Challenger: February job cuts of 15.245K jobs
Mar. 03, 2022 7:29 AM ETBy: Gaurav Batavia, SA News Editor
- Challenger Job-Cut Report: 15.245K from 19.064K in January.
- U.S.-based employers announced 15,245 cuts in February, a 20% drop from the 19,064 cuts announced in January. February’s total is 56% lower than the 34,531 cuts announced in the same month last year.
- Over a third of cuts in February were due to market conditions: 5,558 jobs were cut for this reason. Another 4,671 cuts were due to store, unit, or plant closing, while 1,430 cuts were due to workers refusing to get vaccinated against employer policy.
- “The latest numbers give more evidence that job creation is strong, and employers continue to hold fast to their workforces. The churn in the labor market is coming from resignations,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc.