- Challenger Job Cuts in the US declined sharply in October.
- US Dollar Index continues to edge lower below 93.00.
Planned job cuts in the US-based employers declined to 80,666 in October from 118,804 in September, Challenger Gray & Christmas announced in its latest Job Cut Report on Thursday.
“October’s total is 32% lower than the 118,804 cuts announced in September,” the publication read. “It is 60% higher than the 50,275 cuts in the same month last year. October’s total is the lowest since February when 56,605 cuts were announced.”
Commenting on the data, “the lower numbers certainly indicate some companies impacted by shutdown orders were able to reopen and stave off cutting jobs,” noted Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc. “However, as case counts rise and more jurisdictions impose stricter enforcement, and stimulus money dries up with no coming legislation, uncertainty is likely guiding many company decisions on retaining workers.”
Market reaction
The US Dollar Index extended its daily slide after this report and was last seen losing 0.83% on the day at 92.70.
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