Challenger, Gray & Christmas quarterly job cut reports

US Job Cuts Decline to 72,821 in September, Tech Layoffs Drop Significantly by 53.4%

Oct 3, 2024, 11:40 AM

In September 2024, the U.S. saw a notable decline in tech industry layoffs, with overall job cuts reaching 72,821, according to Challenger, Gray & Christmas. This figure represents a 53.4% year-over-year increase, though it is slightly lower than the 75,891 job cuts recorded in August. Despite the dip in September, the total job cuts for the year have edged past last year's pace, with 609,242 job cuts announced so far, up 0.8% from the 604,514 announced during the same period in 2023. The entertainment and leisure industry experienced the largest jump in cut announcements, while the tech sector saw the most significant decline, with over 28,000 fewer job cuts, marking the largest decline since December 2022. September, typically a hiring month, saw the highest layoffs for this month since COVID-19. In the third quarter, companies announced plans to cut 174,597 jobs, down 16% from the second quarter's 177,391 cuts.