Report: Fewer Lay Offs In September, Says US Employers (image from pixabay)
According to a report which was released on Thursday, employers says the lay offs are fewer in the month of September as US employers remoulded their calls to job cuts for the month. The announced job cuts for September were 47,457, which is a 37% lower than the month of August. The cut on August were 75,151.
Still, the job cut on the month of September this year is a 58% percentage higher that the lay off in the month of September in 2022. As Gray & Christmas, said in the above mentioned report, on a year-to-date basis, the lay off is highest this year since 2020, the year of the Covid 19 pandemic, says Reuters.
Despite, the declared hike in the job cuts in the year of 2023, Bureau of Labour Statistics” Job Openings and Labour Turnover Survey”s data shows that the monthly lay off in 2023 were following the lay off of 2022. And the numbers virtually did not budge from the July to August.
When the businesses started rolling again after the Covid 19 lockdown, the employers were hit by a “Great Resignation” trend as millions of employees call quits as a step taken to move towards a better job-life balance and good compensations. This made the employers regret their decision to fire over 22 million workers at the dawn of Covid 19 pandemic. The “Great Resignation” made it harder for the employers to find the required workers.
In the year 2022, the employers had called in a job hire of 380,014 in September. By September 2023, the job hires were raised to 590,353. This dramatic leap show the desperate needs of the employers. The senior vice president of challenger Gray & Christmas, Andrew Challenger said, “Employers are grappling with inflation, rate increases, labour issues, and consumer demands as we enter Q4 (of the financial year).
