US Job Openings Surge Back in September, JOLTS Rise 6.5%

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    Fed’s Daly:

    Inclusive economy meets jobs and price stability
    Inflation is not a risk, it’s a reality
    Seeing job market vacancies fall. Pace of hiring should slow
    We are working toward balancing both sides of Fed mandate
    Supply and demand imbalance in the housing market is not solvable by the Fed
    We have a lot of work we can do to bring down demand


    September 2022 Challenger Job Cuts Report

    Job Cuts Surge 46% In September, Up 68% From Same Month Last Year
    U.S.-based employers announced 29,989 cuts in September, a 46.4% increase from the 20,485 cuts announced in August. It is 67.6% higher than the 17,898 cuts announced in the same month last year, according to a report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.

    September marks the fifth time this year that cuts were higher in 2022 than in the corresponding month a year earlier.

    In the third quarter, employers announced 76,284 job cuts, down 1.6% from the 77,515 cuts announced in the previous quarter. It is up 45.1% from the third quarter of 2021 when employers planned to cut 52,560 workers from payrolls.

    So far this year, employers announced plans to cut 209,495 jobs, down 21% from the 265,221 cuts announced in the first nine months of 2021. It is the lowest recorded January-September total since Challenger began tracking monthly job cut announcements in 1993*.

    Retailers led in job cut announcements in September with 9,273, just as many are determining holiday hiring plans. So far this year, the industry has announced 18,213, up 11% from the 16,466 announced in the same period last year.

    Technology companies followed with 4,212 cuts in September, for a total of 18,620 so far this year. This is up 86% from the 10,025 cuts announced during the same period last year.

    The Automotive sector leads all industries in job cuts this year with 28,922, up 194% from the 9,831 cuts announced through September last year.

    Meanwhile, cuts in the Financial Technology (Fintech) sector have increased 927% over last year, from 563 through September 2021 to 5,780 cuts through the same time this year.

    The Financial sector, which is dealing with a possible recession and housing downturn, has announced 14,832, up 81% from the 8,205 announced through September 2021.

    Helmholtz Watson

    September JOLTS Job Openings rose to 10.775M, reversing the largest one month drop on record in August of 10.053M which was revised up to 10.280M. Thi
    [See the full post at: US Job Openings Surge Back in September, JOLTS Rise 6.5%]

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