According to data compiled by Challenger, Gray & Christmas, Inc. planned layoffs in the US in May totaled 80.09 thousand, compared to 66.99 thousand recorded the month before. The increase in layoffs we have seen so far this year is particularly notable. For some context, Q1 layoffs were already the highest since 2020 and we are likely to see this trend continue into Q2. It is worth noting that on an annualized basis, it was the lowest level of hiring since 2016.
On the other hand, however, the overtone of this data seems to be negated by yesterday's JOLTS reading, which surprised sharply higher.
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Layoffs are particularly affecting the technology, retail and automotive industries. So far in 2023, companies have announced plans to cut 417,500 jobs, an increase of 315% compared to 100,694 layoffs in the same period last year. Source: Challenger, Gray & Christmas, Inc.
Detailed data by specific industry. Source: Challenger, Gray & Christmas, Inc.
A more pessimistic data reading and the reaction to the ECB Minutes drive EURUSD quotes. Source: xStation5 `
