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These Numbers Are More Pessimistic Than ADP
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According to the job research firm Challenger, Gray & Christmas, job cuts rose 38% in April compared to March. Much of this was blamed on AI-driven layoffs. The April number reached 83,387. The number was the third-highest figure since 2009, during the Great Recession.
Andy Challenger said, “Technology companies continue to announce large-scale cuts and are leading all industries in layoff announcements. They are also often citing AI spend and innovation." This showed up specifically in the results. Technology announced 33,361 job cuts in April, bringing the total to 85,411 this year. AI was also the primary reason listed in March.
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The future for jobs is also troubling. “Hiring plans” dropped 69% from 32,826 in March to 10,049 last month.
Two sectors plan to add a significant number of job additions–Automotive (year to date 12,258) and entertainment (8,261 year to date)
The Challenger, Gray & Christmas is usually not a good match with the traditionally used ADP and the Bureau of Labor Statistics. These two do not include hiring plans or “announced” job cuts. In other words, they are not based on announced plans.
Job activity across the economy remains strong. ADP reports private payroll numbers rose 109,000 in April. A number of analysts believe the BLS number will also show job strength. The BLS report for March was an addition of 178,000 jobs.
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