U.S. employers terminated fewer workers last month as the country experiences a “stagnating labor market,” new data released on Oct. 2 show.
In September, U.S.-based companies announced 54,064 layoffs, representing a 37 percent decline from August, according to global outplacement firm Challenger, Gray and Christmas. Planned job cuts were also down by 26 percent from the same month a year ago.
Despite the lower number, year-to-date layoffs total 946,426, the highest since 2020, when nearly 2.1 million job cuts were announced.
Andy Challenger, the firm’s senior vice president, says it is likely that job cut plans will exceed 1 million for the ninth time in the organization’s series by the year’s end….