Challenger Job Report 

Please consider the Challenger Job Cut Report for March 2023.

U.S.-based employers announced 89,703 cuts in March, up 15% from the 77,770 announced in February. It is up 319% from the 21,387 cuts announced in the same month in 2022, according to a report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc. March’s total marks the third time this year when cuts were higher than the corresponding month a year earlier. 

Employers announced 270,416 cuts in the first quarter, a 396% increase from the 55,696 cuts announced in the same period one year prior. It is the highest first quarter total since 2020, when 346,683 cuts were announced January to March. It is the highest quarterly total since the third quarter of 2020 when 497,215 cuts were recorded. 

Challenger Job Cuts by Quarter 

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This is the 7th highest first-quarter cuts in 35 years dating to 1989.

Challenger Job Cuts Top 5 Industries 

Hello recession deniers. Please note the cuts are not just technology. Nor are the rest of the job cuts just goods-related. 

Initial and Continued Unemployment Claims Jump the Most in 15 Months

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Earlier today I reported Initial and Continued Unemployment Claims Jump the Most in 15 Months

• Continued unemployment claims are the highest since November of 2021. 
• Initial claims are the highest since October of 2021

Job Openings Plunge From Dizzy Heights

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Unexpected Weakness in Many Places

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Weakness Not Just Good Related

While pondering an alleged 10 million openings, please note Unexpected Weakness in ISM Services, Backlog and New Orders Plunge

Hello "weakness is just in goods" proponents. Please note the 10-point plunge in new orders.

Also note the 18-point plunge in export services to severe contraction.

And while you are noticing things, check out the backlog in orders and then ponder what that means for hiring plans. 

Other than this cornucopia of noticeable weakness and deteriorating conditions, rumor has it that everything is OK.

We cannot possibly be in recession because jobs are strong, until of course the revisions come home to roost. 

More By This Author:

Initial And Continued Unemployment Claims Jump The Most In 15 Months
Job Openings Plunge From Dizzy Heights, How Much Is Still Real?
Unexpected Weakness In ISM Services, Backlog And New Orders Plunge