CBS News: Andy Challenger, SVP, Discusses Layoffs Falling to Record Low since 1993

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Reported by CBS News

Published December 2, 2021

Corporate layoffs are falling to their lowest level in nearly 30 years as the U.S. job market bounces back from the coronavirus pandemic. The number of announced job cuts in November fell to 14,875, according to outplacement firm Challenger, Gray & Christmas. That’s the lowest figure since May 1993.

“It’s no surprise job cuts are at record lows. Employers are spread thin, planning best- and worst-case scenarios in terms of COVID, while also contending with staff shortages and high demand,” Andrew Challenger, the company’s senior vice president, said in a statement.

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U.S. job cut announcements by reason for layoff. November 2021 vs. November 2020

Source: Challenger, Gray & Christmas, Inc. Click the image to view the report.

Job cuts announced by U.S.-based employers plummeted 34.8% in November 2021 to 14,875 from the 22,822 announced in October. It is the lowest monthly total since 14,086 cuts were recorded in May 1993, according to a report released by Challenger, Gray & Christmas.

Read and download the November job cut report here.