictrends #costcutting #jobcuts⠀⠀

Fox Business Network coverage of March #ChallengerReport by Megan Henney. A separate report released Thursday by Challenger, Gray & Christmas found that the pace of job cuts by U.S. employers accelerated in March. Findings from the firm indicate that companies planned 90,309 job cuts in March, a 7% increase from the previous month and a 0.7% increase from the same time last year. It marked the highest monthly layoff total since January 2023. https://fxn.ws/4aDGGRu #layoffs #layoffs2024 #layoffsandjobreductions #economicoutlook #economictrends #costcutting #jobcuts⠀⠀

Jobless claims fall by 10K after hitting nine-month high last week May 20, 2024 Fewer Americans applied for unemployment benefits last week as layoffs remain at historically low levels even as other signs that the labor market is cooling have surfaced. Jobless claims for the week ending May 11 fell by 10,000 to 222,000, down from 232,000 the week before, the Labor Department reported Thursday. Last week’s applications were the most since the final week of August 2023, though it’s still a relatively low number of layoffs. The four-week average of claims, which evens out some of the week-to-week fluctuations, rose by 2,500 to 217,750. Weekly unemployment claims are considered a proxy for the number of US layoffs in a given week and a sign of where the job market is headed. In April, US employers added just 175,000 jobs, the fewest in six months and a sign that the labor market may be finally cooling off. The unemployment rate inched back up to 3.9% from 3.8% and has now remained below 4% for 27 straight months, the longest such streak since the 1960s. The government also recently reported 8.5 million job openings in March, the lowest number of vacancies in three years. #jobs #working #employment #laborforce #unemployment #economy

The number of Americans applying for unemployment benefits fell last week as layoffs remained historically low despite the Federal Reserve’s efforts to loosen the labor market. Jobless claims for the week ending May 18 fell by 8,000 to 215,000, down from 223,000 the week before, the Labor Department reported Thursday. The four-week average of claims, which softens some of the week-to-week volatility, rose a modest 1,750 to 219,750. Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week and a sign of where the job market is headed. They have remained at historically low levels since millions of jobs were lost when the COVID-19 pandemic hit the U.S. in the spring of 2020.

A Win-Win Situation for All: How a Strong Labor Market is Creating Staffing Opportunities   The labor market is still strong, as evidenced by the recent data showing a drop in weekly unemployment claims - a positive development for the staffing industry. This trend shows potential for staffing firms, their clients, and their candidates—it's not simply a statistic.   Due to the fierce competition among businesses to attract top personnel, staffing firms are seeing a rise in demand for their services due to this healthy market. It's a call to action for them to step up their game, provide more specialized staffing options, and establish themselves as key players in talent acquisition.   Clients will gain a great deal from this tight labor market situation. Businesses may anticipate a better caliber of candidates prepared to advance their careers, as staffing firms are more motivated than ever to find and place outstanding talent. The proper fit is more important than ever in this era of quality over quantity.   Moreover, candidates are in a favorable position. More options, more chances, and possibly better terms of employment are all signs of a tight labor market. Now is the moment for applicants to use their knowledge and expertise to find positions that will further their professional goals and provide them with growth and fulfillment.   The employment sector will benefit since it presents a positive picture of expansion, success, and potential. As we navigate this terrain, the potential for good impact on candidates and clients is enormous, signaling a time of exciting opportunity and dynamic growth. #StaffingSolutions #EconomicTrends #StaffingIndustry #LaborMarket #TalentAcquisition #CareerOpportunities LanceSoft, Inc. https://lnkd.in/eqRH-Y8a

The recent increase in the number of Americans applying for unemployment benefits indicates a slight uptick in jobless claims. For the week ending May 25, claims rose by 3,000 to 219,000 from the previous week's 216,000. Despite this rise, layoffs remain at historically low levels, even amidst ongoing inflation and high interest rates. The slight rise in unemployment claims does not significantly alter the overall picture of a strong labor market. This resilience has helped avoid a recession despite the Federal Reserve's aggressive rate hikes to control inflation. The continued low level of layoffs suggests ongoing economic stability and consumer confidence, supporting sustained economic growth. #JoblessClaims #LabourMarket #LabourNews https://lnkd.in/eJjucRKS

📈 Unemployment hasn’t been this low for this long since the 1960s. The job market has stayed stronger than most economists expected. But I heard from a number of workers and job seekers that things don’t look so rosy from their vantage point. For MarketWatch, I took a closer look at the data to figure out why that is. It turns out nearly 75% of the jobs the U.S. economy added last year were in just three sectors: health care, government and hotels and restaurants. 🏥 That means your experience of the job market can vary widely depending on the industry you work in. Employees in healthcare and hospitality can still win raises and pick from plentiful job postings, enjoying the same job security most of us had access to just a couple years ago. In other industries, employees are encountering fewer openings, slower hiring and the ever-looming fear of layoffs. What’s driving those lopsided jobs gains? Are layoffs as common as the headlines suggest? And what does this all mean for Americans and their experience of the economy? I try to explain it all here: 

After reading this CNBC article, I think the decline in initial unemployment claims is a positive sign that offers some relief amid the broader concerns about a weakening labor market. However, I’m cautious about getting too optimistic. As it mentioned, continuing claims have hit their highest level since late 2021, and the four-week average has seen a significant uptick. While factors like weather disruptions and auto plant shutdowns might explain some of the fluctuations, the overall trend still points to underlying challenges. With these mixed signals, it seems likely that the Federal Reserve will need to consider interest rate cuts to help counter any potential economic slowdown.

Quit rates & hiring rates have leveled off, but job openings to hires ratio shows that businesses are still struggling to find the talent they need. There were layoffs — particularly in the tech sector — & a softening of the job market, but no recession. The unemployment rate remains below 4%. Wage growth has softened, but pay increases look to remain above historic averages in 2024. In fact, the top 10 in-demand jobs are seeing wage growth of over 18%.However, those in healthcare & technology jobs still want to quit the most. Inflation has come down, but interest rates remain high.

Layoffs are still relatively low, hiring is still solid and the unemployment rate is still consistent with a healthy economy according to the January jobs report. https://cbsn.ws/4bh3B5L #labormarket #economy #jobsreport