U.S. employers announced fewer layoffs in September but hiring plans so far this year were the lowest since 2009, a report said on Thursday, adding to evidence of a labor market standstill as the demand and supply of workers fall because of policy and technology advances.
The report from global outplacement firm Challenger, Gray & Christmas does not normally attract much attention. But together with other private data, it has become more prominent due to a U.S. government shutdownthat has led to major economic releases being suspended, including the closely watched employment report for September that was due on Friday.
The 15th government shutdown since 1981, which will lead to the furlough of 750,000 federal workers, has also delayed the publishing of the weekly jobless claims report, August factory orders and construction data. The trade report is also likely to be affected.
Challenger, Gray & Christmas said planned job cuts dropped 37% month-on-month to 54,064 in September. Employers have so far this year announced 946,426 job cuts, the highest year-to-date since 2020.
Hiring plans so far this year have totaled 204,939, the lowest year-to-date since 2009 when the economy was just emerging from the Great Recession.
Source: Reuters