Planned Layoffs Elevated For Third Straight Month

First it was Wells Fargo then Verizon and now General Motors making for a third straight month of elevated Challenger results, at 53,073 in November vs 75,644 in October and 55,285 in September. The average over these three months is 61,344 in a reading last approached in early 2016. Auto layoffs totaled 14,040 in November with healthcare a distant second at 4,300 followed by retail at 3,769.

Layoff announcements don't translate to immediate layoffs but they do point to future layoffs. Actual unemployment claims have been pivoting higher from historic lows the last couple of months and may very well continue to do so based on indications of a softening labor market from Challenger.