Healthcare/products companies and manufacturers, including hospitals, have announced the third-most job cuts year to date among 30 industries and sectors measured, according to new analysis shared with Becker's.
The finding comes from a Dec. 7 report from Challenger, Gray & Christmas, a global outplacement and business and executive coaching firm that examines job cuts by U.S.-based employers.
Healthcare/products companies and manufacturers, including hospitals, announced 57,758 job cuts from January through November this year, an increase of 99% from the 29,031 announced in the sector during the same period last year.
Across all industries and sectors measured, companies have announced plans to cut 686,860 jobs, a 115% increase from the 320,173 cuts announced during the same period in 2022. This is the highest January-November total since 2020, when 2,227,725 cuts were recorded. Before 2020, it is the highest year-to-date total since 1,242,936 cuts were announced through November 2009.
"The job market is loosening and employers are not as quick to hire. The labor market appears to be stabilizing with a more normal churn, though we expect to continue to see layoffs going into the new year," Andrew Challenger, labor expert and senior vice president of Challenger, Gray & Christmas, said in the report.
Overall, U.S. job openings decreased to 8.7 million in October, the fewest since March 2021, led by healthcare and social assistance employers, according to the Bureau of Labor Statistics, which released its latest Job Openings and Labor Turnover Summary on Dec. 5. The report said openings were down 617,000 from September.