• Challenger job cuts see another strong rise of 410% Y/Y in February after January’s 440%, with 77.8k layoffs vs 15k a year ago.
  • The details are similar to January. Tech layoffs still see the sharpest increase in Y/Y terms (21k vs just 115 Feb’22) but non-tech layoffs are playing an increasingly large role at 56k, from 15k in Feb’22 for a 273% Y/Y increase.
  • However, just like with the January data, this hasn’t translated to initial claims data which continue to run close to series lows (and certainly wasn’t consistent with the surge in payrolls back in Jan).

US DATA: Challenger Job Cuts Continue Surge But Remain At Odds With Jobless Claims

Last updated at:Mar-09 12:40By: Chris Harrison
  • Challenger job cuts see another strong rise of 410% Y/Y in February after January’s 440%, with 77.8k layoffs vs 15k a year ago.
  • The details are similar to January. Tech layoffs still see the sharpest increase in Y/Y terms (21k vs just 115 Feb’22) but non-tech layoffs are playing an increasingly large role at 56k, from 15k in Feb’22 for a 273% Y/Y increase.
  • However, just like with the January data, this hasn’t translated to initial claims data which continue to run close to series lows (and certainly wasn’t consistent with the surge in payrolls back in Jan).

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