US job cuts ease in September, Q3 layoffs hit post-2020 high

US employers announced 54,064 job cuts in September, marking the lowest monthly total in three months and down 25.8% year-on-year, according to Challenger, Gray & Christmas' latest jobs report.

Source: Sharecast

The services sector led the monthly reductions with 6,290 cuts, followed by energy at 5,807 and technology at 5,639. Despite the slowdown in September, planned layoffs in the third quarter totalled 202,118 — the highest Q3 reading since 2020.

Year-to-date, US companies have announced 946,426 job cuts, the highest total since 2020 and the fifth largest in the past 36 years. The government sector accounted for the bulk of reductions, with 299,755 cuts, including 289,363 federal roles affected by DOGE.

"Right now, we're dealing with a stagnating labour market, cost increases, and a transformative new technology. With rate cuts on the way, we may see some stabilising in the job market in Q4, but other factors could keep employers planning layoffs or holding off hiring," said Andy Challenger, of Challenger, Gray & Christmas.

Reporting by Iain Gilbert at Sharecast.com

Transferring your account

Transfer your existing ISAs and Share Dealing Accounts and you could save money. In order to transfer, log in to your existing account and complete the online application form. We’ll do the rest for you. It’s free to transfer (we will not charge you). Please check your current provider to see if they have any charges for transferring.

Transfer to us

Compare our accounts

If you're looking to grow your money over the longer term (5+ years), we have a range of investment choices to help.

View our accounts

Bank of Scotland is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.

Important legal information

Bank of Scotland Share Dealing Service is operated by Halifax Share Dealing Limited. Halifax Share Dealing Limited. Registered in England and Wales No. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN under number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.

The information contained within this website is provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd unless otherwise stated. The information is not intended to be advice or a recommendation to buy, sell or hold any of the shares, companies or investment vehicles mentioned, nor is it information meant to be a research recommendation. This is a solution powered by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd incorporating their prices, data news, charts, fundamentals and investor tools on this site. Terms and conditions apply. Prices and trades are provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd and are delayed by at least 15 minutes.

Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.