Americans May Lose Jobs Around Christmas Time
The trend of rising job cuts seen in the past few months could accelerate in December and January
An analysis of data from the Bureau of Labor Statistics (BLS) by the Wall Street Journal shows that December
Usually ranks at the second spot when it comes to monthly layoffs and discharges
While January takes the top spot on the list. Speaking to the media outlet, Nick Bunker, economic research director for North America
Noting seasonality of the labor market as a possible explanation for the timing of the layoffs.
Different industries are busy at different times of the year, Bunker said while pointing to the retail sector as an example.
According to data from global outplacement and career transitioning firm Challenger
Gray & Christmas, the pace of job losses began picking up in September, jumping to 29,989 job cuts from 20,485 in August.
In November, job cuts surged to 76,835, up 127 percent from October and 417 percent from November last year.
November was the sixth time in 2022 that job cuts were higher than the corresponding month a year back.