US August Challenger layoffs 85.979k vs 62.075k prior | investingLive

US-based employers announced 85,979 job cuts for the month of August this year. Compared to the same month last year, job cuts were up by roughly 13%. And much like what we saw last month, this marks the highest number of job cuts for the month of August since 2020.

The report will just add to further signs of softening in labour market conditions. Challenger notes that: “After the impact of DOGE on the Federal Government, employers are citing economic and market factors as the driver of layoffs. We’ve also seen a spike in cuts due to operation or store closings and bankruptcies this year compared to last.”