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“Changes in consumer finance led to a 44 percent surge in job cut announcements in September, as U.S.-based employers planned to cut 55,285 from their payrolls,” Challenger, Gray & Christmas, Inc, reported on Thursday.

Key takeaways from the press release

  • Last month’s total is 43.7 percent higher than the 38,472 cuts announced in August and 70.9 percent higher than the 32,346 cuts announced in the same month last year.
  • September job cut plans are the second highest monthly total behind March, when 60,357 cuts were recorded.

John Challenger, Chief Executive Officer of Challenger, Gray & Christmas, Inc:

“As the job market remains near full employment and companies struggle to find workers, large-scale job cut announcements like the one from Wells Fargo will actually provide the workers necessary for companies to gain momentum and sustain growth. With the exception of Wells Fargo, low job cut announcements indicate employers are holding on to their staff in a period of expansion,”