Significant Decrease in Job Cuts for December

In a surprising turn of events, the United States witnessed a 33% decrease in job cuts during December, with the number dropping to 38,792 from November's 57,727, as reported by Challenger, Gray & Christmas Inc. This decline marks a notable shift in the employment landscape, despite an 11% increase compared to the same period last year.

2024: A Year of High Job Cuts

Throughout 2024, a total of 761,358 job cuts were recorded, representing a 5.5% increase from the previous year's 721,677 and reaching the highest level since 2020. The technology sector led the way with 133,988 cuts, followed by consumer products and government sectors with 42,931 and 38,375 cuts, respectively.

Looking Ahead

"The year 2024 was marked by significant changes for companies, driven by rapid technological advancements and evolving economic conditions. With the upcoming administration, many employers are bracing for further uncertainty, which has resulted in slower hiring processes and increased layoffs across various sectors," commented Andrew Challenger, the company's Senior Vice President.